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There’s a concept in sales known as “niche marketing” that holds that greater success comes from dropping the jack-of-all-trades mentality, and focusing on one group of prospective clients. It might seem counter-intuitive to think that more success might come from fewer potential sources of business, but I do believe it will be the case.
It’s been a pretty nasty week in Colorado. It’s hard to fathom the damage, based upon what we experienced here in my neighborhood, just a few miles down the road. The weather station in my neighborhood reported well less than four inches of rain over the last week, or less than one quarter of what Boulder received in that same week. As the sun came out today, I paused to reflect not only on the floods, but their effect on the community.
We balance those three factors — product, price and packaging — so that we can achieve a seller’s goal: highest price in the shortest time with the fewest challenges. If the product is lacking in some capacity or another, we have to fix it somehow. Sometimes, we can physically fix the product (what it is and how it is), but sometimes, such as with a poor location, we can’t. Then, we have to rely on adjusting the price or the packaging.
Location, of course, is the one thing about a property that can’t be changed. Because, if ya could, it’d be a different property now, wouldn’t it? This point was driven home last week when I had a chance to sit down with a seller whose property was on the market, but not generating any interest. Not a single showing in almost three months on market, even in this crazy real estate market. Clearly something was wrong.