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#415535 - 11/11/12 02:47 AM Looking for some suggestions on marketing (and selling!) my first listing
BT5150 Offline
Junior Member

Registered: 11/11/12
Posts: 5
Loc: WI
I got my first listing about 2 months ago and I'm looking for some suggestions on how to get the word out about it and sell it, besides simply putting it on the mls and waiting for the phone to ring or spending a bunch of money that I don't have to spare on advertising.

First, here's a little about the house that I'm selling, so you know what I'm working with: asking price is $119,900 (lowered recently at the seller's request from $129,900) the house is one that someone is "flipping" and I'd have to say that they did a very nice job on it, they've done quite a few of them and apparently know what they are doing. Its a 3 bedroom, mostly brick ranch that's been pretty much completely redone/refreshed inside and out. It was a foreclosure that wasn't in that bad of shape, it just needed a lot of updating. Both bathrooms are new (new tile, fixtures, etc) it has hardwood floors that have been refinished and look great, new roof, new lighting fixtures, everything freshly painted in neutral colors, etc. I went over the place very closely, looking for things that weren't 100% done and/or done incorrectly and couldn't find ANY issues, this place is truly "move-in ready"!

So far, as far as selling the place, I put it on the mls about 2 months ago, I made what our company calls "pretty sheets", one page of pictures and info on the house that I have in a plastic box mounted on the sign in front. I have had to refill the box several times so far. I have also held 4 open houses, with only a few people coming through who didn't seem particularly serious, I got the feeling that most were people who lived nearby who saw my signs and wanted to see how the house looked now. I have had 4 showings through other realtors who saw it on the mls or that their buyers saw on Realtor.com or somewhere like that. I asked all of them to give me feedback and heard back from only 2 of them, even though I called the other two a few times asking about the showings. The feedback was positive, one said that their buyer liked it a lot but that they liked another somewhat higher priced home nearby a little more. Both agents said they thought it was fairly priced. (at the original higher price, too) Yet, no offers came. All four showings were in the first 3 weeks on the market, since then, nothing!

So, I'm looking for any ideas anyone has to keep getting the word out and to get this place sold. It was a 6 month listing, so I have about 3 1/2 months left. I also want to be able to show the sellers that I'm actively working on selling the place, not just throwing it on the mls and waiting for the phone to ring, so that if it doesn't sell, hopefully I'll get an extension. I'm looking forward to hearing ANY ideas and would be happy to answer any questions if you need more information. Thanks!!!

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#415536 - 11/11/12 03:03 AM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
Doin' bpose Offline
Major Contributor

Registered: 01/27/09
Posts: 3349
Loc: Old Dominion
Hold an agents only open house. Advertise it to agents through your MLS. Have it in the middle of a workday and have plenty of BBQ sandwiches or grinders or whatever is a local favorite. Or advertise you will be giving away 3 $50 gift cards.

Make sure your interet exposure is working for you. Your pics are key. Trulia and homes.com help attract buyers. Use Craigslist too Try Zillow. There are a bunch of others.

Make sure your flipper is priced right. Many times the market knows you r client has flipped the house. Buyers and agents might look elsewhere, sensing he is after a quick profit after a 'lipstick' rehab job.

In my experience the best flippers do great work and underprice the homes to market, making the homes irresistable. Ususally they end up paying most or all buyer ccs too.

You can also increase the coop sales agent commission. It should be at least 3%. Many times buyers agents will avoid a home at under 3%.

Good luck.

I am less enthuiastic about staging, but there is something to be said for stuff like that if the home could benefit from it.
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#415541 - 11/11/12 04:00 AM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
BT5150 Offline
Junior Member

Registered: 11/11/12
Posts: 5
Loc: WI
Thanks for the advice! I will try scheduling a broker's open for sometime in the week after next. The commission is another good idea, right now I'm at 2.4% on both sides, that's common in my market, although quite a few are also at 3%, too.

The house was very well done, I used to do carpentry and rehabbing work, not flipping houses but being hired by people to do remodeling projects and I know the difference between good jobs and not-so-good ones and this house has been well done, everything was taken care of that needed updating and it was done well, it really looks good inside and out.

