Accelerated Marketing in a Decelerated Market

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

Is there anyone out there who hasn't felt the change? That engine that was roaring ever onward and upward ran out of gas, and now we're coasting. Okay, we have a different market, but that doesn't mean we can't still get people to look at and buy houses.

You might remember my earlier experience with what I call "Accelerated Marketing." Yes, it's an auction, but it's more than that. Case in point – yesterday on Stevenson Road in Baltimore. We decided to apply Accelerated Marketing to this wonderful stone rancher, along with five other properties, all scheduled for January 10. January in Baltimore can bring anything from balmy sun to slushy snow; we ended up in between with a kind of raw, overcast day.

Waiting for the auction

encouraging bidders

You can imagine how delighted I was, then, to see a crowd of at least 60 people show up for the walk-through and auction on Stevenson. There were several bidders, and even though we did not reach a level that met the buyer's reserve, I still count the event as a success. Many more people saw the house than ever before, and people who are willing and able buyers know about it now having taken the time to walk through. For this house and the other five, I was careful to set low expectations with the owners – we went into the day with the expectation that none of the properties would sell. When your goal is exposure and activity, the sale becomes a bonus.

 

TRAC Greenspring Sign

TRAC Tucker Sign

What happened with the other five properties that had their own Accelerated Marketing events? As we expected, the turnouts varied at Milford Road, Strathmore Towers, Old Post, Griffin Way, and Autumn Frost. But we still had good success and then some - two of the five sold! There are two more events tomorrow, one in country-like Havre de Grace and another in picturesque Dickeyville. Then we wrap up this series on Tuesday at Clarks Lane.

 

Auctioneer

I'm feeling very positive about this way of marketing real estate. As we do more of these I'll be talking again the advantages for both the seller and the agent. I see it as a win-win in a time when we hear too many lose-lose stories.

 

Sig

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Rainer
110,262
Linda Scanlan
A Fan of AR - Burleson, TX
Margaret - That was an awesome turnout considering the weather and selling 2 out of 5 is not a bad day! I look forward to hearing more about your auction process.
Jan 11, 2008 08:57 AM #1
Rainmaker
612,811
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Glad you got that large a crowd. Here buyers have become somewhat disenchanted with homes up for auction that have a reserve. Having multiple properties at a single auction probably helps.
Jan 11, 2008 09:14 AM #2
Rainmaker
339,556
Ann Cummings
RE/MAX Shoreline - NH and Maine - Portsmouth, NH
Portsmouth NH Real Estate Preferrable Agent

Hi Margaret - congrats to you for 2 sales and for all that exposure for your sellers.  I tried to have 2 sellers several months ago consider an auction, even met with an auctioneer, but neither went forward.

How do the expenses of those that don't sell at auction work?  Are there upfront costs that the auctioneer collects ahead of time?

Very interesting concept!
Ann

Jan 11, 2008 09:17 AM #3
Rainmaker
1,141,386
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
Margaret, Those are excellent results!! 2 out of 5 under contract is phenomenal. Plus something positive is certainly going to come out of all the activity. Congrats on a job well done.
Jan 11, 2008 09:23 AM #4
Ambassador
1,022,168
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation
This is something I need to learn more about, and I would love to shadow you some time!
Jan 11, 2008 12:33 PM #5
Rainer
133,300
Susan Trombley
Trombley Real Estate - Wake Forest, NC
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngs
Margaret, you will never know what brings the crowd but to be thankful that they were there and you got a great profit for the sale of the home you wanted to go.
Jan 11, 2008 01:13 PM #6
Rainmaker
513,441
marti garaughty
garaughty.com - Montreal, QC
a highly caffeinated creative type...
 Hi Margaret, those are some wickedly great results, getting 60 people out almost anyplace is a feat in itself, especially during this time of year.
Jan 11, 2008 04:27 PM #7
Ambassador
2,829,120
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Linda, We think the results are outstanding. Will keep you updated!

