We are never too old to learn and even though I have been selling Durango real estate for 35 years, I picked up a good insight today. We had an interesting discussion at our sales meeting this morning regarding working with potential sellers. I happen to use an Excel spreadsheet divided into 3 and sometimes 4 categories: “Actives, Solds, Under Contract, and Market Rejected” (Some people call these expired, but I like this term much better. Good grief, the house didn’t die, the market said it was priced too high for what they would get.) Two of the several fields that I enter for each listing include “Last Listed Price as well as Sold Price”. One of our brokers shared that he always includes in his CMA’s what the “Original Listed Price” was and then puts “number of days on the market” right near there so the seller can see that there’s a correlation between excessive DOM and how far-off the original listed price was. I thought that was a terrific idea and I will certainly incorporate that in my CMA’s in the future.
CMA’s have at least 2 purposes; obviously one is to come up with a fair asking price; but the other, and perhaps equally important, is to help the seller get a truly good handle on the market. This helps to debunk inaccurate things they may have heard from neighbors, in the newspaper or elsewhere. Since real estate is very local by nature, a good CMA will also help them to truly understand their specific market/neighborhood. Clearly, it also helps the listing broker when they are working with potential buyers for that property. You become the “neighborhood expert” and buyers and sellers both want to work with somebody who is an expert in a specific area.
Our Team works hard to determine a good price for a property. Many many years ago, my mentor taught me that determining the right price was probably 60 or 65% of good marketing. He would often say “All the great marketing in the world will never sell an over-priced listing.” Great words of wisdom.
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