John owned one of the nicest homes in the area and his home had many features the other homes didn’t have. John knew this. He was reluctant to reduce the price. John hired another agent, who also failed to sell the home and also offered the same “advice”: Reduce the price. At this point, John had two options: Option #1: Drop the price. Most of the agents he talked to told him his home was not worth what he wanted. They told him he should just “be reasonable” and drop the price to $450,000. Option #2: Hire an agent who could sell the home for what it was actually worth. This agent’s marketing would need to get a buyer so excited about the home that they would be willing to pay full price. Fortunately for John, he picked Option #2. He contacted an agent who specialized in selling homes other agents could not sell. This agent worked at the top real estate company in his area and had a bunch of accolades. He took a closer look at the home, and launched his own specialized marketing plan : + New pictures were better than the first agent’s pictures. + The marketing was better. There was even more advertising than before. + The agent didn’t just do a regular open house. He also did a Broker’s Open House and invited other agents to view the home. The agent looked at his house and could clearly see it was worth the price. The agent put the home on the market for the same price as the previous agents did. Only this time, something different happened. Sixty-three days later, the home sold for $480,000. The other agents were stunned. After all, they had told John his home was worth no more than $450,000. And since most homes sell for slightly less than their asking price, an asking price of $450,000 would have most likely resulted in a final sales price of $430,000 to $440,000.
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