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What Do You Do When the Current Real Estate Market is Rejecting Your Sales Price? A True Story

By
Real Estate Broker/Owner with Top Agent Plus

What do you do when the current real estate market is rejecting your sales price? A true story.

I have been selling real estate long enough to know that if a property is receiving little to no attention, then you need to do something about it. I was hired to do a job and get the property sold. With my seller's permission, I am sharing their experience hoping that it will help YOU if you are faced with a similar challenge.

Here is how the story began....

It started out with a telephone conversation, where I learned enough information to get started with my market analysis. I knew this one was going to be a challenge, it is a specialty property - an equestrian home (and a really nice one I might add). Of course, it was even more of a challenge because, there are NO like properties to compare to this one, sold or active. The other thing, when the economy is bad, the equestrian industry takes a hit, and it has been hit hard.

One thing I knew for certain, the property was previously listed unsuccessfully. The market rejected the selling price, and the listing expired. We knew the old price was definitely wrong. So, we set a new price, and I went to work.....

I have blogged about this property (several times), I have syndicated it, I have tweeted it, I have spread the word to friends in the horse industry, posted flyer's at feed stores, tack shops, and equestrian facilities. We also ran print advertising for those that don't search on the Internet (yeah, they are out there). I have pressed the flesh, and promoted this property to the masses! All this and nothing!

After a little while, I even sought the advice of my favorite peers here on ActiveRain. No magic answer came from that request, however my friend Andrea Swiedler provided very sound advice which stimulated my brain matter. Thanks Andrea!

So, here is what I came up with, and my clients agreed.

Dramatic Price Reduction
To Be Announced at Open House
Sunday, Sept 12th - 1:00 - 3:00 p.m.


NO, I will not tell you what the new price will be!
Come to the open house and find out.
The home is available if you would like to preview in advance.
Call for appointment - 508-725-5858


Here is the "current" listing:

Equestrian Home - Carver MA


Overview
Maps
Photos
Description
Market Stats

























$425,000
Single Family Home
For Sale
Main Features
4 Bedrooms
1 Bathroom
1 Partial Bathroom
1 Unit
Interior: 2054 sqft
Lot: 104,544 sqft
Location
58 Plymouth Street
Carver, MA 02330

To get updates on open home dates and other property events, please click the "Like" button below:


Judy C Jennings

Judy C Jennings

ERA Belsito & Associates
(508) 725-5858
callonjudy@comcast.net
http://www.FocusedonRealEstate.com



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Copyright© by Judy Jennings, all rights reserved - What do you do when the current real estate market is rejecting your sales price? A true story.

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Wow Judy -- I like this idea... I hope that it works!  It is difficult to attract the equestrian buyers in this market I hear.   I'm keeping my fingers crossed.

Sep 04, 2010 07:41 AM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Judy, I am flattered that I stimulated your "little grey cells" and that you mentioned me. Wow, now I am dying to find out what the reduction is.

Have I told you, I like your style?

Now I have to go back and read what I told you, LOL.

Sep 04, 2010 08:18 AM
C. Bartch
Newark, OH

Hi Judy, Isn't nice to have your AR buddies lend a helping hand? Good luck on the new sales strategy!

Sep 04, 2010 08:26 AM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Judy, that Andrea is one smart cookie!  What a great promotion!

Sep 04, 2010 09:20 AM
Judy Jennings
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.

Craig - You know in this market that there are a few properties that I have been nervous about whether or not the property would appraise. That has always been the least of my concern with this property. I need to find that elusive buyer that needs an equestrian property.

Joan - Thanks, I am pulling out all the stops!

Andrea - You'll have to wait to learn the new price until the open house! I like your style too. :)

Pat - Yes, she is. I have learned so much from the members of ActiveRain, yourself included. I'm glad you liked the promotion. Thanks for the comment.

 

Sep 04, 2010 10:26 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Judy - This is a great idea if Open Houses are big in your market.  Unfortunately this tactic probably wouldn't work in my area.  Happy Selling!

