Did you have poor turnout at your open house this weekend? There's nothing more frustrating than giving up your weekend to hold an open house and having very few people show up. Have you farmed your listing in the surrounding neighborhood?
Santa Clara County is a seller pay county. This means that the seller usually pays many of the closing costs, including title and escrow fees. Because the seller pays those fees, the seller, often relying on advice from the listing agent, chooses the title company.
When you get a listing in Santa Clara County, you should contact that title company and open a title and escrow order. You probably know that already, but you may not know that's just the first step.
Title and escrow fees are paid at closing. If your listing doesn't sell, the title company that opened the order loses money on the time and effort they have invested, just like you do, so obviously it's in their best interest to help you sell the listing.
RESPA limits the way title companies can help you, for example they can't pay for advertising or print flyers, but they are allowed to help by providing you with a radius farm, a list of owners and renters surrounding your new listing.
One way to promote your open house is to send out invitations to everyone in your radius farm. Many of them will show up out of curiousity, but some may have relatives or friends who are looking to relocate to the area. The increased foot traffic may cause interested buyers to act faster and write better offers because they think others are also interested in buying the property.
If you don't have much money in your marketing budget, walk your radius farm and pass out the invitations a few days before the first open house. Ask the residents what they like about their neighborhood. They'll probably be more anxious to share information than they would be to hear a sales pitch. Whether you are talking or listening, you've started a dialog.
Looking to take your radius farming to the next level? Pass out an invitation that promotes your listing and pass out a market update tailored to that neighborhood. You've already pulled comparable sales and listings to do the CMA. You can use the same information to provide something of value to the people in your radius farm.
Getting a market update on their neighborhood will mean a lot more to the people in your radius farm than getting a "brag sheet" claiming that you are a "#1 Agent" in their neighborhood, especially if your website touts you as the "#1 Agent" in a neighborhood several miles away.
As for the title company, there are more ways they can help, from the preliminary report to online disclosures. Talk to your title rep and escrow officer for more information. Remember, they don't get paid unless your listing sells, so they're anxious to help you and your clients.
Thanks!
Frank Jewett
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