It is interesting the level of comments I get when posting on my blog. Sometimes I get many comments, sometimes very few. Most are very positive, some are not! When I wrote in my last post I was discussing what to look for in hiring an agent to sell your urban property. One thing I discussed was the need to hire a specialist, and avoid what I called a “suburb” agent. This apparently irritated a few people, I am guessing these few were those “suburb” agents I mentioned. Let me flip this around a little. If you were looking to sell a home in Gresham… I am NOT your guy! I do not know the market well, I do not know pricing in the area well so I would maybe not be your best choice. Same goes for the urban market.
I would like to point out a few listings that had activity this week to make my point. One was a listing that just came on the market. When I saw it come on the market, I knew immediately that it was priced about $100,000 too low given the current inventory levels. It was a listing from a popular building in a popular part of the Pearl District and has great views. It only lasted on the market a few days. No surprise here! The other activity was from a unit that has been on the market for sometime now. This is a very nice condo in a good building. It has been on the market since the beginning of September. Consensus was that it was priced about $150,000 too high when it came on the market. Now, 5 months later, and several price reductions later, (it was reduced again this week) it is priced where it originally should have been priced.( $150,000 lower than original list price) The problem, now it has become “stale” on the market. It is now priced where it probably should have been. Now, because of it’s time on the market, it will start to get the lowball offers coming in. Had it been priced correctly from the beginning, not only would it probably have sold quickly, it may have gotten several offers and pushed the price a little!
Understanding the urban market and correct pricing is so important. An agent that is in that market everyday will absolutely have a better understanding of pricing.
As mentioned above, when you write a blog you will get comments from readers, which I always appreciate! One of the comments I got this week after my last post was from another agent. Now, I will not “call out” this agent but I will address their comments! This agent basically said that marketing is not a big deal and that she could sell homes with very little marketing! Anybody that knows me and has worked with me, understands how important I believe marketing is! ( and how irritated the comment made me) I believe it is what sets apart the thousands of agents in our business. You have those agents that are very professional and take their profession seriously, and also take the net results of their clients very seriously… and then you have those that don’t! This business if filled with many part time agents who put in very little effort. If you have followed me on my blog for any length of time have heard me say “ Any agent can sell your home, but at what price?” I am a pretty positive person and tend to focus on the positive. One thing I will always do is defend the good agents in this business who do work hard for their money. As for those that don’t, hopefully when they go on their next listing appointment the sellers will research them like I did on this agent, and see that they couldn’t even bother to spend a few hundred dollars for professional photos on their last 4-5 listings in order to present their clients home in the best possible way, which may have captured more money for their clients!
Brad Golik is a condo specialist with Pearl District Properties. Find him at http://www.LuxuryCondosofPortland.com or call at 503-896-8856.
“Hire a Specialist!”