So often we continue to do what we always have, remaining in that well-known and familiar "comfort zone." We go by our old tried and true checklist and expect the same results we have gotten in the past. I'm not sure that those same formulas that worked before are as effective in today's market. When we listed a new property, we entered in the local MLS system, put up the yard sign if neighborhood covenants allowed, put it on our website, prepared an ad for trade publications and planned a realtor open house to introduce it to local realtors. I'm not saying those things are outmoded or even suggesting that we neglect those strategies; however, if the listing isn't priced right, and perhaps even below what comparables indicate, you are possibly wasting your time and advertising dollars. I must confess, I've always preferred working with buyers even when the market was hopping and even more so today as listings in a sluggish market can be an expensive undertaking. I genuinely dread the communication to sellers when nothing is happening and their property isn't being shown and all you can suggest is to reduce the price as that is not at all what they want to hear. But in this current market, competitive pricing isn't usually good enough; it takes bargain basement pricing to make the sale.
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