Question Details

Wayne F. Smi…, Real Estate Pro in Hillsborough, NJ

Survey questions for my fellow agents:OTHER than pricing what incentives would you think will drive added

Asked by Wayne F. Smith, Hillsborough, NJ Fri Jun 13, 2008

traffic to a listing? Other than price and/or marketing such as ads and internet.
Please rate these and comment.
1.) pre-paid taxes for 6 or 12 months
2.) seller assist towards cosmetic items such as carpet or wallpaper or whatever
3.) 4% Buyer Broker commission (or more)
4.) other

If other what has proved successful in increasing traffic besides ads and internet.

Help the community by answering this question:

Answers

8
The carpet , wall paper and any repairs should be completed before the home goes on the market. Otherwise I won't be the listing agent. This market has made me selective about the listings I'm willing to market.

I have sold several homes this year because the Seller was willing to pay all the Buyer's closing cost and pepaid items. We advertised this fact and attracted many potential buyers and sold the homes in less than the are 's average days on market.

The additional Broker commission doesn't seem to work. Remember that old saying. "You can lead a horse to water but you can't make him drink" Same with buyers.

A seller who is willing to buy down the interest rate seems to attract buyers also.
Web Reference: http://www.cathysloan.com
1 vote Thank Flag Link Fri Jun 13, 2008
JR Thanks,

Biggest and Best...not really. There are 22 homes active in the $775 - $975 range and 9 have sold since the beginning of the year, so the absorption rate is about 20 months. Buyer feeback is WOW tha's a LOT of house! Probably too much for most. It's a RELO and we're awaiting the 2 appraisals so the owners are reluctant to drop the price further (it was $925K) until the appraisals come in. Although I presented information that was compeling for a reduction the timing of the appraisal came into mplay. We agreed to extend the commission rate to 4% since all agreed that something was needed. I have internet exposure, 2 different MLS data base listings, property website http://(www.9rowlandsrd.com), craigslist, oodle, trulia, etc. and over 3,000 page views on realtor.com. Hence my original question.
Web Reference: http://www.waynefsmith.com
0 votes Thank Flag Link Mon Jun 16, 2008
I don't understand the thumbs down either. Wasn't me. The reason I stated in the question "other than price" is nearly every agent has indicated in their feedback that the price ($900K) is very reasonable
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I had 60 agents tell my the price of my 499,000 listing would make it fly out the door and it sole 5 months later for 415,000. The bottom line IS price. You list 3 possibilities: pre paid taxes and 4% buyers broker IMO will do nothing. Just because we're being paid more will not make a consumer want to buy nor will it make a consumer see the home on the web and ask to see it if they don't perceive value. Cosmetics and price are what I would work on. My listing's problem was cosmetics. Nothing I did would make the seller clean up or fix anything and they ended up with a price the property warranted.

Perhaps it is a case of "too much house" for the area? Is it the biggest best house in the neighborhood?
0 votes Thank Flag Link Mon Jun 16, 2008
Realtor,
I don't understand the thumbs down either. Wasn't me. The reason I stated in the question "other than price" is nearly every agent has indicated in their feedback that the price ($900K) is very reasonable for the size (5 BR, 4 floors of living space, au pair suite, in-ground pool, updated kitchen & baths, 2 acres, backs to conservation area so it feels like 15 acres, 3 fireplaces, 3 car garage, private yet in a neighborhood) , amenities, location, condition, etc. Yes, there is some wallpaper in a number of rooms but it's not the "in your face" type that we've all seen. The finshed, walk-out basement is fully finished but there is wood paneling remenicient of the late 80's. It's not dark paneling but paneling none the less. These are items that would be noted after feet go through the door. It's improving the number of feet through the door that the question was targeted at. I also wanted to get a better perspective of given an equal playing field of price and amenities, what do other agents look at as being attractive to the buyers side of the transaction.
From my perspective a sellers assist denotes work required, which is a negative. Personally I don't prioritize by commission rate (others may). Pre-paid taxes is OK in my eyes but I was hoping to get other perspectives.
1st Brokers Open had 25 agents from a number of brokers, which in my area is a relatively good turn-out.
Web Reference: http://www.waynefsmith.com
0 votes Thank Flag Link Mon Jun 16, 2008
WTF is up with a thumbs down for the honest truth?
0 votes Thank Flag Link Sun Jun 15, 2008
I go door to door and talk to all the neighbors and invite them to the open house. I try to cover at least 100 homes in the area. We also do email blasts to all our office agents, and all the franchise agents in the area.
A higher buyer split is a good marketing technique as is a well run broker's open.
Buyer agents will usually bring the buyer for most listings.
0 votes Thank Flag Link Sat Jun 14, 2008
There is no other answer in this market other than price.
0 votes Thank Flag Link Sat Jun 14, 2008
My answer is "none of the above. The house should be priced right and cosmetic issues should be fixed. Wallpaper and carpets especially.
0 votes Thank Flag Link Sat Jun 14, 2008
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