Tips for selling in a buyer’s Market

Proper pricing really is simple, it's just not easy. Gordon Gecko told us," greed is good". But, a house is only worth what someone is willing to pay.
Bob Corcoran recommends the following seven steps to get you listings sold
1. Price it right. In a buyers' market, it's all about price. And being overpriced is the number one reason why listings linger. Paul Pastore even recommends placing it 10% below market value.
2. Build impeccable lead generation and management systems. This is a close second to being overpriced as to why listings gather dust out there on the market. A lack of leads and leaving leads on the table (or stuck in voice mail, or lost in cyber space or just plain being ignored) are recipes for a stalled real estate business. You need to be able to respond as soon as possible to your prospective clients.
3. Boost your co-op commission. Yes, other Realtors are an obvious source of buyers, and you need all the help you can get in this market.
4. Stage it properly. Start the staging process with professional photography. What do you think goes through the buyers' minds when they see a mediocre photo? Or even worth you paid for a Virtual Tour that takes weeks to be scheduled and ends with walls that come towards you, or the walls look as if everything was inclined, or you have to get out of the view window to select another part of the house.
Here is some information about what buyers think help them make a decision and buy their house.
Property Virtual Interactive Neighborhood
Information Photos Information Tour Maps Information
Useful 96 96 90 80 80
Not Useful 2 2 5 9 12
Not Used 2 2 5 11 8
Just think for a while: how can you pack all this information in only one place.

Visit to Homestead

5. Polish your listing presentation. Start your listing presentation by educating sellers on the buyers market. And then pop this question: Do you want to lead the market or follow the market? You are the one letting the seller know which is the price at which the house can be sold!
6. Prospect around the neighborhood where you've just listed. This may not sound creative but you'd be surprised how many Realtors don't do it anymore. Don't forget the basics

7. Auction the home. Yes, this sounds drastic, but if you want to really lasso some buyers, this is clearly one way to do it. I really don’t know about this one but Corcoran says it could be worth trying it.

References:
Pastore, Paul, The 10 percent Solution,downloaded from:Broker Agent News E-Letter, Updated for July 29, 2007
Corcoran, Bob, Seven Creative Ways to Get Your Listings Sold,downloaded from: Broker Agent News E-Letter,- Updated for July 29, 2007