Meticulous Prep + Market Exposure = Full Price
The corollary to “Overpriced? How to Tell,” is that it is impossible for a good Realtor to underprice.
Because good Realtors make sure that the homes they list are in optimal condition before they hit the market, then benefit from a tsunami of marketing exposure before, during, and after their market debut (especially just before).
Step #1: Meticulous Prep
Meticulous prep means that the home is in good repair, well-staged, and — regardless of whether the home is an estate that hasn’t changed hands in decades, or a newer home with all the bells-and-whistles — presented in the best possible light.
If the home has untapped potential, prospective Buyers know that as well.
Too, the Seller’s disclosures are all in order; any municipal inspection requirements have been satisfied; the photos are especially flattering (after all, they were professionally taken!); and the copy in the marketing literature skillfully shines a spotlight on all the home’s strengths, while acknowledging — but defusing — any weaknesses. (Call that, “good offense/good defense.”)
Step #2: Market Exposure
Once all those things are in place, a good Realtor makes sure that the home is well-marketed — that is, the world knows about it.
A good Realtor, supported by an effective broker, has a huge repertoire of tools to make other Realtors and the general public aware of a new listing.
That includes pre-list networking on an internal company bulletin board (Edina Realty’s is called “Network One”); prime exposure on the listing agent’s personal and company Web site; blast emails and flyers; personal networking at various company meetings; direct mail; paid and unpaid ads; trumpeting the Broker’s open, when new listings typically debut; and myriad other marketing tools.
Do all those things . . . and there’s guaranteed to be a line waiting to get in the home when it hits the market.
If, by some quirk, the home happens to be underpriced, the foregoing marketing campaign ensures that multiple agents and their Buyers will know about it — and be poised to make a move.
A good listing agent will leverage the resulting, intense interest — in a fair, transparent way — into a premium that more than recoups any list price “discount.”