Another problem with “testing the market,” is that you chase away the initial and largest pool of buyers. Many serious buyers are monitoring the market, your market, this very minute. They have seen all there is for sale in a certain price range and in a certain target location and have not yet found anything that they want or like. They wait and watch and when something new comes on the market, it shows up on their radar screen and they have instant interest in the newcomer. If your property is too high, they will by-pass it knowing it is too high or they will bypass it because of the combination of these reasons. The price is too high and since you just put it on the market you will most probably not be ready or realistic enough to negotiate very much. The buyer’s attitude will be that it is too soon for seller to get real.
Yet another reason not to play the “test the market” game is that in tough times or in a down market when property values are declining your property could actually be worth less in 10 or 11 months than it currently is. Time equals money and the test period can create a loss situation.
So I have shown you that testing the market it can potentially cost you money and now I have highlighted the fact that testing the market can cost you opportunity as well.
But don’t be afraid. My point to all of this is that you most probably know what your property is worth and that you always have. Do not be shy and second-guess yourself. I will bet that if you spent one hour on a used car lot you could figure out what your car is worth. Spend a few hours and you will be surprised how easy it is to come up with the value of your real property. Now I want you to set your own price and stop with the test games.
You know what your property it is worth, so price it accordingly and then efficiently sell it.
You as the owner, especially if owner occupied property, have such an advantage of knowing your market – use it to your benefit.
For a full explanation on each of the 12 PRINCIPLES FOR SUCCESSFUL ONLINE PROPERTY SELLING go to http://www.askjamesjoseph.com/for your free copy.
In my new book REAL ESTATE 3G. HOW TO USE THE INTERNET TO SELL YOUR PROPERTY AND SAVE THOUSANDS OF DOLLARS IN COMMISSIONS I explain many of the changes and conflicts of interests that take place and have a negative impact on the sellers of real estate and how so many Realtors are actually counterproductive and harmful to the Seller’s cause.
I have more than 25 years experience in the Real Estate Industry as a Broker, Builder, Developer and Investor. I have bought and sold many, many properties directly without the use of MLS or listing Realtors. In fact I have sold entire subdivisions with very little involvement from the Realtor community and I can show you how to use the Internet to sell your property without wasting your money on a listing Realtor.
Sellers do not need the negative outdated services of listing real estate agents. I will show you how to work directly with buyers and cooperate with the type of agents that are entirely worthwhile, the buyer’s agents.
My mission is to bring about the needed changes in this industry and reestablish control for the Sellers once more by educating sellers and coaching them on how to perform the simple steps that are involved in selling.
James Joseph