Episode 2: “The Price was Actually Right”
Ahh, pricing. It usually isn’t a big deal to get clients on board with a list price that will effectively sell their home… but, sometimes it is. In this episode, Leo shares personal experience with pricing a client’s home in Georgia too high.
Interestingly, this happened during market conditions similar to today. Prices were up, inventory down, and sellers were expecting to cash in on all the excitement. Sellers watched their uncle’s, cousin’s, and babysitter’s mom’s houses sell for crazy prices. Then they saw their neighbors’ homes go on the market for what would be 30% appreciation in a 4 year period. So, when they went to list their home, they expected to get their neighbor’s list price.
But we all know it doesn’t work that way. In a fanatical pricing craze, less experienced agents throw up inflated list prices with high hopes, and even though properties are selling like chicken fingers, those homes are not. They are lingering and serious agents eventually stop showing them and buyers are too intimidated to make an offer. Those homes end up expiring and going to another agent at a 20% price reduction. We get it, we know you’ve had to try to explain this to a client who absolutely insists on over-pricing their home. Let us know how you’ve handled it!
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