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.

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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

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Re-Bloggged 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
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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

Comments 36 New Comment

Rainmaker
215,268
Troy Erickson
Your Chandler, Ahwatukee, and East Valley Realtor
Terra Solis Realty, LLC www.ChandlerRealEstate.weebly.com

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
Rainmaker
74,021
Ronnie Margolis
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat
Hawaii Life Real Estate Services, LLC

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

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

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

March 01, 2009 10:31 AM
Rainmaker
617,627
Randy Prothero
Hawaii REALTOR, (808) 384-5645
Island Style Realty Inc.

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
Rainmaker
74,021
Ronnie Margolis
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloha Beat
Hawaii Life Real Estate Services, LLC

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
Rainmaker
617,627

Randy Prothero

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