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Destroy The Greatest Real Estate Myth
And You’ll Come Out Better Off!

By Noel Peebles
Co-Author For Sale By Owner Home Selling Secrets ebook.

We’ve all heard it said, “The most important thing in
real estate is LOCATION, LOCATION, LOCATION!”
For years real estate agents have been peddling that line.
As many will say, “it’s the reason why real estate does or
does not sell.”

To that I reply, “RUBBISH, RUBBISH, RUBBISH!”

Sure, location is important, but to elevate it to the
status of “the most important reason” is in my opinion,
unjustified. In truth, there are 4 key factors that
determine whether or not real estate sells. They are:

- PRICE
- CONDITION
- MARKETING
- LOCATION

You’ll notice I put location last on the list. Now don’t
get me wrong, location is important, but to say it is
the most important factor in any real estate sale is just
not true! Let me explain…

Of the four, location is perhaps the least important
because of one often overlooked point, which is –
Location cannot be changed by anyone in the real estate
negotiation process. Just think about that for a moment.
Location cannot be changed by anyone in the negotiation
process. So, unless you can put your house on wheels, it
will stay where it is, meaning you (and your potential
buyer) must accept the location as a fixed negotiating
point.

Now, there are possibly a few exceptions. For example,
it is not uncommon to move a house on the back of a truck
from one location to another. In fact, I once watched as
a multi-level hotel was lifted and moved on rails from
one side of a busy city street to the other. It wasn’t a
small building, so I couldn’t believe what I was seeing!

Also, without physically moving a property, it is possible
in some circumstances to have a property rezoned by the
local authorities. It does depend on your laws relating
to where you live. However, I have seen properties triple
in value when they were rezoned from ‘rural’ to ‘commercial’.
But, as I say, the laws are different from country to country.

Anyway, unless you can alter the location or status of
the location, you must generally accept the location as
being fixed. Which brings us to the other three points –
price, condition and marketing. All three are variables
that you can control. Here's what I mean:

1. You can raise the condition of your property to meet your
asking price. Or...

2. You can lower your price to meet the condition of your
property. And then...

3. You can run a powerful marketing campaign that makes
your property stand out from every other property in town.

Do you see what I mean? You can change the price,
change the condition and change the marketing...
but the location of your property remains static.

So, to say that LOCATION, LOCATION, LOCATION
is the number one reason why a property does or
does not sell is just a real estate myth. The truth is;
price, condition and marketing rate as more important
factors in the real estate negotiating process.

© Noel Peebles, Market Leaders ebooks.

 

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Noel Peebles is author of the best selling ebook
"173 Powerful Ideas, Tips, Tactics And Proven-To-Work
Strategies To Sell Your Own Home."
For details http://www.forsalebyownerguide.com
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