You’ve won over the expired listing leads and now it’s time to get serious about getting it sold. Pricing the home right is crucial in this situation. In order to set your Brooklyn and Manhattan clients up for success, consider these factors when pricing:
When was it last priced?
To be competitive in the market your home needs to reflect current trends. Run comps in the neighborhood to see what properties were initially listed for and then what they finally sold for. Get a new appraisal on the property if it has been a while. General rule of thumb is to have your property appraised within the last 3 months.
How motivated is the seller?
Make sure to chat with the homeowners about their opinion as to why their home didn’t sell the first time around. It is possible they are not in a rush to sell their property and therefore waiting for the “perfect” offer. Ask the seller if they are willing to let you price the home out and then drop prices as needed. A price drop doesn’t have to be a huge cut in what you’re asking. Lowering the listing price by $1,000 here or there shows perspective buyers the homeowners are flexible and willing to negotiate…which is a good sign!
What is the feedback?
A great way to get feedback is to host an open house. Invite neighbors, friends, family, relatives, the list could go on and on. It is important to get a wide variety of feedback to see if and where there are any trends. Ask if people think the price is fair, what draws their attention to the home, and in what areas they see the house lacking. Some changes may be easier to fix as the homeowner (i.e. painting a few rooms) and others may be more of a larger task which is good to know (i.e. needing another bathroom).
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