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Pricing Properties Accurately For Quick Sales

22 Jul 13

A sale can be sped up by accurately pricing a property in the first place, rather than letting it sit on the market and discounting it later on.

Once you start your real estate career you soon learn that your education on the property market is never really over.

There are always new things to learn and be aware of, new trends and statistics that may be able to help you improve your skills and advance your career.

The RP Data blog is a good way to keep in touch with current trends in the property market and continue on with your own personal real estate training.

In a recent release by the blog, researcher Cameron Kusher highlights the trend that occurs when houses remain on the market for long periods of time.

He found that if vendors apply the right price to a home at the time of listing, then it can make a big difference to how long it takes for the property to sell.

The alternative is that the price is often too high, which can mean that the house sits on the market for longer than necessary, and results in the vendor discounting the property to ensure a sale.

Mr Kusher offers a piece of advice for agents in the entry too, as he says that "getting the price right in the first place is imperative - you can sell quicker and move on to your next property. Holding out for a better price tends to ultimately result in a greater level of discounting".

As a real estate agent, it will be your job to help the seller to decide if the price they eventually accept for their home is a fair one, and as such, "one of the greatest challenges for vendors is whether to accept an initial offer on their property or whether holding out for a better price is a better strategy".