► Real Estate Pricing Strategy Arlington VA | Real Estate Agent Arlington VA | Keri Shull Team

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• published: 24 Apr 2013
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★★ Find Real Estate Listings Before they go on the Market http://www.KeriShull.com ★★ Controversy is swirling around from other agents around the Keri Shull Team's pricing strategy for real estate in Arlington Virginia. Here's a fascinating video on the strategy, client feedback, and more! Keri: Hi. I'm Keri Shull and today I want to talk to you about three important topics. First, our pricing strategy is very, very unique and it's recently been under some scrutiny by other agents. The pricing strategy that we impose many times is to list property at a very competitive price to compel buyers that are interested to come and bid. I'm going to bring two of our sellers that have recently sold with us to specifically give their feedback about the price they achieved, what they were expecting and the results that they got and I think that will be fascinating for you. Secondly, we're going to talk about how our strategy is unique because we actually put our commission on the line and we partner with you to make sure that we're taking some of the risk. We're so confident that our strategy will work and the price that we're promising we'll deliver that we're comfortable doing that which is unique. I don't know anyone else in Arlington that's doing that right now. I've heard people refer to something called buyer fatigue and I wanted to address that directly. The buyers that I'm seeing and granted my marketing is certainly unique, but they do not have buyer fatigue. They actually are predisposed to bid because they want properties and their experiencing low inventory in Arlington. I want my sellers to specifically talk about that as well. If they felt buyers were not willing to bid or if there was a ceiling on what people were willing to bid based on the asking price. We're going to address that directly too. I wanted to invite two of my recent sellers. One is still under contract and one just finished a sale here. Jack and Ralph. I told them that there's a few agents who have put our strategies under scrutiny and I wanted to get their direct feedback and comments as to what they thought. Guys, one of the agents has recently said creating biding wars by underpricing a listing, which that's hard to define, but doesn't work. Jack I'm going to start with you. You just sold a property at 709 Harrison, right? Jack:Yes. Harrison was a good case. It's a good example. I remember when I talked to Keri long before we even listed it. She said "You know I think I can get $650,000 for this house and I'm willing to put my commission on the line." That really resonated with me because she was saying "Hey I'm going to put some skin in the game here and if it goes for under $650,000 then I'll talk it out of my cut, my commission." That really motivated me and kind of ... She's a partner now in the transaction, but we listed it at $650,000 and we ended up selling at $715,000, $65,000 over ask. We got seven or eight bids in the process. I think maybe in less than a week, four or five days. I think the strategy worked perfectly. I think that Keri really helped me through the process and everything went smoothly. It was a great transaction. The big thing was her being a partner in the transaction with the price. Keri: Let me ask you this, when we started the process I said $650,000, right? Do you remember as time went on we studied the comps. You were getting a little nervous because there was money going into the house. Do you remember the point when I said to you "Hey Jack, if I can get $685,000 you have my commitment up to that number?" Jack:Yes, and she actually bumped it up because as we looked at the comps and we looked as the project came together and the product we were producing we really felt that the price at $685,000 was even more realistic and then she made that other offer which was even more incentive for me in the process. Keri: Obviously I didn't have to do that, but my goal was to eliminate your fears, right? I wanted to price at $649,000 which for other agents it's been said don't listen to an agent who wants to price your property low because they don't have skin in the game. The difference with the Keri Shull team and the commitment I make to my sellers is I do have skin in the game, my commission. Often I encourage my sellers to price low because that's what I believe is the best strategy for accumulating the most amount of interest and attracting the most amount of motivated buyers. Often a buyer thinks their price range may be in one area and in fact when they fall in love with the property they end up being able and willing to bid more because they get emotionally involved. With that being said, Jack I said "Happily if I'm wrong I'll take the money out of my pocket, but I think the number is $649,000." Let me ask you this. If I had said "I think we should go in at $715,000" that's the ultimate result, would you have felt comfortable doing that?...Watch the full video to learn more! Call 703.952.7653