"WIGGLING THE LURE". THREE PRICING STRATEGIES THAT WILL HELP SELL YOUR HOME...

By
Real Estate Agent with Charles Rutenberg Realty - Naperville

I love fishing.  I have since I was a kid.

Selling houses is a lot like fishing. 

     Ken sells homes vs. Ken catches a bass

When you put your home on the market, you are really going fishing. 

You are fishing for a buyer.  And the bigger the fish, the better...

Three pricing strategies that will help sell your home.
 

  1. Wiggling the lure.   I use this strategy with my sellers who have a very interested party looking at the home.  Several positive showings in a row or a second showing. 
    Sometimes a small reduction of $1000 or so will trigger a strike/contract offer.  It is like "wiggling the lure" in front of the fishes nose...

  2. The slow and steady retrieve.   Small price reductions done at regular intervals.  Perhaps 1-2% of the asking price every two weeks or so.  
    Each price reduction causes an email to be sent to thousands of would be buyers searching for a certain criteria (ie. Naperville townhome, Four Lakes condo).  It also insures an overpriced home will eventually find it's proper market and get sold...

  3. The negotiation reduction.   I use this strategy when a home has an offer but the negotiations are going slowly.  Let's say you are asking $400K for your home.  A bidder comes in at $350K.  You counter with $390K, but don't get much response.  My advice would be to reduce the price of your home to $390K immediately.  You have already admitted you would sell it there.  Tell everyone!

    This might cause your reluctant bidder to rethink his position, and accept your offer.  Either way, more buyers will be interested...

 

Remember, just like fishing, it's not just the bait you use, but the presentation...

Ken

       

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Re-Bloggged 8 times:

Re-Blogged By Re-Blogged At
  1. Mirela Monte 03/30/2010 08:50 AM
  2. Erica Ramus 03/30/2010 10:38 AM
  3. Damon Gettier 03/30/2010 11:44 AM
  4. Deb Casper 03/30/2010 02:24 PM
  5. Gabe Sanders 03/30/2010 03:12 PM
  6. Donald Bradbury 03/30/2010 06:59 PM
  7. Carol Costanzo 03/30/2010 09:20 PM
  8. Steve Facella 03/31/2010 10:23 AM
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pricing your home to sell
naperville townhome
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selling homes
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selling homes in naperville

Comments 103 New Comment

Rainmaker
562,448
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain

Ken,

I think marketing always has a bit more art than science.  I appreciate your fishing tips.

steve

April 02, 2010 01:27 AM
Rainmaker
136,329
Mike Woods
msWoods Real Estate, LLC

Tip number 3 was excellent and makes perfect sense. That is a great strategy for all to consider.

April 02, 2010 10:27 AM
Rainmaker
470,437
Ken Tracy
Naperville Illinois Real Estate
Charles Rutenberg Realty - Naperville

Hi Ms and Steve.  Thanks for reading.

I haven't read this post in a couple weeks, but just made me chuckle now...

Thanks again guys!

Ken

April 18, 2010 08:34 PM
Rainmaker
260,368
Wayne B. Pruner
Tigard Oregon Homes for Sale, Realtor, GRI
Oregon First

Interesting tactics Ken. You gave me someting to think about. I like your analogy.

May 12, 2010 12:44 AM
Rainmaker
124,583
Matt Robinson
Pensacola Real Estate (850) 292-4000
ERA Emerald Coast Realty

Great post and great ideas!  I will add those 3 strategies to the tool belt, and go on my merry little way.  Keep raining...

September 03, 2010 05:47 PM
Rainmaker
470,437

Ken Tracy

Naperville Illinois Real Estate
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