Patricia Baker is a Realtor and team leader of Baker Realty Group with Keller Williams Realty working in Boston.
Every week, we ask an Boston real estate professional for their thoughts on the top trends in Boston real estate.
This week, we talked with Patricia Baker, a Realtor and team leader of Baker Realty Group with Keller Williams Realty.
Boston Agent (BA): One of the most important parts of successfully selling a home is being able to appropriately price a property. What are some pricing tips you would give to agents just coming into the industry?
Patricia Baker (PB): Look at the big picture. Pricing is of course based on comparable properties that have recently sold. “Under agreement” properties that are a snapshot of today have to be examined, as well. And then the property has to be placed competitively with those that are actively being marketed. Sellers usually want to inflate the suggested agent price. They have to be told that if a buyer is getting a mortgage then our price has to align with the lender’s appraiser valuation. There is a “zone” of market value whereby a buyer(s) will submit an offer. Inflating the price will not help the seller increase their net profit.
BA: The popularizing of the Internet and the widespread adoption of technology as a part of everyday life has essentially changed the way Realtors to do business. How are you keeping your business relevant in the digital age?
PB: Twelve years ago when I became an agent, the first order of business was to develop a website. Marketing the website is so important, otherwise no one will find it or you. I market me and my site through social media, traditional media, blogging, signage…you name it. My background is marketing and advertising so it is second nature for me to market myself each and every day.
BA: A recent CoreLogic on the share of cash sales found that Massachusetts carries one of the lowest shares in the nation. What is it keeping this percentage so low compared to the rest of the country?
PB: I have not read the report so can not comment on it. What I can say is that the percentage of mortgages in the state or in the country that are cash have no affect on my business at all. So it is just a statistic. I have clients who pay cash and I have clients who obtain mortgages. I have never worked with clients who have had financing go south. That is the statistic that matters to me.
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