Every Billion Dollar Agent knows the basics of the real estate market. There are some things that can be considered “textbook”. These things are basic guidelines and general rules that will help you to better understand how to do your job in the most effective manner.
Price adjustments are something every agent should understand. You need to know when to make them and when not to. You also need to know how much of an adjustment to make. Here are some ideas about adjusting prices in certain scenarios:
A major price adjustment may be called for when a house is not getting shown at all. Agents may not show it because they think it is just priced too high.
A moderate change would be made if the house is being shown without offers being made since buyers are probably finding other homes that are more affordable.
A small price adjustment should be made if a buyer is interested, but then changes their mind and buys elsewhere.
Another little tid bit of information that can be helpful is a guideline from the NAR. If you show a house 10 times then you should be getting at least 1 offer.
Information like this is something that can be very helpful for you to know. If you ever want to be a top agent then you really do need to get as much information about real estate as possible. A Billion Dollar Agent never stops learning.
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