It is not an uncommon occurrence to see the CEO of our company peeking over the real estate counselor's cubes and asking them if all of their properties are in "First Place". Because let's face it, unlike horse shoes and hand grenades, close doesn't really cut it. If you are going to move real estate, it has to be the next to sell, it has to be leading the pack and it has to be in First Place!
So how is it done? This may seem a bit simplistic, but sometimes keeping things simple works best. In order to move real estate listings, three basic questions need to be asked:
- Who are your buyers? You need to be realistic. Most homes are not for everyone. A four bedroom two story is not going to attract empty nesters, and it's no secret that transferees tend to migrate to the same neighborhoods. It is critical to think long and hard about what type of buyer is going to be interested in your house.
- What else are they going to look at? It's probably not the house down the street. Your neighborhood can span many miles today. Your greatest competition may be a new construction home 10 miles away. Too often we focus just on the comps listed in the broker market analysis or appraisal.
- What is it going to take to be the next to sell? If you are not in first place, what are you going to do to change your position? Perhaps it is an immediate price reduction, some basic maintenance or updated kitchen counters.
It doesn't do anyone any good to be "chasing" the market. Lowering your price because your neighbor did is not proactive. Remember, we are in the business of "selling" homes, not "marketing" homes. I urge you to try this three-pronged approach. I promise you that it is a proven method that has created great success for decades.
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