Pricing War and a Beauty Contest

By
Real Estate Broker/Owner with Island Style Realty Inc. RB-19250

                            Beauty ContestPricing War

Last week I attended the CRS Sell-a-bration in San Francisco.  The Sell-a-bration is a gathering of some of the top agents in the country.  We spent 3 days of classes, conference session with top speakers and some fun social mixers.  During the conference I picked up several pearls.  One that I truly liked was the phrase: "A Pricing War and a Beauty Contest."

When describing the sale process to a potential home seller, this phrase sums it up in the best direct way I can think of.

In most parts of the country we are in a buyer's market.  There is a good selection of inventory and prices are either flat or slipping depending on the area and type of property.  With that said, what will make you home sell before the others in your neighborhood?

You have to win the beauty contest plain and simple.  When the buyers walk in did you grab them?  If they liked what they saw did the price scare them off and send them down the street?  This is one of the hardest concepts for many sellers.  They have lived in this home.  Raised their family and have had so many great memories here.  Their friends and neighbors have all told them their home is worth so much more than all the others in the neighborhood.  Let me clear things up for you.  It is not!  Friends and family will tell you that to be supportive.  Neighbors have a conflict of interest.  They are hoping you will raise their property value by selling at a higher price.

To keep it simple, when you are getting your home ready for sale remember you are entering a Pricing War and  Beauty Contest.

Posted by

 

--------------------------------------------------------------------------------------------------------

Randy L. Prothero, REALTOR®

Principal Broker, ABR, AHWD, CRS, e-PRO, GRI, MRP, SFR

Island Style Realty Inc.

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

close

Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Jeff R. Geoghan 02/11/2009 09:06 PM
  2. Ronnie Margolis 02/19/2009 09:18 PM
Topic:
Home Selling
Location:
Hawaii Honolulu County
Groups:
Almost Anything Goes
Century 21 Network
Hawaii Real Estate Professionals
Learn to be a Top Producing Listing Agent
Realtors®
Tags:
home sales
real estate listings
real estate sellers
real estate buyers

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Mara - I definitely like it and am using it.

Ronnie - C21 Liberty Homes had our Christmas Party at Honolulu Country Club.  Hopefully I will see you at the awards luncheon tomorrow.

February 19, 2009 08:58 PM #17
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

Randy,

You won't see me. I left C21 in November and am working with Hawaii Life. We have the #1 trafficked website for Hawaii and it's a fantastic marketing tool. You can search the whole state from our site. Check it our sometime, www.hawaiilife.com. I trust you'll be getting some awards tomorrow or you wouldn't be going so, CONGRATULATIONS! You deserve it all!

February 19, 2009 09:08 PM #18
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Ronnie - Good luck with the move.  I am sure I am getting some award, but honestly do not know which one.  I never looked at the number required.

February 20, 2009 01:25 AM #19
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

Doesn't matter. At very least, you'll get a nice lunch. See ya' round...

February 20, 2009 10:06 AM #20
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Ronnie - The lunch was OK.  LOL

February 20, 2009 08:19 PM #21
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

And your centurion level was.....

February 21, 2009 11:13 AM #22
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Ron - I got the Masters Emerald.  There were not many Centurions given this year.  The room was about 1/2 as big as last time.

February 22, 2009 03:00 AM #23
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

State of the market... too be expected. Congrats on your Masters Emerald. Probably had something like that too had i stayed the course.

February 22, 2009 01:38 PM #24
Rainer
705
Pam and Terry Kennedy
Coldwell Banker - Whittier, CA

Hey Randy, we met in SF at the conferance and you got me into Active Rain. I am not quite ready to thank you just yet, i am not very good with this mouse. I also thought the cheap and cute referances were very good as well as the line I heard about stageing. Spend a little up front on stageing and it will amount to much less than that first price reduction. These are facts we all know but it helps to hear the spoken word. Congratulations on your Emerald...

February 24, 2009 07:29 PM #25
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Pam & Terry - Thank you, it was a tough year to win a sales award.  I am working even harder and smarter this year.  That CRS Sell-a-bration is what I need to get me motivated early in the year.  I sure hope we have one next year.

It will take time to fully see the benefit of Active Rain.  I have been doing it a little over 2 years and the last 6 months or so is when I really began to feel the full impact of it.  It is liuke a snow ball it keeps building with time and effort.

February 27, 2009 12:04 AM #26
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Ronnie - Thank you. I was surprised to see how few awards they gave this year.  I was on track for the Centurion the first half of the year, but it really slowed the 2nd half.

February 27, 2009 12:07 AM #27
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

It really takes a lot of discipline to be present in AR regularly. It's nice to know you are reaping some benefits from your hundreds of thousands of points, and made a lot of nice acquaintences along the way too.

February 27, 2009 12:10 AM #28
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Ronnie - I am so glad I got on AR early.  I have made many great acquaintances here.

February 27, 2009 12:28 AM #29
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

When did AR really get going? Have you purchased an outside blog for $18? Do you think it's a good value? See ya soon...

February 27, 2009 12:48 AM #30
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Aloha Ronnie - I have an outside blog:  www.HawaiiRandy.net

 

February 27, 2009 03:27 PM #31
Rainmaker
229,403
Troy Erickson
Diverse Solutions Realty www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Randy, pricing seems to be winning out a lot these days in my neck of the woods.  People just aren't willing to pay more even if the home is a beauty contest winner.  In some ways, I think that is a good thing, as people are not maximizing their mortgage payment and being a little more conservative.  Also, people aren't willing to travel to the more rural areas to buy a home these days either, no matter what it looks like and is priced at.  Those areas are getting killed right now.

March 01, 2009 12:52 AM #32
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

Troy, is the market getting close to bottom in AZ in your opinion or still trending downward?

March 01, 2009 10:30 AM #33
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

Randy, do you pay 18 a month for the outside blog?

March 01, 2009 10:31 AM #34
Rainmaker
620,604
Randy Prothero
Island Style Realty Inc. - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Troy - I guess the fear of gas prices jumping again has them moving closer in.

Ronnie - I have the outside blog.

March 01, 2009 09:56 PM #35
Rainmaker
74,021
Ronnie Margolis
Hawaii Life Real Estate Services, LLC - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat

Dude,

You must be super busy. I see the Cheese overtook you. You probably have a new angle on something even cooler. LOL Keep up the good work!

April 01, 2009 07:37 PM #36
Show All Comments
Rainmaker
620,604

Randy Prothero

Hawaii REALTOR, (808) 384-5645
Ask me for a free valuation of your Oahu Home.
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: