This is day three of our series on obtaining price reductions. Be sure to catch Monday’s and Tuesday’s blog posts if you missed them. We’ll take a break tomorrow then pick up again on Friday to wrap up the week with addressing the challenge of price reductions.
RE: Marketing and Price
Now that your property has been on the market for 60 days, let’s evaluate where we are while trying to stay as objective as possible. The word gets out fast, and your home has already been shown to everyone with a buyer in our price range. We tell everyone, we tell them again, and then again. Anyone looking for a home like yours will be guided to your home through 50 websites.
Agents do forget, because your house is not the only one on the market. One of our responsibilities is to keep your home “top of mind.” You are prominently listed in all of the multiple listing services. Announcements have been distributed again throughout the local board of REALTORS®, and copies of your listing have been given to every REALTOR® in our company.
Furthermore, I have attached the marketing plan that I gave you at the listing presentation with the items checked off that have been completed – some more than once!
You have probably spoken with well-meaning friends. Naturally, they ask you, “Any luck yet?” At first you probably said, “Just got started!” Then it is, “The word’s starting to get out!” This becomes, “No, but it will not be long now.” Soon, if not already, you will want to avoid the issue altogether with “DON’T ASK!”
If this has happened, do not worry…it is normal. Your friends hope to hear good news and you hope to have some. However, if they start giving you advice, please understand: Selling homes is an almost daily activity for me, and I know every tool in the book. I am in and out of properties every day, so I know exactly where we stand in comparison to everyone else trying to sell. I also know that waiting for your home to sell can be uncomfortable and, in many cases, expensive.
Now we need to adjust our plan in providing more real and perceived value to the buyers. This can be accomplished with professional decorating and staging. Upgrades, repairs, or increasing compensation to the selling agent are a few other ways. We have even offered personal property in some cases; however, the main draw is always an exciting price.
We are doing everything we can to get you moved as quickly as possible. However, 95% of any marketing plan is based on value vs. price. Value is enhanced by our marketing the features and benefits on your property, but you are the only person who can add the value that would interest a buyer. We, of course, will continue with the promotions. Value is enhanced by a price reduction or the other items we mentioned. Please call me so we can arrange a time to review the competition, sales, and expireds again.
Sincerely,
Walter Sanford
Sanford Systems
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