Our Realtor Wanted Us to Lower the Price More & More - We Said "No more!"
Question: Should I Relist?
While browsing Trulia Q&A (I definitely need to do this more often- so many people needing help!), I came across a question posted in my area. Here's a portion of this Seller's question:
"Recently our home listing ended with the price being 10-15% lower than starting price, which we were told was fair market value, we personally thought we were a little low already. The realtor we used sold more high end updated new homes while our home is older and less updated. All that the realtor wanteed to do was have us lower the price more and more until we finally said no more. We want to relist it, but do not like the low price we ended at. Is it possible to relist for your old full price, or close to it, without it being stigmatized?"
Here's my response- which I'm sharing because I think it might help other frustrated Sellers who happen across this blog! (And because I put too much effort into it to let it disappear, forgotten in cyber space!)
Dear John,
I can understand your concern and frustration! While lowering the price can have the effect of drawing more buyers, it's definitely not the only way- and a skilled REALTOR® should be able to help you price your home correctly at the time of the initial listing. It may be that your home was priced too low, but lacked the effective marketing and proper exposure to attract Buyers!
The successful presentation of your home to Buyers is built on these three foundations:
• Price
• Condition
• Marketing
In consultation with your REALTOR®, you should receive valuable insights into the current market values in your neighborhood - this will aid you in determining a fair market price. You should be presented an in-depth Comparative Market Analysis (CMA), which will review similar properties to your own that are active on market, pending, or recently sold, in your neighborhood. Additionally, I provide an Absorption Rate, Activity Index, and Historical Data to give us the greatest level of insight into the market trends and values.
Your REALTOR® should also provide you insights into repairs, updates, and home staging that may be necessary to improve the Condition of the home. With recommendations for cost-effective projects, reputable contractors and a simple list of do-it-yourself home staging tips, I can provide my clients with a great deal of assistance in this area.
Finally, your REALTOR® should serve as your Marketing Expert. This includes providing your home the needed internet exposure through an MLS (such as HAR.com), the agent's personal website, Trulia.com, and a host of other sites that will target prospective buyers seeking a home like yours. Social Media (Twitter, Facebook, Blogging) are also essential marketing tools. At the local and community level - beyond the basic yard signage and flyers - your REALTOR® should be marketing your home to local brokers and agents who may have clients interested in your home. This can be done through an effective schedule of Open Houses. Your neighbors should also receive direct mail or a personal visit to inform them about your home.
These are all services that I provide my clients as their dedicated REALTOR® and their home's professional Advocate. I would be honored to answer any more of your questions or give you further advice!
Sincerely,
David Companik, REALTOR®
Keller Williams Realty - The Woodlands
(936)349-7075 | david@davidcompanik.com
Facebook.com/DavidCRealestate
Comments(10)