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Hoboken Prop…, Home Seller in Hoboken, NJ

What marketing is needed to sell a fairly priced 2 bedroom/1 bath walkup property in Hoboken.?

Asked by Hoboken Property Owner, Hoboken, NJ Tue Mar 2, 2010

What marketing is needed to sell a fairly priced 2 bedroom/1 bath walkup property in Hoboken. Open houses? Newspaper ads? Craig's List? Other?

It would be ideal to receive offers within 60 days, what does it take? Also, does it make sense to give time limit incentives to both buyer and selling brokers to help in this effort? (e.g. additional commissions if sold within 30 days or 60 days)

Thanks!

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Answers

22
Linden Moe’s answer
Hey Hoboken Property,

Price and staging is not the only 2 factors and its not the 2 most important factors.

The 2 most important factors is price,...but the other is exposure! and more exposure!

Even if you have the best price with the best staging, if noone knows about it, what good will it do you.

Most agents and Sellers have a 3 point marketing plan
1. put a sign in front
2. put in mls
3.pray it will sell

Also most dinosaur marketing would include open houses and print media. Like a picture of your home with long boring description in the newspaper.

Since less than 1% of homes are sold through a open house according to NAR, I dont like those odds.

Do You?

We use a 151 point marketing plan.
3 phases

1.internet domination
2. Direct mail domination
3. classified ad domination

2 different techniques
1.proactive
2. marketing magnets

Also speak to people who understand local markets.

CMA's do not tell the whole picture,..
They do not take into account absorption rates

like the "cma" says that the average days on market for hoboken condos is about 90 days.
ok looks good!

Now lets check the actual absorption rate
510 active hoboken condos
141 pendings
only 27.6% of hoboken condos are currently under contract

ok lets look deeper
last 12 months
819 sold
191 expired's
if you take into account absorption rate
its actually 7.5 months worth of hoboken condo inventory.

So even with a excellent condition and price you need
EXPOSURE
aggressive marketing

Price is a function of supply and demand
marketing and exposure drives up the demand!

just a few outside the box marketing you ca do yourself

craigslist and other classified sites like
ebay
kijjiji
backpage
olx
social network sites like
facebook
twitter
youtube
linkedin
flickr

These are just a couple of steps in our 151 point marketing plan to bring you a buyer.

Also go with an agent who has performance guarantees something like

Our 90 day or less guarantee -if they dont sell it in under 90 days as promised should be a penalty

EZ exit listing agreement- dont get locked in long contracts, You can fire us at anytime

151 point marketing plan- dont fall for dinosaur marketing and the 3 step marketing most sellers and agents use.

Flexible commission plan and 0% if you sell it yourself!

Check out http://www.hudsoncountyrealestatechat.com for more info

Hope this was helpful,

Happy House Selling......

Linden Moe
Citizens Premier Real Estate
Direct 201-839-4927



Hope that helps, remember
191 hoboken condos expired
0 votes Thank Flag Link Thu Jul 29, 2010
Sell now or later? No one can say for sure where the market is headed but I don't think you will gain anything by waiting a year. While I don't anticipate another 20% decline I also don't think we will have any substantial appreciation for they next year and a half. We are about to enter another HUGE mortgage reset period that will last through 2011. See the chart at:

http://www.businessweek.com/the_thread/hotproperty/archives/…

While Hoboken hasn't been substantially impacted by foreclosures and short sales, we are indirectly impacted through public perception. With the expiration of the housing tax credit and rising interest rates later in the year I anticipate home sales will be front loaded with an explosion of sales in the next two months. If you are considering selling, in my opinion now is the time to do it. On that same note with the tax credits and low interest rates now is the time to buy. Chances are the second half of the year will be fairly slow for the market in general as affordability numbers deteriorate with the increasing interest rates.

I hope this helps. Please do not hesitate to contact me with any additional questions.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com
0 votes Thank Flag Link Sat Mar 6, 2010
Hi Hoboken,

The Hudson MLS is very small. Some agents may cross list your property in Garden State MLS or others. Hoboken real estate practices are slightly different than what is found in most of New Jersey.

