Question Details

David Baker, Real Estate Pro in Phoenix, AZ

Remodeled home is listed at same price level as REO's and Short sales but not getting any viewings. What can?

Asked by David Baker, Phoenix, AZ Sat Jan 26, 2008

be done to make this property stand out? The area is saturated with homes for sales. Over 150 REO's and others. We are 83 in order of price, but only one that is turn key.

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When there are so many homes on the market, homes sell as a comodity... it all comes down to price. If you are number 83 in order of price, you can plan on being the 83rd home to sell. Price your listing so you are the next to sell (the lowest price) If the home has all it seems to have, you'll get multiple offers and bid up the price. But with that many homes on the market, you'll have to use price to get buyers to come see it.
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1 vote Thank Flag Link Sun Jan 27, 2008
The buyer who NEEDS your house -- turnkey, ready to go -- is a relo buyer who is moving to start a new job and is up against a definite deadline.

How do find a relo buyer? You can work the H/R people at major employers in your area, that's one way.

You can flyer (by postcards, or email, or vflyer, however you do it) agents all over the country offering a co-broke, that's another way.

But I definitely think you're going to have to chase that buyer down, because the roulette of waiting for them to come to you is clearly not working for you.

Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor:
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0 votes Thank Flag Link Tue Jan 29, 2008
Unfortuneately in our MLS if you put in "Not Bank Owned" and agents searching the "remarks" section are going to pick up ONLY "Bank Owned"!! Careful how you folks structure this and double check your MLS to see if you have this function. I have friends of mine who WILL NOT show REO's, Short-Sales, Subject to Third Party Approval, Bank Owned, etc and search these out in the REMARKS. You can put "Not A..," in front of them you're still getting single out.
I love Paula's explanation below. Price IS KING!
0 votes Thank Flag Link Mon Jan 28, 2008
If agents are searching "bank," and such terms; put those words in description or remarks. "Not Bank owned, short sale, but great condition..."
0 votes Thank Flag Link Mon Jan 28, 2008
150 REO`s sounds like Laveen?

Add a Podcast to your listing. Really it is the next big thing.

Owner financing, buyer want to buy they just can`t qualify.

I will refer you to the best advice, it`s the price. Read this blog
0 votes Thank Flag Link Sun Jan 27, 2008
Mr.P, Other/Just Looking in Arizona
I think you answered your own question. Your area is saturdated with homes for sale. I have a property which is just like yours but unfortuneately from the front door of this stunning, turn-key property are 4 other homes, 3 short sales 1 REO, which are all $100,000 less! And they ARE NOT getting shown either. Have you polled the other agents and asked them what THEIR actiivity is? Why not try "Buying-down" the interest rate. Put a big sign on the Sign--"Below Market Financing!" I used to use a bright yellow sign with black lettering, if it was an affordable price points, and it would scream out--"Buy this home for $5,000 down and Payments of $______. I then had a small bit of print on the bottom showing apr, etc for legal purposes. I had this on a stack sign which I stuffed in the lawn near my big "L" sign. Obviously price is king in those markets. The banks are slashing and burning!
0 votes Thank Flag Link Sat Jan 26, 2008
The lead sentence in your listing should read - 'move-in ready and can close fast'. Folks get frustrated trying to deal with REOs and short sales. And many don't want the redo condition they are in. Make it easy for them.
Open houses and events to get all the realtors you can in the door should help. In Dallas, is the main search engine & search driving tool. Use the internet marketing site that is number one in your area.
0 votes Thank Flag Link Sat Jan 26, 2008
Consider staging. It will definitely help your property stand out from the competition. I assume the property is vacant, so you would be looking at renting furniture and accessories. You need to view it as an investment in getting the property sold. If you have the house staged, It will likely result in a quicker and more profitable sale.
0 votes Thank Flag Link Sat Jan 26, 2008
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