2. Visibility. It was difficult to find your property on the web. It's a fact that 76% of home buyers find their property online. You need an agent that will exhaust every possible medium to put your property in front of that buyer.
If youâ€™re priced right and people see your property...IT WILL SELL period.
Good luck! and thanks for the question.
Based on Solds and the property listed at 3619 Cannon your asking price is high.
If you look at your neighbor's asking price:
7235 sq ft x $137.54 = $995,000
then you plug in your square footage at 9,485:
9485 sq ft x $137.54 = $1,304,566
Did your Realtor recommend that you list your home at $1.7 million? If so...on what basis?
So, you're not going to be able to win any sort of price war. Not unless you drop the price by close to $1 million.
Approach it the other way. Figure out who would be in the market to buy a home in Midlothian (or at least the Richmond area) and would be willing and able to spend $1.7 million. Identify specific companies. Identify specific niches. (Top CEOs. Dot-com millionaires. CEOs of companies relocating to the Richmond area. Rich international jet-setters. Whatever. Be specific.) Then do a very customized, very targeted campaign to those individuals. And, yes, individuals.
Chris' suggestion about reverse prospecting sounds like a possibility. You need to reach individuals.
Don't pay too much attention to general advice such as: "It's a fact that 76% of home buyers find their property online." That may be true. But you're not after the average home buyer. I wonder how many home buyers of $1.7 properties sit down and do an Internet search. Not too many, I'd guess. I'm not saying to overlook that avenue. Just recognize that your buyer--your one buyer--probably isn't doing that. And even if he/she is, you need other ways to reach and appeal to him/her.
So: Identify your most likely buyers. Then market to them.
Hope that helps.
I certainly understand your dilema. Have you spoken with your agent about your sense of urgency to get your house sold? Price, condition, location are the reasons that a property does not sell. If condition and location are not issues, then only price is left. Talk to your agent about lowering the price every week that it does not sell, until you secure a buyer. Buyers tell us in this market what a house should be priced at. Until you receive an offer, you are not in the price range. The longer you remain on the market, the more difficult it will be to sell. With the selling season around the corner, consult with your agen to come up with a marketing plan that will work.
Good luck to you.
Park Place Properties, Inc.
We've got more "marketing" going on than at any time in history, but with the Recession, home sales are down. That's because there are fewer buyers. End of chapter.
Price is only an issue if other comparable homes are selling, and yours is not.
I don't want to get into your personal finances, but you can try to wait out the economy, hold on to the property for a year empty. and only lose $100,000 a year. Or, you can start dropping the price by $100,000 every two or three months. In that context, renting it out for $6500 a month doesn't seem so bad, now, does it?
Tim is spot on, networking; websites virtual tours all would help. Another BIG tool I leverage for all of my listings is go into the MLS system and perform a "Reverse Prospecting" search. It can be a bit complex however it would provide a list of all the agents that have buyers in which your home is a match for. After I get that list I call every agent and let them know I have a great home their buyers will want to see.
I would also have your agent set up a search for you for other homes similar to yours that are for sale. This will provide you a good idea of where your competition is priced. I am familiar with this area and your home is the highest priced in this area (and the largest). I remember another home on Welby Turn that is listed for about 1.5M (on the market for +600 days). Only about 2 homes have sold in the last six months that were listed over a million. Unfortunately, both sold in the 900k range.
You really need to partner with your agent to exposure your home to more qualified home buyers (across the country) that is how you will find your buyer.
Good luck and please let me know you have additional questions,
First, review the "traditional" marketing tools for any home. How do you feel about the brochure? What does your MLS listing look like? Do you like the way the home is described? Are there features that you and your family love that you'd add or highlight? Are there the maximum number of photos posted? What do you think about the photos? Do you have a property video tour posted to the listing?
Next, I'd take a look at the traditional print media, like newpaper advertising, Estates & Homes, Style Weekly, etc. Those marketing channels are expensive, and very short lived, but Estates & Homes might be a good "fit," if you're willing to pay the advertising expense.
How about Open Houses and Agent Previews? Agent Previews, particularly, can be a great way to get the people who will be doing the selling through the home. This might make it "top of mind" for someone when his or her buyer prospect comes along, looking for something in that area, in that price point. Open Houses aren't as successful, in my opinion, because you get lots of curious neighbors, and VERY FEW legitimate buyers, typically. But it could be on the list as a possible marketing tool, to be discussed with your agent.
Next, I'd look at some of the non-traditional marketing channels, particularly online presence. Is your property being marketed on the social media networking sites, like Facebook, Twitter, YouTube? How about an enhanced listing on http://www.realtor.com? Do you have a property-specific website just for this home? How about exposure on Trulia, Zillow, HomeGain, and all those sites?
The great news is you're happy with your Realtor. I'd suggest sitting down with her and creating a marketing plan for the property. Spend 30 minutes just brainstorming, and getting as creative as you can. Then get realistic, and pick the things that best fit your home, your target audience of potential buyers, and your marketing budget. Some of the best marketing tools are free or very inexpensive, particularly the online marketing stuff.
Good luck and Have a Great Day!