Over the past five years, the real estate market has been experiencing massive change. John and Anthony offer their seasoned insight on past and current marketing practices. Also, they discuss their modern marketing strategy which has facilitated the sale of countless homes.
Today we are going to talk about how to sell a home in 2012 and beyond. The market has not only changed in value over the past 5 years but it has also changed dramatically in how Buyers find properties. I remember like it was yesterday when the Boston Globe, Real Estate magazines, and Open Houses were a common resource for Buyers to find homes. Today, nothing could be further from the truth since every qualified Buyer shops exclusively online to find a home.
We are still amazed at why so many agents still hold open houses every Sunday. Open Houses no longer work because we are no longer in a Sellers’ market. In a Sellers’ market the sellers used to tell the Buyers that they could come see their home Sunday afternoon when all the other Buyers would come and offers would be presented shortly thereafter. In today’s Buyers’ market, Buyers will see your home when they want to see it: Tuesday morning, Friday afternoon, Sunday evening, or whenever they want. Open houses now create artificial activity by attracting nosy neighbors, other sellers who are comparing your home to theirs, and unqualified Buyers who are just looking.
The most powerful marketing tool for your home is the Internet. It is critical that your home shows exceptionally online. Every picture, measurement, and fact about the home must be clear and accurate to enable the most amount of web traffic. Remember, Buyers are either tied directly into MLS or a major real estate portal like Realtor.com and Boston.com which they search daily. It is important that Brokers have agreements with all the major search sites to ensure proper exposure. Once a buyer sees your home online they will hopefully schedule an appointment to see the home. Once they visit this is where all the preparation and marketing should pay off. This is also a critical time for us to obtain feedback from them about the home; what they like, dislike, how it compares to other homes they are considering. If they don’t make an offer on the property there is a reason and every good agent should try to find out what it is. Sometimes it is an obvious reason: bedroom size or lack of updates and sometimes it’s more subtle; too close to a highway, too many stairs.
Tracking every showing on a property, compiling Buyer’s feedback starts to paint a very clear picture if the home is being accepted or rejected in the market. If the home is being accepted, we’ll have good showing activity with some positive feedback from Buyers and eventually an offer. If the opposite takes place where the home is rejected then we need to take a hard look at why this is taking place. Even though the technology that drives this market is very advanced, the behavior that drives an offer is very simple. Buyers are like any other consumer and there are clear reasons on why they buy. The goal is to sell for as much as the market will bear in a reasonable amount of time.
Keep in mind getting the offer is only half the battle these days. Once again, years back it was the whole battle. Getting a mortgage was laughable, appraisals were rubber-stamped, and home inspections were for Buyers information only. Today, things are much different. Even though most buyers are pre-approved, it doesn’t mean that the financing is guaranteed. Making sure that the home qualifies for FHA, VA, MHA or conventional lending seems to be a full-time job in itself since all of these programs are moving targets lately. Home inspections seem to be the same way with most Buyers and home inspectors scrutinizing homes a lot more. Even though most of the issues can be negotiated, if done correctly a lot of the issues can be a non-issue if the correct loan is used for the home. One example of this is for homes that need some work to use a 203K renovation loan which allows the Buyer to get additional money to perform work on the home after it closes. Easier said than done since these are tricky loans, but without approaching the deal correctly from the onset there simply will be no deal.
This is a more challenging market than we have ever seen before but by promoting an accurate price with very targeted online advertising and also having strong support systems your home will sell for a top dollar in a reasonable amount of time.[custom_button text=”Free Online Evaluation” title=” Free Online Evaluation ” url=” http://www.lamacchiarealty.com/free-online-home-evaluation/” size=”large” bg_color=”#FF5C00″ text_color=”#FFFFFF” align=”right” target=”_self”]