Sep 05, 2010 04:27 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

I over-communicate with my sellers from day one (if that's even possible).  They know of every marketing effort, every showing and every comment.  If the price is not generating showings or showings are not generating offers--we are outside the sell zone.  It does not take much work to convince sellers to adjust since we both have the same information.

Sep 05, 2010 04:39 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Contrats on the price reduction and a very creative announcement!

Sep 05, 2010 05:13 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Judy, for those of us for whom that Open house is a bit too far, not even a hint? Good Luck, anyway.

Sep 05, 2010 06:50 AM
Michael Bergin
Coldwell Banker Residential Brokerage - ABR - SRES - Alexandria, VA
Northern Virginia Real Estate

Judy it's always the price isn't it? That announcement next Sunday is brilliant marketing. Best of luck with this project!

Sep 05, 2010 07:01 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Not going to work in my area.  Good luck with it.

Sep 05, 2010 07:51 AM
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

That is interesting. I don't know Massachusetts geography well.   You will do an open house obviously and with the current AR debate about open houses (NOT on my blog but I have visited a few of the debate posts)  I had to map where open houses are accepted in your state... definitely in Franklin Massachusetts they work... that is where Barbara Todaro has lots of success.  Not in Hopkinton a hop skip and a jump away? I think that is where the really funny broken record is coming from.  You are eastern MA...

Probably in all markets there are pockets where open houses work (to sell the home) and markets where they (open houses and all the hoopla that surrounds them) are truly a waste of time for the seller.  

"Not going to work in my area"  I'd never say never...  I wonder how can you know if you don't try?

Good luck Judy!

Sep 05, 2010 08:13 AM
Nina Rogoff
Boston, MA
Wix Websites for Real Estate Agents

Well, I just forwarded your listing from MLSPIN to a friend of mine who is HUGE in the equestrian world. Maybe they'll know someone who is looking for a property like this! Good to put listings on AR!

Sep 05, 2010 05:17 PM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

After the open house I'm sure we'll all be waiting to learn the new price - and to find out if that elusive buyer showed up there!

Sep 05, 2010 06:51 PM
Judy Jennings
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.

Michelle - It is hit or miss here with open houses. I hope this will create a buzz aout the property.

Norma - I believe you, I have read your blog.

Rene - I need to get people in there to see what it has to offer.

Ed - Come on... perhaps we could have a mini RainCamp at the same time. Sorry, no hints. 

Michael - I agree it is almost always the price. This is a great opportunity for some lucky new owner.

Nina - You are my new BFF!!!! Thank you so much. I hope I can return the favor sometime soon.

Marte - This is not something I would recommend for many properties, but the last time I did something similar, I sold the house at the open. I am optimistic that this is going to bring out the right buyer, whether it is at the open or shortly thereafter.

Sep 06, 2010 12:20 AM
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Judy,

Here's hoping this works again for this house.  Interesting!  Price is definately the key. 

All the best, Michelle

Sep 06, 2010 02:15 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Hey Judy ~  You made it to Pat's week in review... and well deserved! 

Sep 07, 2010 04:59 PM
Judy Jennings
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.

Michelle - Thanks, I am planning on it working.

Joan - I know, I was excited about that too. Thanks for noticing. :)

Sep 07, 2010 11:25 PM
Elliott S. Topkins
Topkins & Bevans-etopkins@topbev.com - Boston, MA
Massachusetts Real Estate and Title Atty

Judy--You have spurred my interest, and I have a friend whose wife is trying to sell an equestrian property in Georgia and will probably going to be looking up here in MA at some point. Is it tomorrow? I will try to find out.

Never ever, ever give up. That is the only thing I have learned in all these years of toiling

Sep 10, 2010 11:44 PM
Judy Jennings
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.

Elliott - The open house is Sunday - Sept 12th. I hope all this exposure will bring a crowd.

Sep 11, 2010 11:43 PM