Comments on: Real Estate Tip – Increase Your Price! Shhh – It’s a Secret!

By: Ted Jernigan

Ted Jernigan — Wed, 18 Nov 2009 13:44:52 +0000

We try to price on whole numbers to facillitate more people finding the listing in internet searches. It seems to work. The seller is the boss, however, and if after a discussion of pricing strategy they choose to go with a different number, so be it.

By: Chuck G

Chuck G — Wed, 18 Nov 2009 13:26:29 +0000

I’m sticking by my guns, folks. Here’s a live example:

There’s a home in my market that’s currently listed for $899,000 (this is California, so don’t get hung up on the freakishly large number!) It got 5 offers, all OVER $900,000. Would they have gotten this many offers (or more) if they listed it at $900K? Hard to say. What about $910K? Definitely not. Why? Because they would have missed many potential buyers who was searching online for a home for $900K or less.

I know what you’re thinking…”The home is now more expensive than what the sub-$900k buyer can afford.” But you all know that the emotional side of the brain completely trashes the rational side of the brain when it comes to kicking in a few more $$ to get what we want. Just try buying a TV or computer nowadays.

Bottom line — pricing this home at $899,000 (instead of a few bucks higher) was a brilliant strategy.

By: MIssy Caulk

MIssy Caulk — Wed, 18 Nov 2009 13:01:47 +0000

Funny you should mention countering back…we always counter back on the dollar. Like if it is listed at 189,900 and we want the home, we counter at 180,000, not 179,900.

By: Joy Cash

Joy Cash — Wed, 18 Nov 2009 09:28:42 +0000

Real Estate Tip.. Increase Your Price - http://bit.ly/4wsmMK #ilm #realestate

By: Karen Goodman

Karen Goodman — Wed, 18 Nov 2009 05:21:31 +0000

I agree completely with you. When I’ve got a listing that is at a $25,000 increment, I always price it at $200,000 rather than $199,900. Plus, since almost every site sorts them with the most expensive homes first, my $200,000 will beat your $199,900. Since so many people search for homes while they are at work, and may not have time to get to page 2 or 3 of the listings, it’s important to be on the first page if you can.

But, if I’m not at a multiple of $25k, I do use the psychological trick of the lower price. I think it’s important to get the seller prepared for negotiating. An offer for $180,000 when the house is listed at $189,900 doesn’t sound as low as if the house was listed at $190,000.

By: Michelle Carter

Michelle Carter — Fri, 13 Nov 2009 02:50:33 +0000

RT @agentgenius Real Estate Tip – Increase Your Price! Shhh – It’s a Secret! http://bit.ly/2mlCTN

By: Fred Glick

Fred Glick — Thu, 12 Nov 2009 22:09:05 +0000

I have a listing for over 1.5m that when I had it at 2.5 co-op, no one showed. Once it got to 3, I had action.

Greedy? They make Gordon Gekko look like a bunny rabbit.

By: Fred Romano

Fred Romano — Thu, 12 Nov 2009 21:48:31 +0000

@Barry – Goes to show you the greedy thought process of some agents. Very sad.

By: Shea Bunch

Shea Bunch — Thu, 12 Nov 2009 21:41:38 +0000

It’s interesting that you’ve written about this because I’ve had this conversation with sellers in the past, some agree and some don’t. I buy into it because maximum exposure helps sell.

By: Barry Lynn Miller -REMAX

Barry Lynn Miller -REMAX — Thu, 12 Nov 2009 20:35:45 +0000

If your going to raise something be sure to raise the commission to the buyers agent and they will show their clients the property weather they find it online or not. I raised the commission on one of my listed properties that hadn’t shown in a month from 2.5% to 3.5% on a Thursday showed twice on Saturday and currently in contract negotiations.