For example, if a property were worth $1 million and it was put on the market with an asking price of $350,000 then very little marketing would be needed to find a buyer. However, to receive the highest sales price in the allotted time for the sale, a substantial marketing effort must be undertaken.
Stewart’s strategy is to commit to a robust marketing program from the initial stages of the listing engagement. Knowing that a robust marketing plan has been implemented, if a sale has not yet occurred then it may be the case that the asking price needs to be reviewed.
A clear sign that the asking price may be too high, especially in the context of a robust marketing plan, is a low number of showings.