RESPONSE: PRICING - Real estate agents caught breaking the law on hidden camera (CBC Marketplace)
CBC Marketplace did an "investigation" - Real Estate Agents Caught Breaking the Law on Hidden Camera (Marketplace) this "investigation" by CBC Marketplace is a great point of conversation. Ensuring public trust by the real estate industry is paramount, and while the issue of "steering buyers" away from certain listings based on low commissions being offered may happen, it's by no means the majority of situations or agents. Market conditions in Ontario, specifically around the GTA have created such a hyper-competitive environment for both clients and agents, that some greed and other situations have arisen.
Further to the excellent response video by our Broker Colleague in Ontario, we wanted to elaborate on pricing strategy. Asif explained the many holes in the "investigation" and also explained other details that impact a property's marketability, and interest from prospective Buyers. However, there was not much discussion on pricing strategy, which is often one of the largest impacts on buyer interest.
The topic of pricing was an important topic that was missed because pricing strategy is a critical element in the successful sale of any property. Everyone wants to know, "What is my home worth?" and "How much should I offer on this property?"
The short answer is, a property is worth, "what an active buyer in the marketplace is willing to pay for it.". This video discusses the three factors that impact the range of value you can achieve from a successful sale.
3 Big factors in the price
1. Condition - does it show beautifully or need work?
2. Accessibility - can buyers get in easily to view it?
3. Exposure - Where is the listing being seen, Realtor.ca is the top site, next is REMAX.ca
CMA - Comparative Market Analysis
Sold Properties - Buyers are paying for - best example of what buyers are willing to pay
Expired Properties - Unsuccessful sales
Active Properties - What is currently available - What is the current competition.
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