Market Insights: Sold in 67 days: Take the market by storm
December 8, 2012
Editor’s note: This is a series of articles about how to get your property sold in 67 days. To read the previous articles and review all 12 steps in the process, go to http://www.summitdaily.com and search for “market insights.”
Here is a summary of the steps to selling in 67 days: 1) Plan ahead. 2) Know the market. 3) Make the commitment to sell. 4) Select your Realtor. 5) Work as a team and prepare your property. 6) Explode onto the market. 7) Listen, listen, listen. 8) Take action. 9) Don’t worry, be happy. 10) Snag the right buyer. 11) Keep every commitment. 12) Sign on the dotted line. This week we are covering steps six, seven and eight.
Here we are at the sixth step, and you are finally ready to place your property on the market. By now upgrades have been made, the property is sparkling, staged beautifully, looks the best it is ever going to look and has been professionally photographed. In addition, your Realtor has prepared all the steps in the marketing plan you agreed upon.
With the property and the marketing all ready to go, all it will take your Realtor to do is the push of a few buttons to explode onto the market. This is far and away the most effective aspect of the marketing that will get a property sold quickly. I can assure you, if the property is priced correctly, making a big splash has an enormous impact on prospective buyers.
Please keep in mind the only way you will be able to explode onto the market is if you have followed the first five steps and you are extremely well prepared which, of course, takes time.
I often have sellers ask me, “Listen to whom and how?” Great questions. Listen to the response of the marketplace and use a variety of techniques to do so.
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The first two things we listen to are the number of showings and the feedback Realtors provide us by email.
In the busy sales seasons in Summit County, I aim to have two showings per week per property. Having a consistent number of showings tells you the marketplace is interested in your property. If you hear silence, i.e., no showings at all, that tells you something as well.
As for the feedback Realtors provide by email, my most important piece of advice is to encourage you to look for trends.
Conducting open houses is another tool for listening to the marketplace. If a prospective buyer provides feedback, make sure you know if that that buyer is familiar with the Summit County market or not. And if you obtain lots of feedback at open houses from Summit County Realtors, make sure that feedback is received in a way that one Realtor’s comments do not influence another Realtor’s comments.
f you are genuine in your desire to have your property sold in 67 days, you will want to move forward with changes, corrections and improvements rapidly. At this stage of the process, you will either be making changes to the property and/or to the marketing.
For an example, the sellers of the property in these photos, which sold this summer in 67 days, took the actions outlined below shortly after being on the market.
• After an open house specifically for Realtors, they lowered the price based on recommendations received at the open house.
• Based on feedback from showings, they rearranged furniture to make the home feel larger.
• During the busiest time of the summer, when showings were not averaging two a week, they lowered the price.
• As their Realtor, I took a number of steps, including rewriting descriptions of the property, rearranging photos of the property and adding additional marketing into the plan.
See you next Saturday, when we talk about snagging the right buyer. Love life, DWJ.
Daniel Webster Johnson is a very active, full-time Realtor in Breckenridge, who has earned the national Quality Service Certified Platinum award, recognition of 100 percent client satisfaction. He is one of the team at Resort Brokers Real Estate. He loves feedback, so call him at (970) 393-3300 or drop him a line at Daniel@YourMountainBroker.com.