Pricing to get what you want; how you want it; and when you want it, with
More often than you’d ever expect, pricing to get what you want; how you want it; when you want it, and where you want it is mistaken by what others pay or got for their properties. Most buyers and existing owners talk about the transactions of neighboring properties down the street, or around the corner as some sort of benchmark for what they are contemplating to do. If they are considering buying property they would utter something similar to, “that new owner moved on that property and paid $(nominal amount)”. Likewise if the other owners in that same area are contemplating selling at some time, their statement resembles, “Those people got $(nominal amount) for that property and it is no way as nice as mine – so we should get twice that amount for ours”.
I hear the statements nearly all the time especially when we are giving a customer’s their House-Warming Party and a Purchase Anniversary Party. Most of the time it is from people who are visiting their friends and was just awed by the friend’s spectacular possession. Most people are very courteous and will ask that new owner for a referral to the realty professional who consummated that wonderful deal. But what if you don’t want to be bothered by pushy agents just yet?
Read on! This applies to you whether you are planning to buy a new property or planning to sell your own property down the line. We will delve into Pricing: For What You Want;
How You Want It; When You Want It, And Where You Want It with Rodwell Building Services to make your own customized house with all the comforts and features you want…and have it the way you love your home.
What is the right price for what you want? For all most practical purposes, price is determined by the market – how much one pays for it. So whether you are the market or the producer (buyer or seller), communicating value should be you’re your most competitive objectives. I use plural because there are numerous ways and means you can achieve the end so get to know Rodwell Building Services today. Real life pricing takes on careful evaluation of your circumstances both economically and environmentally.
Most people do not say exactly how much they paid for their acquisition – it is not publicly published. Others won’t discuss the trials and difficulties they persevered to get what they now have. Especially if they are in remorse and do not want to come out foolish. Have you ever noticed that all well-to-do person or role modeler tells a rags-to-riches story. I have heard some doozies. Others just like complaining so you will not get the true story.
The bottom line if you are prepared and well versed into what you want, how you want, when you want and where you want, you will have no difficulty pricing it precisely. That’s why Rodwell Building Services developed #FOCUS – a specialized, proprietary consultation for driving customers to exact their budgets and expenditures while transacting real estate. Just keep this in mind, no two properties are identical and no two buyers are the same either, consequently no two transactions can be the same.
How do you analyze comparable properties? If you are a prospective seller – think like a buyer. And if you are a prospective buyer – here we go:
Remember when you visited that friend or family member’s property and they told you they got a wonderful deal for their acquisition? Well, try to get some more details. If you are savvy online Windows® shopper and have time on your side, save the property on Zillow or Trulia. You will get up-to-the-minute information about the property email to you as often as you can stand it. Otherwise contact Rodwell Smith directly on 202-760-5265 for a free #FOCUS consultation.
We will guide you face-to-face on doing the numbers for you. Remember it’s not any one rule-of-thumb so don’t expect someone to tell you that houses on xx street have been going for xx dollars so you will get xx dollars too or you can budget paying xx dollars when you buy. Just be specific and ask us: How much money can I expect selling my property in and around the Washington, DC metropolitan, Rodwell O Smith or We want a budget for buying our next property in and around the Washington, DC, Maryland and Northern Virginia, Rodwell@GoDouglasRealty.com
How do you check out the present inventory? Absolutely no Realtor® will run out to show you the present inventory without some form of written agreement to be your agent. However, do not take it personally. It is for our economics, safety and knowledge to work with you. We want to get to know what you are up to. Besides, if you just want to be in the know, you should hire an Appraiser for $350 to $700 per property. They are the professional you should hire for just that information.
