Home Selling in Richland>Question Details

Shawn Schwar…, Real Estate Pro in Kennewick, WA

What can an agent do as advertising a listing that needs to sell? Can you do some sort of gift incentive for the agent who brings an offer?

Asked by Shawn Schwartz, Kennewick, WA Tue May 31, 2011

We are tired of chasing the market! Even if he drops his price down another $10,000 I need to get people to look at the home! Not many show up at the open houses! Any great idea's?

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Step 1 get a commitment from the seller to match any reduction from the relo package, if they toss in $10,000 the seller agrees to reduce another 10 so you get a 20 reduction or combo of reduction and marketing incentives.

Step 2 prepare stats for the relo company that any third grader can understand.

Step 3 have the relo company approach the employer and ask them to pitch in 75% of what you think you need to get the price in line, hold out for 50%.

The relo company will not pitch in but the employer might, one of my local realtors used a similar approach and the employer tossed in another $25,000.

Never hurts to ask. Allocate a big chunk to other realtors and then 3 to 4% towards buyer concessions, paying points, closing costs, etc. Make the buyer an offer they can’t refuse, make it irresistible!
1 vote Thank Flag Link Tue May 31, 2011
Shawn,

Bonuses or give aways are commonly accepted real estate tactics. However, it's not clear that they actually help sell the subject property.

Most real estate professionals will agree that the main considerations for buyers persuing a property are price and appeal. With this said, it is my opinion that any special considerations should take one or both of these directions.

Additionally, this is a tough market and sellers that are not in touch with the current market need to be enlightened. There also comes a time when agents need to come to make a determination whether or not it's reasonable to continue to try to sell property that is unsellable or "pull the plug" and move on.

As agents, we neither create nor control the real estate market. Being able to understand it and work within its boundaries can contribute to our success.

Good luck,

Bill
3 votes Thank Flag Link Tue May 31, 2011
Shawn,

A couple of more ideas that may help, get a custom URL from godaddy, using the street address, and go with .info instead of .com so the url would look like 123EasyStreet.info I bought a bunch of these a few weeks ago for less than a dollar each, you could do them for all of your listings at once. I think if you buy 6 at a time they cut the cost in half.

Then go to Vista Print and do a postcard campaign, put a picture of the house on the face of the card then something very short on the message side, telling the prospect to: CHECK THIS OUT: 123EasyStreet.info

You can choose all of the closest neighbors to the property and Vista Print will print and mail them for you cheaper than you can buy blank post cards.

Ask the neighbors to pass on the url to their friends, have the seller email it to all of their friends, post it on facebook, etc.

Forward the URL to info on the property, MLS if you do not have something better like a fancy syndication ad. Hope this helps.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Wed Jun 1, 2011
Sure you can try a gift or an incentive of some sort. Usually just good advertising of an open house works well. What attracts home buyers to a house though? Same as it's always been: price, location & condition. More importantly than in the past is price now. Price, price, price
1 vote Thank Flag Link Tue May 31, 2011
Shawn I offered a $5000 bonus to the selling agent when I sold my own property and the buyer found my listing on the net and called their agent to schedule the appointment, she didn't know it was available and neither did they...I had to pay it for nothing!! they would have bought the house anyway.

You can offer incentives for the Open Houses...drawing for Gas Cards today might be something to consider.
1 vote Thank Flag Link Tue May 31, 2011
I agree that a bonus to the selling agent with a time limit can help, but you are going to run into one obstical...getting the news out. If it is not a new listing you are going to have to make the effort to get the word out to the other agents in town otherwise they will not be aware of the offer. Perhaps an e-mailed flier to all of the agents will work :-) I think a monetary incentive is the best way to go (one size fits all and everyone likes money) Another idea may be to try a brokers open to get other agents inside, but make sure that the place presents at it's very best and looks like it is priced right :-) Pricing is extremely important. You may want to pull comps again and see what you come up with and have a serious conversation with your seller to let them know your findings....
I hope this helps!
Good luck!
1 vote Thank Flag Link Tue May 31, 2011
Shawn,
First try and figure out why it's not being shown. Price is an easy answer, but not always the correct one. In terms of location are there issues which make it less desirable? In terms of curb appeal, is the home attractive? In terms of marketing, are your pictures clear and bright? In terms of Marketing, are you on the MLS, Trulia, Craigslist and every other site you can be on?
If you have a location issue, you may need to both lower your price and be patient. I recently sold a home that backs to a busy road, but we had to wait for the right buyer who didn't mind to arrive.
If you are not the best looking, best marketed home in the price range, improve the looks, marketing or price until you are. Best of luck.
0 votes Thank Flag Link Tue May 31, 2011
Hi again, Shawn!
I feel for you. Since you live and work in the Tri-Cities, you understand that our economy is not like the rest of the nation (Thank God) and your seller needs to understand that if the house is priced right it WILL sell....we are fortunate that we do not have to ask our sellers to give their homes away in our market, but they do need to be realistic when pricing....
As for what Jim is saying about trying to work with the Relo company...it is worth a shot.....so I would give it a try. LIke he said, can't hurt to ask :-)
Unfortunately I agree that if you can not get the price reduced by some means to a reasonable level you may want to surrender. It doesn't do the seller, the relocation company or you any good to continue to try to sell (and pay to advertise) an over-priced home.....
0 votes Thank Flag Link Tue May 31, 2011
There is really nothing you can do except for getting as much exposure as possible for the home, lowering the price, giving an incentive to the buyer, etc. No magic bullets here.
0 votes Thank Flag Link Tue May 31, 2011
I totally agree with Bill and Adina!
My seller is not in touch with the reality of the market even though I have sent him everything that shows that his home is over priced and the values keep dropping daily! It's a relo and I get 35% taken of the top, otherwise I would offer to give up 5,000 to the closing cost! As far as a brokers open I don't think agents would even show as the home has been listed several times and the listing is old!! I'm going to have talk with him to reduce your price or lose me!
I have done open houses and your right! If the price is not right buyers won't come , no matter how beautiful the home is! Staging might be a choice! When he drops the price again. Now a total of $100k!
0 votes Thank Flag Link Tue May 31, 2011
I am with Bill on this one. The only thing a bonus does, in my opinion, is get some extra consideration about adding it to the homes you will take a buyer to go see. The buyer will not see the bonus offer and so they won't be motivated to see it over any other one for sale. The motivation is for the agent, but if the buyer does not like the house the agent can say all they want and not be able to make a buyer buy a house they don't want. I would say save the bonus and use it to pay for repairs or to make improvements, now, to attract offers.
0 votes Thank Flag Link Tue May 31, 2011
Shawn first is make sure it is priced correctly at or just under market value. Nevermind what it is priced at now or how much of a drop you made in teh past. assess what it is worth right now... If it is overpriced... you will be scaring away buyers who wont even make it to the door to see inside.

As for an incentive a 1/2 or even 1% sales bonus is always nice. But pricing it right will bring buyers without agents
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue May 31, 2011
A bonus offered to the agent that brings in an accepted offer should help....usually $$ gets the best results...but put a time frame on it... X amount to the agent that bring in an accepted offer by (date) to close by (date)

I have also had good results with organizing all of the listing in the immediate area to hold open houses at the same date and time (just be sure your listing shows the best!)

Good Luck

Beverly
0 votes Thank Flag Link Tue May 31, 2011
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