Home Selling in Wilmington>Question Details

Pat, Both Buyer and Seller in Wilmington, NC

Creative Marketing Ideas??

Asked by Pat, Wilmington, NC Fri Jun 12, 2009

My home is currently listed with an agency. In today's tough market, it seems that an agent needs to be creative in marketing, not just plug it in MLS and internet sites-then sit back and let it sell itself... It might have worked in earlier times, but ... I know the house needs to be priced right, but dropping the price so that it's cheaper than similar homes seems like the easy way out and is just swinging the price pendulum the other way from the overprices of a couple years ago. Any creative marketing ideas out there on how to stand out from the many other similarly priced homes out there? On the realtor "Feedback" on the automated system has said my house is priced right (except one which said too high) and all but one have been interested, but the client is "still looking." How can I encourage my agent to try some creative marketing? How can we encourage the people who expressed an interest to make an offer?

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Pat- Glad to see that you are being proactive, thinking outside the box- in this challenging market.
THANKS Rockinblu for mentioning a Temporary Buydown.

Typically, the first thing Realtors/Sellers consider in order to make a home more marketable is to reduce the price. That may be the simplest thing to do but it is certainly not the most effective way to increase your market potential . When you reduce your price by $10,000 you lower a potential Buyer's monthly payment by ONLY $56/month. That doesn't expand your pool of qualified Buyers too much. Agreed?

Instead we advise that a Seller price his/her home aggressively PLUS offer a concession package of $7,000 (in this specific example, $350,000 Asking price).

This gives Potential Buyers options.
Depending on his/her financial situation they can:
1.) Take the standard price reduction of $7,000
(and reduce their monthly payment by $37.42)
2.) Cash-constrained Buyers may choose to use this money toward closing costs.
3.) They can use the money to discount their interest rate/payment:
A.) Permanently - for the life of the loan. (slight reduction in payment)
B.) Temporarily - for the first two to three years. (drastic reduction in payment.)
This option (2-1 Temporary Buydown) works well for income constrained Buyers - or Buyers who anticipate increased earnings, or Buyers who have credit card debt or student loans, or it can make for an easier monthly-payment transition for families that are upsizing. ..

The cost for the Seller is minimal ($7,000) in comparison to the substantial savings for the Buyer:
Reduction in payment Year 1: $389.15/month Reduction in payment Year 2: $200.64/month
4.) Any combination of the above...within allowable concession...
5.) NONE of the above if there are multiple offers.

Please visit us at: http://www.321advantage.com
Call me directly with any questions: BQF@321advantage.com

Good Luck!
2 votes Thank Flag Link Sat Jun 13, 2009
Hi Pat!

...Maybe you need a new agent.... My answer to this question you posted is so long there is no way to even begin typing it. Everything you said is correct and in fact in todays market those are all things that should be addressed at the listing appointment before you even get it on the market. Price, Incentives (agent and buyer), Condition, and Marketing are all equally important. There are many things I am doing to get creative with marketing and target marketing, but it differs from house to house. If you would like to call or email me directly, I would be happy to discuss in more detail, at greater length.

Check out my website, video blog, and this article from the latest Wilmington Business Journal.

Jessica Riffle
910-352-1043
JessicaRiffle@SeaCoastRealty.com

http://www.HotPropertyBlog.com

http://www.wilmingtonbiz.com/industry_news_details.php?id=338
0 votes Thank Flag Link Mon Jun 15, 2009
Pat
Have you seen the link below?
I am not sure how long your home has been on the market, but from your post I am guessing you are concerned.

The fact is that marketing is important, but remember, the most important people that are the targets of your marketing are Realtors. According to CAR surveys the buyer that purchases your home sees it first with a REALTOR 90% of the time. So if you are not getting showing activity, it's not because the Realtors are on vacation.

The rule of thumb is 10-12 showings in the first two weeks, with two repeat showings, or one offer. Homes that sell in the first 39 days sell closest to asking price. In my MLS that means 99.7% of asking price. At 120 days that drops to 92.3% of asking.

Good luck.
0 votes Thank Flag Link Sat Jun 13, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Pat,

I know you mentioned MLS and other internet sites. Def make sure that your listing is syndicated out to as many RE sites as possible. Examples are Trulia, Zillow, Craigslist.org etc.

Does your agent have a dedicated site for your listing that you could promote to friends and family? Having an easy to remember site like 25elmst.com or whatever your homes address is can help you get the word out.

I am sure your agent has SEO and SEM campaigns going on their main broker site but maybe ask them to put a certain budget towards driving traffic to this dedicated listing site for your home.

Social media sites and things like Twitter and Facebook are also good places to get the word out.
0 votes Thank Flag Link Fri Jun 12, 2009
Pat - in today's market, a house "priced right" is going to sit longer, as many buyer's want bargains right now, whether they are real bargains or perceived bargains. Three factors affect selling a house:

1. Location - the house is where it is, not much you can do about this one :)
2. Condition
3. Price

Price and condition are closely related. Your house needs to be in good condition and priced aggressively to sell in this market. Most real estate marketing is designed to gain the real estate agent additional clients, not sell your house. Getting creative will be just be spending more money and not help sell your house any faster. While every market is different, most properties are sold via the MLS and by an agent other than the listing agent. In my market, I've run stats of my MLS that shows 95% of homes are sold by a different agent than the listing agent. While many Internet sites will tell you that 60% or more of buyer's start their search online, the key is they start it online, but they finish it with a Realtor who has shown them houses from the MLS. My advice is to price on the low end of the value range for your house. Selling low now enables you to upgrade and buy low now too.

Daniel
Web Reference: http://www.tri4sale.com
0 votes Thank Flag Link Fri Jun 12, 2009
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