What would be a good solid marketing plan for selling a home?

Asked by Kids&me, 12533 Thu Oct 4, 2007

What are some of the killer strategies that a selling agent can do in this slow market in a Suburb neighborhood?

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7
Ute Ferdig -…, Agent, New Castle, DE
Thu Oct 4, 2007
Hi Kids&me. Listing agents put a lot of time and effort into putting their marketing plans together and I would say that those who have killer strategies are most likely not going to share them online. This is a very competitive business and sharing this kind of information is like sharing trade secrets. We are offering a lot of free advise, but there is a line that I would not cross. If you have ever had your own business, you'll understand what I am saying.
Web Reference:  http://www.go2kw.com
3 votes
Keith Sorem, Agent, Glendale, CA
Fri Oct 5, 2007
Kids&me
I reviewed your profile and it appears that your are serious about two things:
Getting your home sold, and selecting the right Realtor. Am I right?

The marketing plan is only as good as the Realtor that implements it. A great marketing plan, poorly implemented, will not be effective. A poor marketing plan, carried out by an excellent Realtor, won't do it either.

I think this is what you want to know:
In a buyer's market, there are more homes than buyers. Every area has an Absorption Rate. Let's say your home is a three bedroom, two bath, 1600 s/f on a 6000 s./f lot. There are 300 other homes on the market, just like yours (tract housing, in this example). Last month 50 homes sold.
The Absorprtion Rate is six months (300 divided by 50). If you have limited time (you want to sell in under market time, then a different marketing plan is needed. If you want to sell in market time, then another strategy is needed. When there are a lot of homes on the market, it takes a while for the buyer's agents to sift through the inventory, so your Realtor's job is to make your home stand out. Know your competition.

The three factors that affect the sale of your home are primarily price, condition, and time.
Homes that sell first offer the best value. So that means a low price, great condition, both factors that offer buyers value. The best values for buyers always sell first, in every market.
The rule of thumb is that the longer a homes sits on the market , the less the seller will net. Homes that sell in the first 30 days will generally sell for closest to list price.

You need a Realtor that can explain the market to you in terms you can understand. One that will ask you some tough questions, helping you get to the truth about what you want to accompish in the sale of your home.

A properly marketed home will sell in under market time. The single biggest factor is price, so I would not select the Realtor who quotes me the highest price. (That is what we call "buying a listing"). Select the Realtor that asks tough questions, is realistic, and has a written marketing plan/calendar and demonstrates to you that they can sell your home.

Good luck
2 votes
Mike G, , Belle Prairie City, IL
Sun Oct 7, 2007
I will answer your question!
Killer Strategy #1 - Select a professional, full time realtor that know your market
Killer Strategy #2 - Price your home to sale. Do yourself a favor and price your home within 10% of the price you will accept. Pricing your home at a significant premium and hoping that you can get a "little more" is the biggest mistake I see home owners make. Buyers have all the information you have as a seller to compare your price to the price of other homes that have sold in your area.
Killer Strategy #3 - Make sure your home has maximum exposure on the internet. Over 70% of home buyers start their home search on the internet!
Killer Strategy #4 - Work Hard! Hold open houses, network with other professionals in the industry, produce flyers, produce direct mail letters/flyers/postcards, Local news paper ads, etc.
1 vote
J R, , New York, NY
Sun Oct 7, 2007
Hi Kids, after reading Sylvia's post and realizing you have a slew of questions, I'd just like to comment that sellers who try to micromanage their agent are a real pain. I had a seller who second guessed every move I made down to questioning why I sent the memo of sale to their attorney "without their permission". Another one was a policeman who brought me every suggestion every other cop in the force brought him straight out of the FSBO books they read. Sometimes you just have to put your trust in a professional, which is why you should go with a referral and keep the lines of communication open. If you have your house listed and it isn't selling---hey, join the club, there is a ton of inventory right now and chances are it's the market's fault, not your agent's.
1 vote
Holli Boyd, , 12110
Thu Oct 4, 2007
With very little research you can probably get some ideas - if you are looking to sell by owner start at those kinds of web sites and see what type of packages they offer. I am a listing agent and I agree with the previous answer but honestly it would not be hard to see what is working online. Do a search for homes like yours - what stands out - do you see the same listing agents again and again? See what they offer. Drive around, read the paper, google it ... what is coming up in your searches if you were a buyer looking for your type of house?
Web Reference:  http://www.HolliBoyd.com
1 vote
Sylvia Barry,…, Agent, Marin, CA
Thu Oct 4, 2007
I have to agree with Ute on this. It is very easy to study a few books to get a license or just put up a sign and do FSBO.

However, to become a successful Realtor takes a lot of training (both professional learning or on the job training) and experience, it does not come easy. Personally, I spent a lot of time developing my marketing plan and I continue to fine-tune it throughout the years to distinguish myself from other agents and companies. I, very selfishly, will not definitely want to share my marketing plan with anybody else.

Kind of like McDonald will not want to share their secret to the public (O.K. maybe my business is not as big as McDonald's but you get my draft :-)) Sorry.

This is the reason why you should get a few referrals, interview them and find the best Realtor (honest, integrity, hardworking, strong network, etc, and has the best marketing plan) to represent you.

Best,
Sylvia
0 votes
Mike Kelly A…, Agent, Santa Rosa, CA
Thu Oct 4, 2007
90% of marketing is when I sit down with you and discuss price! I can have the most "killer" of marketing plans but I'm not going to make a sale if the property is overpriced! I have a three page marketing plan which is geared to give my clients maximum feedback on price,conditon and location. You can change only two of the three! The most critical is Pricing. I have 5 web sites consisting of fixer upper, market value,short sales and my own site plus my radio show blog. If you are not priced right all you're going to accomplish is selling the other guy's house down the street. Realtor/Agents will show your home and say, "See what a deal the one down the street is?" I would ask three Realtors to give you a market analysis and NOT tell them the price you had in mind. Some will overbid simply to get your listing and then start beating you down for a price reduction after one week! All the time the market is leaving you and your price behind. When you do decide to drop you'll be priced with all the other overpriced listings. Ask yourself thes questions: "Why am I selling? And what will happen if I can't sell?" Your Realtor/Agent should be asking you this question. It can speak volumes! Good Luck!
0 votes
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