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 Prudential
Value Range Marketing (PVRM), is an innovative new way to market real estate
which removes the need to set a fixed asking price for a property. Traditionally, sellers
have listed their homes at a fixed sale price, usually above the true market value. For
example, it is not unusual for a house which may be worth between $135,000 and $140,000 to
be listed for $149,000. Unfortunately, many potential buyers looking the in the $140,000
range will not look at that house; at least, not until the seller later reduces the price.
However, when the price is lowered to a level which attracts some buyers, say $140,000,
the buyers will want to pay even less again.With PVRM, the home is listed in one of 50 different ranges which have been
pre-set by the broker. Advertising for the property states that the seller will entertain
offers in that range. The goal is to get more potential buyers to inquire about the house
and to encourage more offers on the home, opening negotiations much sooner than with the
fixed price process. Research has shown that, even if listed at true market value, on
average, fixed-price listings may only be seen by 40 percent of the potential buyers. PVRM
is designed to encourage inquires from all qualified buyers.
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Copyright © 1998-2008 Elizabeth Hudgins
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