How long do you want to sit on the real estate store shelf?

You love your home. You spent hours picking out that rooster wall paper boarder for your kitchen because it reminds you of cooking with your grandmother. You LOVE it. You have spent years making your house yours, and spent many hours on that faux finish.  The house is tailored to you.  How could anyone not love it?

The problem is simple...

living in your home is not the same as selling it. When you decided it was time to sell it, for whatever reason, it stopped being your home filled with memories and another product on the "real estate store" shelf.    Somehow you have to quantify those memories and figure out how to market something you love.

It doesn't matter whether you are selling a house or the latest cool pair of athlete endorsed shoes.  All marketers look at the same things.

Evaluate the market forces

Home selling is pretty basic: Supply and Demand. Market conditions are not something you as a home seller can control. You can't control the inventory on the market or what the asking prices for other homes are. You can't control what your neighbor lists their home for, or whether or not it goes into foreclosure.  All you can control are the following:

Your price. I know you love your home, but buyers don't have memories already created within its confines: only you do. If Crest came out with a new toothpaste that was $35 per tube would you buy it, or would you switch over to Colgate?  I would have to run the stats and do some more research for you, but I highly doubt there is huge demand for a $35 tube of toothpaste. Do your research: know where the demand is and price there.
Condition. I know there are many things you love about your house, but those rooster boarders have to go. Make sure your home will appeal to as many potential buyers as possible.  A buyer wants to walk into the house and imagine themselves making memories there, not feeling like they are invading yours.  Ask any kid walking down the toothpaste isle about "market appeal."  Bright boxes, with neat glittery packages entice them into thinking a particular brand is better.

Size up the competition

You can sell your competition or they can sell you. Do you think if Crest started charging $35 per tube, that Colgate would sell more or less? Crest would DRIVE its consumer base to Colgate. Make sure you aren't driving buyers to your competition.

Know who to target

Who is the most likely buyer for your home? If you live in a 55+ community, that question is answered for you. There are starter home/first time home buyers, downsizers, upsizers, and investors.

First time home buyers will most likely be short on cash, so closing cost incentives are helpful.  Upsizers tend to be more concerned about monthly payments so point paydowns can be attractive. Know WHO is the most likely type of buyer to purchase your home and market with that in mind. 



Insist on effective marketing

Crest could market its new spectacular $35 tube with a super duper glittery blue box, but there is little to no demand for a product in that price range. Advertising cannot overcome issues of supply and demand.

With gas prices heading toward $4 per gallon, buyers want to sit online in the comfort of their homes and weed through the homes online. Make sure that your real estate marketing plan includes a sound internet presence.  You need a marketing plan that addresses how consumers actually search for products today, not 10 years ago.

If you want to bring your product to market, you need to ask yourself...how long are you willing to sit on the real estate shore shelf?



(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author.

If you are thinking about relocating to Salem-Keizer Metro area and need more information about what our city is like, please call or email me for more information. If you are considering a purchase or sale of a home, I'd like to discuss your real estate needs with you.
Melina Tomson, MS
call: 503-371-6515
email: melina@tomsonburnham.com
http://www.tomsonburnham.com/