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Million Dollar Listings, another take.

By
Real Estate Broker/Owner with Paris Gibson Realty

The bulk of my market is single family residential.  I do and have sold many million dollar listings. 

The inexperienced may think that million dollar listings here in Montana should be treated the same as $100,000 listings.  Whether it be a home or a ranch a million dollar listing requires special attention and marketing. 

My philosophy is no different but marketing techniques sure are.   The various avenues you market a million dollar listing to, to be sure you are targeting the right audience, makes a difference if you want to do your duty to your seller to get the most exposure. 

It just amazes me when I see posts from new agents and brokers who think all markets are the same for every listing.  On the other hand that is good for me.  LOL. 

Kelly

Comments (7)

TIM MONCRIEF
Tim Monciref - Austin, TX
Over 2,000 homes sold…..

That all depends on what you are laughing about.  We market all of our listings to the same standards as a $2mm listing.  We do not list below $300k.   Our service is the best on the market.  If you want your home listed like a $2mm home, we are your choice. If you want it listed like other agents marketing a $300k home, then so be it.  Our $300k home will be professionally stages, floorplan designed to incorporate with a virtual tour, podcasts, videocasts, the best photographer available will take pictures, put on over 100 websites....etc...etc...  So laugh at us if you wish. LOL. We are #18 internationally with Keller Williams, so I think what we are doing is the right thing.  Treat your clients like kings even if they live in a run down fixer or even a piece of dirt.  We will win everytime.

Oct 14, 2008 05:46 AM
Nicole Weidauer
Keller Williams Greater Seattle - Shoreline, WA

I see what you mean. I actually had a discussion with a colleague this morning about this very topic. The homes we have the privilege of listing (and hopefully selling!!) are the dream homes of many buyers out there. It may not suit your taste or even the general population, but there are buyers for those homes- it's your job to get in front of them and get it sold.

Like the million dollar listings you work on, you have to target the people who are buying million dollar listings and no one else!

Thanks for sharing, Nicole Weidauer

The Egerer & Weidauer Team, Keller Williams Realty North Seattle

Oct 14, 2008 06:09 AM
Susan Laxson CRS
Palm Properties - La Quinta, CA
Realtor in San Diego, CA & Naples, FL

I agree that different markets and different price ranges require different selling strategies.  That doesn't mean that we devalue them because they are not in the "million dollar" league.. just that we target our message to the buyers with what they are interested in and can afford.

Oct 14, 2008 06:21 AM
Kelly Parks, M.S.
Paris Gibson Realty - Great Falls, MT
Broker/Owner

Hi Tim

I agree with you.  I am referring to those agents who do nothing for a $100K listing and therefore do nothing for a million dollar listing. 

I can guarantee you they don't stage the 100K home like you do.  There are unique marketing avenues to target the right buyers for every different kind of property.  You only list homes above $300K, and our market does not support that, as we are too small and poor a population. 

All clients should be treated the same (which is what I stated as the philosophy part of my post) and I agree with that, but a property that is 10 times our average selling price here requires different marketing. 

Kelly

Oct 14, 2008 06:23 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

We all need to be more tuned into our specific markets, as well as aware of how other markets are doing. For example I have a client in Jackson Hole that has a home for sale, and its not moving. I really want them to sell so they can buy the home that I found for them in Austin. Are things slow in the million to two million price range all over Montana?

 

Oct 14, 2008 06:31 AM
Kelly Parks, M.S.
Paris Gibson Realty - Great Falls, MT
Broker/Owner

Hi Betina,

Multi-million dollar listings are slow here in Montana.  They have never been fast to sell, but some sell quickly depending on location and topography and amenities.  If you have a ranch or something that another ranch co. can acquire you can sell pretty fast.  If you are relying on the second home market it is slow. 

I have a buyer with a home in Charlotte NC, whose agent tells him how many web hits, showings etc, but has failed to procure even one offer in almost a year.  I have been watching numerous markets where my clients have homes that are not selling.  It is scary. 

We are pretty insulated here in Great Falls, but homes above $300,000 have taken a beating, as there are very few buyers who can afford them. 

Thanks

Kelly

Oct 14, 2008 06:39 AM
Ilyce Glink
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.

Kelly- You're right that you definitely have to tailor your marketing strategy for the property you're trying to sell. Not everyone is going to respond to the same kind of strategy. Thanks for the post!

Oct 14, 2008 02:07 PM