How many times have you heard real estate agents utter the words..."It's priced well"? For me, this phrase is like fingernails on a chalkboard.
Why Don't I Have Any Offers?
You typically hear this statement from real estate agents who are complaining that their fabulous listing isn't getting shown, or if it is getting shown they wonder why no one has made an offer. What the agents can't seem to understand is why no offers have come in since their listing is "priced well"...and the comps support the sales price.
Listen Up Real Estate Agents
While I hate to be the bearer of bad news, I have to break it down for you. If your listing has been on the market for more than 30 days and no buyers seem remotely interested in making an offer, chances are your listing isn't "priced well". The comps may indeed show that your listing is "priced well", but there is something that indicates there is a disconnect for buyers between the property and the price. Here are a couple of things to consider:
- Is the property on a busy street?
- Is the property in a remote part of town?
- Are the other properties on the block well maintained?
- Does the property have awkward spaces?
- Does the property have good flow or is it choppy?
- Are the rooms small?
- Is the property staged?
- Is the property in need of updating?
- Does it have all the amenities that buyers are looking for in your market?
- Is it close to public transportation?
- Does the property have a garage or off street parking?
- Does the property have central air conditioning, good storage and closet space, good natural light?
Stop And Listen To The Market
All of these things can be a huge issue for a potential buyer. But where agents get themselves into a box is at the listing appointment. The phrase, "it's priced well" or anything like that should be stated to the seller. Instead, tell the seller that you "think" the price is good, but the market will tell us for sure. While reviewing the comps with the seller is critical, it is equally important to know what those comps looked like so you can help your seller make an informed decision on their sales price or adjust their sales price. We have to stop telling our sellers and ourselves that a property is "priced well" until we hear what the market has to say.
- 4 Things to Consider When Pricing a Property
- I Don't Want Your Listing
- In Real Estate Who Sets The Price
- #1 Reasons Transactions Go Bad
- Don't Count Your Money - Real Estate Tips
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