Txhomeowner, Home Seller in Tomball, TX

What are some good marketing strategies to get my home sold?

Asked by Txhomeowner, Tomball, TX Wed Apr 29, 2009

I am in the process of selling my home. I am a real estate appraiser and I know this market extremely well. I am using a realtor, but only to list my home in the MLS. Our home has been on the market for 33 days and has had 5 showings. The feedback has all been positive, just no takers yet. I have made flyers and passed them out, put my listing on Craigslist and related search engines, am having an open house this Sat. The house shows well. So how do I market this house even more and increase my number of showings? Thank you in advance!

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13
Keith Sorem, Agent, Glendale, CA
Wed Apr 29, 2009
Tex
My father always said "confidence is the feeling you have right before you truly understand the situation".

Just curious, how many Realtors did you interview?

My guess is none.

How did you come to select an MLS Entry Only broker? Did you talk with them? Do you know what results the achieve?

Here are some facts. They are based on my quarterly research from my MLS:

The homes that sell closest to list price sell in the first 30 days on the market. That's only 20% of the lisitngs. They average 99.7% of asking price. The other 80% accumulate most of the market time. At 120 days on market the list price versus sale price is 92.3%...and that is AFTER some price reductions.

You my friend are in the 80%, with 33 DOM and not offers.

The 20% Realtors know that the most interest for a new property occurs in the first 14 days, so their goal is to see 10-12 showings or one offer. If we don't see that activity, a price reduction is in order. We also know that 90% of the time the buyer is brought by a Realtor. So if we are not getting showings by Realtors, or offers, the Realtors think the property is not worth showing or writing an offer.

So by looking at the link below you can see that 8 homes sold recently and there are 348 homes on the market. That means that YOUR HOME has 2.3 % chance of selling.

So let me recap:
The expertise a Realtor brings to the table - how to prepare a home for sale, how to select the features that buyers will find attractive and market those features to Realtors who bring the buyer 90% of the time, and help in setting the right price, and tracking how the market is performing (meaning how homes, like yours, are doing on the market)....all this you have sacrificed to save a few percent. And now you are asking US, who do not know your market, nor your home, nor your personal situation, for help.

Who are you kidding?

I track the performance of Discount and MLS Entry only brokers versus full service in my MLS each quarter
This is their record:
Homes that are listed are only about half a percent of the total inventory
When they are listed they fail to sell two to three times as often
When they sell, they sell on average 2-3% LESS List price versus sale price
They take longer to sell

Good luck.
1 vote
Amber Mcnutt, Agent, Tomball, TX
Wed May 7, 2014
Social Media! Post on Beg Barter Sale though Facebook. Create an Animoto video of your home to some up beat music and post it everywhere! A good Realtor will do these things for you...Or at least I do!
0 votes
Tina Ciavatt…, Agent, Braintree, MA
Wed Jan 15, 2014
Make sure that your property is connected to all of the major real estate sites out there...zillow, trulia, realtor.com, mls....online is pretty much the first place potential buyers are looking! Also~ make sure you use a professional photographer to display and showcase your property online! We are coming into Feb now and 2014 is projected to be a great real estate year! Be patient and know that busy season is just around the corner! Good Luck!
0 votes
Colette Ford…, Agent, Berkeley, CA
Wed Jan 15, 2014
Hire an experienced LOCAL agent (or agent team) who possess knowledge of the market and have a strong track record of representing sellers and buyers in the area and don't sell it yourself!. Have the agent(s) present sales comparables, a marketing plan and a business plan for preparing and selling the home. Pricing and presentation are key factors in obtaining as many good offers as possible. Good luck!
0 votes
Barbara Q., , Bergen County, NJ
Mon Jun 22, 2009
Txhomeowner-
Judy had mentioned incentives...which is a great idea to stimulate curiosity and interest.
Understand that when you reduce your price by $10,000 it reduces a potential Buyers monthly payment by ONLY $56. That doesn't do much to increase market potential or expand your pool of qualified Buyers...Agreed?

We offer a different approach that has a minimal cost for the Seller - while offering SUBSTANTIAL savings for the Buyer.

If you'll send me the link to your listing... I'll work out the numbers for you.
BQF@321advantage.com
Barbara
Web Reference:  http://www.321advantage.com
0 votes
Terry L Sche…, Both Buyer And Seller, 77355
Thu Jun 18, 2009
Terry in Magnolia -
Would you consider a Round Robin Auction, whereby we have the right to show and sell your home for a 2 week period? We would Show your home on Sat and Sun for 4 hours and take bids and sell to Best Offer at the close of the Showing. This works if your home is priced below market average in your area. Do you know what that average is? Do you have Comp Sales in your area? All of these data points can make a big difference.
If you are interested in discussing this further, call me on my cell: 713-870-2688
0 votes
Margaret T.…, Agent, Conroe, TX
Thu Apr 30, 2009
Txhomeowner
Don't Pay, Don;t Sell You sound like a reg FSBO
0 votes
Margaret T.…, Agent, Conroe, TX
Thu Apr 30, 2009
Txhomeowner,
You are an appraiser and you say you are using a Realtor but only to list your house on the MLS.
I would say you are the same animal as the FSBO - you know more than your Realtor, will take no direction from your Realtor and you are probably there every time your home shows.
Please go back to appraising homes and let the Realtors Sell homes, all will be better. We love our appraisers BUT!
As a General I would not want a Major afraid to speak up to me either.
Good Luck
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Apr 30, 2009
Tex
Let me say this again
If the odds are that homes are not selling (98 to one( then for YOUR home to sell it must scream BUY ME!