Realtors® are in position for marketing your property (buying or selling) so be prepared to engage us with specific objectives such as: How may similar properties to mine in my area are in and around the Washington, DC metropolitan are on the market for sale now, Rodwell O Smith or How many property in our price range are available for us buying our next property in and around the Washington, DC, Maryland and Northern Virginia,
You may not realize it from those specific questions. But you will compulsorily have to get the most vital information necessary for whatever you are contemplating doing. First you will get an accurate amount for the area you are considering. The response will include information about absorption rates as well so you can #FOCUS on whether to speed-up or slow-down your objectives. So in these one-stop solutions you gain insights into Pricing: For What You Want;
How You Want It; When You Want It, And Where You Want It with Rodwell Building Services
How can you get comfortable to live with your pricing? Don’t let the recent recession or the threat of any housing cycle fool you or lull you into any visions of grandeur. Most of the people who had poor experiences during the housing crisis were greedy and purchased more property than they could afford. I say “purchased more” even though some were sold properties at inflated prices simply because the mortgage was only available at that inflated price.
It may seem like the buyers could be excused because they were unfortunate and just wanted to buy a home when the many professionals who were to protect their interest were just pushing the sale. However those buyers, as unfortunate as it seems now that they have lost their properties, were not #FOCUS conscious enough to be comfortable with their purchase. Subsequently, they could not live with their pricing.
So how do one start over, you may ask. In the previous publication we discussed one very important professional that most buyers pay when buying property. The professional that most of us pay for and not pay attention to such as the Inspector – that gives you direct qualitative, quantitative and functional information about the property. I recall you to the Professional Inspector because most people just give the check to their real estate representative and say, “keep the appointment and pay the inspector when it’s done”. Instead of attending the process and asking all the questions the professional is to either should answer immediately or speculate upon an answer for more investigation.
Memories of that folly brings me back to the very first property some well-meaning professionals of my sphere of influence tried to sell me a long time ago.
I love buildings and I was very interested in concrete products, so some of my colleagues brought me a very good offering for sale. It was a 5.8 acres granite quarry with 14 pieces of mining equipment that was being sold for all together for a very low price of $700,000.00.
The price was low. I mean the cost of 6 dump trucks, 2 aggregate crushers, 4 D9 loaders – 2 with skid-steer, 2 belt conveyor one bin and an office trailer could easily sell for $1.7M so I had to see for myself. You may not agree with me but I knew what I would do with the bunch and what I was prepared to pay for having such an operation. It was a price I was comfortable to live with and nobody could sway me otherwise. Yet, no one could see it for me either. So I took the ride to see the stuff with an inspector.
Here is the deal! The inspector I was paying to quantify the acreage and the amount of equipment listed in the sale. Note: we had the listing. I was hiring an inspector to make sure that the listing was true to the best of that inspector’s observations. That they did; and did very well I might add. The inspector was able to tell me how much granite was left in the almost 6-acre hole in the ground. They were able to tell me how much work I could expect from the 14 pieces of equipment and when possible replacements would be necessary. The stuff was very good and the potential was even better so what was the reason why I did not buy the quarry?
While leaving the site we decided to go the opposite route. Yes! Knowing the egresses to the property is important as knowing how much you are paying for said property. Anyway, it was less than 2 miles down the road we started seeing brand new rows of houses being sold and more of the new developments advertised. So what? You may ask. Well if you are not familiar with mining granite, you may not see the predicament.
Nevertheless, the reason I did not buy that property is because granite excavation requires blasting. And my common sense dictated that the encroaching residences will limit the future of the mining operation if not already hindering it. The houses were too close for the mining operation to continue so once I saw that for myself, I was no longer buying a Granite Quarry, and I would have been, instead, buying a 5.8 acre lake. I wanted a Granite Quarry – therefore NO to that sale.
Anyway, I can only blog so much for those wonderful days when I was full of wonder. You too should be filled with wonders during your tram ride up real estate experiences. Experience is the mightiest of all educators. Most brokers who are willing to give you comparative marketing assessment for any property are giving you numbers based upon the zip code or by some rule-of-thumbs. Next time you encounter one, ask for as much details as you can think.
If you are thinking about buying properties and just want to see who, what, where and how; register for our newsletter filled with tips or send an email to: Sales@RodwellBuildingServices.com for many options and estimates for your specific process.
Finally, if you have a property in mind and want to get some ideas about customizing it your style call or send me a text message on (202) 760-5265. Sign up for news and information delivered to your inbox every fortnight. Again; Rodwell Building Services provides you with the real services and the right property for your order and passes the benefits to you (the end-user).