Sharon, I know there are buyers out there! This proves there is interest. We have to be creative in how we market the properties.

Ann, We will be doing another post answering your questions. Two more auctions today. Wish us luck!!

Bryant, I knew you would like "out of the box" concept. The proof..2 sales on a Thursday in January!!!

Margaret,Why don't you come to the two auctions today. 3534 GreenSpring Rd 11am in Havre de Grace and 2300 Tucker Lane at 2pm in Dickeyville. I would love to meet you and you could "shadow" me. Would love to see you!

Susan,You never know what will bring the crowds. We were very pleased with turn out.

Marti, You are one of my favorite marketing people!! I love your art!! Thanks for stopping by!!

Jan 11, 2008 09:58 PM #8
Rainer
25,704
Lois Geller
Lois Geller Marketing Group - Aventura, FL
Marketing Trainer/Speaker/Author

Margaret,

  It is always refreshing to hear what you're doing, and this auction idea with multiple homes is a great proactive step to take. It is so much better than sitting and waiting, and doing what you always do, which hasn't gotten any results.

  Maybe other agents can get together with their homes and make it a bigger event and you can share the costs of the signage, promotion and auctioneer.

   Good for you! I'm going to write about what you've tested here, if it is okay with you.

Jan 11, 2008 11:30 PM #9
Rainer
100,552
Gregory Maley
Sold Buy the Sea Realty & R.E.N.T. - Wilmington, NC
REALTOR, GRI, CBR, SHS, e-PRO, ABR
Thanks for posting!  This is some interesting stuff.
Jan 12, 2008 12:22 AM #10
Rainmaker
313,726
Joeann Fossland
Advantage Solutions Group - Tucson, AZ
Master Certified Coach to Motivated Agents
Margaret   This is an interesting post and it doesn't surprise me that you are using every method possible to get the listings sold! Auctions are certainly one other way to suggest to the seller we can get the job done. When I was in Australia in 2002, I was surprised that over 50% of their homes were sold by auction. A whole new set of concepts to learn about! Good for you!
Jan 12, 2008 06:53 AM #11
Ambassador
2,829,120
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Lois, Give me a call to discuss this. I would love to see what you write. You have my number.

Gregory, Thanks for stopping by.

Joeann, One of my clients has spent quite a bit of time in Sydney and tells me the same thing about the auctions. This is just another tool to offer a seller in this market. You know I always appreciate your comments.

 

 

Jan 12, 2008 12:40 PM #12
Ambassador
752,804
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Margaret,

You had me with the title! 

Mike in Tucson

Jan 14, 2008 10:02 PM #13
Rainer
41,337
Endea Thibodeaux
Lanham, MD
Solar Energy Consultant, CDPE, CLHMS
This is one of the best ways for Realtors to merge with Auctioneers to get properties marketed and sold!  By the way who was the Auctioneer?
Jan 15, 2008 12:29 PM #14
Ambassador
2,829,120
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Mike in Tucson, You are all about titles. Thanks for stopping by.

Endea, Her name is Denise and she is awesome.

Jan 15, 2008 01:59 PM #15
Rainmaker
781,589
Don Wenner
DLP Realty - Allentown, PA

Margaret,

 How did you get paid? Did the auctioner take half of the commission?

Jan 25, 2008 02:07 PM #16
Rainer
13,461
Rob Weiman
Mound City Auctions - Saint Louis, MO
CAI, GPPA, AARE, CES, St. Louis Auctions

Margaret,

I wish people in the St Louis area would read your post. I'd love to help sell more real estate in our area. I want to try to gang up our real estate sales instead of doing one house per day. It looks like the buffett style auctioning is working for you.

Have you ever read the book Church's, Jails, and Goldmines by Good? They sold Choice on houses with 5 or 6 houses in a lot and the high bidder able to by one or all of them at his high price for each home he or she chooses to buy. Three houses = 3X the money.

Rob

Jan 26, 2008 06:22 AM #17
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