You’ve
heard it time and again; two things cause property to sell, marketing
and price. With about 541 homes to choose from in Puna and another 195
in Hilo, sellers are scrambling to find ways to make their homes rise
above the crowd. Truth is, with so much competition, getting property
shown can be a challenge. It may take more than competitive pricing and
great marketing. Here are tips that may help.
Try adjusting
the commissions…UP! After all, as the late real estate advisor Robert
Bruss pointed out in a 2006 column, all things being equal, agents
naturally gravitate to listings which offer higher compensation.
Sellers can accomplish this by either adjusting the commissions or
paying a bonus. Either way, it’s better to pay a productive agent than
make large price reductions.
Offering seller incentives like
paying closing may not be enough to entice a buyer to buy but it just
might increase showings which, after all, is part of the “pick me”
equation. Keep in mind that “Just Say NO” is not an appropriate
response when it comes to a showing request. Sellers must strive to
make a home easy to show. It’ll guarantee more showing.
Don’t
underestimate the importance of a first impression. With inventory so
high, many buyers are driving by (either physically or on-line) prior
to requesting a showing. Curb appeal should be, well….appealing!
Offering
seller financing may seem passe’ but there are situations where it
could make a difference. More importantly, showing a buyer how to buy
(and why) could help move them into a home.
“Pretty is as
pretty does” is the watchword when it comes to professionally staged
homes. It’s a great way to present the home in the best light. Trust
me; staged homes quickly catch the eye of an agent who in turn is proud
to show them to potential buyers.
This brings us back to the
basics, marketing and price. Agents must market not only aggressively
but innovatively. Electronic marketing in various formats is essential
to increasing showings. Target marketing to the most likely pool of
buyers is another good idea and unless the property has unbelievable
charm, pricing must be in the lower third of all comparable properties
or it won’t be shown. After all, why include a higher priced home if a
similar home is offered for less.
Once showing incentives are
adjusted, showings should increase. If offers still don’t arrive, the
market is saying that the price is too high. Even with almost 750 homes
for sale in East Hawaii, there are 157 homes under contract so buyers
are still around. It’s difficult for them to “Pick you”, however, if
they aren’t even aware you exist.