The marketing plan for a property includes:

1) Local buyers
2) Out of area buyers
3) Buyer Agents who may show buyers your property - initiated by the Realtor
4) Buyer Agents who may show your property because the buyer requested to see it.

Sometimes buyers drive the showing appointments, even when the agent is shown through a Realtor. Buyers often request to see specific properties because they have identified the property as meeting their criteria through internet searches of their own, or as a result of links their Realtor sent them.

The importance of reaching to end buyer cannot be underestimated. A comprehensive marketing plan will include components to reach all of the potential target markets.

Deborah "Deb" Madey - Broker
Peninsula Realty Group
0 votes Thank Flag Link Sat Mar 6, 2010
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
You should do all the above. You can also go to my blog in Trulia...What is a Marketing Plan and What Should a Seller look for in an Agent. and see my marketing plan. Although this is somewhat generic, your agent can make it more specific tor your property. An incentive is an excellent thing to do also. Good luck Hope it sells fast and well. Rose Nied, Alain Pinel Realtors (510) 530 7011
Web Reference: http://www.apr.com/rnied
0 votes Thank Flag Link Wed Mar 3, 2010
Should you sell now or wait a year or so?
FOR SELLERS - THERE IS NO TIME LIKE THE PRESENT!
Read more:

http://www.trulia.com/blog/barbara_q/2010/03/for_sellers_-_t…
0 votes Thank Flag Link Wed Mar 3, 2010
Hi Hoboken Property. It is possible that it will continue to decline some, how much no one knows for sure. The reason why I think there is a good possibility that it might decline further is because of the forced market right now with the tax credit and low rates. Combine that, with the scheduled resetting of ARMS (adjustable rate mortgages) throw in the increase of defaults in mortgages and we could certainly see that affect us.
While it's true we haven't suffered near as much as other towns nationally I don't know that I'm certain our price decline's are over.
Warren Buffet yesterday gave a great interview with his predictions for the rest of this year and going into 2011 - which are similar predictions I've heard from the chief economist Lawrence Yun, of the National Association of Realtors. They both say that they see prices declining further because of the reasons I just sited, however they all see a recovery in 2011 and possibly a housing shortage into 2012.
So, conservatively I would say that now could be the best time for you to sell, unless you can hold on to your property for a few more years, which then, who knows how much we'll be up, how much more your value may have declined and whether or not it was worth waiting.

Google Warren Buffet predicts real estate, and take a minute to read these two articles on my blog. One if a CNN article on reasons why the market is headed lower, and the other are my notes taken from a real estate conference where I sat in on Lawrence Yun's update and predictions.

http://lavidasquared.blogspot.com/2010/01/sellers-now-might-…

http://lavidasquared.blogspot.com/2009/12/cnn-money-housing-…

I hope this is helpful. Please don't hesitate to reach me if you have additional questions.

Karina Anillo
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
P (201) 795-5200 xt 332
0 votes Thank Flag Link Wed Mar 3, 2010
Thank you everyone for such thought provoking feedback. Now that I know I need to stage and spruce up my place and find a realtor who is connected and has a thorough internet presence, I am now thinking about the market. I read in one of your blogs that market prices have gone down by 20%, and that interest rates are low (but will likely increase within the next year) and the homeowners credit will expire in the imminent future. I know none of us have a crystal ball, but given these factors (and possible others? like banks being slow to lend?) do you think that the Hoboken market will continue to decline in the near term or even over the next year or so?

Thank you again.
0 votes Thank Flag Link Wed Mar 3, 2010
I must agree with what most of the posters have said. Price, and how the home shows, are the two most important factors in getting your home sold quickly and for the highest price possible. You can sell any home quickly if you price it low enough but you don't want to leave anything on the table. The key is to price the home correctly and stage it in a way that shows off the home best attributes. With this strategy you can get top dollar for you home and sell it quickly so you can move on.

