Thanks so much for joining us on the Real Estate Today podcast. Right now, let’s discuss pricing.
Bob: I’m Bob Nelson, Eugene Commercial Real Estate Investor and Broker with Pacwest Real Estate Investments.
Marcia: I’m Marcia Edwards, Residential Broker with Windermere Real Estate. Let’s talk a little bit about the climate of real estate, the platform on which we try to go – in my case and yours, Bob – representing someone else and maximize the opportunity for that client.
Bob: Exactly. That’s our job to do those things that that client would do had they our superior product knowledge and we hadn’t have to put that in service to protect them, to guide them, to assist them in the very best decision making given what they have and the climate in which they make that decision.
Marcia: In this marketplace right now, you’ll see some signs up that say, “Coming Soon” across a banner, across the real estate sign itself. I’m a critic of that because what I think we can do for our clients is we can open up the entire gateway of potential buyers internationally, because we have the internet, represent the property very accurately and bring the right people toward the property. What would create a heat in the market, an action moment, if you ease it out and you just put one sign up that says one set of realtors knows of this property being for sale, you may get an offer but you’ll never know if you maximized the opportunity so I like this climate that we’ve got, this spirit we got of cooperation where we throw the doors wide open for the seller.
Bob: That’s the nature of capitalism. You have an opportunity to using wise marketing maneuvers expose an asset to the open market and watch for who is the highest bidder for that particular asset on that particular day. If we do a good job, we have done as the market would have dictated. Sellers set asking prices. Buyers set value.
Marcia: That’s right. When you’re looking at that set of information, what you are putting out there on the platform for this auction type setting – what we’re creating is an auction, in essence – you got to make sure it’s well represented. It’s accurately portraying what the product is. On the internet, you’ve got to have positive photos but not any photos that over-promise for example.
Marcia: You really got to have an accurate portrayal to the marketplace.
Bob: We are allowed to do a thing called puffing. That is not a misrepresentation. Puffing is you are allowed to accentuate the positive without disclosing all of the negative during our marketing process.
Marcia: We’ll talk more about making it, creating demand next program. I’m Marcia Edwards, Windermere Real Estate.
Bob: I’m Bob Nelson, Eugene Commercial Real Estate Investment Broker with Pacwest Real Estate Investments.