3 Ways to Better Position Your Listing
You got yourself a listing—nice job! Now, we talk a lot about market value and CMAs, but we rarely talk about positioning. Today we’ll explore three ways to position your new listing for maximum success:
1. Nail down the type of product you’re selling. This is going a step beyond whether it’s a condo, townhome, single-family residence, etc. You need to imagine who the likely buyer of that particular property is, as well as the pros and cons of the property. Analyze every aspect of the home through that buyer’s eyes. Are they pumped about the upgrades? How do they feel about the floor plan? Will they be bummed that the bedrooms are tiny and the house is poorly lit? The easiest way to maximize a property’s pros is through staging and overcoming any objections before they even become objections.
2. Look beyond solds. When doing your CMA, it’s common to go look at what has sold in the past three to six months. That’s great, but what you should really be doing is looking at what’s under contract and what’s active. How does your listing fall within all three of those categories? If you price at, say, $599,000, would your listing fall in the top 20%, the bottom 20%, or right in the middle?
3. Price the listing just below market value. In today’s crazy competitive market, you want to give buyers a perceived value—they want to feel like they’re getting a good deal. Don’t think of your list price as a potential sale price at all; think of it merely as your marketing price. If you appeal to a multitude of buyers who all believe the home is definitely worth what it’s listed for, then they’ll all rush in with offers.
At 3:25 in the video above, I’ve included a graph that shows the impact of price on visibility. Basically, this demonstrates that if you list a bit below market value, you will reach a greater percentage of the active buyer pool and generate more showings. It’s always better to go in a bit below market value than a bit above.
So there you have it—three ways you can better position your listing against the competition and attract as many serious buyers as possible. If you have questions about positioning or any other real estate topic, feel free to reach out to me. I’d love to hear from you!