Lately, we (realtors) have the unenviable task of being the bearers of bad news. It seems more than ever we are having conversations with people about what the market is telling us regarding the price of their home, or we are talking to sellers about lowering the price of their property. As expected and given the recession, rarely is it good or welcomed news. I know that a lot of home owners believe that there is a course in real estate school wherein the first thing an agent is taught is to recite the following sentence, We need to lower the price.” Trust us, that is the last conversation we want to have with any client. It’s not fun for us and it’s not fun for you, but to use a clichÃ©, “It is what it is!”
It’s important to keep in mind that one of our main jobs is to decipher and interpret the market data. These days, the data is fairly well encrypted and a good agent will be able to pinpoint where the buyers are, how many, what they are buying, why and how you can stay ahead of the curve. We find too many people who are trying to chase the market down. This is bad strategy and you know what I mean. “I’ll start a little higher than what the agent suggested because I can always come down.” That’s chasing the market down and a buyer can see that strategy from a mile away. Buyers today are so smart and savvy, it’s unlikely that you are going to outwit or out strategize them. They have done their home work, have seen dozens of properties, and know exactly what they can buy for their money. It means that they know the market better than you do.
The number one phrase of out every buyer’s mouth these days is “I want a deal.” Forget the days of “Does the home fit their needs or do they like it?” because that’s out the window. It’s all about the deal, so sellers get ahead of the curve. Be significantly better priced than all of your competition. Make it so that when a buyer walks in, the first words out their mouth is “Wow this is a value.”
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com