As far as marketing, any marketing plan will have to be custom tailored to the home. It will have to be determined who is likely to be the eventual buyer and then the marketing will have to be customized to try and target that audience. If you are on the 5th floor of a walk-up it is very unlikely your buyer will be a family with a young child so you wouldn't want to tailor your marketing towards that audience. Your marketing, in style, substance, and location will have to be customized to the homes location, attributes, and who is likely to buy it. Your marketing should be used to sell the lifestyle a buyer is looking for rather then simply listing the attributes of a home.

I hope this helps. Please do not hesitate to contact me with any questions.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com
0 votes Thank Flag Link Tue Mar 2, 2010
Hello Hoboken Property!

To effectively sell a property in today's market you need multi layered marketing.

Your two strongest factors will be price and show. Today it's a beauty contest and a price war.

I highly recommend staging the property first so that it shows it's best. Work with an experienced agent who does staging like myself and others available on this network.

Next, if you're looking to sell in a short window then you'll have to price the property competitively. You'll need to look at other competing properties, their prices, how long they've been on the market, plus or minus for upgrades or flaws, then price below those homes that aren't selling to convey value.
Buyers today are looking for a good "deal", many are weary and afraid of over paying. However this market can be the best market we'll see for a while to sell a home combining the spring driving force as well as the crunch for the home buyer tax credit.
You'll need vast web exposure, a referral network and social media linking.
Open Houses' and Craig's list, and newspapers are good and shouldn't be done away with, however, they are not the most effective tool at selling homes. The response return isn't what it used to be. And agents who will tell you the truth will say that they have rarely sold a property at an open house.

A for sale sign backed by a reputable real estate brand will help draw callers. The majority of today's buyer's are working with a professional, especially if it is their firs ttime going through the process. You'll want to have your agent advertise a well planned broker preview once the house is ready for showings. You'll want a virtual tour and professional digital pictures - not pictures taken with a regular camera.
Professional pictures make a huge difference, can capture the true size of a room and give the buyer more to see with wide angle lenses.

My own personal marketing plan of action includes 21 points that I cover to market a home. Each agent's strategy is slightly different. Make sure you interview 3 agents from 3 different companies to find the right fit for you. Incentivizing buyers and agents can work for you if done right. It can work against you if done wrong however and I would caution that.

I know you've received many great answers here amd hopefully this will give you some focused direction, and the right questions to ask when you interview real estate agents.
If you have any additional questions or would like some market information including what your property might be worth, please don't hesitate to reach me.

Karina Anillo
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
P (201) 795-5200 xt 332
M (201) 355-6171
E karinaa@remax.net
0 votes Thank Flag Link Tue Mar 2, 2010
Hoboken- Price the property aggressively, exposure is key + incentivize the Buyer (not the agents, compensate them fairly)
Steve M. brought up the government concessions being offered. Currently Fannie Mae REO's are being offered through HomePath with a 3.5% concession toward closing costs and/or appliances + there's No appraisal Fee and No Mortgage Insurance with 3% Down.

If you are looking for a competitive edge in today's market think outside the box.
You need to understand that
Buyers are not one price fits all: http://www.trulia.com/blog/barbara_q/2010/03/buyers_are_not_…
Web Reference: http://www.321advantage.com
0 votes Thank Flag Link Tue Mar 2, 2010
Good advice below. Recurring themes are: (1) good price; (2) Internet presence; and (3) good agent. All correct, so I won't repeat them, except to say that if you want to sell quickly, make sure you start off with an attractive price. Most interest will occur in the first 30 or so days, so don't approach it as "I'll price it at $x, but if it doesn't sell in 30 days I'll drop it to $y." Start off at $y.

One additional thing: Make sure your property is properly staged. A good agent should be able to help you with that, and to direct you to a stager. Even if you don't stage it, it's worth it to get a stager in to give you an analysis and recommendation of what should be done. That might run a few hundred dollars. Have that done before your property is listed, and before the photos are taken of it. That way, it'll look attractive in the online listings (as well as print brochures, etc.). If the property is vacant, consider virtual staging. Here's a link explaining what that is: http://www.VirtualStagingSolutions3D.com

Hope that helps.
0 votes Thank Flag Link Tue Mar 2, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Some good advice from the previous posts.

