How Much Would You Pay For a $20 Bill?
Would you give me $22 for a $20 bill?
Of course not.
But what if I ran a full-page ad in the newspaper marketing my $20 bill, built a dedicated web page to showcase high-resolution photos of my $20 bill, streamed Facebook live videos of me holding my $20 bill, and scheduled times on the weekend inviting you to come and see my $20 bill in person and hold it in your hand so you can experience how amazing my $20 bill is and what it would feel like actually to call it yours? Would that be enough to get you to pay me $22 for my $20 bill?
Of course not.
🟢 Because a $20 bill is only worth $20.
But what if I ran a television ad, waving my arms all over the place claiming I had a $20 bill that I was willing to sell for $18?
What do you think would happen then?
There would be a line all the way down the street, around the corner, continuing for multiple blocks... with people ready to buy (or make offers) on my $20 bill.
➡️ The difference is VALUE.
If you try to sell a $20 bill for $22, you are asking too much and nobody will be interested.
But if you try to sell a $20 bill for $18, you have created a perceived value that consumers cannot ignore or refuse.
Many property issues can be addressed and even eliminated with a little effort.
You can clean carpets, paint walls, repair pools, and bake cookies to cover a musty smell.
When you do these things, you create value.
Or, you can price the home for what it is.
You can take the home as it is, along with the current market conditions, and offer the home for sale at a price that reflects the real value -- with the property issues and market conditions factored in.
I've been doing this a long time and am confident in my claim that every home, even homes loaded with issues, problems, and flaws, will sell if they are priced at a level that represents value to the buyer.
But homes that are priced that ignore the property issues and the market conditions, will sit on the market while the listing agents promote them with Google ads, postcard mailings, and Facebook live videos.
➡️ You can't sell a $20 bill for $22 and you can't sell an overpriced home to anyone.
Remember this...and you will save yourself hundreds (or potentially thousands) of unnecessary marketing dollars, promoting a home for more than it is worth...
1 comment
Dennis Jones
How Much Would You Pay For a $20 Bill?
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