800-894-7282

209-833-7777

Sell a House – THE LIFE OF A LISTING

By Bill Barringer, Real EstateBroker

Weeks 1 – 2:

    1. The most important time on the market, (the first impression). Studies show that up to 40 percent of your activity may occur now. In reality, most good agents are far too busy to do anything but run a list of properties in a given area and not a list of your home features. The only thing that impacts their decision to show the property is how your price compares to others.
      1. If priced right, you’ll receive multiple showings and an offer anytime from the first day on the market through the end of the first month. This buyer has been waiting for this home, at this price to appear on the market.
      2. If priced too high, one of two things will happen:
        1. We will be ignored by the real estate agents and their buyers,or
        2. We received some showings but no offer, because they are either using your home to sell others or the buyers are making the decision that your home is not worth the asking price.

 

  1. What We’re Doing During This Period:
    1. We have placed your home for sale in the Multiple Listing Service (MLS) so that you receive the benefits of an estimated 300 real estate agents having knowledge of your home’s price and features.
    2. Hot sheet to inner-office agents.
    3. File begins, sign with name rider goes up, lock box is put on. We have previewed and taken pictures for the color photo brochure.
    4. A brainstorming session to target the desired buyer who will pay the most money for your property and the first two ads have been designed and placed in the schedule.
    5. Approximately 50 mail outs to the surrounding areas are being prepared for mail out and telemarketing follow-ups.
    6. “Wants/needs” network of contacts has begun.
    7. Placed ad on Century 21 television show, “Welcome Home,” and the internet.
    8. My team of experts (title company, loan brokers, etc.) have been made aware that a new listing is in the inventory and will be sold soon.
    9. Caravan has been ordered.

Remember, 80 percent of the marketing of your home, though, is the price.

 

Weeks 2 – 4:

  1. By now, my entire “Super Network” has been contacted. Your listing has been fully promoted to them. At this stage, via agent/market feedback, we know if our price is right: I will inform you if there is feedback.
  2. We follow-up on all showings (we should have had anywhere from 4 on up if we are priced right).
  3. Enthusiastic portfolio of your home’s features sent out to target offices/brokers.
  4. Continuous contact of demographic list (with flyers). Our buyer base, relocation agents/buyers, and wants/needs brokers.

If not yet sold…

 

Weeks 4 – 5:

A critical time, you’ll probably notice a drop-off in showings with the massive marketing that’s been done. If we’ve gotten this far without an offer, you (the seller) and I may be mistaken on the price.

It’s time to reevaluate our price. A price adjustment is usually the wisest thing you can do now, if you want to sell for the highest price possible. Buyers at this stage always ask “How long has it been on the market?” They (buyers) are very price and time sensitive, 80 percent of the marketing of your home is the price! (Mike Ferry – international real estate expert)

To protect you, expect me to call and discuss a price adjustment.

If Not Sold in 45 Days:

Everything in the marketing machine will continue.

You will be sent an up-to-the-minute marketing update of recent sales (or lack of them) and a list showing what your competition is doing price-wise. Remember, to compete we have to be better than them. If we have not received an offer yet, it would appear the market is saying “no” to our price.

By this time, many sign calls have been received by myself, Pat, and the inner-office agents. These buyers always ask “What’s the price? How long has it been on the market?” All the agents in our network ask, “What is the price?” First, we know that in recessionary times, every one is price sensitive. If your showings have decreased and/or an offer is not forthcoming, these people are not impressed with our price. The good news is, we can impact the market with the following strategy:

When we change the price, your listing appears as a new listing via the Hot Sheet to the real estate community and their buyers. Do you think it’s time for a price adjustment?NOTE: We know it’s tiresome to listen to all this talk of price. The reality is, however, we’re trying to help you.

If Not Sold in 45-75 Days:

One of the major reasons you hired me was because I told you the truth, and the truth will get you sold!

Here’s the truth: There’s a huge volume of listings on the market competing for the same buyer you are. If our price adjustment (have we done one?) was inadequate, agents and their buyers will either:

1. Ignore the listing,

or

2. Show in order to sell another house, i.e., “Jim, Martha, if you like this one at $185,000, wait until I show you the one at $170,000!”

We’re still contacting over 800 potential buyers per week. With all this buyer contact, could price be the problem? The good news is, with a timely price adjustment and continued marketing, we can get the property sold!

Beyond 75 Days:

Unless there are some highly mitigating circumstances (e.g., a custom, one-of-a-kind house, a condo with VA/FHA terms, an upscale property that takes longer to sell, a tenant-occupied property with an uncooperative tenant, problems with animal odors or poor appearance, etc.), we should be in escrow now. If not, you need to ask yourself some serious questions:

1. Do I really want to sell?

or

 

2. Am I just being unrealistic in my expectations?

 

Thank you for considering these issues with us!

BillAndPat_smallBill and Pat Barringer


High Tech Solutions and Old Fashioned Service

Translate »