In any market, someone is out there buying real estate...they're just not buying your home.  I believe that far too often, sellers and to a point their agents fall into the trap of "it will sell eventually."  However, I choose not to follow that logic because most often, those homes are the ones which expire from the MLS a few times and end up selling for far less than what they originally expected.  I have a strategy that I know works to sell any home in any market quickly. 

Lack of Promotion

Here's the biggest disconnect I see with sellers and their agents and buyers: that buyer didn't know that the home was for sale.  For every listing I have, I'm absolutely rabid about what's happening around that particular home every week.  I'm watching to see what new homes are coming on the market, which ones are going under contract, which ones are reducing in price etc.  I guarantee you that in your city, school district, etc that a home almost identical to yours has received an offer and yours did not.  That buyer may not have even seen your house in person however they may have rejected it on the internet or didn't even pay attention to it whatsoever.  Bottom line is that they didn't know your home was for sale.  Therefore, you need to promote your listing. 

1. Open Houses

Don't click the screen closed yet just because I mentioned that you need to do an open house.  Fact of the matter is that unless that home is in such a neighborhood that it would be a safety risk, you should be holding your home open.  The reason why most folks do not attend an open house is that they simply don't realize your home is open or are not interested.  Therefore, you make them interested through the next steps.  If you''re an agent with a vacant home near a main road, make your phone calls every day from that home and hold it open. 

Broker open houses work wonders to put your listing in the forefront on the minds of the local agents.  Targeting everyone in the MLS is a waste of time and money.  While you should advertise the best you can to everyone for a little as possible, focus especially on those agents with listings like yours within a five mile radius.  Do some research and figure out if there's a dominate buyers agent in your area and get them there!  A few door prizes and a catered lunch will bring the hungry folks too and give your listing a dual purpose.  I'll stress that if you had to get that dominate agent there that day or you'd lose the listing or worse; you'd get them there so make sure it happens. 

Public opens should be equally as attractive.  Food keeps people there, promotion gets them in the door.  Make sure you have a lender on site because open houses attract a lot of first time buyers and folks without representation.  Post your signs with the time up a few days before and make sure they highlight why buyers need to be there. 

2. Target Market Buyers

If I'm selling Red Bull soda, I'm not going to target everyone that could buy soda.  Most hate the stuff because it tastes awful however younger guys love the stuff because they think they need energy (just wait) and its a trendy product...like pop rocks back in the day.  Same rule applies to real estate.  Locally we have a few large brokerages who run the same boring ad every Saturday in the paper with their listings.  Effective? Not Really.  Instead focus on a demographic and target them best for your area.  If your home is attractively priced but has a 4 car garage, buy a block of ad time on a local sports radio show promoting the open and a place to get info.  Purchase a demographics list and either call or send letters.  Use tactics of the guerilla marketers use to attract their audience to a new product. 

3. Use the most effective local media and purchase an ad

In many places, the local paper is still the most effective form of communication.  Prepare to spend some bucks because a large ad will cost you.  However, consider going in with other local agents in your area to hold open all the listings at the same time.  This should keep the cost somewhat reasonable.  The ad should feature the open, why buyers must see that home, pic optional, and should stand out from the page. 

4. Prop that puppy up on the Internet

With 85% of buyers in the internet looking for homes, make sure they see yours and know about this special time to see that house for themselves.  If you don't know how to take a good picture of a home, take a class or hire a pro to make your listing look good.  Its amazing how often its a bad picture which turns the buyer off from a good house.

Make it easy for buyers to buy the home

You know what I most frequently hear from buyers: "they wouldn't take that offer."  Therefore, if you're going through all this trouble to get buyers out, make it easy for them to purchase the home.  Make sure the price is in line with the market, promote its special features, and if you're in an area where you have a lot of first time buyers, have the seller pay the buyer's closing costs.  This is helpful with buyers who are going FHA as they have to come up with 3% of their own money so if you're average closing costs are $5,000 - price it into the home and promote it.  I call it the Carmax approach.  Make sure you have a lender there as well to preapprove buyers and answer questions about the mortgage process.  First time buyers are always amazed or disapointed (there's no middle ground) which how much they can afford). 

Make sure the house is ready to be seen

A model home typically doesn't have oil stains in the driveway, dirty carpets, red painted rooms, toys galore, an unkept yard, and faded paint.  So why does your home/listing.  I rarely take a listing on Tuesday and start showing Wednesday.  I'll take a listing Tuesday and not enter it into the MLS until the next Tuesday so that the seller can go through and get the home ready.  Not having a home that's presentable wastes your home, the buyers time, and their agent. 

Oh I almost forgot...the most important Step: Know How to Work an Open House

I can't tell you how many folks I've met who just can't work an open house.  They couldn't sell their way out of anything.  You need to know that house like your own and every answer to every question a buyer could ask.  Develop a script and practice it over and over again.  It should flow like your're giving an oscar winning performance.   

Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate