Rick Stroud, Real Estate Pro in Greenville, SC

Pictures are good, write up is good, price is competitive...but house isnt even showing. Short of reducing the price, what do you recommend next?

Asked by Rick Stroud, Greenville, SC Fri Jun 22, 2012

Help the community by answering this question:

Answers

16
Rick, sounds like you have a great foundation. Now, let's see what is actually happening.
Of course, all ills can be masked with a price reduction, but it is my belief that a professional will actually want, need, desire, to know what in reality is occurring. If you have your sellers best interest at heart, you will want to know you are delivering every buyer to this home possible. Or you can make the seller believe they overpriced. That seems easier to many. But, I'm sure you want to know if you've got what the 'STUFF' the seller is paying for.

What is the expected level of activity. No, not what other agents or ListingBook says but based on YOUR research. What is the expected level of activity? How do you calculate it?
Glad you asked, here we go.
1. Number of home SALES each month for comparable property
2. Number of home SALES each month for similar priced homes.
3. Number of home SALES each month for comparable and equally priced homes.
4. Where are the greatest number of comparable homes selling?
5. Where are the greatest number of equally priced homes actually selling?
6. Where are the greatest number of equally priced and comparable homes selling?
7. What distinguishes these homes from the subject home?
Analysis of these values will create for you a 'TARGET" value.

At this point you also have incredible, insightful data crucial to create your strategic marking campaign.

Analysis.
Who knows about the subject house?

In the following assessment, take care NOT to use redundant values. For instance, Zillow and Trulia are redundant.

How many have accessed the detail sheet?
How many have clicked to activate the movie?
Assess every human action related to the subject property? This also include buyer calls, blogs responses from buyers, SMS and text messaging and showings. This is the count of REAL buyers, not hits, views impressions, web traffic or all the associated hocus pocus..
This is your BUYER value

Buyer value needs to be 100 times your Target value. This means your marketing IS working and the buyer HAS reviewed the property and it has fallen outside of their 'value bracket' which results in silence.

Now you know if it is your marketing or the price. Now you actually KNOW, not wish and hope it is good enough. You may find a critical rearrangement of your marketing to reduce redundant exposure to the same audience (is that redundant?) will better serve your home sellers.

I would think a professional would want to know if they've got the stuff.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor FL
727.420.4042
chat with me on: http://www.FloridaRealEstateMadeEASY.com
2 votes Thank Flag Link Fri Jun 22, 2012
I appreciate the input....all the answers are intertwined in some way. I certainly believe that if similar homes are showing and selling and yours is not, and you have marketed in a similar way as the others, then you have a price issue. There are an infinite number of ways to market a home, but the reality is that most buyers are on one of a few paths and if they are rejecting the home there, the likelihood of finding the perfect buyer with some obscure method is highly unlikely. We can promise magic but its just about impossible to find someone willing to pay more for a house than its perceived value. Now if you can find ways to increase the perceived value, then that would make for a great conversation with the seller.
1 vote Thank Flag Link Sat Jun 23, 2012
Ron Thomas gets a thumbs up.

Specifically, what makes you and the seller think that the house is worth your current price?

Are there features that make it outstanding versus the competition? If so, then were those features for their own benefit and enjoyment, or did these features get added because the owner believed that a buyer would certainly pay more for it?

How do buyers determine value? They walk through house after house, and they make an offer on the house that offers the most features and benefits for the least amount of money, right?

If you are not getting showings, then take Ron's advice.
1 vote Thank Flag Link Fri Jun 22, 2012
How about reducing the price?

You don't even need agreement on this, the Buyers are screaming at you;
No Showings
No Offers

Are you holding out hope that the perfect buyer is still out there?

Remember the definition of insanity;
"Doing the same thing over and over, and expecting a different result."

Good luck and may God bless
1 vote Thank Flag Link Fri Jun 22, 2012
If you are in MLS, have good pictures, descriptions, ect., then the price is too high. Listings that are priced right sell. This is my opinion. No amount of marketing sells a listing that is too high.
0 votes Thank Flag Link Tue Nov 13, 2012
I agree with Carla on this. I would also recommend doing the old, pick your neighbor routine by asking the neighbors for their input... they may actually have a buyer for you too:)
Also have you had the seller "clean" the house of personal photos and clutter?
Good luck, hope by the time you read this you already have an offer!
0 votes Thank Flag Link Thu Jul 5, 2012
maybe increase the market exposure i.e. more advertising in different papers.
0 votes Thank Flag Link Wed Jun 27, 2012
Aren't you in a brokerage? Ask your co-agents. Since every agent in your office is a co-agent of the brokerage's listing, ask them. They know you market better then any of us on Trulia, don't you think?!?
0 votes Thank Flag Link Sun Jun 24, 2012
Hi Carla...I have asked several local agents about it, but its not so much about local market as it is a 'best practices' question. I have found this venue to be a terrific resource that I get invaluable information from...have you tried using it that way?
Flag Mon Jun 25, 2012
Hey Rick,

1.Ask your seller if he/she would be willing to give any buyer consessions.

2.This is a little old school for some agents, but how about a broker/agent preview? invite local agents to come out for a preview.

3. Make sure seller is open to all types of financing including FHA.

Note: if the property is not showing at all, it very well may be over priced. If the price is too high, not only will a property not show, but it actually helps sale other properties inthe area that are priced right.

Best of Luck to You

Kawain Payne
0 votes Thank Flag Link Sat Jun 23, 2012
If the price was competitive it would get showings. Period. My two cents. Good luck to you!
0 votes Thank Flag Link Fri Jun 22, 2012
Short of reducing the price? Do what Annette suggestions.

If the house isn't even showing, it's highly, highly likely it's the price. But check the marketing. Do an all-out marketing blitz, as Inna suggests. Then reevaluate.
0 votes Thank Flag Link Fri Jun 22, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Great answer, Annette. Thumbs up!
0 votes Thank Flag Link Fri Jun 22, 2012
I just remembered the 3 P's that many agents depend upon when selling a property:

1. Place house in multiple listings

2. Place a sign in the yard

3. Pray someone else will sell it

I always suggest that there are a 4th and a 5th P that many agents disregard:

4. Prospect for buyers everyday

5. Price watch
0 votes Thank Flag Link Fri Jun 22, 2012
i had similar situations. I believed that the price is good( not low, but less than it should be). I posted everywhere! Yet, it was slow, no offers....
Just keep posting: Craiglist, Trulia, AR, FB, your site/blog, a property website, Google+, etc. Do as many open houses as you can ( if it is ok with the owners), fliers to neighbors, supra on the door( easy access). If in two weeks of aggressive marketing , it is still nothing, it is the price.
Good luck!
0 votes Thank Flag Link Fri Jun 22, 2012
Have you tried an agent tour? Get as many Realtors to see the home as possible.
0 votes Thank Flag Link Fri Jun 22, 2012
Try adding a virtual tour and if you can turn your virtual tour into a video tour (Tour Factory) so much the better then you can download it into YouTube. Write a blog about the property and insert the YouTube video and post it on sites like Trulia, Active Rain, American Town to name a few.
0 votes Thank Flag Link Fri Jun 22, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer