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Home Selling in Madison : Real Estate Advice

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Activity 3
Sun Feb 21, 2016
Marlene Fonseca asked:
Comparable homes on my street are valued at over $1 mill (#24, 26, 28, 32). Recent sale in June 2015 on 31 Alma Ave was $1,289,000. We are in the process of selling home.
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Mon Jun 18, 2012
Jeffrey Halpern answered:
As previously mentioned Commissions in New Jersey are negotiable. Any agent that states the "standard" is actually committing an antu-trust violation.
But to answer your question, it is not the commission amount that is the worry it's what the seller puts in their pocket after closing. A good Realtor will place all their marketing into the home to get the highest price and when that offer comes in, it is their negotiuating prowess that brings the price up even a little higher which makes up for the discount broker whose sole purpose is usually not getting the highest net for the seller, just getting it sold for the sales sake.
It is best to interview more than one agent when looking to sell your home. Thier marketing plan must be complete, the pricing strategy should be succinct and most of all, you must feel comfortable with the agent.
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Thu Dec 3, 2009
Deborah Madey answered:
Hi Mercedes,

I have sold a few homes as a direct result of a public open house. Statistically, the positive result remains low. Perhaps 1 in 400 open house visitors became buyers for the specific open house property. (Sample #, statistics not recorded) I can account for at least 5 sales over 10+ years. While not a high number, the sellers of those sold properties would give raving reviews and support for public open houses.

The market, buyer profile, location, and specific property all become relevant in the marketing plan. Example: Many NY and northern NJ buyers are known to visit the NJ shore open houses in the spring, with emphasis on those properties very close to the shore. Open houses become an important tool in the marketing mix to reach those out of area buyers, and consecutive weekly open houses may be highly recommended, particularly in season.

It is true that open houses can be a highly effective lead generation tool for the open house host, That does not diminish the potential value for you, as a seller. I generally support open houses as one component of the marketing plan. More buyers are produced through other touch points. It is important to weight the marketing efforts in correlation to sources of proven results. The representation of the property online takes high priority, since this is where most buyers are looking. A property may gain the attention of 500 or more eyeballs in a few days or a week, compared to only 5-10 open house visitors who come to your property. However, not 1 in 500 online visitors becomes a buyer. It usually takes several thousand. In my open house experience, I am guessing that about 1 in 400 open house visitors became a buyer of the specific open house property. I am unable to document this open house attendee count over the years, and am relying solely on a best recall and guessng from past experience.

Another benefit of the public open house is additional online exposure (if your agent adjusts the online message.) Many online real estate sites (Trulia, being one, for example)... provide for the entry of details for open houses. This results in additional online exposure for the property, from buyers who review the open houses online, but do not attend. Of course, you will only derive this benefit if the appropriate online data is appropriately updated.

My initial reaction is that weekly open house repetition seems excessive. There may be valid and unique compelling reasons of which we are unaware. I recommend that you to gain an understanding of your agent's objectives for this open house frequency recommendation.

Deborah Madey - Broker
Peninsula Realty Group
(732) 530-7755 Main
(732) 530-6350 Direct/Mobile (Best)
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