We are in a war, my friends. I am not talking about Iraq or the War on Terror, but a marketing war. In this war, we are battling to sell homes in a sea of inventory. Sellers are not listening to us. What we need is Weapons of Mass Instruction (sorry Rush…need to borrow the line) to break through and win.
Weapon 1: The IED (Improvised Educational Device):
Most MLS systems have “dream home finders” or “Email Updates” or other such systems. They are designed to provide buyers the latest listings via e-mail. “Get the latest listings as soon as they are on the market!” is how we sell them to our buyers.
Time to improvise! Use it on your sellers! If they live in a subdivision, set this program to give them ANY home price changes, sales, expireds or withdrawals. This provides your seller a real education as to the market in their specific neighborhood.
You would be amazed at the changes that they will make when they see the guy down the street drop his price in near real time. Call it your “Competitive Market Update”
Weapon 2: Electronic Warfare and Recon
This weapon is deployed by using one of several available feedback systems using email. The difference between feedback provided via e-mail vs via phone is that the e-mail feedback goes directly to the seller from the showing agent. Unaltered marketing information that is unfiltered and unmessed with, delivered in a email at light speed.
We have used this type of system for over a year and have had pretty stellar results. Why? Because when a seller gets information directly from the showing agent, they HAVE to accept it as valid. When they hear it from you, they think that it is less reliable.
I realize that may be hard to accept. We think we have done a great job of selling them on our value, but the bottom line is that they take what we say with a grain of salt. it could NOT have been the 5 years of cat pee that turned the sellers off. No, it wasn’t that the price was 20K over the competition. COULDN’T have been! After all THEIR house is special. It was built with the heavy duty roofing nails..(grin)
While I realize that this type of weapon does not work in all environments and may not be suitable in yours…it is worth an experiment to see what results are produced. It is a war out there….soldier on!
Sean M. Broderick, CCIM says:
Welcome Eric..
You forgot the SMART bomb.. the subprime mortgage that blows up right after the buyer leaves the closing table (grin).. couldn’t resist..
November 5, 2007 — 9:27 pm
Phoenix Homes says:
I think it will be months before sellers get it. We went though such a great sellers market that I think everyone is in denial.
If I bought a house a year ago I would be scared. This is truly a buyers market and it is only going to get better for the buyer.
November 5, 2007 — 9:41 pm
Eric Blackwell says:
@Sean–thanks for the welcome
@Phoenix–That’s why the need to hit them with market info that they must take at face value. IMO either they will either lover their price (or make the needed changes in property condition OR make them when the next REALTOR suggests it after the listing has expired. Better now than later.
November 6, 2007 — 4:00 am
Thomas Johnson says:
Eric: What an auspicious beginning! Good stuff, thanks!
November 7, 2007 — 12:12 am
John C says:
Eric – Spot on! Cat pee vs. the roofing nails was a good one.
November 8, 2007 — 11:39 am
Anne Mayhugh says:
Eric- so true, although our market shows a 20 month inventory of homes for sale, the sellers are not grasping the concept that it’s all about “Price and Condition”. If buyers want something that needs work, they’ll buy the REO’s. If they want something to live in, they want it in great shape and priced right. The next year or so will be interesting for the REALTORS that have never seen a down market- or had to actually work hard 🙂
November 9, 2007 — 4:15 pm