Rhinebeck real estate market is not optimal for selling. The market has come down from its high by 30% in 2006. The recovery seems to be painful and slow with many confusions in the air. If you need to sell, you need to find a competent professional to market your property.
Make sure your broker is both knowledgeable and willing to work. Real Estate brokers are not equal. They are independent contractors. They work very differently based on their experiences, education levels, skill levels, and even their dispositions. Find the one you like and trust is the first step toward success.
Here are some aspects to consider when you gauge the quality of the services they provide:
- Asking for a Broker Price Opinion (BPO). That way you will know how your property is priced.
- What is the core selling message for your property? A generic selling message will not help your property.
- What her/his marketing plan is. The market exposure is imperative in this challenging market. To gain an edge for your property, the marketing has to include Multiple Listing Services (MLS) but go beyond.
It is an age of the Internet and technology. Like it or not, you need them to succeed. The conventional services will provide in addition to MLS: company website, Realtor.com, real estate websites like Trulia, Zillow, Craig’s List, etc. Some brokers have their own personal websites and they will advertise your properties there as well. Some big corporations can also put your properties on national newspaper websites. The key question to ask here is TRAFFIC. Sure, your properties can be on the sites, but how can potential buyers see them? Does your broker have a plan to bring the traffic to your page? Can she/he even build a site for your property?
For organic searches, the method to bring in traffic is called Search Engine Optimization (SEO); for paid traffic on the net, the common practice is Pay Per Click; for off-line traffic maneuver, the old-fashioned print advertisements are upgraded with smartphone technology to drive traffic to the websites, Youtube vedios, and more.
I do not intend to get too technical here. But the bottom line is, currently, there are probably only a handful of brokers offer services at this caliber in Rhinebeck area. If you are a firm believer in new technology, you need to seek them out.
- Pricing strategy There are two strategies in selling in this challenging market: Beat The Market or Chase The Market.
The market always has a way to tell if your property is over-priced for the given time. It wold not hurt to test at the very beginning. However, when the market exposure is sufficient and the core selling message is on target, the first 3 weeks should be able to illustrate the price point. If there are a lot of showings but no offers, the price is too high. If there are no showings at all, the price is way too high. At this juncture, you need to decide your strategy. If you want beat the market, the price needs to come down to the sweet spot, ideally the first choice on the market. If you want to chase the market, you can lower the price gradually, lining up with the second or the third on the market. Then you should expect a significant longer market time and several price reductions. It is a crucial decision to make, all factors should be carefully considered. And your broker should be able to provide guidance with this regard.
I hope this post is helpful. Please feel free to contact me should you have any questions. E-mail: fengliuwinham@gmail.com
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