Check out our top 9 Tips and Truths on Pricing Homes to sell:
1. Take the time to make an accurate price that you are confident with. The best way to set an accurate price for a house is to make yourself an expert in the area. Study the neighborhood and take note of roads, landmarks, and natural features.
2. If you are pricing for a unique house, you must see the house before determining an accurate price. A unique house might be a house that has an extremely different design, is on an exceptionally large lot, or has uniquely defining features that other homes in the market do not.
3. Plan to reassess the price of the house if it’s not sold in three weeks. If a house doesn’t sell in three weeks at the original list price, then it should sell within three weeks after an appropriate price reduction.
4. There are six main reasons a house doesn’t sell: Location, Condition, Market, Access, Price, and Marketing. Go through these reasons if a house doesn’t sell in a reasonable amount of time.
5. Communicate on a weekly set schedule with the Owner, even if there isn’t new news to report. Maintaining a relationship with the Owner is important in selling the house, and will help prevent expired listings.
6. Have a planned price reduction presentation. Practice this presentation until you are comfortable and confident.
7. Let the Owner own the price of the home. The Owner takes advice from the Agent on the what the price of the house should be, but ultimately makes the final decision.
8. If the house isn’t sold in three weeks, the price is not right for the market that it’s in. For example, if an Owner is selling a house in January, they have to be willing to take less than what they would make if the house was selling in May.
9. The Agent’s job is to advise on the price of the house and market the listing. If the Owner and the Agent are both committed to selling the house, it will sell much easier.