Hello all. I need some help and ideas on how to market a condo that is not allowed signs. I'm not getting a single showing, and it's been on the market over 3 months. At first it was the price, and I was able to get them down in price to a competitive price, but still not a single call. I've done the following for advertising:

-Perosnal and Company websites
-Craigslist.com
-Advertisement at local college
-Newspaper (Sunday Ads)
-Flyers at local stores
-Ads at grocery stores around the area.

I'm a newer agent and this is my first listing, so any help would be appreciated. One other thing I'm confused about it mailing postcards. There is another agent who has a majority of the condos in that sub, so one of my co-workers said that if she sends mailers I wouldn't need to because once they look for properties in that price range my condo will also come up. But others swear by mailers. What can I do to start getting some calls for showings? Please help!! Thank you for your time.

Did you call the other agent and let them know about your listing? When I have a property with other listed properties surrounding, I call the other agents and ask if they would like to participate in a progressive brokers tour or Public Open House. The more people you get through, the higher probability of selling all of your listings in the neighborhood.

Save your money on print advertising. And unfortunately, it's always price. Do a current CMA- within the last few months, in my area prices are dropping. See what has gone pending, what has gone under contract, etc. Re-evaluate the price.

Good Luck!

Baloney! It's not always price. That's a weak cop-out if you ask me.

I've sold properties that were "overpriced" to buyers who knew they were paying more than what a CMA or local appraiser would indicate the place was worth but they were willing to pay a premium because the property was perfect for them.

The MLS will reach most prospective buyers but not all of them. And once you get a buyer in the door you still may have to "sell" them on the property.

I agree, I just sold a house for about $10,000 over what I thought it would sell for and quickly too. It is the perfect house for the couple who bought it. IN fact they are even negotiating some of the furniture. So it is NOT always the price.

I disagree completely. It's always price! Sometimes you find exception from this but as we know exceptions only prove rules.

You want to reach as many buyers as possible and make them at least interested to view the property. If the see similar properties for much lower price they will not pay any attention to yours.

Thanks for everyone who have replied. At first the price was high, but I think the price I got them to now is competitive. There are two types of condos in one sub. Basically, it's:
Garage, 1450 sq ft, unfinished basements
vs
no garage(carport), 1500 sq ft, and finished basement.

Both are open layout. The price for garaged ones are from $174K to $188K. I put ours (non-garage) at $175K. Two garaged ones sold over $185K recently. Am I still too much? I couldn't find any that are the same type of mine that have sold recently. One sold a year ago for $168K. The seller is also including couches and dinning table. Thank you all again for the help so far!

I didn't know exceptions only prove rules. Would you please elaborate?

While I can not recommend the price of the unit without knowing a lot more information I would suggest the following. Find a unit that sold about a year ago with garage and compare the price to the one that sold recently for $185K. Did the price go up? Did it go down? By what percentage? Now you know the adjustment percentage. Apply the same to the 168K price of a similar united sold a year ago. For example a garage unit a year ago sold for $180K and now it sold for $185. That's a 2.78% increase. Applying the same to the price of $164 we come to a price of $168,500.

Hope this helps

Jflynn, I am sorry I didn't realize you maybe unfamiliar with the saying "Exceptions Prove Rules". Had I known this I would definitely be clearer in my original post. I apologize. Next time in fact, I may post my answers in pictures like it's done in children's books to make sure you get it right away. In case you would like to educate yourself as to history and origins of this saying so next time you understand the language of grownups here is the link: http://www.m-w.com/cgi-bin/wftwarch.pl?041906

The existence of a saying doesn't mean it's true.

I liked how you insulted me, however, very "grownup" of you. Touche!

I have to agree with Zhenya. NAR states that 40% of houses will sell merely by being in the MLS. 20% chance it sells by a yard sign so with the majority of sales being driven by other agents..one could only come to the conclusion that the house isn't coming up in searches thus priced incorrectly.

JFlynn, you must be in an area where buyers have cash laying around to overpay for a property because they can only get financing for the appraised value. I have known buyers to come out of pocket in a hot market but most buyers cannot. Finding a buyer that will come out of pocket thousands of dollars is an exception IMO.

Chiefnet, a house is only worth what a buyer is willing to pay for it. Just because the comps can justify a certain list price doesn't mean the buyers will swarm to it. How long has the competition been on the market? How long did it take the others to sell? How has the market changed since the last solds? How many units similar to yours are on the market now- is there a lot of competition?

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ops. sorry. wrong msg posted.

chiefnet,

i am also in the same position as you. i had a condo listed in a gated community that is actually very highly desirable. the price was good 6 months ago, but now the market here has changed. we would need to lower the price. i keep reflecting that over to my seller, but some people just dont care. i would consider doing the following...

Price it properly...
Make sure it is clean inside...
Advertise it in the local newspaper...
Advertise it on the community board if there is one within the association...
Stick a sign in the window...
Tell your seller to offer a larger co-op fee to buyer's agent...
Postcards might help...
Make sure the property is easy to show...

some of this stuff i dont even do, but i will need to start doing them because of the market. hope this helps.

i believe price has a lot to do with properties selling. ultimately, it is the biggest thing that will bring a buyer in or not. and if there are properties exactly like yours, then price must be lower than the competition. just the way it is.