Your First Week on the Market
In the first week on the market there are a couple of things I watch for:
How Many Showings
The goal is to have between 5 – 10 showings, depending on the time of the year. If there aren’t at least 5 showings there is a problem and either the marketing/photography is bad or we’re not priced correctly. If this occurs we need to have an honest discussion about what needs to be fixed. After the first week, the goal is to have 3 – 4 showings per week. Depending on the feedback we’re receiving at showings and the number of showings, we may need to talk about reducing the price if we don’t have an offer after the first 2-3 weeks.
Who is looking online!
I also track the number of viewings online.
I look at the MLS –
– how many agents sent the listing to their clients? I’m looking for 100+
– How many clients labeled as interested or as a favorite? I’m looking for 5-6
I look at Zillow and other web portals.
– How many people have viewed the home online? A wide range of variation – but is it even coming up in their searches?
– How many have labeled the home as a favorite? If they have viewed the property why wasn’t it labeled as a favorite
What happens if the results are not good?
First, don’t get discouraged; remember our discussion about the average days on market in your area when you start to feel discouraged. This process doesn’t happen overnight. It takes time, but eventually, we will find the right buyer for your home.
Second, keep your home clean and tidy and approve as many showing requests as possible when they do come in. The more showings we have, the better the potential of getting an offer.
Third, we need to take a hard look at what we can do to improve the chances of your property selling. There are four important parts to the selling process: the location of the property, the condition of the property, the marketing/photography, and finally, and most importantly, the price.
1. We can’t change the location as it is what it is.
2. For the condition of the property, ask yourself if there is anything you can do to improve the condition/staging of the home to make it more attractive to potential buyers? If the staging/condition is as good as it can possibly be then we need to look at the marketing/photography.
3. How do the photos look? Anything we can improve in the description of your home in the MLS, on Trulia, Zillow, etc?
4. If the above three items are as good as they can possibly be then the only thing we can change is the price. Remember, buyers tend to search in $25K increments so to hit the next biggest group of buyers we need to be below the next $25K threshold. Therefore, if your home is listed at $485,000 we should drop the price to $475,000 to try and hit the next buyer group. $2,000 and $3,000 price reductions aren’t enough. Price reductions need to be substantial (at least $5K – $10K) to make any difference.
5. Can we add a monetary incentive to encourage buyers to put an offer in on your home? Perhaps a closing cost credit if the property is under contract by a certain date. Or we can offer an incentive to the buyer’s agent such as a bonus if the property is under contract by a certain date. As sad as it is, these tactics really work.
Any Questions? Give me a call @ 253-988-8252