Something to think about is the fact that it isn't just marketing features that count. Sure it helps propagate your property on many sites, have it priced right (and not above its appraised value), and so forth, but the content of your marketing is also of importance.

Pictures are essential, and need to be done by someone who can do a good job at it and knows what to show the browsing buyer. Also the description, including the right keywords, is essential. This is something a good Realtor would have experience and understanding of. If you do it on your own I would recommend studying the subject properly. Often if you miss the first draft you have already lost potential buyers, as they will not return to an ad of a property they have already perused.

Lastly, the importance of listing on the Multiple Listing System (MLS), and having a co-broking agreement, can not be over-stated. Most real estate transactions are done through the MLS. This means that every agent working with a buyer in town is a potential marketer for your property.

These are the reasons many recommend using the services of Realtors. You may seem you are doing the smart thing by going it alone, but it may ultimately hurt you, unless you really spend a lot of time and effort yourself to learn everything there is about the process.


Amos Elroy, SFR (Short-Sale Specialist Certified)
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
http://www.HobNJRE.com
Office 201-437-0411

Twitter: HobNJRE
Web Reference: http://www.hobnjre.com
0 votes Thank Flag Link Tue Mar 2, 2010
Hi! There's some great advice here already from some of the best veteran agents in town! I would add that it matters also what kind of a walk-up it is...second floor, third floor, fourth floor? In this market, third and fourth floor walk-ups, especially fourth/fifth floor walk-ups have been having a hard time unless the price is aggressive. Many buyers don't want to walk up higher than a second floor and because there are so many properties on the market now, many well-priced, the buyers are less willing to walk up.

I truly believe that selling through a good agent is a must. Not only does a good agent tell you the truth about the best price, market it well through great photos, ads, and internet ads, but a great agent will negotiate well for you and keep a deal together that might otherwise not make it. It is very possible to get offers within 60 days but you must price it according to the comparables that your agent pulls for you. Also, take the advice of the realtor on staging and how best to present the property! First impressions are important when selling!

I personally think incentives don't work. Agents want to sell, period. Since we are solely commission-based, a listing agent wants to sell your place as soon as possible and an agent working with a buyer wants the buyer to buy, usually regardless of incentives. It is pretty difficult to make a buyer like one place more than another or move on it more quickly than he might otherwise and I'm not sure it is ethical to sway a buyer based on the extra commission you might make.

In any case, the advice from my fellow Hoboken agents is sound: price it right, price it right, price it right, and pick a solid agent who will market it well and negotiate well on your behalf. Oh, and I would strongly suggest not working with a discount brokerage or one from out of town. Hoboken is a unique market. You want an agent who really knows this town and will work hard for you. All the best!
0 votes Thank Flag Link Tue Mar 2, 2010
P.S.

Please excuse my typing errors....I am a great Realtor,just not a great typist and I get so enthused about sharing my knowledge on this site, that I hit the "send" button before I proofread my response.

Barbara
0 votes Thank Flag Link Tue Mar 2, 2010
Hi... The price is the most important factor, so you should call upon a real estate professional with a strong knowledge of the Hoboken marketplace to ascertain at what price point your property will get the most activity early on in the process. Many people make the mistake of asking too much initially with the idea that they can always do a price reduction, but unfortunately, while that's happening you lose the momentum of the prospects who would immediately look at and possibly offer on your home, if it is something which meets the criteria they've set out for themselves.

More than 80% of today's home buyers, and inm particular in an area like Hoboken, search the Internet as their first method of looking for a property to purchase. Therefore, a strong presence in a good company web site, on as many internet real estate sites as possible, and maybe even an individual property web site created just for your home, would be a necessary. Driving people who read the local newspaper to a web address is also very effective....but it is important to provide as much infomation, photographs, and any other useful facts about your property as possible, once prospective purchasers are focused on the details of your home. Pictures, facts, details....I can't emphasize this enough !

