7 Creative Ways to Get Your Listings Sold
If you’re in real estate today, you’ve got listings to unload.
Why do I know that?
Because we’re in the best buyers’ market ever. And the word is out. Buyers are marching out of the woodwork to land great deals.
Contrary to naysayers' assertions, it’s an exciting time to be in real estate. And here are seven ways to make the times even more exciting if you have listings to sell:
1. Price it right. In a buyers’ market, it’s all about price. And being overpriced is the number one reason why listings linger.
Set the price right from the start and hit the market with this message to buyers: “You’ve come to the right place and we want to talk seriously with you about this home.”
And add into the contract a 5% price reduction every 21 days. Be aggressive. This is no time to be wishy washy.
2. Build impeccable lead generation and management systems. This is a close second to being overpriced as to why listings gather dust out there on the market. A lack of leads and leaving leads on the table (or stuck in voice mail, or lost in cyber space or just plain being ignored) are recipes for a stalled real estate business.
Personally I like Proquest Technologies’ lead generation system and I’ve seen it work for many agents.
Visit my web site to learn about our Brochure Template to help generate leads.
As for lead management, the key word to remember is responsiveness. Respond faster than the next agent and you’ll get the business.
3. Boost your co-op commission. Yes, other REALTORS are an obvious source of buyers. But are you providing enough incentives for your fellow REALTORS to bring buyers to your listings?
Raise your co-op commission so it has enough magnetic pull to attract your counterparts around town.
4. Stage it properly. Start the staging process with professional photography. What do you think goes through the buyers’ minds when they see a mediocre photo?
Remember, you only have one chance to make a good first impression.
5. Polish your listing presentation. Start your listing presentation by educating sellers on the buyers' market. And then pop this question: "Do you want to lead the market or follow the market?"
If they’re worth your time, they’ll want to lead and you should explain the way to do that is with a competitive price. No fooling around here. You have to be proactive in a buyers’ market. The faster you explain that and act on it, the better for you and your sellers.
6. Prospect around the neighborhood where you’ve just listed. This may not sound creative but you’d be surprised how many REALTORS don’t do it anymore. Don’t forget the basics – send a postcard, go door to door and get face to face – it’s the old fashioned way and most times it works.
7. Auction the home. Yes, this sounds drastic, but if you want to really lasso some buyers, this is clearly one way to do it.
The National Auctioneers Assn. reports that real estate auctions are gaining traction with revenues increasing 39 percent over the past three years and that homes are selling at all price ranges to multiple bidders who sometimes raise the final price to above market value.
So take some time now to examine your business practices. Economists say it’s going to be a buyers’ market for the rest of this year and well into 2008.
But don’t let that rattle you, because now you have seven more tools to get your listings sold.
Best of luck to you!