PVRMSM is a proven pricing strategy that uses a price range to market the property.
· Eliminates over or under-pricing
· Increases property visibility
· Attracts more buyers to the property
· Maximizes selling price
· Determines market value effectively
Prudential Value Range MarketingSM Requirements
· PVRMSMdoes not require the seller to accept any offer within the range, but the seller does agreeto counter any offer within the range with price and terms acceptable to the seller.
· The seller may only use the published PVRMSM ranges
· All marketing and advertising materials for the property will read "Seller will entertain offers between(Low Range) and (High Range)."
FAQs about Prudential Value Range MarketingSM (PVRM)SM
How do I know which range to select?
Your Prudential Connecticut Realty agent will assist you in determining the approximate value of your property, based on sale prices of similar properties in your area. The ideal value range will have a top value that most closely matches what your property would be listed for if it were a traditional fixed-price listing. The low end of the range draws more buyers to your property.
Aren't sellers going to get offers at the bottom of the range?
The buyers will be informed that the sellers will respond to any offers that are made within the range. Sellers will receive offers they would normally not have received, because some buyers would not have viewed the property at a fixed price. This process starts the negotiations. If the buyers really want the property they will make a good offer and be prepared to negotiate. Most buyers have seen comparable properties and are aware of the values and will make their offers well above the bottom of the range.
Does a seller have to take any offer that comes in?
No. The seller is only saying that they will "entertain" or "consider" all offers within the range. In other words, the seller promises to respond by either accepting the offer if it is agreeable, or to counter the offer, paving the way for further negotiations. The seller is under no more obligation to accept an offer using PVRMSM than they are when using a fixed price listing. The seller is only saying that somewhere between the low end of the range and the high end of the range, if all other conditions are agreeable, they will sell.