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Old 03-11-2007, 08:21 AM
 
Location: 89121
413 posts, read 1,499,571 times
Reputation: 339

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To all of you real estate pros out there. How would a broker go about marketing a property in such a market ?. Is there anything that you would do in this situation that you wouldn't see as necessary in a rising market ?.
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Old 03-11-2007, 08:55 AM
 
Location: Just south of Denver since 1989
11,563 posts, read 31,723,619 times
Reputation: 8304
In my market, which has been stable/flat/small appreciation/normal/balanced (read slow) for 6 years, you have to have:

1. a saleable product in the best possible condition
2. priced at what others have sold for, not what others are on the market for
3. Showcased on r.com, craiglist, point2
4. Virtual Tour
5. Market Updates (price changes) every two weeks or 15 showings w/o an offer.
6. Buyers Warranty
7. Pre Inspection
8. Staging
9. Every showing appointment must not be declined.
10. Brochure with photos outside for drivebys
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Old 03-11-2007, 09:12 AM
 
Location: 89121
413 posts, read 1,499,571 times
Reputation: 339
Default So..

Quote:
In my market, which has been stable/flat/small appreciation/normal/balanced (read slow) for 6 years, you have to have:

1. a saleable product in the best possible condition
2. priced at what others have sold for, not what others are on the market for
3. Showcased on r.com, craiglist, point2
4. Virtual Tour
5. Market Updates (price changes) every two weeks or 15 showings w/o an offer.
6. Buyers Warranty
7. Pre Inspection
8. Staging
9. Every showing appointment must not be declined.
10. Brochure with photos outside for drivebys
Very interesting. The property we are selling really has no comps to it due to some very unique features. We have had only one broker open house that was rather poorly attended and one public open house that had the same result. Two showings in three months and no offers. We have provided a home inspection with all the bells and whistles (water quality, radon, etc). Due to the age of the house (pre-1820), we can't give a warranty. We have a virtual tour prepared by the broker but only accessible from his own web site.
The property has been partially renovated (still needs new kitchen, bathroom). Since most of our phone calls and emails to the broker go unreturned, we are wondering if we have such a hard time getting a hold of him, do potential buyers have a similar problem. We are not pests and do not harrass him at all.
#5 intrigues me the most. Do you advocate a price reduction every two weeks ?. Just curious.
I guess what I'm asking is in such a market, what do you guys do that is different from a slightly rising market ?
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Old 03-11-2007, 10:16 AM
 
Location: Just south of Denver since 1989
11,563 posts, read 31,723,619 times
Reputation: 8304
The kitchen and bathroom(s) seem to be the number one/two emotional reasons, people like a place or don't. You have 15-30 seconds to make a good impression, but if nobody is looking you have a problem.

Price is everything, if you are not getting lookers, there will be no buyers.

On average, I need 15 showings to get an offer. If I make 10 disclosure packets, 8 will be taken by showing agents/buyers. On average, three folks have to come back for a second showing before I get an offer. On average I get 4 fishing calls from showing agents before I get an offer.

A fishing call is "Why are your sellers moving?" "Is the area behind the house open space?" "Are you sure the lot size is xxx as reported in MLS?" "Are the appliances negotiable?" "Are your sellers flexible on price/close/incentives..." "Have you had any other offers?"
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Old 03-11-2007, 11:10 AM
 
Location: 89121
413 posts, read 1,499,571 times
Reputation: 339
So I guess I have to ask. If there are no showings, do you suggest price reductions until there ARE showings ?. As you said, no lookers = no buyers.
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Old 03-11-2007, 02:38 PM
 
Location: Just south of Denver since 1989
11,563 posts, read 31,723,619 times
Reputation: 8304
Try this: Call your broker and leave a message that you want to lower the price. See how fast s/he calls you back.
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Old 03-11-2007, 03:38 PM
 
3,632 posts, read 15,316,851 times
Reputation: 1321
Quote:
Originally Posted by NYtoVT View Post
Since most of our phone calls and emails to the broker go unreturned, we are wondering if we have such a hard time getting a hold of him, do potential buyers have a similar problem. We are not pests and do not harrass him at all.
WHAT?!?! You have a hard time getting ahold of him? That is a no-no! You hired him and you pay him when the house is sold. You are the boss. Not the other way around! It sounds like he doesn't care much and doesn't think it will sell. Tell him to get off his butt and sell your house, or you will find someone who will!
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Old 03-11-2007, 05:52 PM
 
Location: Montana
2,203 posts, read 8,807,499 times
Reputation: 1127
It does sound like your house is probably a bit of a tough sell due to the age, uniqueness, and undremodelled kitchen/bath. That being said, however, there are a couple of things that caught my attention:
1) Regardless of other factors (age, condition, price) your agent is employed by you to market your home, answer your questions, and generally be there for you. If he were your employee in another industry, would the boss put up with an employee not responding to his questions?
2) "The virtual tour is only accessible on his website" - I see this all the time - when things get tough, agents start cutting back on their marketing $$$. One way they do this is with do-it-yourself, low quality virtual tours. I use a professional company to do VT's on my listings - it costs me $120 for a high-quality VT that will show up on Realtor.com, YahooRealestate.com, HomeDebut.com, and the Google real estate website. I just feel like there's no excuse for not doing what you can to properly market a property.
3) It does sound like the price (or possibly location) may be an issue. Even a property that's poorly marketed and needs some updating will get a few showings if it's priced well (as in competitively - bottom 1/3 of comparable homes) and in a good location. On the other hand, if it's overpriced or next to a busy street, etc, marketing alone is not going to overcome that. And even though it's hard to get comps for your property, they're out there. One suggestion might be to have your home appraised now - that way you'll know if it's priced right or not. Around my part of the country, that would cost about $350. In my opinion that's a small price to pay to get it priced right and get it sold vs. having it sit there for several months and missing out on a potential sale.
Just some thoughts - the best to you in getting it SOLD!
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