In her decade and a half of selling real estate, Debbie Trominski has learned a thing or two about marketing homes and helping sellers earn top dollar for their properties. She has attended numerous educational seminars and has done plenty of research to fully understand all angles of the realty process. Careful research and thorough preparation has always been important to her.
She was quite pleased, therefore, when she joined the Maxavenue team recently and learned about the company’s detailed, research-based and innovative approach to property marketing. A home on Harris Park street in the Hancock/Hyde Park neighborhood proved to be an excellent test for her new firm’s cutting-edge methodologies.
Just prior to joining the Maxavenue team, Debbie had worked with the sellers of the Harris Park home, using traditional competitive market analysis, to establish a listing price for the home. However, Debbie and her new team of Maxavenue experts soon decided it would make sense to revisit the asking price they had come up with. With two very important tools in their arsenal, Maxavenue experts knew there was probably more to the story.
The first step, using Maxavenue’s targeted persona pricing program, was to determine the likely buyer type for this property. Knowing who might be interested in purchasing a particular property, of course, greatly informs the strategy employed to market that home. The team of experts, with decades of experience in the Austin real estate market, drew up a well-thought-out description of the persona likely to be attracted to this particular home. They looked at location, size of the home and other factors.
In this example, they knew that likely buyer would probably be an “upscale metropolitan suburbanite family.” These consumers are well-educated career professionals with young children. They want to be close to the city center but also have some of the benefits often associated with the suburbs. The team also determined several other characteristics likely to be true of probable buyers for this home.
Once the team knew who their target market was for this home, the next step was to assess the pricing strategy. Maxavenue uses sophisticated, state-of-the-art pricing methodologies that derive results unavailable to appraisers because of particular underwriting criteria that limits the appraiser’s ability to get a full picture.
Appraisers are licensed to predict the most probable sales price of a home, but Maxavenue understands that it’s important to identify the potential price of a property.
Maxavenue’s experts determine this by using a sophisticated price elasticity analysis with a price-adjusted CMA and then bringing into the analysis the persona that is the best match for the property.
Debbie and the team ultimately arrived at a selling price that was $50,000 higher than what Debbie and her clients had initially thought appropriate. With a new price determined, the team carefully tailored their marketing strategies to align with the targeted buyer persona.
And their analysis paid off. Shortly after going on the market, the Harris Park house received a full-price offer.
The sellers were thrilled. “We exceeded their expectations,” Debbie says. And, she adds, the family who bought the house exactly fit the persona developed by the Maxavenue team as the target for this home.
As demonstrated by the Harris Park sale, Maxavenue’s sophisticated proprietary pricing and marketing strategies are effective tools for getting the maximum return on Austin properties. Debbie’s glad she joined the Maxavenue team and can’t wait to do another deal!