There are only 174 active homes in Prosper, TX in the North Texas MLS as of this morning. We do have activity in our area. After all, we have been one of the hottest growth markets in Texas. But, we also have homeowners who are shaking their heads and wondering why their home hasn't been selected yet by a buyer? Before you put through a price reduction, stop and review the marketing attached to your home listing, and make sure that you are getting all the exposure that you can be getting. Here are some common problems with marketing strategies on residential properties. Every one of these exists right now in our MLS, and steps should be taken to resolve these issues:
Insufficient photos
Our North Texas MLS allows up to 25 photos on an MLS listing. Randomly spot-checking 50 listings in the MLS today led to the discovery that 36 of the 50 homes checked were loaded in the MLS with fewer than 25 photos. When these homes feed other online sites, like realtor.com, the more photos loaded equals the higher up the queue a home is found. When it is easier to find a home online (fewer clicks), it is easier to generate showing traffic.
Dimensions Missing
Many of those 50 homes checked has missing dimensions in critical MLS fields like the lot dimensions or the sizes of specific rooms that may be of critical importance to a buyer. These dimensions being missing are less important to local agents who know their local inventory. But, if you have a Dallas agent trying to locate a home in Prosper, TX, you are making that search more difficult for that agent, and they will be more likely to skip a home that is missing critical information.
Errors
I've blogged about this before, but the MLS can easily be riddled with errors. I don't believe agents make these errors on purpose. I believe these are honest mistakes. But, if they aren't caught and corrected, they can have serious negative impact on a listing. For example, the 5-bedroom home down the street may be perfect for that large family looking for 5-bedrooms plus a study, but if the agent forgets to mention that the home has a study, that oversight can cost them possible showings. There is one home in Prosper that I know has this problem right now, and I do believe it is costing them showing traffic. Speaking of showings, the listing agent never completed the task of setting up the home on the showing service. The MLS shows that the service is handling appointments, but when you call to set up a showing, the service advises you that they don't have that house on their records. This listing is now over four months old. This one is no longer an innocent mistake, though. The listing agent was advised of the error just days into the listing. He has failed for four months to make this home a priority. How do I know this? I was the one who discovered the error and pointed it out. The poor sellers have no idea. They are trusting that the agent did their job.
Remarks
The remarks attached to a listing can cause problems when trying to sell a home, as well. Comments about animals can be a big issue in the MLS. A well-meaning agent may specify that there are two cats in the home, so please close all doors when touring the home, so the cats don't get out. However, this type of comment can actually limit showing traffic. If a buyer has specified that they don't even want to tour a home where animals were living inside the home, this home is immediately ruled out. Not to pick on cats, but a multiple cat household can be a real problem. Even cat lovers may balk at a house where there are multiple indoor cats. Make sure to review the listing details, and consider having the family pets removed from the home during the sale. I'm a dog lover, and have always had a dog in our homes, too. But, how we live in our homes is not how we sell our homes. Our own dogs have gone to visit Grandma's as soon as a for sale sign went in the yard.
Showing restrictions
Some people restrict their showings and previews to only certain hours, or with limits on the amount of notice required before a showing or for a showing of their home. In Prosper, the problem with attaching those limits is that we are a growth area with new construction. The builders have those model homes open every day of the week. People expect to see homes when they come out to tour. Just when they get out here and really like what they find in Prosper, TX housing, resale homeowners may specify a 2-hour to 24-hour notice before any showings. In a couple of hours, that prospective buyer hopes to be back on the side of town where they currently live, and not parked in a parking lot waiting out a required notice. They just pass. And, they may blow off that home as being owned by an unmotivated seller and never come back. What does a smart agent do when a buyer is in their car and remarks on a resale home they see? They stop the car, take down the address, and call the showing service to see if they can show it. You never know when a home is going to grab a buyer. It isn't always the one in our neat stack of paperwork that gets the offer. Sometimes, it's the one that calls to the buyer from the curb, as we're going to or leaving some other home.
You, the owner, are in charge of the price at which you'll sell your home. You are in charge of the location where you purchased that home. You are in charge of the condition of that home. You are in charge of the amenities found inside the home, too. But, when you list a home in the MLS, you turn over control of the marketing exposure to a listing agent. When the home is not performing with showings and/or offers in a reasonable amount of time, that agent may ask for a price reduction to drive more interest in the home. My suggestion, though, is to step back for a moment and review the marketing strategy for gaps before putting through any price reduction. If the marketing strategy is strong, then you have to accept that the home is just not competing successfully in the open market. In that case, a price reduction is a smart course of action and a logical next step toward a successful sale.
Have a blessed day!
Ronda
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