New Real Estate Pricing Rules For THIS Market

Real Estate Training & Coaching School

Business News, News, Careers, Business

4.4 • 705 Ratings

🗓️ 28 July 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 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/ 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! 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/

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to Real Estate Coaching Radio starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.
0:10.2	This is the number one daily radio show for realtors looking for a no BS authentic real-time coaching experience.
0:18.2	What's really working in today's market, how to generate more leads,
0:21.8	make more money, and have more time for what you love in your life. And now your host, Tim and
0:28.3	Julie Harris. There's no doubt one of the toughest challenges all of you will have when being
0:35.0	powerful listing agents in this marketplace is dealing with the
0:38.6	seller and their psychology, their emotions, when it comes to pricing their home. That is 100%
0:44.9	going to be the biggest issue you have. All of you can do probably, I would say, really great
0:50.4	CMAs, mostly because there's software out there that will do a really great CMA for
0:55.0	you. But when it comes to explain to the seller how to price their home, you know, with the information
1:00.9	the data you're giving them and dealing with their psychology, their fears, their hopes,
1:05.8	you know, their ambitions, their unrealistic pricing and unrealistic expectations, that's where the real skill comes in.
1:12.5	And that's the reason that in this marketplace, you're going to see new agents and experienced
1:18.4	agents who've not been the dominant agents in the marketplace start to really kick butt
1:22.4	because they've developed a skill set to really help sellers know how to position their houses
1:27.4	correctly in the market, to correctly reflect the market's expectations. It they've developed a skill set to really help sellers know how to position their houses correctly
1:27.8	in the market to correctly reflect the market's expectations. It all comes back to skills.
1:33.6	The past market has, I think, fooled a lot of people into believing that branding and marketing,
1:39.7	all the rest of it was going to win the day. At the end of the day, what really is going to
1:43.8	make it so that you have a, I think, a business that's going to win the day. At the end of the day, what really is going to make it so that you
1:44.8	have a, I think, a business that's going to last for decades, a business that's going to make it
1:50.2	so that you truly become the most influential agent in your marketplace based on your results.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Real Estate Training & Coaching School, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Real Estate Training & Coaching School and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.