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Who Is My Sales Competition:When selling my home who am I competing with? It's important to know who you are competing with when selling your home. Just like anything an agents job is to demonstrate why it would be better to purchase your home than the same one down the street. Also an agent better understands why your home may be priced higher than than an identical model. Are there upgrades, is it a better lot or are you located closer to the park? These are all important pieces of information to communicate with your real estate agent. We at Pohl Real Estate do a very thorough job of analyzing your home and who the competitors are. We send bi-weekly reports on your competition to all of our home sellers. It's important for you as the homeowner to stay abreast of what the market is doing around your home. This is important because when selling a home it's never cut and dry. You'll need to adjust and adapt. The owner of Pohl Real estate is an avid tennis player so he likes to compare everything regarding real estate to tennis. In a tennis match you are constantly adjusting to what your opponent is doing. If you opponent is hitting great angled serves that are tough to return you may adjust by changing your grip to a slice return and stepping in to cut off the angle. Or if your opponent has better groundstroke's that day you may adjust during the match by attacking more and coming to the net. In real estate it's the same thing. If your competition is offering closing costs if you purchase their home you need to demonstrate what you can do. The agent might instead use the word flexible in their listing to elicit phone calls. Then the agent will have the opportunity to speak with the other agent or potential buyers to show them why your home has more value and why your competition has to offer incentives to sell their home. Or perhaps you would like to offer a new roof or air conditioner to the buyers. There are many ways to adjust and change in the course of a sale. The important thing is to be aware of what is going on around your home. You need to know who your competition is and what they are doing. Ok this is great so I know you'll adjust to get the home sold but who is my competition? Well the answer is it depends. If you have a brand new home with a 5000 sq. foot lot then your competition is similar homes. Or if your brand new subdivision is surrounded by homes in the 1970's than that is your competition. Depending on your area your 1600 sq. ft. single family home with 15,000 square foot lot could be competing with brand new construction townhomes that are also 1600 square feet. Again there is no exact science that's why it's important to use a real estate agent who knows what they are doing.
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