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The Big Picture on Pricing

When I’m building a CMA, I have a very specific and unique process.  Let’s call it the “Criteria Manipulation - CMA” (CM-CMA).

I do NOT pick and choose the comparables that I “want them to see”.

Instead, I select the search criteria that gives me the results I want.  I start out with a large list, and systematically tweak the criteria until I come up with the right group of comparables that are going to tell the story I want my clients to hear.

When I say, “the story I want them to hear”, let me be clear:  I’ve ALWAYS got my clients’ best interests at heart (I want them to achieve the highest possible price).  However, I design the CMA to get the right message across.  For example, I don’t want any confusing “outliers” in my search results.

I continue tweaking the search criteria towards the end goal of showing the picture I want to show.

I’ve developed the CM-CMA methodology...

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Be Positive. And Negative.

EVERY property has a Balance Sheet.  If you add up the assets and liabilities correctly, chances are you’ve found the sweet spot on the price — not too low and not too high.

But how do you convince the seller?  After all; almost every seller thinks their property is worth more than it is.  That’s because they tend to compare the best features of their property against the worst features of the competing properties.  Also, they have a curious ability to twist a negative into a positive!

“Check out our tiny backyard!  It only takes five minutes to mow the lawn, while the poor neighbour is slaving away for an hour!”

This is totally normal.  After all; they bought the property because they liked it better than anything else that was available at the time, for their own reasons.

If you go in and start slamming all the negatives to get them to “see the light” and “price it right,” you’re going to...

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The New Stats Are Out!

Do you dread analytical questions about the market? 

Do you struggle with how to explain to clients how the market may affect the sale of their property?

Do you have over-priced listings right now that are stressing you out?

Keep reading, and I’ll solve ALL these problems for you.

Personally, I always thought that having a clear understanding of current market conditions was the #1 most important part of my listing presentation.

In my local market, we have a high percentage of analytical types, including thousands of engineers and other scientific people.  But these are not the only people who appreciate this type of information.  Studies have shown that a very significant percentage of the population have a preference for analytical thinking.

If you’re not giving these people what they want, you are most definitely limiting your potential. 

It’s not as hard as you might think to put together a Market Analytics section for your listing...

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Price It Right or Walk Away

Have you ever knowingly accepted an over-priced listing?

We all have.  And here’s what happens, almost every time.

  1. The seller contacts you frequently wanting to know what you’re doing to “market the property”.
  2. You waste all kinds of time doing Open Houses and other activities, hoping beyond reason that somehow, it’s going to sell.
  3. You’re concentrating an undue amount of energy on your worst listing, to the detriment of your good listings.
  4. The sellers are completely resistant to any price adjustments. Big surprise: They haven’t suddenly become reasonable. ‍
  5. It ends badly. In their eyes, you’re a terrible REALTOR®. And guess what?  That’s what they’re telling others. 
  6. The listing expires. They list it with your competitor for the proper price (the one you recommended) and it sells right away. ‍

The kick in the head comes later when you notice that same competitor’s signs popping...

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