WHAT IT TAKES TO SELL A HOME TODAY
Getting a home sold today begins with a comprehensive Comparable Market Analysis (CMA) that explains exactly what will be done so that the home sells quickly and at the highest price possible. One of the most important parts of the CMA is determining what the listing price should be. It is usually computed and expressed as a price range in which the home should sell. Although it is not a difficult computation, it is extremely labor intensive and very comprehensive.
In today's buyer's market, where there are many homes available for sale and a lot less buyers around to buy them, it is crucial to price the home right. A real estate agent MUST know the competition and be able to show the seller an analysis of all the competing properties. One of the best ways to do this is through role playing, in which the seller see his or her home through the eyes of the buyer. As a matter of fact, this is one of the best ways to realistically price a home these days!
Once the price is right, make sure that the home is conditioned to be a top contender. It has to sparkle and shine, be in mint move-in condition, and be one of the best real estate values in town. With these three conditions covered, the home must then be aggressively marketed using traditional and innovative methods to procure a buyer and produce a sale. In these days, it's not good enough to rely on the Multiple Listing Service (MLS) and periodic newspaper and magazine advertisements to get the job done. Doing that will only account for about 50% of the marketing and promotion that must be undertaken to get the home SOLD.
Here are all the marketing and promotion methods that brokers and agents must utilize to get a home sold in a timely manner and for the highest price possible: 1. the home is listed in the MLS with description and photos that get both agent and buyer attention, 2. the home is listed on the #1 Realtor.com nation-wide web site, 3. the home is listed on other prominent Internet sites to enhance marketing efforts, 4. newspaper advertising is utilized to attract qualified buyers, 5. direct marketing to farm areas, referral networks, and prospect lists, 6. marketing for seasonal prospects, 7. special marketing to local and out-of-state buyers, 8. on-going real estate marketing to all area real estate agents and out-of-state agents as well, 9. marketing to relocation companies and prospects moving here, and 10. broker and customer open houses.
Please note that numbers 1 and 2 above account for 57% for producing a sale. This is how important the Internet and on-line marketing is these days for selling real estate. But don't ignore the other 43%. They must be part of the marketing strategy as well. The bottom line is that anything less than 100% is just not good enough to get a home sold today.
In addition to the above, broker and agents who get homes sold also word-of-mouth advertising, homes for sale announcements, classified advertising, attractive color flyers, smart email marketing, buyer incentives, neighborhood promotions, agent follow-up, detail feedback, and ongoing customer communication. These real estate professionals make sure that the homes they are marketing have continual and extensive exposure.
Using all of the above, that's what it takes to sell a home today!
Getting back to the CMA, here's where the marketing plan for selling the home should be (must be) included. Exactly what will be done and when will it be done to effectively market the home? Exactly what steps will we taken so that the home gets sold in a timely manner for the highest price and most proceeds to the seller? And what's the time frame for "getting to SOLD?" And what if the home does not sell within that time frame? What then?
In today's market is it possible that a home will not sell within a given time frame? The answer is yes, especially if it's not priced right and marketed correctly. Anything is possible these days and that is why a contingency plan has to be developed and ready to be implemented.
Marilyn Bush, real estate broker-owner of Applause Realty.
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