Why do buyers buy?
The reasoning is not much different in real estate compared to anything else. Buyers are comparison shoppers. They review all the available “goods” on the market and then choose the item that gives them all the features they want. And most importantly…
The one that is offering the best value. 🤑
Obvious, right? So why are there always so many over-priced listings on the market?
It’s not the seller’s fault. It’s the fault of their agent who lacks one or both of the following skills:
- The ability to determine the list price with the highest probability of maximizing the sale price
- The ability to explain this in simple, straightforward language
It’s the second skill that most agents struggle with. They get frustrated and blame the sellers for “not listening to their simple logic.” 😡
So, why did I never have this problem? Did I just get lucky and always got the smartest sellers who figured out the best price all on their own?
I’m not bragging. I’m just pointing out that there’s a skill to educating your clients on choosing the correct price. And, as with all skills in real estate, there’s a direct correlation between skill level and income.
All you need are the right tools.
I teach how to use the right pricing tools within three full modules of the Master’s Program (Setting the Stage, The Big Picture CMA, and Pricing Psychology).
Wait. Is this a blatant self-promotional attempt to sell my online course? 😇
Why, yes. Also, I genuinely want you to be more successful.
If you want to be one of those agents who are sought after, you need to understand that this business is not about completing one transaction at a time.
It’s about creating a reputation as an expert.
Being a pricing expert in real estate is not about merely knowing the right price. Most experienced agents are at least reasonably good at that.
It’s the agents who are the best at educating, who achieve the greatest success.
This is one of the most important skills needed to create a raving fan base and a business that thrives on a never-ending stream of incoming referrals.
That happens to be the foundational doctrine of the Agent Skills Master’s Program.
This article was inspired by module #11 – Pricing Psychology – part of the Agent Skills Master’s Program.
In ‘Pricing Psychology,’ I explain step-by-step how to demonstrate the importance of pricing the property correctly from the start, to sell quickly, for more money, and with the least amount of hassle. Clearly show your clients how making smart choices will positively affect their results.
Here’s another article inspired by the same module: The Only Three Stats You Need.