Pricing Your Listings Right – w/ Jan O’Brien & Rich Brodkin 

There has been a shift in the market over the past few months and days on the market are increasing.  It is more important than ever that you ensure that your sellers are pricing their home to sell.  They will appreciate your expertise and counsel when they receive the maximum price for their home.  Here is an excerpt from Module 11 of The Brodkin Training Method that speaks to this point.

Pricing and CMA Discussion

3 Strategies for Pricing a Listing

  1. Price High and lower price over time
  2. Fair Market Value and hold firm
  3. Price low to generate interest and multiple offers

Wishing, Hoping and Praying (Part 2)

Sellers who believe rising prices and a recovering market will go on indefinitely and do not comprehend inventory levels, distressed properties, and rising interest rates. What created the housing bubble was the belief of homeowners that appreciation would go on forever. Banks use appraisals and comps to determine fair market value. That is the market – not what you need, wish, have to have, or hope for. Fair market value “comps” is the “real” in establishing list price for real estate.

I always ask my wishful, unrealistic seller the following questions: “Based on the comps would you pay what you are asking?”

Conversely, I ask my buyers: “Based on the comps would you sell this property for what you are offering?”

Close for the listing and obtain signatures

  • Objection Handling
  • Review the listing agreement and all disclosures and obtain signatures
  • Give feedback on any immediate clutter or maintenance issues
    • Help seller neutralize the home for potential buyers
    • Remove religious articles
  • Take some initial photos for MLS
  • Get sellers showing instructions (lockbox, by appointment, pets, etc.)
  • Ask for keys and install a lockbox