Competitively pricing homes is one of the most important things you can do when it comes to listing and selling a home. However, this can be easier said than done. Agents need multiple stars to align to correctly price a home.
Knowledge and the Art of Observation
In order to master the art of competitively pricing homes, agents need to also master the art of observation. Observing national markets and the economy, along with local markets and community trends is what makes a great agent. This knowledge is so useful to agents - it truly is priceless.
Knowledge is an agent's most important tool. They must be frequently checking in on the state of things and monitoring all of their trusted sources. This is where local teams of professionals and trusted professionals in the mortgage industry come in handy.
Be sure to keep an eye on:
- The economy
- Community building plans
- News sources (like us!)
- Local market trends
Be very clear though with your buyers - they should only do any of these things if they can and are absolutely willing. Don't encourage buyers to put more of a down payment down if they are already strapped for cash. The same goes for an escalation clause.
A rule of thumb when it comes to offering more is to ensure that buyers cannot live without the home. This way, it prevents buyers remorse.
Client Trust and Agreeability
If your clients offer doesn't accepted the first time and instead you receive a counteroffer - there is a still a way to save the day.
Some of the points above, adding in waiving the inspection or cleaning up your offer will help deals close, and fast. More often than not, sellers want to close. If you're dealing with an emotionally attached seller with cold feet - there really isn't much you or your client can do.
If this is the case, be sure to talk to the listing agent about realistic expectations. This way, you can advise your clients most honestly.
Experience Matters
While some tips and tricks might save the day in specific situations - at the end of the day - it's best to write a clean, simple, and timely offer. Of course, this is what is required if your buyers are eager, and in a buyers market. However, if buyers have more wishes and more time on their hands, they might be okay with waiting it out.
You know your clients best! Do what you can with what you have to support them in the current market.
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