So relevant to the Australian East Coast market right now.....interestingly most agents here consider themselves "seasoned" real estate professionals after 5-10years of a "booming" market but who now actually lack the scripts, dialogues, experience, mental/emotional ability and personal strength to service, manage and ultimately successfully sell a home in these unfolding/changing times.....just so timely and spot on Tom - thank you, you're the best!!!
ok. I'm a relatively new agent. My background is marketing. So I literally came up with this strategy on my own when I was putting together my business plan. When I ran it by my brokerages' productivity coach she really tore it apart. Here were the main takeaways she left me with 1- Creating a bidding war is great, except what if the bidding war ends up pushing the price well above what it ends up being appraised out? Now you have buyers who weren't initially that high end buyer who got caught up in this "frenzy" and now the deal implodes because the appraisal comes in far lower and their lender won't cover the pumped up sale price. 2- the deal implodes as mentioned above OR the frenzy just doesn't work and your sellers now have you on the line for a strategy you convinced them was a good idea 3- at the end of the day, it may work, but its also a little deceptive and dishonest and if the local market starts to catch onto this strategy it might hurt your reputation. Now, admittedly my marketing experience was in other industries. I saw an opportunity for my skills in real estate but I never had to deal with things like lenders and appraisals etc... So she really convinced me not to take this route. Now I Come on here and see this video and I'm like... well what the hell? So is this just a bunch of sound-good garbage that could end up landing agents in hot water?
Great video Tom, I've been doing this a long time, but it's really great to listen to your videos to remind and refresh my memory in these changing times.
How about upkeep. Get inspection? ie Fix dry rot under the sink and other problems. Upgrade. Yes then stage perfectly and lower price below market. Draw attention and a bidding war.
I can think of a couple homes sold in 2022 that were listed 150k below market value or what similar homes were going for. Both sold for around $100k over asking still losing $50k overall. This is why this "list below tactic' makes me nervous.
" Here is the reality, The agent that only has a one price pricing strategy is not the agent that gets the highest possible net proceeds for their clients in this environment. I on the other hand have a three price pricing strategy, empowering you to decide what is the right strategy for you guys in your circumstance, let me explain"
Thoughts on current market shift bec of the housing rates, and how sellers caught in the midst of the shift should respond? context: we had a thoughtfully priced condo now raking up DOM since the shift
If you have time to answer, how far below market value do you have to price it in order for chum in the water to work? Im from Monterey County so houses are definitely more expensive here than the rest of the US.
Happy Life, NAR quick statistics say 7% of home buyers found their home through an open house. You could explain that open houses are usually most beneficial for the agent hosting. A way for them to find prospective buyers.
maybe do open houses better than everyone else? I keep hearing open houses are worthless but then at the same time I keep seeing people put on lousy open houses with no marketing. so yea... they wouldn't work. But maybe they would work if you thought outside the box and really created something new?
How you price condos/penthouse condos when all comps are showing overpriced (and sold after being on market way to long and below listing price) and comps on sale (and you already know OVERPRICED) hence sitting way to long (50+days) based on areas average DOM=18
Thank You For This Knowledge, I will be looking deeper into pricing and self-educate for the Internet is for all GODS to use within us is always gloom but Hope will Prosper.
So relevant to the Australian East Coast market right now.....interestingly most agents here consider themselves "seasoned" real estate professionals after 5-10years of a "booming" market but who now actually lack the scripts, dialogues, experience, mental/emotional ability and personal strength to service, manage and ultimately successfully sell a home in these unfolding/changing times.....just so timely and spot on Tom - thank you, you're the best!!!
Great stuff Tom! Beggins3 loves your stuff.
The properties are only worth what a buying is willing to pay! The market is just a monstrous influence.
LOVE this Tom - thanks!
On point for today thank you tom!
This is gold ! Thanks Tom
ok. I'm a relatively new agent. My background is marketing. So I literally came up with this strategy on my own when I was putting together my business plan. When I ran it by my brokerages' productivity coach she really tore it apart.
