Blogging Success Story - This Townhome in the Central West End Sold in 72 Hours for 99% of List Price

Looking to sell a condominium or townhome for sale in the Gaslight Square neighborhood of the Central West End? 

PREA Signature Realty just LISTED and SOLD this townhome at 4127 Westminster Place in the Gaslight Square neighborhood of the Central West End in 72 hours for 99% of the list price.  So, how did it sell so fast?  It was a combination of an aggressive pricing strategy, use of video and social networks to market the property, and use of our database to get the word out.

PRICING STRATEGY:  To start the process, we searched the MLS for active listings, pending sales, closed sales and expired listings.  We used the closed sales as a guide to the price range.  We then used the other active listings to position our sale in the range.  Contrary to poplular practice, we didn't simply let the seller set an optimistic price on the hope and belief that someone would fall in love with the property and make an offer.  We positioned the price of the listing $4,000 and $13,000 respectively under other properties listed for sale in the same development.  Here are some of the facts and figures:

Now, there are two important things to notice here.  Pricing the property results in a quick sale - this property sold after 3 days on market.  Similarly, it garnered immediate interest from multiple parties based on the value proposition created by pricing the property below the other 2 active listings in the neighborhood.  The interest garnered resulted in a substantially shorter number of days on market and a sales price that was above average both in terms of the neighborhood and the specific development.

HARNESSING THE POWER OF THE INTERNET AND SOCIAL NETWORKS:  Now, others may disagree.  However, we have found that the internet, social networks and e-Blasts get the word out quickly about properties we have listed for sale.  So, in this case, we moved quickly to get information about the listing out to the public, prior customers, prospects and members of our sphere of influence.  Here is the timeline:

• Listing Agreement was signed on September 21, 2009 at 6 p.m.
• Video presentation was prepared and uploaded to YouTube.com on September 21, 2009 at 10 p.m. and sent out via Twitter, Facebook, LinkedIn and 40 other social networks.
• Blog post was uploaded to ActiveRain.com on September 22, 2009, at 12:30 a.m. and sent out via Twitter, Facebook and LinkedIn.
• E-mail was sent to database of 1700 prospects on September 22, 2009, at 1:00 a.m.
• Property was entered into MLS on September 22, 2009, at 2 a.m.
• Tweetlister posted property on Twitter.com on September 22, 2009 at 4 a.m.

In less than 12 hours, we already had 4 showings scheduled for the property.  However, it is interesting where the listing was actually viewed.

• MLS:  8 Public Views / 39 Agent Views
• Point2Agent:  87 Public Views
• Company Website:  25 Views
• Craigslist:  Unknown Views
• Backpage: Unknown Views
• YouTube: 49 Views 
• ActiveRain:  85 Views  
• Twitter:  42 Views
• Tweetlister:  25 Views
• Facebook: 11 Views
• LinkedIn:  42 Views
• E-Blast: 62 Views
• Hot Sheet E-Blast:  43 Views

 Putting it in another perspective, here is a source of views by type of medium:

• Websites - 159 Views
• Social Networks - 127 Views
• E-Mails - 105 Views

So, in this case, I can't say the blogging and social networks are the best tools for selling homes.  However, I can say that this listing had good and immediate exposure to the public based on the use of our blogs and social networks.  3 of the first 4 showings were generated through Twitter, ActiveRain, and our YouTube channel.  Only 1 of the 4 showings was from the MLS.  Interestingly, the purchasers first viewed the property on ActiveRain and YouTube before it even appeared in their private MLS portal search.

MESSAGE TO THOSE AGENTS SKEPTICAL OF BLOGGING AND SOCIAL NETWORKS

Now, I am not going to say that blogs and social networks sell homes.  Without a good marketing plan, an aggressive pricing strategy and a bit of hardwork, I doubt that a home will sell quickly or at a premium price with or without the use of blogs and social networks.  However, I can say that social networking, blogging, YouTube videos and e-blasts each contributed to this sale and are additional tools to be used in marketing a home for sale.  In the past year, this is the fourth sale that was driven by or at least received an assist from a post to ActiveRain that was then disseminated via Twitter, LinkedIn, Facebook and other social networking sites. 

Interested in selling your townhome or condominium in St. Louis with a brokerage commited to harnessing the power of the internet and social networks to maximize the sales price for your home and minimize the days on market?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.