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6 reasons ‘testing the market’ is a seriously flawed idea

08/02/2017

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The listing presentation was going well. The sellers loved my approach to property prep. They were pleased with the marketing plan and advertising collateral. Just as I was getting ready to have them sign the listing agreement, they said, “About the price … we want to ‘test the market.'” The concept of “testing the market” has migrated into homeseller’s psyches and attached itself like barnacles on the bottom of a boat. The hardest sell in the universe is not peddling ice to Eskimos or hawking sand to desert nomads — it’s convincing sellers that their home is not worth more than other comparable homes on the market just because it’s theirs. In their minds, the home is so much more than a building: it’s where bonds were established, memories were created and immeasurable personal value was deeply etched into the fabric of the home with every loving upgrade. Many sellers have a hard time separating their emotional attachment from the logic required to market their…

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