Market Flexibility — Price Adjustments During Uncertain Times
With all of the uncertainty in the market today, how do we know when to adjust our pricing in an area (buy & sell) and what steps do we take?
Joining Mark for this week’s Round Table discussion are:
- Erik Peterson
- Scott Bossman
- Mimi Schmidt
- Tate Litchfield
- Scott Todd
Today’s topic — flexible maneuvers in the current marketplace, was brought to the discussion table by Erik Peterson.
Join Team Land Geek as they do a deep dive into the subject at hand and share the steps they are taking in their own businesses during these uncertain times.
A few of the teams recommendations include:
- Check comps more frequently
- Get more aggressive with offers
- Subscribe to all wholesale lists on Facebook
Erik advises that you should be watching the markets in good times and bad to make sure you can swing with the ups and downs.
We become scared to raise our prices on properties. We might be buying them for more but we’re not moving the sales price up and it’s okay to move the price up if you’re paying more for the properties. That’s the way the world works. -Scott Todd
Then, is it business as usual?
The team gives us an update on how the current events are affecting their businesses.
- Mark has had no note defaults, no issues, no emails. No sense of fear or panic.
- Erik has one on the verge of default but it started before the crisis
- Scott B. has two on the verge of default but they also started before the crisis
- Mimi had one default at beginning of month but not situation specific
- Tate got his 1st email, crisis related, the morning of this recording. His upstanding customers since 2016 asked for reduced payments for 60 days due to lost job
- Scott Todd’s new customers asked to skip their first month payment due to the fact that they are in the hotel industry and are not working
Did Tate and Scott give their customers some leniency? You’ll have to listen in to find out!
The Bonus Material — battling the COVID fatigue. How is the team handling a full house during these weeks of isolation?
There seems to be some old man jokes floating around the Podolsky household but Mark has found the perfect solution to keep yourself from stress eating…