Question Details

Lcyfn, Home Seller in 08080

What should I reasonably expect my agent to do to market my house in a very slow market? The house shows well and is priced under market.

Asked by Lcyfn, 08080 Sun Jul 24, 2011

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Answers

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Home seller: Focus on results not plans. Based on the results of research, implement a plan and measure the results.

1. The very first thing you need to know is how many comparable homes in the competing area sell each month.
2. The second import fact to know is how many comparable homes in the competing area are for sell.

3. If two home a month sell and there are 10 competing home, you can be confident the actual (real) buyers saw ALL of the homes. The average buyer in Tampa will look at 16 homes before purchasing.

Now there are a bunch of folks who are looking but unable to buy for many reasons. Including this group, effective marketing will result in monthly showings equal to 10 times the number of monthly sales. (there is more than one attribute that would equal a showing.)

If your home is swamped with comparable homes in the same area there is a likelihood #3 won't apply. For instance your home is one of 200 for sale in a community of 2500 like homes with 3 selling each month. In this case the marketing of your home can not be passive. MLS and Realtor.com will prove inadequate to overcome this situation in a timely manner. Consider options that provide risk aversion, collaborative value, professional incentives, or regional poaching. There are many options but the situation must first be appraised before the appropriate plan can be implemented.

What we don't know is if there may be parameters you inadvertently communicated to your real estate professional.
Did you say,
-"I need to net X amount."
-"I'm not in a hurry.?
-"I'll wait for that special buyer who is willing to pay my price' For special properties such as waterfront or celebrity homes it may be worth waiting for that 'fall in love' buyer.
-"I'll start packing when we I accept an offer."
-"I need 48 hour notice for showings."
-"Offering a concession for the worn carpet should be good enough."
-"What smell?"
Assuming none of the above poison pills are in play, sometimes you just need to wait, especially if the results are in line with your market conditions.
Again, look at the results.
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Sun Jul 24, 2011
Before your next open house, have your agent make up a flyer and take it in person to all the agents in your area who have similar homes in the same price range for sale. Chances are, those agents will be doing open houses. Any buyers they get may also be interested in your home and vice versa. Also, have your agent coordinate the open houses times with other agent's open house times. More homes available to see will attract more buyers for each.
0 votes Thank Flag Link Sun Jul 24, 2011
I have a blog at http://www.trulia.com/blog/margarethassani/ with tips for selling a home in this market. Take a look - you may get some good ideas.
0 votes Thank Flag Link Sun Jul 24, 2011
Thanks for all the fast replies. The feedback that the house shows well is from the buyers and the real estate agent, same for pricing. Buyers that come through really like the house but most have a house to sell. The house has been on the market for almost 120 days in what I thought would be the best season to list a house. We have had 2 open houses and very few showings over that time.We are meeting with our agent to discuss ways to increase traffic. The house is only listed on realtor.com and trulia as far as I know. Are there other sites that appeal to people that are relocating from outside the area? Do virtual tours help draw traffic? Any other marketing ideas?
Thanks
0 votes Thank Flag Link Sun Jul 24, 2011
You didn't say how long it had been on the Market?
During the first three weeks we like to take advantage of the WOW factor:
You didn't mention Open Houses: I am a great believer in Open Houses with lots of signs, great staging and the smell of bread or cookie wafting through the house.
Have you done a Broker's Open House; the same things apply.

Good luck and may God bless

ps. we are seeing an increasing market in some areas.
0 votes Thank Flag Link Sun Jul 24, 2011
Dear Lcyfn, Home Seller:

I've read the answers from the other Realtors® and all the points are valid and useful. Is "the house shows well and is priced under market" your opinion or your agent's opinion. I suggest you sit down with your agent and have a professional business meeting and "discuss" your results and options. Find out what the potential buyers are saying and deal with that. Get right to the heart of the matter. If you do not have a good communication process with your agent, that is another matter.
0 votes Thank Flag Link Sun Jul 24, 2011
Hi, Along with all of the typical interenet, mls, and different forms of print marketing we as agents have to be more creative these days. It's important to bring the best features of the home to light. For example, if you have a sprawling backyard or great viw maybe you can host a cocktail party or something else that would attrract agents and prospective buyers. If you are listed with an agent they can work with you on this. The lack of showings could also be indicative of the state of your local market as well.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Sun Jul 24, 2011
In addition to what Eli has already suggested, ask your agent for feedback from the agents showing your home. You may think your home shows well but buyers might have another point of view. If there is a difference in opinion, consult a stager. You may need someone to come in and highlight the strengths of your home while minimizing the weeknesses. It's money well spent! I don't have enough room to write about the difference staging has made in my listings no matter what the price. In addition, make sure your agent is promoting to other agents as well as potential buyers. If she hasn't had a Brokers Open House in a while, ask if she would consider doing it again. You want to make sure that your home is top of mind with agents in your area.

Best of Luck!

Gwen Janicki
Prudential Fox & Roach
610 207-3995
http://www.strictlymainline.com
0 votes Thank Flag Link Sun Jul 24, 2011
Lcyfn,

Is your home all ready listed with an agent? If so, your question is a little late and should be presented to them prior to commiting to them and their company.

If you are currently considering listing your home, you would be well advised to request an in depth written comprehensive marketing plan for your specific home. This should include both agent and company initiatives. It would be reasonable to expect that a plan would include: a marketing budget, open houses, local advertising, internet advertising, services provided to customers, information about the company referral program, how buyers are attracted to them, knowledge of your particular market, etc.

A reasonable question to present any agent would be: How long will it take you to sell my home and for what price can you sell it?

Good luck,

Bill
0 votes Thank Flag Link Sun Jul 24, 2011
If the house was priced under market, it would sell. As long as your agent has the property on MLS, and on Realtor.com or some other websites, the marketing is in place. Make sure the photos are good and the ad description reads well. If that's not working, adjust your price. Supply and demand. Underpriced houses NEVER sit on the market.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Sun Jul 24, 2011
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