Price and Time

for_sale

Two winners were talking. They discussed the sale of a property one had for sale. The winner said, “In this market, if we don’t have it sold in two weeks we’re in trouble”.

From the perspective of both lister and seller, this has interesting connotations. In previous times price was all important. In today’s online market, it is now Price and Time. And it might be with us for a long time to come.

Another thought: this could have less to do with the market and more to do with the speed of today’s modern electronic marketing. If this is the case, Price and Time might be with us forever.

The winner explained it this way: “Buyers show up whether you’re priced right or not. They view and move on. If your listing is overpriced you might not get them back“.

In cooling markets this could become more relevant as buyers have more properties from which to choose.

The implication for today’s sellers is simple: leave a property languishing on the market for too long and you can lose the best buyers.

And for today’s listers, “List and hope” is not a strategy (if ever it was), neither is “List very high and take your time reaching market price”.

More than ever, listers need to consider whether the sellers they are about to list are deadly serious about selling, and whether they are prepared to meet the market sooner rather than later. After all, they have to meet the market if they are going to sell, so why waste good buyers and time?

Work with your sellers and help them understand the urgency in entering the market at or near a fair market price. Remind them that if the property goes stale, they have missed their best chance to sell at the highest price.

Stale properties often require a massive drop in price to get them sold.

Don’t put your sellers through that.

Recent Articles

The Changing Face of Adult Education

As an educator in the real estate sector, I have seen the face of adult education change radically. Agency leaders should change their view of trainin...

Keep The Team Busy

Idle hands, idle mind, so the saying goes. School children who are kept busy with sport and similar extra-curricular activities are less likely to...

Can Booming Markets Conceal Mediocrity?

The real estate agent's prayer goes like this: "God grant me another boom and I promise I won't stuff it up this time". Such is the prayer of...

Group Your Tasks

'Task Hopping' is a time management trap that causes huge productivity losses. Real estate profit consultant, Gary Pittard, says that multitasking...

Buying a Name

Some real estate agency owners believe you need a big name to survive in the marketplace but this is not necessarily so. In the 25 years that I ha...

Should Leaders Sell

Owning a real estate agency and being a selling principal can be profitable, but what point is money if you have little free time to enjoy it? Rea...

Useless Notes

As a presenter, I often see attendees furiously taking notes, which may be flattering, but often leaves me wondering what they do with those notes. I ...

Ask For A Review

There is an old marketing saying that says: "Don't tell people how good you are. Get happy clients to tell people how good you are". References fr...

Forwards or Backwards: there is no standing still

A question I often ask leaders is "Where are you taking your...

Point Of Difference

Smart real estate agency leaders seek multiple Points of Difference for their agencies. When a seller says to your salesperson, "Why should I list...

Personality Matters

Meet Brendan and Adam, chefs and proprietors of a new restaurant called 34bia in Redfern in Sydney. Before this venture, Brendan and Adam owned a s...

Willpower Exercises

When it comes to forming new habits, willpower is what you need. With willpower you can say 'yes' or 'no' to yourself and mean it. In this short s...

Want to reach your profit potential? Contact us now.

Pittard


Suite 71, Level 4
330 Wattle Street

Ultimo NSW 2007
Australia


Mailing Address
PO Box 2045
Strawberry Hills NSW 2012


: (02) 8217 8500
Fax: (02) 9281 4198
AUS Free call: 1800 663 600
NZ Free call: 0800 448 065
International: +61 2 8217 8500

: info@pittard.com.au

Contact Us