We all know that the real estate market is a pretty difficult work environment these days. Ands as good professionals we want to go the extra mile to do what is best for our clients.
But there are cases where reality clashes with expectations that put even the best agent in the precarious position of pitting a genuine knowledge of what really works versus a client's desire to prevail against all odds and beat the system.
There is no sorcery that can blind others from the truth. There is no magic that can provide immunity from common sense. You can do as many dog and pony shows as you like but the fact is that none of these efforts will entice any buyer to pay more than they should for a property that has comparable lower priced competitors in the same neighborhood.
So before we resort to carnival acts, let's price the property correctly.
I think that's the safest bet in the long run!
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How true...I'm showing two townhomes to a Buyer tomorrow...side by side and $5K difference in price....ok, the more expensive one IS an end unit, but otherwise exactly the same....hmmm
If only some people would listen to the professionals....
Amen to good pricing.
Great post and excellent advice-In order to sell in today's market the homes do need to be priced to sell. Thanks for sharing.
Richard ... I just did this dance yesterday! Got the listing at my price! Yeah!
Overpriced is like fishing without a hook. Great post today Richard!
Thom...
As tough as the condo market is in Atlanta ... it is ALL about price! Thanks and have a great (albeit wet) Saturday!
Larry...
It's all that matters these days! THX
Pat...
In our area, it really is that simple! Thanks for the comment.
Absolutely! Great post as ever Richard! It's also important to give sellers feedback even if it is hard to hear. Some things are only overcome by price!
Lisa...
A properly priced listing is money in the bank! good job and thanks.
Mary...
It's an exercise in futility, that's for sure! THX
SarahGray...
And that is a reality! And it;s our job to tell the truth! Thanks so much for the comment.
Richard: I once sat down on a listing appointment with a gentlemen that was living two years back when he had priced his home to sell. To begin, he had the absolute largest home in a middle class neighborhood where the median price was about $400K. His previous attempt on the market, which had just ended, had him priced at $1.2 Million. He had paid close to $1 Million dollars for the home. It was a bad situation. I sat and chatted with him to get to know him and establish rapport. He told me all the BIG wins he'd made in Indiana, where he held five investment properties. Every story he told about the acquisition started with, "There was another property up the street listed for X, but I knew that guy was nuts, and went down the street, bought my house for Y." I called his attention to the fact that, when he was house hunting he would not even look at a property overpriced by $10,000. And yet, he wanted to price this house about $200K-$300K above market value. Once I put it that way, the fight left him. He just simply said, "I can't afford to sell for less than $1.2 million." Someone else took his listing, but it never sold.
Well put richard - so very true - if the price isn't right - its a tough sell!
I love the label of your picture - unless you are Bill gates or Warren Buffet, price is numero uno
Richard...this is sooo true. price it right..it will sell.
But I would miss the fun of dressing up like a chicken! Seriously, you are right.
Absolute truth, Richard. To knowingly overprice is not in your client's interest.
It has always been and always will be: price it right and it will sell. If the seller won't listen I'll walk.
Mel, You still have that chicken costume?
Richard...the right price has always worked and always will.
Richard, you mean there is no magic wand? That is what all my prospective sellers think when I go on listing appointments.
That dog and pony show may look good my friend, but at the end of the day it's just a show. It only accomplishes so much.
Richard,
I believe that we should work at getting the listing priced right and when we do not only will it sell quickly and we won't be hiding when the client comes knocking.
Buyers know it is the sellers that we need to bring the story to. Price is not just important it is the only thing that will get the buyers attention.
Then, if by some chance it does sell at too high a price - the appraiser will bring every back to reality.
Richard, Jane made an excellent point. I have seen deals go south because of the appraisal. Why not get an appraisal up front...
Helping you live your American dream...
Richard, no dog and pony show will sell a house at the end of the day. Amazing with all the news, info, etc., homeowners till think they can do this, and agents still participate.
Richard, excellent post. Even with buyers, the same holds true. But so many people are in serious denial these days.
Richard,
The truth, the whole truth is what we need to be telling the sellers. Figures don't lie and in today's market the price must be substantiated by at least 2 concrete sold comparable properties. I agree with Mary: Over pricing is like fishing with a hook! Great post!
Richard, very true ... and the work needs to start with our fellow REALTORS who enjoy taking overpriced listings. It doesn't make our jobs any easier, and it makes it very hard to explain to sellers why someone did that in the first place.
While some of us are pricing right, others are making our sellers think we're underpricing, because our colleagues are taking overpriced listings 2 doors away. There should be a law against this.