Before we set the sales price, I’ll run a Comparative Market Analysis (CMA) that will show the listing price of similar properties in the area as well as the prices at which the properties actually sold. Additionally, the analysis will give us information about competition currently on the market and that were on the market but never sold. For commercial/income producing properties we will analyze the income stream and the expenses and discuss the impact on value and marketability.
Next, I’ll ask you about your goals in selling. Everyone who sells a property has different goals that need to be factored in when calculating the selling price.
- Is your goal to get the maximum sales price?
- If so, are you willing to have it on the market for many months?
- Is your goal to sell quickly?
- If so, are you willing to sacrifice some of your potential profits to sell more quickly?
- Would you like to establish a balance between selling quickly and selling at the top end of market value?
Market conditions will play a role in setting the sales price. I’ll factor in how quickly properties are selling in your area, interest rates, and finally whether it is a buyer’s or seller’s market.
I’ll then recommend a price at which to list to meet your goals in the local market.