Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Ambassador
3,160,989
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

500,000  because if a buyer is looking from 400,000 to 500,000 they will find it and if they are looking from 500,000 to 600,000 they will find it.  

Jan 10, 2015 11:39 AM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Because most customers are searching via round numbers online I have switched a few years ago to capture their views. Someone looking in the $500K to $550K price range won't capture my great $499,999 home.

Jan 10, 2015 06:33 AM
Rainer
148,989
James Brockway
Brockway Realty, LLC - League City, TX

I'm a believer of old school method as silly as it seems.   List it at $499,900 since studies do show that the brain gives it a psychological edge above the $500,000 (more than just the economic $100 edge). 

Jan 10, 2015 05:39 AM
Rainmaker
909,348
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Search fields are set up in round #s; So a listing at $500,000.00 will come up if someone searches $500-$550,000.00, but a listing at $499,900.00 won't come up in that search. But most agents know to search higher and lower, but do potential buyers know that? Probably most do.

Jan 10, 2015 05:08 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Gabe Sanders many of them did say, round number works both ways. Specially in lower price brackets.

Jan 10, 2015 12:16 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Raoul Loustaunau nicely justfied.

Jan 10, 2015 12:04 PM
Ambassador
3,847,737
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

All of my prices end with 944 and have since 1990.  For me it has worked well. So I can do $399,944 or $400,944

Jan 10, 2015 10:07 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Praful, I agree with others that round numbers will capture more internet search traffic.  Probably a lot more important in the lower price ranges than in the higher ones.

Jan 10, 2015 06:56 AM
Rainmaker
2,817,665
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

It seems to be that 500,000 is much smarter as it will come up in way more searches.

Jan 10, 2015 06:28 AM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Praful,

Every marketplace is different, and it depends on that along.  One size does not fit all.

Jan 10, 2015 06:01 AM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

using the 199900 gets it below the 200k mark. where 200500 may not be in a search of someone looking up to 200. by going 199800 it may show up before all the 199900 homes. 

Jan 10, 2015 05:50 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Based on your market research of active home buyers, you have first hand knowledge of the resources local buyers are using. You are also intimate with your local MLS, public facing search capabilities. What is the granularity available for homes prices in the most common tools?

Also, in your command is the home search strategy YOU engage for the buyers you work with. If they are comfortable at $500,000 what is the top end you enter for the search? $500,000? $510,000? Most will use a high list price of $530,000. Why? For negotiation opportunity or to 'watch' for increased motivation.

I have doubts of significant measure that any buyer trolling the internet for homes for sale will enter $499,999. Most will use the pull down or scroll and land on $500,000.

My advise would be, position the home so it is seen in both the 400 to 500 AND 500 to 600 brackets.

 

Jan 10, 2015 04:17 AM
Rainmaker
7,802,612
Roy Kelley
Retired - Gaithersburg, MD

Your choice is a matter of personal choice. Many searches by buyers are in round numbers. 

Studies tend to indicate a preference for the $499,900 type of pricing when viewed by buyers.

Jan 10, 2015 04:12 AM
Rainer
368,326
Raoul Loustaunau
EXP REALTY - Phoenix, AZ
urhomefinder.com myvaluetoday.com

personally will do bellow 500k , because some times you home will miss if searches at 500k, but thats just me, thanks have a great day

Jan 10, 2015 04:02 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

As much as I love $500,000 type of pricing, somehow, never used it on my listings. May be, I can start that now....

Jan 10, 2015 03:47 AM
Rainer
279,878
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

I like what you do, Praful.

May 22, 2018 09:23 PM
Rainmaker
630,251
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

I am still old style - ending with 900.

Jan 12, 2018 08:34 PM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I use both.

 

Oct 08, 2017 11:20 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Sellers prefer the 9's and I prefer the even numbers.

Sep 15, 2016 07:55 AM
Rainer
3,843
James Putzulu
Mililani, HI
JP Hawaii

Lol I like this question.

Stores do this because it is psychologically more appealing and if the client is ok with it, why not? Any added edge helps.

Jan 11, 2015 10:25 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Joan Cox yes, Joan. Low-end pricing should be what it used to be. Exception could be  - $999,000 is perhaps better than $1,000,000!

