CHAPTER 4 Thinking of Dropping Your Price CASE STUDY #2: Agent One was getting nowhere near selling a home after six months on the market. The seller didn’t want to keep waiting around, so he hired me instead. I sold the property for 100% of his asking price in three months. Conventional wisdom says you should let as many people as possible know your house is on the market. It also says that when a home doesn’t sell, you should drop the price. Both make sense, right? Wrong. True, more people knowing about your home means the odds of it selling do increase, but what if half those people will only buy a modern ranch and your house is a Victorian with three stories plus a basement? You’re wasting time and marketing trying to sell to people who will never in a million years buy your home. Not that it’s not a nice place—it’s just not right for them! As far as dropping the price, that might get you a little more interest, but it definitely won’t get you the money your place is worth. It also might mean the people looking are the ones who hope to do a quick flip and make some money on the place—money you should be making, not them. There’s a famous company that almost fell into this trap. You may have heard of it—it’s called Google. The founders, Larry Page and Sergey Brin, had created an internet search engine, which, at the time, was called BackRub. They were looking to sell it for $1.6 million, and began serious talks with another company, Excite.
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