Photo courtesy of Boston Globe
A reality of today’s market are price reductions. While most real estate agents try to educate their clients on the state of the current real estate market in Miami Beach, sometimes condo sellers do not heed the advice of their agent for multiple reasons. What I have found is that most of my seller clients DO understand the reality of the market in general, but their hope usually “gets the best of them” and want to believe that they may be the “lucky one.”
Today in my email I received NO LESS than 30 emails touting the following:
- 1. Price Reduced. I think “yeah and so?”
- 2. Owner Says Sell. This is my personal favorite. I say: “No duh!”
- 3. Motivated Seller. So I call the agent and they tell me, “the owner wants full price.” Now that’s MOTIVATED.
- 4. Below appraisal. I think: “Man, those people need to give up on that appraisal from 2005!”
Ok, so you’ve tried the higher price. Nothing happening. The silence of the market is deafening. You call your agent and say, “it’s time to reduce,” (they should have called YOU, but that is the subject of another post), what should you do now?
Marketing 101: Miami Beach Condos & Price Reductions: What to Do Next
- 1. Do not reduce incrementally. Speak with your agent and set the RIGHT price. Let your good business sense prevail.
- 2. DO NOT, I repeat DO NOT do a huge “PRICE REDUCED” marketing campaign. This shouts to the real estate community and perspective buyers “No one wants this property!”
- 3. Don’t act desperate, stay the course and keep cool. Slow and steady ALWAYS wins the race, ALWAYS.
- 4. Do not worry about the word not getting out about your new price. The market will never overlook or miss a property that is priced right.