While many agents/companies promote Open Houses, in the 25+ years I've been selling real estate in Hoboken and surrunding areas, I have not found them to be extremely effective. In fact, it is my opinion that an Open House is often more beneficial to Realtors than to homeowners, because it affords them the opportunity to meet prospective purchasers and then wind up with a larger customer base.
That's not to say that if, as a Seller you would like to at least give an Open House or two a try, I would discourage it, because everything is worth a try....but I would add that, during these somewhat difficult economic times, I would want to be sure that whomever is tending your Oen House take extra precaution to accompany every visitor throughout the property at all times.

I don't think time limits can make that much, if any, a difference in when your property is sold...again, it comes down to appropriate pricing.

As it relates to commissions, you should offer the highest of the going rate(s) in the area....in the case of Hoboken, I would say 6% and be sure that your lisitng agent is offering an equal split of that commission to a cooperating broker. Since realtors are almost all on a commission only basis, it automatically becomes a better incentive for them to show your property. Also, while it might seem that if your property would not sell for as much as it would have im the past, you should not have to pay as much commission, quite the opposite is true. Reason being that the Lisitng Agent has to spend more time, money, work houirs, etc. in order to market your property and the selling agent has to show more properties, has fewer buyers with whom to work, and spends more time and money to get their buyer leads in and working with them.

As far as a selling bonus is concerned, and while every agent may not agree with me, it is my opinion that as the Seller, you would be better off holding whatever that amount might be, in reserve, so that when you do get an offer and if there's any difficulty whatsoever coming to a meeting of the minds with the prospective purchaser on the sale price, you can always throw in that amount to close the gap and make the transaction happen. Of course, it's nice to get a "bonus" if you're a real estate agent, but truth be that while a real estate agent can bring buyers to see your home, no matter how much bonus the agent may get, that is not going toy"ke a prospect purchase it. So yes...offering a further incentive may (and I repeat "may") bring a bit more traffic....but it cannot make a buyer take thje plunge.

I hope this answersmost, if not all of your questions and if I can be of any additional service to you, please feel free tro contact me. In the meantime, good luck to you.

Regards
Barbara Tulko
Broker Associate
RE/MAX Villa Realtors
201-868-3100 x300
0 votes Thank Flag Link Tue Mar 2, 2010
I might be biased here because this is my specialty but I have to tell you that in my opinion proper internet marketing is the single biggest factor! Just about every agent who went on a listing presentation said at one time or another that "90% of all real estate searches start on the internet" and they are right. The trick is to know how to maximize your internet foot print! Sure putting your listing on MLS, Craig's list trulia, Zillow, Hotpads and Kiji will certainly help but that's just the tip of the iceberg. To get your listing to the top of the google pages you need professional assistance - we are pioneers in this field and have the proof !
I won't go into how to take advantage of the other 99% of the internet here but suffice to say a very focused and aggressive marketing campaign is what you need.
Newspaper ads can't hurt, neither do open houses but the reality is that the open house conversion rate is just under 1.9% for an offer . A properly internet marketed open house can give you the 53 people that you need for that offer in one weekend.
Note also that proper pricing is of paramount importance and to help you with that I just posted the February stats for Hoboken,please visit the link below to see them
See you there Chris
Web Reference: http://reintell.com/
0 votes Thank Flag Link Tue Mar 2, 2010
1)Price it right according to the current market. That means compare it to comps from within the last 3 mos and also compare it to what is being sold in your building as well as like kind units in buildings in the immediate area. This will generally allow you to price it right for the immediate market.

2)Use a experienced broker in town. Majority of all sales in Hoboken and in most areas are done by local brokers generally achieving higher sales prices than FSBO sellers.

3)Incentives are great for buyer and agent. The Goverment buyers incentive is a strong incentive right now for 1st time buyers. Adding a additional closing credit for the buyers is good way to stimulate a sale, as well as offering a fair commission to the broker and a small bonus to the agent that brings the sale.

4)I feel time incentives dont help with a sale. The market cannot be forced. Pricing your property very competitively and marketing it aggressively with a top broker by offering the buyer a better deal for your apt then he can find elsewhere is the best way to get it sold as quick as possible. Buyers are looking for the best deal for their money in the area of town they desire. Period.

