The Price Is Right

the-price-is-right-logoIn the world of game shows I don’t know if any has been as prolific as The Price is Right. It has been on as long as I can remember, and it certainly shows no sign of slowing down. I think the reason that it stays strong is because people love to price things. If I were not in real estate I may not have that insight, but I have seen it time and time again when it comes to listing presentations. There are so many clients that love to play the pricing game.

During The Price is Right a contestant has many chances to guess the price and they come up with a guesstimate based on a combination of gut feeling and what the audience says. More often than not they are wrong, particularly on the large showcases where guessing the correct price is so rare that guessing the correct price means you win both showcases.

Some clients have a similar way of coming up with a listing price. They have a gut feeling due to the upgrades they have made and the fact that they love the house. These same clients also listen to the audience (their friends) for fine tuning. This is why a proper listing presentation is so important. When done properly you and the client should end up on roughly the same page which is what current market conditions will bear. The house around the corner that sold last year will not matter. The fact that the client has lovingly nurtured a koi pond will not matter. Realistic expectations come from a listing presentation that thoroughly explains to the client every factor that goes into pricing.

Leave the price guessing to The Price is Right. You are not Bob Barker, you are a real estate professional, and taking control of the listing presentation is the only way to ensure the price is right.

One thought on “The Price Is Right

  1. Excellent post!

    Sean M. Carpenter

    Director of Agent Development – Ohio NRT Companies

    Coldwell Banker King Thompson

    Coldwell Banker West Shell

    (614) 547-8514 (direct)

    Learn More About Me and Connect on Social Networks

    From: Steve Oyler’s Strategies for Real Estate Success [mailto:comment-reply@wordpress.com] Sent: Thursday, July 30, 2015 9:56 AM To: sean.carpenter@cboki.com Subject: [New post] The Price Is Right

    SteveOStrategies posted: “In the world of game shows I don’t know if any has been as prolific as The Price is Right. It has been on as long as I can remember, and it certainly shows no sign of slowing down. I think the reason that it stays strong is because people love to price th”

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