Let's say that you have a house that you want sold. You contact
me and I come over to look at the house with you. We reach an agreement that I
am going to sell your house. We are going to use an exclusive right-to-sell
listing agreement. This means that I will be the agent working for you and I
will follow all legal orders you give me about selling the house. In order to
help you decide on the selling price, I will provide you some information
about:
1. similar houses that were recently sold,
2. houses currently being offered for sale, and
3. those that were taken off the market without being sold.
If you have a range of comparable prices that are gotten from those
three groups, you can make a decision. After studying that information, you
choose a price that reflects both how soon you want the house sold and how much
money you want from the sale. The price will be the compromise of those two
wishes.
Of course, most people want the house sold as quickly as possible and
for as much money as possible. But it's not often possible to achieve both.
Next time we'll look at two example scenarios.
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