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Nailing the Perfect List Price

pricing real estate tips Apr 08, 2020

Note: This is a small distraction from current events. You’re not likely to be listing a lot of properties right now, but it’s never a bad time to work on your skills.

Is determining the perfect list price the hardest part of your job?

I’ll let you in on a deep dark secret. 😉

It’s the hardest part for all agents.

Either you agonize about pricing, or you’re terrible at it (and don’t even realize it). One or the other.

“Why the heck isn’t this house selling? I don’t get it!”

Oh, I dunno. Maybe cuz you’re $50K over? Or $100K over? 🤑

Yes, pricing is the most challenging part of being a great agent, and—as is often the case with difficult things—the most important.

You’ll make WAY more money by perfecting the science/art of pricing than you will with every other Real Estate skill combined.

You know the price adjustment methodology they taught you in “Real Estate School?”

Throw that in the garbage. 🗑️

I’m serious. Leave that for appraisers who need to show “proof” on paper, in a way that bankers understand.

I can out-guess any appraiser on the sale price of any property, 99 times out of 100. 

Yes, I said, “guess.” Because pricing is an inexact science/art, so let’s call it what it is, an educated guess.

Why am I better at guessing than any appraiser?

  1. I understand how to identify the target buyer better than any appraiser.
  2. I understand market conditions, including the overall big picture, seasonality aspects, and supply and demand, better than any appraiser.
  3. I use a unique system—the Criteria Manipulation Approach—to lead me to the correct price, every time. Never heard of it?

I know. I’ve used this method for my entire career, but I just now gave it a name.

Google doesn’t have all the answers.

But in this case, I do. 🤓

You want proof? OK.

I made between $590,000-$865,000 every year for 12 consecutive years, all as an individual agent, and I rarely carried more than 5-6 listings at a time.

How could I make that much money and yet carry so few listings?

Because I sold them ALL. Quickly. For top dollar. With minimal hassle incurred by my sellers.

I never understood why other agents wanted “inventory.” They would beam with pride at their giant whiteboards, filled with listings.

I’d think to myself, “Wow! That’s quite a list of failures you’ve got there!” 🤓

Years ago, I trademarked the phrase, “Do you want to LIST? Or do you want to SELL?®”

You cannot legally use my trademarked slogan, by the way. But, you can adopt the exact same methodology.

Can it be explained in a few paragraphs in a blog post? No. Sorry.

The ‘Big Picture CMA’ and ‘Pricing Psychology’ comprise two of the fourteen modules in the Knowledge First Real Estate Master’s Program. It’s a lot of information. And, you have to complete nine other modules before you even get there. Yes, it takes an investment of time and study and practice.

When I was a busy, active agent, I never had free time to learn new skills and systems and procedures. The truth is, I learned it the hard way, by the seat of my pants.

What about you? 😉

Maybe NOW is an ideal time to improve your knowledge and skills and take a giant leap forward in your career. Perhaps, all this extra time you have on your hands is a blessing in disguise.

Time is a precious gift. Don’t waste it.

The Master’s Program includes an ‘Almost Unbelievable Ironclad Guarantee.’ Check out the three reasons why I guarantee it’s worth 50X the cost here.

Or, watch the introductory video here.

Stay safe, and healthy. 😷

Until next week.

—Coach Ted

I teach GOOD REALTORS® how to become GREAT REALTORS®, with a simple, logical, easy-to-follow, easy-to-implement, inspirational step-by-step program.

Ted Greenhough
Knowledge First Real Estate Training
Knowledge + Action = Skill

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