there are more homes than there are buyers, and in a seller’s market there are fewer homes than there are buyers.
HOW PRICING AFFECT G AFFECTS SHOWINGS
Research has proven that price drives traffic through a listing and that pricing a property correctly at the beginning of the listing process will attract the most potential buyers to your home. Fewer visits results in fewer opportunities to receive a contract.
SCHOOL OF FISH
When you are fishing you put the worm on the hook and lower your line into the water. After a determined amount a time you realize your hook is too high and not being seen by the school of fish. You adjust your line to go lower in search of a school of fish that will take your worm. Buyer pools are exactly the same. It’s great to start at the highest price we believe the market may bear. The performance updates will tell us if we need to move to a lower buyer pool. See graph on page 32.
SELLING BY SHOWING OFF
Before the internet, cell phones, and social media, buyers looking at homes perused the local Multiple Listing Service (MLS) book filled with tiny, grainy images of homes. Photos of featured homes (paid-for ads) were larger and sometimes in colour, but most were black-and-white, amateurish photos. The photo was insignificant compared to the information provided below it. Today, the reverse is true. Photographs have become the most effective bait to attract future homeowners. Recent studies show that about 90% of buyers use online tools to shop for homes before contacting a real estate agent. They peruse the web, finding homes that appeal to them, and then contact a Realtor®.
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