Jan 11, 2015 08:17 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeff Dowler CRS you are right - low end prices may be up or down by $10K or so - like $210,000 or $220,000 or $225,000.

It's the high-end starting from about $400K or so or even $500K.

Jan 11, 2015 08:15 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Nina Hollander round numbers seems to be ths choice for many.

Jan 11, 2015 08:14 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Gita Bantwal round figures should help the sellers.

And sometimes, even agents believe in numerology. I have seen some listings ending in 888 or 777!

Jan 11, 2015 08:13 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Inna Ivchenko you have a point - psychological advantage at $499,900 or so! However, consumers are now smart enough I believe.

Jan 11, 2015 08:12 AM
Rainmaker
5,852,610
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Like Jeff, I like round numbers from $400K and above.  The lower end looks better at the $299,900.

Jan 11, 2015 07:24 AM
Rainmaker
90,543
Debra Peters
Referral Realty - Manorville, NY
NY Real Estate Salesperson

Anything under $500,000.  $499,000 looks better than $500,000.  It's the mentalilty of what it looks like.  I do not remember off hand what site it was, but the search went to $499,999.  Anyone looking at home in the $500,000 range would miss out on that listing.  I would look at the different sites and their search criteria before making a final decision.

Jan 11, 2015 03:10 AM
Ambassador
5,036,544
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

To some extent it depends on the price point. Pricing in the $200s is very different than something over a million. And depending on where buyers are searching there are different paramets - some sites provide only ranges, others allow you to set the range, or a minimum, or a maximum

Jan 11, 2015 12:22 AM
Rainmaker
5,096,966
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Praful, I round up my numbers. We aren't kidding anyone with the 999 and this isn't retail pricing, as far as I'm concerned. Plus, people tend to search in round numbers. So if somethone starts searching at $500,000, wouldn't you hate losing them over a dollar?

Jan 10, 2015 09:22 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I like round figures unless some sellers are intersted in numerology .

Jan 10, 2015 08:54 PM
Rainmaker
1,620,016
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

 

''The psychological effect of adding 99-cent to the dollar value works wonder for prices like $99.99, $89.99, $79.99, $69.99 and etc. The consumers analyze and conclude that the product hasn’t reached the next bracket [100, 90, 80, 70,] and think it is a steal. Manipulating the price to make it look like a bargain is a powerful psychological strategy used in marketing for the best ROI.

The 99-cent pricing strategy is dying out as consumers are becoming more immune to it from overuse. As consumers get smarter and more immune to the psychological effect of 99-cent, it is best to do psychological research and find the next best number.''

 

Jan 10, 2015 03:33 PM
Rainmaker
1,620,016
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I personally like 500k, but they say that 499k sounds more attractive.

I'd love to see real buyers answer this question:)

Jan 10, 2015 03:30 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tammy Lankford exactly - that double dip on either side makes it beneficial for sellers.

Jan 10, 2015 12:22 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Margaret Rome, Baltimore Maryland you are always unique when it comes to marketing.

And since this is working for you, you have established your brand with '944', nobody can even think of doubting that! 

Jan 10, 2015 12:22 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jenna Dixon it's always good to show UP DIFFERENTLY in results - so your trick works!

Jan 10, 2015 12:17 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Kevin J. May yes, $500K is more like a double dip!

Jan 10, 2015 12:16 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Debbie Gartner when it comes to marketing, I am sure your words are very valuable. I am of the opinion of round figure, too.

Jan 10, 2015 12:15 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ron & Alexandra Seigel true - just learning how everyone thinks about the pricing in their market.

Jan 10, 2015 12:14 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Scott Godzyk that makes sense by going down by just $100, the listing shows before many other listings!

Jan 10, 2015 12:14 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

James Brockway Very good point.

I am sure there is a big reason behind pricing at '900' or '999' - a psychological advantage for sellers.

And I also know, things have changed since then. Most online searches show the round figure.

Jan 10, 2015 12:13 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeff Pearl with that it is justified to be at $500,000!

Jan 10, 2015 12:11 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Annette Lawrence the reason for $499,999 was - the listing agent wanted below $500,000 and seller wanted to max out! Know one such incidence.

Jan 10, 2015 12:10 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Roy Kelley true, many searches go by round figure, hence I though $500K would make sense.

Jan 10, 2015 12:09 PM