Dipti Thakkar, On a team with Praful Thakkar (LAER Realty Partners)

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Rainmaker
4,644,359
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

So many factors, so many strategies. Just remember overpricing shoould not be one of them!

Apr 09, 2018 04:10 AM
Rainer
140,510
Richard L. McKinney P.A.
Atlantic Shores Realty Expertise - Port St Lucie, FL
For Results that MOVE you on the Treasure Coast!

Neither. 

I complete a CMA using the most accurate sales data of comparable properties within two or three miles of the subject. I sometimes make adjustments to any comparables as needed. This is the science to getting a well priced listing. 

Now the hard part. I go over several charts that show how overpriced homes take longer to sell, help sell other well priced listings and can end up netting the seller less after adding up carrying costs and other costs associated with time on the market. Next I go over the CMA ... comp by comp using each FULL MLS sheet. I explain adjustments and show photos of the comparable when needed. 

Finally, I show the customer the summary sheet from the CMA that shows, days on market, average price per square foot and suggested high, medium and low sales price. I have a Net Sheet that shows all three prices and ask the seller where they would like to start. 

I expect pushback from the seller and handle all objections using the facts and challenge the customer on why they "feel" their home is worth  more. 

This my friend, is the ART of getting a listing that most agents, well, just are not very good and doing. 

The end result is one of the following:

70% of the time I take the listing in my suggest price range.

20% I take the lising at the seller suggested price that is above my price range with an agreement reduce the price in 30 or 60 days.

10% I decline the lising or the sellers chooses another broker. 

***It is important to know that I approach every listing appointment completely OK with either of these outcomes.

Apr 09, 2018 04:35 AM
Rainmaker
7,142,866
Roy Kelley
Retired - Gaithersburg, MD

Realistic pricing works in any market.

Apr 09, 2018 03:11 AM
Rainmaker
563,728
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

I agree with Roy Kelley - 

Apr 09, 2018 04:10 AM
Rainmaker
542,554
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Price it at market value or a little below to attract multiple offers and let the market decide. If you go too high you miss the profile Buyers search window!

Apr 09, 2018 04:01 AM
Ambassador
2,124,665
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

If they want it to sell, it has to be priced right around whatever the current market dictates.

Apr 09, 2018 03:12 AM
Rainmaker
539,377
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

 at market value

Apr 09, 2018 12:18 AM
Ambassador
5,835,976
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Most clients ask me for my opinion on this, no point in wasting time with the wrong price.

 

Apr 08, 2018 11:33 PM
Rainmaker
2,069,797
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Great question and asnwers. Good luck. 

Oct 23, 2018 08:45 PM
Rainmaker
1,598,230
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Good answers are here. I hope you find the best one. 

Oct 23, 2018 08:45 PM
Rainmaker
1,440,431
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Richard L. McKinney P.A. is spot on with his answer!  It also really depends on the house.  Most of my listings are rehabs that are of a far better quality than what is available, so we usually set new record highs for the tract or model.

Apr 09, 2018 09:10 AM
Ambassador
3,177,135
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I price right at or ever-so-slightly below market comps.

Apr 09, 2018 07:55 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Market value.

Apr 09, 2018 04:14 AM
Rainmaker
5,769,262
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Dino,

What Wayne Martin said.

Apr 09, 2018 07:49 AM
Rainmaker
1,574,499
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

Based on analysis of customer goal, property and competition.... totally individualized.

Apr 09, 2018 07:24 AM
Ambassador
2,614,193
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    Our Tallahassee market is not that hot.  Taking an overpriced listing is a waste of time, and will only lead to frustration.  Price it at or below market.

Apr 09, 2018 06:39 AM
Rainmaker
1,375,838
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

There can be only one strategy: Price it right.

Dipti Thakkar, On a team with Praful Thakkar (LAER Realty Partners) then I go get a profile photo 

Apr 09, 2018 06:02 AM
Rainmaker
2,060,085
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Who is the potential buyer that you are hoping to attract and what does the Absorbtion Rate look like in that Price Point are a couple of Fine Tuning moves .

Apr 09, 2018 05:53 AM
Rainmaker
3,071,034
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Wayne Martin nailed this one!

Apr 09, 2018 04:42 AM
Rainmaker
4,312,657
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I present a CMA and discuss with the seller. They sign off on the CMA before we proceed. 

Apr 09, 2018 04:40 AM
Rainmaker
4,584,493
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I price at market value. No value in taking an overpriced listing.

Apr 09, 2018 04:37 AM
Rainmaker
5,410,933
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Fair market value, and let the frenzied buyers bid it up.

Apr 11, 2018 08:23 AM
Rainmaker
1,058,073
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Here in the land of multiple offers we aim for market price or just below. Overpricing is still a big mistake. Substantial underpricing yields too many offers, many of which are a waste of time but still must be reviewed and discussed with the seller.

Apr 10, 2018 08:00 AM
Ambassador
4,318,202
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

List at about 1% below market value Dipti Thakkar.

Apr 09, 2018 09:30 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Never above is possible

Apr 09, 2018 07:41 PM
Ambassador
3,987,060
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I present a value range and let the seller select after we talk about how the subject compares and the seller's motivation.

Apr 09, 2018 07:26 PM
Rainmaker
3,767,674
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Dipti, it is very helpful to use or present current market value.

Apr 09, 2018 06:42 PM
Rainmaker
201,529
Jerry Thomas-Construction Loans
Cranbrook Loans - Farmington Hills, MI
Construction Loans in MI, OH, PA, VA, GA and FL.

I price at what I think is market value, not a dollar more. Put the listing in the MLS announcing an open house on Saturday and Sunday. Normally have multiple offers by Monday.

Apr 09, 2018 02:15 PM
Rainmaker
855,372
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Can't listen to seller; best to price slightly below to get more attention.

Apr 09, 2018 12:20 PM
Ambassador
4,642,788
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Market value - unless the sellers want to go just above and will sign an agreement to reduce the price in 7-14 days. 

I've had sellers request to list just below market value for a quick sale. It really depends upon the sellers' wishes though.

Apr 09, 2018 11:32 AM
Rainmaker
920,078
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The pricing strategy must align with the goals of the seller.

Based on their confirmed goals and motivation, I then decide if this is business I want. Trying to fit all sellers into the same size suit doesn't work well and looks even worse.

Apr 09, 2018 08:28 AM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The right price is my mantra.

Apr 09, 2018 07:28 AM
Rainmaker
2,701,855
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Price a tad below market and have your phone handy...

Apr 09, 2018 06:44 AM
Rainmaker
4,421,963
Richard Weeks
Dallas, TX
REALTOR®, Broker

Price to sell for the most money in the shortest amount of time.

Apr 09, 2018 06:24 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It depends on the particular listing.

Apr 09, 2018 05:55 AM