Inviting Realtors to conduct a COMPETITIVE MARKET
ANALYSIS (CMA) on your home is a logical early step in preparing for the
sale. At this time you can also learn their respective strategies for
marketing your home. Selling property in today's market typically should
include:
- Smart Advertising
- Open Houses
- Internet Presence
- Area & Neighborhood Knowledge
- Multiple Listing Services
- Targeted Mailings
A CMA will provide information on previous sales within
your market area (critical), as well as, other properties currently on the
market - i.e. the competition. This CMA is intended to provide information
to price your property. Ideally, pricing should be a collaborative process
involving the real estate professional and the homeowner.
Beware of the sales tactic of "buying the
listing" via the recommending of too high of a listing price.
Overpricing will place your property at a disadvantage when it is initially
listed - the time when your property is most attractive for realtors to show and
buyers to see. Later, when you lower the price of your property, it will
have lost the initial appeal of a new listing and is unlikely to capture the
attention of many realtors and potential buyers - the excitement of "newly
available" is gone!
Ultimately, overpricing your property will add stress
to your home selling experience - already an often stressful life event.
It may also result in a lower sales price than if it were priced appropriately
right from the start. Properties that have been reduced in price and have
been on the market awhile capture the attention of bargain hunters with low
offers.
Summary:
1. Select an agent based upon marketing plan
vs. listing price.
2. Have your selected agent provide you with
data to appropriately price your home. Pricing your home right initially
captures the greatest number of potential buyers when the enthusiasm is
greatest - when it is first listed - this is critical!!!
Advantages of pricing your home right are:
- Faster Sale
- Less Inconvenience
- More Prospects
- Agent Enthusiasm
- More Sign & Advertising Calls
- Higher Offers
- Higher Net Equity
