Stagnant Listing Option 1: Raise the Price (with a Caveat)
So, option one is to propose raising the price on the property…
…but to do so, you’re going to have to make it worth it.
You need to make it scream “wow” to every potential buyer who sees it online or walks through the front door.
Which means cleaning it out, staging it properly, doing some upgrades, creating a killer new listing video, and eventually 30-45 days later, re-launching the listing.
That is one option to present to the sellers. I don’t suspect many will take that option, but it illustrates to them what needs to happen if they want to stick with their inflated price.
Now on to a more realistic option…
Stagnant Listing Option 2: Lower the Price to Create a Bidding War
Option two allows you to demonstrate your strategic resourcefulness, especially if the sellers demanded the higher price to begin with.
The plan here is to lower the price BELOW the most recent comps in the neighborhood, and then market it uber-aggressively.
Tell the homeowners you will blitz every agent in town, and you’ll create a new listing video positioning it like this (props to Tim Smith for this idea)…
“What’s the most important lesson in real estate? To buy the least expensive home in the nicest neighborhood. Ladies and gentlemen, let me introduce you to the lowest priced home in [neighborhood].”
The more buzz you can generate around this low-priced property, the more offers you’re going to create, and a bidding war will ensue.
So… are you going to dress it up, create a stunning new listing video and raise the price?
Or lower the price and create a bidding war scenario?
Let me know in the comments below!