Considering Failures in Home Pricing Strategy

Judy, We've got to use every resource available to increase the odds of success for our clients.

CA, We run into this in a few primary categories, developments with extremely low turnover, truly unique properties, and homes in the country where density is really low.  Hitting the waterfront properties on the nose has to be challenging.  Every seller probably remembers when everything was a $$million plus and not what the current market dictates.  We know you and Tish can handle it! :)

Justin, Sometimes it's a business decision.  We've done it and will do it again IF (and we have to hit this condition), we've been very clear to the seller as to what we've established is likely to happen for price AND they've given indication that they will go down in price to where they need to be if they're wrong.  Sometimes they just have to prove it to themselves that their home isn't worth what they thought.  Without that conversation and commitment, we have passed on listings that would be badly overpriced and let someone else have them. We'd prefer every seller be willing to price it right from the start! :)

Anita, In our perfect world, we can use several different approaches to get a tight range of prices....but the world isn't perfect :)

Janice, Getting it right early helps everyone involved.

Jerry, They're more of an emergency use only.  Much prefer Sold data to work with, but at least the failed attempts can help establish a ceiling for starting points.

Nancy, It HAS to make a point on the rational sellers.  Those that think they have the Hope Diamond of homes STILL probably won't be fazed! :)

Michael, At least everyone finds out early what their motivation is.  From there, our decision whether to accept or walk away.

Tish, Hope the client comes around.  That 6 month departure time frame changes everything.  Maybe try a downward escalating pricing structure to win them over and get them to the price they probably need to be at in time to hit their schedule.  A waterfront property without comps has to be rough.  Plan B, offer to deduct the cost of an appraisal from your commission at CLOSING if the seller will do it up front to price the home?  Know I'm reaching, but would love for you to land that listing at a rational price!

Cindy, One of those lightening bolt moments last Thursday night!  Looked at the previous pricing four years ago, the price isn't supported, we DO want the listing, but not in the high 300ks because it won't sell there.  Get it to $350k or less for list and I think we can do the job.  Hope the tip helps you!  At least we can put an upper threshold on the situation if the seller is cooperative.

Dawn, Hopefully it's something that can help our Active Rain friends when they get that odd situation that lacks data to comp easily.

Brian, We'll get to use this tomorrow night at a prelist.  Small development, limited activity, and several failed attempts recently that should give us a highest price ceiling.

Rita, Any tool that helps calibrate them to the truth of the market is a good one to have :)