Real Estate Sales
Techniques - Marketing vs. Price
Most real
estate agents will always tell a client that
price is the
determinate factor for selling a property.
This is not true! Real Estate Marketing is the
most important
factor, with
price being
secondary.
Allow me to explain:
Let's say
you have a house for sale that is
fairly priced for the market
at
$400,000. If the sellers were willing to
accept
an offer of $1 for the house for a time period of
one
hour, but you couldn't advertise it, market it in any way, or tell
anyone about the house for sale. In fact the only way it could be sold for
that price was if a person happen to knock on the sellers front door and offered
them $1 for the house, during the specified one hour time frame.
The other option;
The house is listed for
$1
million dollars, but
every single person in the world
knows about it. It is plastered on every car, bus bench, billboard and
road sign in the world. People washing laudry in the rivers in Asia are
talking about this house. With that type of exposure, there just may be
some exorbitantly weatlhy and eccentric individual who, despite knowing the fair
value of $400,000, wants to own the most expensive house in that neighborhood,
or perhaps they want to own the most advertised house in the world,
whatever....
The point is that
without any
marketing,
price is irrelevant, because no one
will ever know that the property is for sale. On the other hand, if a
property is overpriced, it may be the one in a billion chance that it
sells!
Obviously, both of the above scenarios are ridiculous. But
the point is that
marketing is more important than
price. Our job as professional, educated, and
talented real estate agents, is to market the house better than the seller can,
better than our competition can, and attract a price that is more toward the
high end of the reasonably possible range of prices that the house will sell for
in the quickest time possible.