5)Go with agent and broker that has top presence in the internet market place. Since most buyers are searching online. Your property will not be seen if your listing broker/agent is not coming up top in Google and Yahoo. Your agent should have a strong precence on some of the stronger online Real Estate sites such as Trulia and Realtor.com

Steve Miller
Licensed Broker/Sales Associate
Liberty Realty
1 Marine View Plaza
Hoboken NJ 07030
Office: 201-610-1010
cell:201-264-1484
smiller@libertyrealestate.com
http://www.libertyrealestate.com
View my bio at: http://www.besthobokenhomes.com
0 votes Thank Flag Link Tue Mar 2, 2010
One more thing to add.

Even a bad agent can sell a listing in this market quickly if the price is right. They may not get their seller the most money because it didn't get as many people in the door the way a good agent would , but the buyers agents RUN to a property when they see a price that they know is a value and will inspire an offer from their buyer.
0 votes Thank Flag Link Tue Mar 2, 2010
Price is the #1 factor. That is what your focus should be. Depending on when you purchased its unfortunate if you will lose money, but the reality is that it is all about proper pricing to get agents to show the property.

Open houses don't get the traffic they used to, and most of the people that go to open houses are new to the market and not the buyer that is going to walk in and purchase your property. That being said, the most important open houses is right in the beginning to catch the people that are seriously looking and have seen everything else, but after that it becomes a tool for agents to pick up new clients that are getting their feet wet because the serious buyers will schedule an appointment with their Realtor.

Craigslist doesn't do much of anything anymore. There was a time when it was a great tool- and that was when there were a quarter of the number of properties on the market. Now there are so many properties and people posting on craigslist its too much for people to go through. Agents spam it with repeats of the same listings and that frustrates many of the buyers and they have stopped using it the way they used to. Trulia, Zillow and Realtor.com have become the better websites to use because it weeds out the repeats for the buyers as they look and they have the addresses and photos on the lists as opposed to just text. I think more sellers look to see if their list is on craigslist than the buyers do.

A good agent is key, with good photos of the property and a good relationship with the other agents in town that will encourage showings. However, even the greatest agent can't get you showings or sell your property of you price your property unrealistically. And the fact is your 'reality' and a buyers 'reality' of pricing are often very different.
0 votes Thank Flag Link Tue Mar 2, 2010
FULL exposure marketing...and the MLS should be on top of the list. Generally, the quality and type of leads you will get via the Open Houses, Newspaper Ads, CL unfortunately are not the highest quality "prospects" you are likely to attract.

Serious buyers who are motivated and ready to act work with Realtors.

Interview a few...Give one a try. It's the best chance to get an offer within the time frame that you are giving yourself.

Good luck!
0 votes Thank Flag Link Tue Mar 2, 2010
1. - a good agent;
2. - a strong internet presence;
3 - a definition of "fairly priced" that actually the right price based on current market conditions and comps.

Lori Turoff
Realtor Associate
The Turoff Team at
Prudential Castle Point Realty
203 Washington Street
Hoboken NJ
201 216 0909 x 21
Cell: 201 993 9500
info@hobokensbest.com
http://www.hobokensbesthomes.com
NJAR Circle of Excellence Silver 2009
Bronze '04, '06, '07, '08
Prudential's Presidential Circle
0 votes Thank Flag Link Tue Mar 2, 2010
Price it correctly. In fact I would recommend paying $300 to $350 to a licensed NJ appraiser. Then price it slightly above and make sure your house is immaculately clean and uncluttered. The realtor MLS system is the best form of advertising because buyers who are ready to make an offer are usually working with a Realtor. The cost of the realtor commissions should be more than offset by a higher offer in a quicker time frame and great advice on how to "stage" your home to look its best.

If you insist on taking the difficult route and sell it "by owner" then just be ready for unrealistic lowball offers from bargain hunters. And you may ultimately sell for significantly less and with a lot more stress than taking advantage of a well experienced Realtor's expertise.
0 votes Thank Flag Link Tue Mar 2, 2010
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