Many agents actually try to spend marketing dollars to overcome an overpried property. It is a question that I am frequently asked. Most of the items in the answer are items the seller has to be responsible for. They cannot depend upon false pricing or marketing from a REALTOR to obtain a value that is not there.
Question:
Good morning, Walter. What are the “Twelve Secrets of Selling Your Home at Above Market Prices?” Thanks!
Robert Hicken
Answer:
Great question! I assume that you read that somewhere in one of my writings. Even though we all know the answers can be personal to the agent providing the marketing, I’ll do my best to give you some direction.
1. Price the property to be the most competitive to attract every buyer in that demographic.
2. Remove clutter, huge collections, and personal items that are necessary to the current owner’s life but not necessary to the potential owner’s life.
3. Repair obvious problems in the major systems. Get a post-listing inspection report and have the work done now rather than waiting for a nervous buyer to make their choices.
4. Provide easy access to the property. Anything less than a lock box with a warning call prior to showing will reduce showings.
5. Offer a 10% second to assist in the financing.
6. Follow-up assertively and determine why offers are not being written after showings. Express those concerns to the seller with solutions.
7. Make sure the features and benefits of the property are compelling and are expressed to the agents who have had a sale in area or price range in the last 2 years. Do this on a weekly basis.
8. Implement an effective SEO strategy that allows the world to find the home. Once the home is found, present a quality “showing” that will elicit REAL showings.
9. Offer “secret property” to your database to create buzz, prior to the listing hitting the MLS.
10. Add one value enhancement to the property for every week that it does not sell.
11. Put together 10 financing packages to show buyers that they can creatively obtain the keys to this new home.
12. Call your team member, the seller, religiously once a week and be straight with them. No showings in two weeks equals another price reduction or value enhancement. No offers in one month equals a price reduction or value enhancement.
If you can answer why price reductions in a tough market actually increase many seller’s nets, then you have made it.
