How to catch a buyer

 

A wise old fisherman once told me, “There’s a big difference between fishin’ and catchin’”. That maxim would hold true whether you’re fishing for buyers in Baltimore or bass in Boston.

 

The last time I went fishing was on Lake Michigan. The angler had a boat that had four rods that automatically could adjust to a certain depth. The captain had a sonar device on the bridge that could see the schools of fish below. The trick was simply lowering the bait to where the fish were swimming. Isn’t that exactly how a listing agent can locate a buyer? Lower the price to where the buyers are located.

 

A pessimist might say it’s not that simple. There is no sonar device in the real estate business that allows agents to determine exactly what price will cause the ‘buyers to bite’, or make an offer on your listing. The realistic agent would say if you are getting little activity, your price is too high. Or, if you are getting numerous showings, but no offers, the price is also too high. Lower the bait until the buyers begin to buy.

 

The other day I asked a seller to lower his price. He replied, “What about location, location, location?” It’s always easier to lower the price than move the property to a better location. Another seller asked about ‘staging’ their home to make it show better. Staging will attract a buyer who is already in the house. The proper price will get the buyer to the residence.

 

Some of the greatest teachers use metaphors and mental pictures to make a point. For example, “ Mr. Seller, picture an intersection with a gas station on every corner.

Where would you stop for gas if you could choose any of the four? We are competing with dozens of other houses rather than three filling stations”

 

Don’t forget visuals are vital when discussing an intangible, such as pricing with a seller. In our prior example, an intersection with four gas prices make a compelling

point with a simple sketch. The proper price is the best bait for buyers.