What do you do when there are a lot of houses on the market and it is a buyer’s market in Howard County? What is the right price to sell without putting it too high and not selling it, or putting it too low and losing lots of money?
Peggy Lyn Speicher, the Team Lead of the Speicher Group of Long & Foster, has 27 years of experience as a top real estate agent specializing in Howard County. She has sold over 170 homes over the past 12 months. However, with the dominant role of the internet, the historic ways of selling a home are changing rapidly. This means that real estate agents need to change and try new approaches and methods. Will it work every time? No. How do you find the right approach to sell each home? It begins with a willingness to experiment
Peggy Lyn and her husband, Chris Speicher, have aggressively moved to the new age by implementing advanced market strategies and specialized search capabilities on the internet. Since Chris came from the technology field, he can apply his in-depth knowledge to the real estate market through the internet.
However, Peggy Lyn isn’t one to sit still. She is willing to try new ideas. Take one of the homes she is selling right now. In this market, as an agent, she recommends the price to be lowered, but the seller is already under water. How do you balance both parties’ needs and find a buyer at the appropriate market price? In this case, Peggy Lyn is undertaking a novel approach for Real Estate. She is leveraging what many fashion companies do at the end of the season, which is to drop the price every week. In this case, for a home on Russell Zepp Drive in Clarksville, they are dropping the price by $10,000 every week.
A buyer may like the product and the price, but if they wait another week, they think they can get a better deal. The problem is that someone else may look at that price and jump in to buy the house. The idea is to create some buzz about a property and ensure it is priced appropriately for the market. In this case, the price has already been decreased over $150,000, so someone is going to get a great deal.
Peggy Lyn does not think this approach is correct for every property and it may not work here, but without a willingness to test, learn, and adapt to the new internet world, real estate agents will become dinosaurs. Peggy Lyn and her husband, Chris, are going to evolve with the times and be creative in the real estate market to continue their success for many years to come.