The day began like so many others...

Just the other day, I re-learned a lesson that is worth committing to paper...

I have sellers who own quite a few rentals, and are selling them off one or two at a time... They do not need the money, and are donating the proceeds to charity causes... Yes, it must be nice to be retired and wealthy enough to do this, and they have certainly earned it... Anyway, I met with the sellers, with the idea that we would tour some of the "competition", and decide whether to lower their list price.  I was lobbying for a reduced price.

We began at the office, reviewing the homes to see (as we would if they were true buyers), and set out. We made it to about 8-10 homes, above & below their home in both price & size. These sellers were great, in that they truly looked at the other homes with "open" eyes as to how it compared to theirs, and even more importantly, would they buy it over the one they already had? At the conclusion of our time together, we came to the simple conclusion that "yes, it is a buyer's market, but without so many buyers". They could reduce the price, but they were already in the top 3 homes as to condition, price, and price per sq ft. This is where I had counseled them to be, and with their own eyes, they found that they were right there.

They now have much more patience regarding the marketing, and a keen understanding of the "market" as a whole. I would love to have this experience with all of the sellers I represent. Short of that, I'll share with them the experience these folks had, and continue to emphasize the importance of being in the top 3 homes that buyers will see. Top 5 or top 10 does not work anymore, unless we add a large dose of luck. With over 51,000 homes ON the market in the PHX area (ARMLS stats), smart sellers know that being in the Top 3 should put the them "on the podium with a medal".