That means that if REALTORS are not showing your home, it does not present enough value and the buyers either will wait until the see a property that makes them want to write an offer, or a REALTOR thinks there is enough value and can convince a buyer to write an offer...probably a low offer.

The other major issue I see is that you are looking at this from just getting offers. Most Realtors in the current climate will tell you that anyone can get an offer. But getting the escrow closed is an entirely different animal.

If you would like me to refer to a top Realtor to interview, let me know.

Good luck.
0 votes
Txhomeowner, Home Seller, Tomball, TX
Wed Apr 29, 2009
Thanks to everyone for your responses. I think there's some misconception though about the path I chose..


As an appraiser in TX , I have searched through endless listings looking for comps, etc. The majority of listings I see out there put up there by realtors are unimpressive to say the least. Pictures are dark, descriptions are spotty and homes sit on the market. To be honest with you, I haven't seen any realtors in this area who just blow me away. I know a lot of realtors and considered even selling real estate myself. But what I had a hard time understanding is how I had to do a 2000+plus hour internship, classes & the licensing exam from.. well you know where... to get my appraisal license 3 years later. Getting your realtors license in TX takes a couple months and I've had plenty of friends do it.. Now they all think they are big experts on real estate which makes me crazy becaue they have only been realtors for a couple of months.

So what I decided to do is to ask if my appraiser mentor (and good friend of mine), who is also a real estate agent, would list it in the MLS for me. She agreed, but let me know that she's not doing the marketing, that's up to me. I am okay with that and more than willing. I am a bit of control freak and this situation is actually working out well for me.

I am not against using a realtor by any stretch of the imagination. In fact, if I weren't in real estate myself, I'd be using one. I just haven't seen any listings or met any realtors that would make me want to pay them 3% in all the years I've been doing appraisals in the Houston market.

Thanks everyone for your advice though! Some of the answers have been SO helpful!
0 votes
Txhomeowner, I respect your perspective on how easy you think it is to get a real estate license and that no realtor has "wowed" you, but I would like to offer you an opportunity for my team to WOW you if you decide to terminate your contract with your current realtor or it expires before your home sells. No homeowner should have to work has much has you have to sell your own property when you have a realtor no matter how controlling you may believe you are. Susan Cordell Keller Williams Professionals 281-832-8597
Flag Fri Jan 24, 2014
Bill Eckler, Agent, Venice, FL
Wed Apr 29, 2009
Thank you for your question.....

There is nor substitute for having your home priced as an accurate reflection of your current real estate market. Today's buyers are very savvy and understand that foreclosures and short sales are driving the market as reflected in pricing. Buyers are not only looking for deals, they are looking for and finding homes that are priced tens of thousands below recent prices on the same property.

If your home is not priced right, you can expect an extended experience that will not be able to be overcome by the agency, agent, or marketing plan involced.

Additionally, do not under estimate the importance of powerful internet presence. Today's information tells us that over 90 percent of buyers are doing research on the internet. It's important that your marketing plan reflects this and is seen in a many places as possible.

The two most inportant features to selling any thing are: PRICE and VISIBILITY. If people know something is for sale and is priced right, regardless of what it is, motivated buyers will find it.

Good luck
The Eckler Team
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes
Judy Oswalt, Agent, Arlington, TX
Wed Apr 29, 2009
Are you taking full advantage of the marketing your Realtor can provide in addition to MLS. It's all about exposure and numbers. The market conditions there may be different than they are here, but I would expect that Tomball is a fairly strong market. How are you positioned pricewise compared to your current competition? in almost all cases, it ultimately comes down to price. Positive feedback indicates you are probably close to the right price, but no offers tells me you're not quite there yet. Are you offering any incentives to buyers, such as closing cost assistance, a decorating allowance, a one-year residential service plan? If so, are the incentives being presented in a highly visible manner so that buyers know what you are offering? Are there special features to your home that you can emphsize?Think about your answers to these questions - and best of luck to you
0 votes
Don` Bell, Agent, Asheville, NC
Wed Apr 29, 2009
In htese tough times you have to stand out from the crowd. Not knowing your specific market it is difficult to answer that. One thing for certain, using a broker is top on the list. Depersonalize the home so that it looks like a model. Visit open houses to see what others are doing and improve on that. Offer information to 1st time home buyers about the 8000.00 credit. Do open houses that offer solutions, have a mtg. broker ther to per--qual people.
0 votes
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