Memphis Area Listings are Prime Examples of Real Estate Goodwill

When you and your Realtor sit down to arrive at your property’s Memphis area listing price, there is no controversy about the mutual goal. The object is to arrive at the highest figure that will attract the greatest amount of interest from qualified buyers. That it will also begin the process of getting to the signing table in the shortest time is built into that objective. The only mystery is how many qualified buyers will be currently searching the Memphis area listings for just such a home.

That sounds a little simpler than it is in reality. The most basic element that goes into establishing the listing price is the Memphis area “comps”—recent sale prices for comparable homes. But since no two properties are exactly the same, that is just a departure point: the most scientific part of what is actually more of an art. Other elements can be the momentum of the local market (are the prices people are willing to pay on the move? Up or down?), the relative condition of the property, the comparative desirability of the home’s location within the neighborhood, etc.

And when it comes to one of the least definable elements, there is the elusive “goodwill.” In standard business lingo, “goodwill” is a measure of the reputation of a business, which works out to the difference between the price paid for it and the fair market value of just its assets. That difference—the goodwill value—is something not usually considered in discussions of residential real estate. But that might be a mistake. To the extent that buying a home has an emotional component, goodwill in Memphis area real estate is intangible, but real.

Goodwill in our realm is the emotional component—the ‘vibe’ that surround the property being listed. That factor will differ in how it affects any given prospective buyer—it is largely a subjective reaction. Of course, a property with high “curb appeal” will dependably rate higher on everybody’s initial “goodwill” meter. Likewise, one in prime condition will appeal to virtually everyone. A home that otherwise rates well—but which is too close to a noisy intersection—will almost always lose goodwill (in the most extreme cases, there may be such a thing as badwill!)

There is also the aura surrounding any given Memphis area listing itself. For most of today’s buyers, the initial exposure to a home for sale is via its listing, so the allure of the photos and the descriptive language can be engaging, or off-putting, or nothing special (truly, a wasted opportunity). That’s where I come in. As your selling agent, I’ll make sure we get the most out of our Memphis area listing. Making it a goodwill-generating machine is what I strive for. Call me when it’s time to sell—I’ll show you what I mean!

About Author
Tim OHare

Tim O'Hare has over 15 years experience working with executive leadership as a digital marketing and technology specialist. Tim relocated to Collierville, TN where he began his real estate career with a sphere of less than 10. In his first 18 months, he was Rookie of the Year at his brokerage and a member of the Multi Million Dollar Club. Tim realized the best way he could give back was to help others unlock their potential, so that they feel empowered to accomplish their personal and professional goals. His passion to learn, coach and give back to the community is what shapes him as a leader. He brings a strong competitive mindset and understands the commitment necessary to accomplish even the most audacious goals. Tim currently lives in Collierville with his wife Anna and 2 boys. He's a member of the Collierville Rotary and serves on the Board of Zoning Appeals for Collierville. Tim also sits on multiple committees at the Memphis Area Association of Realtors.

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