Review and Renew Your Listing
Frequently, it helps to follow the trends of the comparables you used on your original Broker's Price Opinion. This will show trends in the market (sales, reductions AND expireds). Being in the bottom twenty-five percent (of pricing) of the comparables will increase the odds of your listing being shown and sold. Buyers search from the bottom of the price range up and sellers sell from the top down. Pricing too high misses the market and can guaranty that your listing will be virtually ignored by buyers. Another point to your renewed plan should include what your BROKER STRATEGY is. Are the agents that are most active in your listing's price range, or neighborhood aware of your listing? What forms of proactive communication do you have in place to keep those agents apprised of, and updated on your listing.
Relying on hosting broker open houses and assuming that all of the active agents have seen your listing may be creating a disadvantage for you. Many of the active agents are busy hosting their own listings, and never have the time to see your listing. Since the Pareto's Principle (80/20 rule) applies to real estate also, you will want to target those 20% of the agents that sell 80% of the listings in your area. Being creative with your contact and getting the attention of these important agents will pay off in spades for you. Your third strategy should include your PUBLIC STRATEGY.
Are your photos and your listing comments compelling enough to stand out in the crowd of inventory? How many websites is your listing included on? How do you target your marketing to the buyer profile for the listing? Are you contacting them through direct mail, and creative open houses? Are the neighbors, who know the benefits of the neighborhood, aware of the listing? Have you hosted a special time at the beginning of a public open house for the neighbors? Neighbors have a special interest in the activity of their neighbor and who the ultimate buyer may be. While you may already have a marketing strategy in place, January is a great time to review and renew, so you will be positively positioned in the market.
Related Tags: marketing, agent, broker, selling, houses, strategy, listing, open, photos, reductions
Melissa Riley is a 24-year veteran of the real estate business, and currently an Office Leader with Prudential Connecticut Realty. Visit her website at www.e-realestate-agent.com
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