Marilyn Bush

WHAT IT TAKES TO SELL A HOME TODAY

Getting a home sold today begins with a comprehensive Comparable Market Analysis (CMA) that explains exactly what will be done so that the home sells quickly and at the highest price possible. One of the most important parts of the CMA is determining what the listing price should be. It is usually computed and expressed as a price range in which the home should sell. Although it is not a difficult computation, it is extremely labor intensive and very comprehensive.

In today's buyer's market, where there are many homes available for sale and a lot less buyers around to buy them, it is crucial to price the home right. A real estate agent MUST know the competition and be able to show the seller an analysis of all the competing properties. One of the best ways to do this is through role playing, in which the seller see his or her home through the eyes of the buyer. As a matter of fact, this is one of the best ways to realistically price a home these days!

Once the price is right, make sure that the home is conditioned to be a top contender. It has to sparkle and shine, be in mint move-in condition, and be one of the best real estate values in town. With these three conditions covered, the home must then be aggressively marketed using traditional and innovative methods to procure a buyer and produce a sale. In these days, it's not good enough to rely on the Multiple Listing Service (MLS) and periodic newspaper and magazine advertisements to get the job done. Doing that will only account for about 50% of the marketing and promotion that must be undertaken to get the home SOLD.

Here are all the marketing and promotion methods that brokers and agents must utilize to get a home sold in a timely manner and for the highest price possible: 1. the home is listed in the MLS with description and photos that get both agent and buyer attention, 2. the home is listed on the #1 Realtor.com nation-wide web site, 3. the home is listed on other prominent Internet sites to enhance marketing efforts, 4. newspaper advertising is utilized to attract qualified buyers, 5. direct marketing to farm areas, referral networks, and prospect lists, 6. marketing for seasonal prospects, 7. special marketing to local and out-of-state buyers, 8. on-going real estate marketing to all area real estate agents and out-of-state agents as well, 9. marketing to relocation companies and prospects moving here, and 10. broker and customer open houses.

Please note that numbers 1 and 2 above account for 57% for producing a sale. This is how important the Internet and on-line marketing is these days for selling real estate. But don't ignore the other 43%. They must be part of the marketing strategy as well. The bottom line is that anything less than 100% is just not good enough to get a home sold today.

In addition to the above, broker and agents who get homes sold also word-of-mouth advertising, homes for sale announcements, classified advertising, attractive color flyers, smart email marketing, buyer incentives, neighborhood promotions, agent follow-up, detail feedback, and ongoing customer communication. These real estate professionals make sure that the homes they are marketing have continual and extensive exposure.

Using all of the above, that's what it takes to sell a home today!

Getting back to the CMA, here's where the marketing plan for selling the home should be (must be) included. Exactly what will be done and when will it be done to effectively market the home? Exactly what steps will we taken so that the home gets sold in a timely manner for the highest price and most proceeds to the seller? And what's the time frame for "getting to SOLD?" And what if the home does not sell within that time frame? What then?

In today's market is it possible that a home will not sell within a given time frame? The answer is yes, especially if it's not priced right and marketed correctly. Anything is possible these days and that is why a contingency plan has to be developed and ready to be implemented.

Marilyn Bush, real estate broker-owner of Applause Realty.

NO OFFERS FROM BUYERS BUT HOME GETS SOLD

Your home has been on the market for almost three months now. During that time, you have have had twenty-three showings. You price has been reduced three times and your agent keeps telling you that she is doing everything that she can do to get your home sold. As a matter of fact, she reminded you that two couples came back for a second look, and that she called the agent to see what they thought and to give you feedback.

So what was the feedback? What were the people going to do after seeing your home for a second time? Your agent told you that one couple loved your home but that they also had a home to sell. She also mentioned that the other couple thought your home would be perfect for them but that they were still looking. She then said, "We are getting good feedback. We will just have to wait and see what they decide to do."

Unfortunately, in this day and real estate market, "waiting to see what they decide to do" is not a good enough marketing strategy. You and your agent can be much more proactive. Here is something you can and probably should do. Have your agent write up a purchase agreement/offer for the sale of your home. "Hold on here. My agent is the listing agent. I thought the buyer's agent is the one who writes up the offer". Yes, traditionally that is what happens. But as bad as the economy and real estate market are today, tradition just doesn't cut it. You have to use agressive marketing techniques and think way outside the box.

So have your agent write up the purchase agreement/offer. Better yet, write up two offers, one for each of the couples who saw your home twice. Collaborate closeley with your agent. For a moment, make believe you are the buyer. Make the offer as "sweet" and realistic from the buyer's perspective, at the same time, making sure that you are satisfied with the price and terms as well. Write in their names as the buyers and your names as the sellers, and then sign the agreement as the sellers. Make it subject to a financing approval letter from a qualified bank or mortgage lender. You don't want to sell your house to someone who can't get a mortgage loan. In these difficult times, qualifying for a mortgage is not as easy as it used to be.

Lastly, getting back to the offer, how should you write it up? You shouldn't. Let the agent who listed your home write it up. Tell your agent to write up the offer as though he or she was the selling agent instead of the listing agent. You might get beat up a bit and not like the price and terms. Well, welcome to the world of real estate today, and one way to get your home sold, even when you have "no offers from buyers".

Marilyn Bush, real estate broker-owner of Applause Realty in Bluffton.