Is The Price Right? Listen To What The Market Is Saying

In today’s episode of The Art of Passive Income—Round Table edition, Mark is joined by:

Tate Litchfield
Mike Zaino
Erik Peterson
Mimi Schmidt
Aaron Williams
Scott Todd

Today, the panel analyzes a question coming from the Facebook Group:

When do you lower and how do you determine the price when there is a big price range difference for comps?

That brings us back to last week’s discussion on marketing and listening to what the market is telling you through the response rates.

The group goes deep into:

When and IF you should lower the price
Testing the market by raising and lowering the price
How much should you lower it
Using “special deals”
Anchoring

And, so much more!

[bctt tweet=”The market is always talking to you, a lot of times people just don’t listen to it.” username=”TheLandGeek”]

Listen in as they all give great advice and share their own strategies for getting the price right.

When a lot of people start off buying and selling land, they want to sell the property and that’s always the biggest hurdle to overcome. People freak out when they put their ads out there and advertise it but they’re not selling the property. Maybe some people are asking questions about it, they’re inquiring to some degree but no one is pulling the trigger to buy it. So, it’s really easy to feel like you didn’t price it right. But ultimately, it’s just about bringing enough potential buyers to see your ad. It takes somewhere around 50 leads to sell a property. If you’ve achieved that and you still don’t have a sell, them maybe its alright to start lowering the price. You should have plenty of room to do that if you bought the property right. -Erik