I was talking to my hubby.
We just acquired our next project.
We were going over our numbers, budget and planning.
Looking over comps.
Hubby: so what is our asking price?
Me: I don't know. But I want the property to COMMAND $x price when I'm done with it!
As an investor I'm adding value to this acquisition. Hopefully making the right value added decidions so it can command X price.
As a Realtor, I just showed a house yesterday. My buyer said, "Man this looks like a flip!" Of course she was right. She said, "nope not paying for this." It was unfinished and asking was higher end.
As a flipper, the last thing I want is someone to think my product is a flip job. I strive for quality work, at competitive price. I do higher end flips.
I just thought it was funny, when I talk to my sellers on listing appointment we use the word ASKING price... Bc most time there are issues with the home.
But when I do my projects and I address the issues the properties had, I use the word COMMAND.
Anyone else think this too?
Well, you can ask anything you want. It could be raise that it's the market that Commands you'll accept only what the market wants to pay. Of course if you comp it properly, you can stick to a hard number, maybe.
@Wayne Brooks hahaha good point.
I understand that we can ask anything but its the mkt that determines.
I guess what I'm saying is, my hope is my buyer likes what they see and they feel that my price is right. Therefore command. I price my products slightly under mkt.
Don't want to make them doubt the value like the flip I showed yesterday.
My phraseology is not as strong, I will say the "price is" or I'll say "we're asking". What you say and how you say it and even when you say it can have more meaning than what is said. If you were to say command this, I might ask if you really wouldn't consider a hundred dollars less, cash, if you smiled or hinted that you would, then now we are back into negotiations aren't we?! If a price is set and there is no bickering, you better have it priced right, if you do, that's fine and you may well get it. What you say too indicates seller's motivations, I'm usually not a motivated buyer unless there is a motivated seller. :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
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