Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206
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Today we’re talking about something that all Real Estate agents and brokers need to get great at, especially when you’re listing property but also when you’re on the buyer side, so you can advise your buyers on what price is appropriate to offer.
The market shift has moved pricing to the forefront of everyone’s mind. Houses are selling closer to the list price, making the initial price more important than when everyone was offering massively over-market. We’re already seeing a surge in Expireds, indicating that ‘aspirational pricing’ may be coming to an end.
Getting great at pricing builds not only your competence but your confidence!
1. Practice Comparable Market Analysis with your broker. Do one with your broker, then do 3 on your own and ask your broker to check for accuracy. Did you arrive at the same price on the subject properties? Why or why not?
Are you better at pricing certain types of homes or price ranges? What are your weak spots? Can you accurately price luxury homes as well as you can first-time buyer homes? How do you handle condition or location issues?
2. Pay attention not just to sold comparables but pendings and actives. Sold comps are what actually happened, pendings are reflecting current market conditions and actives are still speculating.
Which price ranges have the shortest and longest days on the market? What’s hot and what’s not?
3. Take an appraisal class when you need qualifying education / continuing education. Yes, it’s boring and analytical, but it will show you 4 or 5 different ways of pricing property in addition to what you usually do. It helps to check your price when you can analyze the home in several different ways.
4. Preview homes in every price range. Knowledge equals confidence; ignorance equals fear. See 5 homes a day, 5 days a week for 2 weeks. Start at the bottom of your market; what do you get for the money if you’re a first-time buyer? What do you get in the middle price ranges (the average sale price for your town)? What’s the difference between semi-custom homes and custom homes? What are the most expensive neighborhoods in your community and what makes one better or worse than another?
5. Preview new construction in different areas and price ranges. Get to know the new build reps and the builders. Refer to our podcast series about how to do more transactions by getting great at new construction.
6. 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! When you do this every time before every listing appointment, soon your knowledge-base will be vast and your pricing confidence will soar.
7. Go to open houses on the weekend and get to know different areas. The same home (or similar) may sell for a different price in different neighborhoods. Schools, neighborhood amenities, and traffic levels can all affect price!
8. Watch your hot sheets from your MLS every day. What’s hot and what’s not? What’s getting price reductions? Where is inventory increasing or decreasing? It only takes 5 minutes per day to understand what’s happening in your area. ListReports.com is a great resource for this!
9. Befriend an appraiser so you can call them and check your comps on unusual properties or when you lack confidence. Not all homes have obvious comparables.
10. Sign up for Premier Coaching today for free at PremierCoaching.com With the daily coaching sessions, you can ask your pricing questions (and all of your other real estate questions) to our Harris Certified Coaches and boost your confidence.
IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris’s Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com/
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