If you’re a real estate agent or broker, properly pricing a home is a critical skill that you need to develop to excel in this industry. The REALTORS 10 Step Guide: How to Properly Price a Home in THIS Market is an excellent resource that can help you improve your pricing competence and confidence. Presented by Tim and Julie Harris, America’s #1 Real Estate coaches, and top exp Realty sponsors in the world, this podcast episode provides practical tips and advice on how to price a home in the current market.
Here are the ten steps that you can follow to become great at pricing:
- Practice Comparable Market Analysis (CMA) with your broker to learn how to evaluate the value of a property based on recent sales of similar properties in the same area. Perform a CMA on your own for three properties and ask your broker to check for accuracy.
- Pay attention to sold comparables, pendings, and actives. Sold comps reflect what has actually happened, pendings reflect current market conditions, and actives are speculative. Learn which price ranges have the shortest and longest days on the market and what’s hot and what’s not.
- Take an appraisal class to learn the different ways of pricing a property and improve your analytical skills.
- Preview homes in every price range and location to gain knowledge and confidence. See at least five homes a day, five days a week for two weeks, starting at the bottom of your market.
- Preview new construction in different areas and price ranges to get to know the new build reps and builders.
- Preview the competition prior to all Listing Presentations. Your pricing will be far more accurate, and you’ll have a leg up when you tell your seller prospect that you just spent all of yesterday previewing their competition!
- Go to open houses on the weekend and get to know different areas. Learn how schools, neighborhood amenities, and traffic levels can affect the price of a property.
- Watch your hot sheets from your MLS every day to understand what’s happening in your area.
- Befriend an appraiser so you can call them and check your comps on unusual properties or when you lack confidence.
- Sign up for Premier Coaching today for free at PremierCoaching.com and ask your pricing questions to Harris Certified Coaches.
By following these ten steps, you can become an expert in pricing homes, which can help you to build your competence and confidence as a real estate agent or broker.
WARNING: 2023 Housing Market
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