Here were the main takeaways she left me with
1- Creating a bidding war is great, except what if the bidding war ends up pushing the price well above what it ends up being appraised out? Now you have buyers who weren't initially that high end buyer who got caught up in this "frenzy" and now the deal implodes because the appraisal comes in far lower and their lender won't cover the pumped up sale price.
2- the deal implodes as mentioned above OR the frenzy just doesn't work and your sellers now have you on the line for a strategy you convinced them was a good idea
3- at the end of the day, it may work, but its also a little deceptive and dishonest and if the local market starts to catch onto this strategy it might hurt your reputation.
Now, admittedly my marketing experience was in other industries. I saw an opportunity for my skills in real estate but I never had to deal with things like lenders and appraisals etc... So she really convinced me not to take this route. Now I Come on here and see this video and I'm like... well what the hell? So is this just a bunch of sound-good garbage that could end up landing agents in hot water?
Hey Kadellagroove, what’s your email or phone number, I’d like to contact you. Thanks
I like very much how you don't seem to beat around the bush, as others I see in TH-cam, but you go straight to the point.
Your content ROCKS!...I am taking notes and soaking everything you teach...
Love this video..casual chat full of Golden Nuggets; thank-you Tom!
Great advice for today's market...timing is perfect!
How about after bring the price below market price and we don’t get multiple offers.
Agree !!!
Tom, you are awesome!! Thanks for your thoughts and strategies. Going to have this conversation this week, perfect timing!!
Sending love and appreciation from the Jersey Shore! Thank you Tom
Tom you’re totally awesome! Shifting from a communications/marketing profession to real estate, what you say just speaks volumes to me!! Thank you
Great video Tom, I've been doing this a long time, but it's really great to listen to your videos to remind and refresh my memory in these changing times.
Awesome advice!! Thank You for this
Excellent advice!
Thank you! Very practical and will use your strategy. Practice, Practice and Practice!
Thanks Tom. Right on point!
How about upkeep. Get inspection? ie Fix dry rot under the sink and other problems. Upgrade.
Yes then stage perfectly and lower price below market. Draw attention and a bidding war.
Thanks for sharing Tom - all great knowledge!!
I can think of a couple homes sold in 2022 that were listed 150k below market value or what similar homes were going for. Both sold for around $100k over asking still losing $50k overall. This is why this "list below tactic' makes me nervous.
Awesome Tom!
Thank you for your energy and sharing your knowledge. Why don't you have a show?! 😁
Definitely I talk to my seller today Amend is a new word for me but I use it thank you Tom
Thank you Tom!
Awesome!!!! Thanks :-)
" Here is the reality, The agent that only has a one price pricing strategy is not the agent that gets the highest possible net proceeds for their clients in this environment. I on the other hand
have a three price pricing strategy, empowering you to decide what is the right strategy for you guys in your circumstance, let me explain"
Thank you Tom, the strategies were really helpful
Should I sell 5 or 10% below FMV????
Thoughts on current market shift bec of the housing rates, and how sellers caught in the midst of the shift should respond?
context: we had a thoughtfully priced condo now raking up DOM since the shift
If you have time to answer, how far below market value do you have to price it in order for chum in the water to work? Im from Monterey County so houses are definitely more expensive here than the rest of the US.
Excellent analysis
Love this, I’m getting a lot of requests for my homeowners, to do more open houses, how do we get over that
Happy Life, NAR quick statistics say 7% of home buyers found their home through an open house. You could explain that open houses are usually most beneficial for the agent hosting. A way for them to find prospective buyers.
maybe do open houses better than everyone else? I keep hearing open houses are worthless but then at the same time I keep seeing people put on lousy open houses with no marketing. so yea... they wouldn't work. But maybe they would work if you thought outside the box and really created something new?
excellent tips!!
How you price condos/penthouse condos when all comps are showing overpriced (and sold after being on market way to long and below listing price) and comps on sale (and you already know OVERPRICED) hence sitting way to long (50+days) based on areas average DOM=18
Thank You For This Knowledge, I will be looking deeper into pricing and self-educate for the Internet is for all GODS to use within us is always gloom but Hope will Prosper.
Always super you are
Pls buckle up... Don't want to see u get hurt
good looking out.
What's wrong with you're seatbelt genuis...