As far as the web presence goes, I will have to look around again, I looked at the big sites when I first listed it and it was on all of them and looked good to me, but I'd be wondering what other people here would look for. Our mls lets us have up to 25 pictures and I used all 25. I have a very good camera that lets me take nice wide angle pics, too. In my opinion, the pics look better than a lot of the listings I see out there.

I will talk to the sellers about lowering the price some, too. I know that when they recently totaled up what they had in the place, it was a little less than they had budgeted for, so they're actually sitting in a good spot with this house and I think they do have room to lower the price and still make a decent profit.


Edited by BT5150 (11/11/12 04:01 AM)

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#415589 - 11/12/12 08:06 PM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
Malok Offline
Member

Registered: 08/18/07
Posts: 441
Loc: Kentucky - in a barn!
Good pictures are hugely important. And as mentioned above, holding an agent's open house can really help as well.

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#415596 - 11/12/12 10:25 PM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: Malok]
Thunderstruck Offline
Member

Registered: 05/17/10
Posts: 250
Loc: Townsville, Australia
I agree pictures are important.

Get a important price reduction every week or the listing is getting stale. Will you do it? It doesn't matter what other agents say about the price, unless they make an offer. No offers, it's over priced for the buyers. Over 92% of the buyers are are working with agents who use the MLS. Thus, their all comparing the best value for the buck.

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#415615 - 11/13/12 05:13 AM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
davelemon Offline
Member

Registered: 08/26/12
Posts: 43
Loc: Vancouver, Canada
Price in today's market is the best marketing strategy...make sure that your clients know when to price reduce as they don't want to chase the market down.

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#415832 - 11/17/12 05:56 PM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
RaquelMangual Offline
Member

Registered: 03/19/07
Posts: 446
Loc: Philadelphia, PA, USA
Make sure you tell everyone you know about it. Family, friends, your neighbors, church and colleagues. They might know someone who is interested in buying in that neighborhood. Send a blast email of the MLS listing or give them flyers, anything with the basic house info and your contact number on it.
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#416269 - 11/29/12 11:40 PM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
Jack Liebsch II Offline
Member

Registered: 11/11/12
Posts: 35
Loc: Jupiter, Florida
If you only had 4 showings in roughly 2 months, I would have to guess the main problem is price. Feel free to share the MLS# so that a few of us can provide you an even better perspective.

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#416279 - 11/30/12 02:12 AM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
Nl94568 Offline
Junior Member

Registered: 11/30/12
Posts: 1
Loc: Phoenix
There's a new program from USPS called Every Door Direct Mail. EDDM - you can mail to he surrounding neighborhood for 14.5 cents ea. and you don't need a database or labels. You can mail 200 postcards for $30 in postage to get some traction for your listing. Generally speaking, people like to have people they know living close by. Here's a link to an article on Active Rain about it.
http://activerain.com/blogsview/3508491/what-is-eddm-every-door-direct-mail

Just listed and just sold postcards are making a huge comeback because they work at growing your business.

I also agree with the prior post about working your sphere. There's always good to be found in your sphere and being in touch.

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#416368 - 12/02/12 06:45 PM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
Malok Offline
Member

Registered: 08/18/07
Posts: 441
Loc: Kentucky - in a barn!
@ Nl94568 - yea, the EDDM is a really great way to pin point a target market and push some traditional marketing efforts that way.

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#416385 - 12/02/12 07:07 PM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: Malok]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Originally Posted By: Malok
@ Nl94568 - yea, the EDDM is a really great way to pin point a target market and push some traditional marketing efforts that way.


Traditional marketing efforts such as that seem to work REALLY well for many agents. Definitely recommended.

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#421507 - 03/12/13 03:35 AM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
Joe Hayden Offline
Member

Registered: 03/10/13
Posts: 52
Loc: Louisville, Kentucky
Please post an update on how things went...

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#421558 - 03/13/13 02:54 AM Re: Looking for some suggestions on marketing (and selling!) my first listing [Re: BT5150]
SarahC Offline
Member

Registered: 01/13/13
Posts: 61
Loc: Ontario, Canada
Hi BT5150,

Have you thought about doing a virtual tour with the photos you've already taken and posting it to YouTube? This helps with exposure and will show your client the extra effort you're taking.
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