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"Quote Them Low and Watch Them Grow" Is Not Real Estate Marketing

Blog by Ian Watt | April 18th, 2010

Vancouver Condo Real Estate Video Blog #534 - April 19, 2010

"Quote Them Low and Watch Them Grow" Is Not Real Estate Marketing

Ian Watt video blogs about how some realtors under-price properties in order to get bidding wars and unfortunately for the sellers this is a very bad tactic especially when this backfires and leaves the property with absolutely no marketing momentum. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt: Hi Good Evening, it's Ian Watt in Downtown Vancouver. There's a saying that a lot of realtors use and employ.  It's called "Quote them low and watch them grow" kind a signifies what people do when they don't have any sort of a marketing presence. They quote the property very low say $300,00 when it should be four and they watch the multiple offers go and go and go. And it's very interesting because one realtor kind in an experience realtor has done this in few times and twice that I've been involved it is backfired. This last one he was listed for 399 it was a one bedroom, it was well priced but unfortunately it seems that he has told the seller that we should expect multiple offers. Well he didn't get multiple offers we brought in one offer it was the only offer and it came in for 390. Well I guess this guys little hands were sweating because you know what happen. He didn't know what to do so he countered 425 but the original list price was 399 and it countered at 425. And our 390 offer $10,000 of the asking price was a pretty good offer. But unfortunately because this tactic that he employed backfired on him. The whole marketing opportunity for this property is done. They should just listed it up the price that the other comparable units has sold for. And actually it probably was 399 was the appropriate list price. But unfortunately him and the seller expected to get multiple offers and it didn't happen. Quote them low watch them grow tactic is about to backfired 
 on a lot of people on Downtown Vancouver. Those days are done. You should go back to listing the property and marketing the property properly properly. Difficult words to say. My name is Ian Watt and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!