Osceola ReVIEW - May 2008 - (Page 5)

HOW TO PRICE CORRECTLY IN TODAY’S MARkET 1. Look at Pending Contracts – When analyzing your Comparative Market Analysis (CMA), give the most weight to pending sales (rather than active properties or those that have already closed) and pay close attention to the square footage of the home you are pricing relative to those under contract. 2. Don’t Take the Heat for the Market – Make sure sellers understand that the market will determine the final selling price. Don’t take responsibility for market conditions. Your job is to help the seller understand and adjust to the market. 3. Creating Value is Key – Remind sellers that the objective in pricing their home is ultimately to get their home sold. The home has to be priced so that it’s considered by buyers to be within the top two or three values in that price range. If the market is very slow, they have to be the best home value in their price range. 4. Time for an Adjustment – Industry standards suggest that if you haven’t received an offer after 8 to 10 showings, a price adjustment is probably necessary. 5. Have your Seller Sign a Price Reduction Form in Advance – The form should be dated up to 60 days after the original listing date. You can always choose not to reduce at that time depending on circumstances (such as negotiations or expected offers). 6. Forget About “Price Reduced” Signs – All such riders do is alert the public that this home is failing to sell. You want to avoid having the buying public think there’s something wrong with the house. 7. It’s OK to Fire a Seller! – If a seller is unwilling to recognize the market’s indication that the price is incorrect, there’s no reason for you to continue to invest your time and money in that client. There is no advantage to you to take or keep an overpriced listing with an unmotivated or stubborn seller. Serious real estate pros pay close attention to their success rations (the percentage of listings taken that close), sale to list price ratios, and average days on market. Serious sellers will take note. THE ASSOCIATION WILL bE CLOSED ON MONDAY, MAY 26, 2008 ALL DAY IN ObSERVANCE Of THE MEMORIAL DAY HOLIDAY. so maybe we can’t make yOu fam famOus or turn you into a celebrity, but we celebrity can get you noticed and provide the recognition you deserve within the community. Have you won a recent award or been honored for your charitable work? If so, let us know and we will feature you in our “realtOrs® making a Difference” section of our Association magazine the Osceola ReVIEW and the Osceola News Gazette. Send your information and photo to Gwen Dukes at communications@osceola-realtors.com. Osceola ReVIEW OK, Realtors® Real Knowledge Real Service Real Value 5 May 2008

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Osceola ReVIEW - May 2008 President's Perspective CEO Perspective Communication News Education Corner Commercial Real Estate Association Newsmakers Legal Ease Sponsors May 2008 Monthly Planner

Osceola ReVIEW - May 2008

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