How to avoid Overpricing your Deal! For the longest time, people have believed that they must do anything to make sure they have a good profit, so they overprice the properties they have in hand, which most of the time ends up in a long, long wait before they house can be sold, but can you prevent this situation? Of course you can, but can you do it and still obtain amazing results profit wise? Yes! So here are some tips to help you out with this!
-Price below market!
This sound insane, now does it?! But actually pricing the property at a good percentage under market value can help you out and allow a good space for negotiation in which you will be able to get tons of offers and ask for them to be a bit higher! This will give you enough room to get a decent amount of profit! But be very careful and see if it’s actually going to work out for that particular deal!
Urgency makes people act quick on a deal, so use key words that will make the buyers far more interested on the deal by making it time sensitive! So take advantage of your marketing and use different time sensitive strategies! Words like “Quick” and “Close Fast” are very attractive to buyers!
-Use the best comps!
Now, comparable are something you need to be very careful with, and use the best ones to sell your deal quickly and at the best price! If your property is at $135k and all of the comps are at $140k people will not be interested in them, as the profit margin is very low, but if you have a comp close and with the same characteristics at $170k, that will make your deal much more attractive as it means a $35k profit if the house is resold immediately! Use them carefully and make sure you leave room to negotiate for a higher asking price as the property has really good comps!
Those were just some tips about this, but we will love to hear from you, what are your best tips to avoid overpricing a property? Do let us know throughout our social media accounts, which you can follow, the links are down below!
Remember this Thursday we have another IRGChat on our Twitter account, it’s about the Best Places to Buy on South Florida, hope to see you there, at 2pm (EST)!