CHAPTER 5 Why Marketing is Just as Important as List Price
CASE STUDY #3
It took me just 16 days to sell a home that a previous agent had kept on the market for six months. I even got 97% of the asking price, too! As you can imagine, the seller was extremely happy with the result.
“It’s not selling because it’s priced way too high.”
Have you ever been told this? Have you ever thought this yourself? Well, I’m here to tell you there’s a good chance it’s false. Sure, there are instances where a home is priced way over market value, but most of the time, a fairly-priced home doesn’t sell because the marketing wasn’t done right.
Let’s look at an example:
Tom’s agent is decent and has done what she can, but Tom hasn’t gotten even a nibble. The agent suggests lowering the price by $25,000 so it’s more in line with market value, but Tom knows from his own research that his house is priced right. He thanks the agent for her work, then starts looking for someone else. Tom finds a new agent—one with a record of selling homes that have sat on the market for a while. His new agent approaches things differently. Instead of recommending a price reduction, she creates a targeted marketing plan. She brings in a photographer who takes better pictures, she focuses her marketing on buyers who are likely to fall in love with the house (and will therefore 17
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