Consult the Coach - Needing a Refresh

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Dear Coach: 

With the market shift, my listings are sitting on the market longer. How can I refresh a listing that has been out there for a few months? 

Signed, 

Needing a Refresh


Dear Needing a Refresh:

A listing that has not sold, due to the market shift, is frustrating to both the seller and the Broker. To “refresh” this listing requires a systematic strategy targeting both prospective buyers and other Brokers. Here are some recommended strategic approaches:

Seller Strategy: 

Set clear expectations, in the beginning, with your sellers regarding pricing options if there are no offers. This way it is not a surprise if/when a price reduction (or several) are required. 

Prospective Buyer Strategies: 

  • The first place to start is pricing. Is it consistent with the current market? When market corrections occur, pricing adjustments are critical to stay competitive with the market. So, revisit your pricing assumptions, comps and, if appropriate, lower the price. 
  • How is the curb appeal? First impressions matter. Spending a few hundred dollars on landscaping and paint can go a long way. 
  • New photos (inside and outside) can provide a fresh perspective on how the house is viewed. Ensure that the pictures and videos are high quality.
  • Hold more open houses. Be engaging and make connections.
  • Finally, revisit the description you created for the property. Are you highlighting the most interesting and differentiating features (i.e. affordability, accessibility, etc.). Is the description compelling?

Broker Strategies:

  • Hold more broker opens. Call the brokers who came through the property to get their impressions of the property’s strengths and challenges. 
  • Visit brokerages in the vicinity of the property and promote your broker’s open. Offer a gift card as an incentive.
  • Contact Brokers who have sold properties around your stalled property to see if they know of other clients who also want to live in this neighborhood. 
  • Promote the property at your office meetings.
  • A final strategy is to take the property off the market and re-list it at a later date.

In summary, it takes work to sell a property that has been on the market for many weeks, and perhaps months. As a Broker recently reminded me “Patience is the Key.” Stick to your strategies and your persistence will pay off. 


 

Staurt KaufmanStuart Kaufman, MS, MBA, is a Real Estate Columnist and Business Coach who motivates, coaches, trains, and inspires real estate brokers to focus on lead generation, being accountable, and living a balanced life.  Stuart offers a complimentary coaching conversation to help Brokers begin to plan, execute, and close more transactions. To contact the Coach, send an e-mail to coach@stuartkaufman.com. © Copyright 2018, Metamorphosis Coaching. All Rights Reserved.

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