MARKETING STRATEGIES FOR LISTINGS IN A SHIFTING MARKET
A home that might have sold for over list price in less than a day with multiple offers a few months ago, even with bad iPhone photos + monstrous dust bunnies under the coffee table, is going to need a little more love now that we are feeling a market shift, seeing increased Days on Market, and inventory is growing. Make sure that you are doing absolutely everything to get the right eyes on the property. it's time to get back to basics and put a little more time + money behind your listing.
Here is a list of action items that might give your listing that extra little oomph (or a little energy shift) that it needs to get as many showings as possible and hopefully find its new owner — of course, not everything on this list will be appropriate for every property in every market, but even if you can take one or two of these ideas and give them your all, it’s better than just avoiding your seller’s phone calls and watching those days on market pile up, right?
Before You List:
+ Price it right. A shifting market is not the time to push the price - the list price should be a round number, on a price break, right where you think the home is going to actually sell + hopefully appraise.
+ Set seller expectations. The market is showing signs of a shift. Average days on market have gone up, showings have slowed, and seasonal buyer fatigue has set in. Make sure your seller is aware of these factors.
+ Coming Soon. You have 7 days to promote your listing before it goes Active...don't waste this opportunity. Enter it as CS in the MLS and put a sign in the yard with a Coming Soon rider.
+ Bring a stager in to tell the truth: simply rearranging the furniture can change the energy of the house, but sometimes it needs a full stage. Unless your clients already have their place looking like a model home, it will likely benefit from staging.
+ If staging isn't possible, does it need at least need some younger/more mature, fresh/seasonal elements/accessories to attract a new demographic? Is it feeling dusty, tired, too trendy or somehow inappropriate at this price point in this neighborhood?
+ Virtual Staging is also an option! Check out BoxBrownie.com
+ Make sure the home is as clean as possible. Pay someone to make it sparkle, smell good + shine.
+ Don't cheap out on photos: hire a pro. Seasonal, twilight, daylight + drone photos almost always help a listing stand out online. There is nothing more important than awesome photos when it comes to Real Estate marketing.
+ Add floor plans to the listing photos so that people can get an idea for the flow of the rooms. This is especially important if you are competing with new construction or have a floor plan that is unique or has been changed through remodeling that might not be obvious from the photos.
+ Add neighborhood photos so that people viewing online can understand the vibe of the community. There is plenty of space to include photos in addition to those of the property itself.
+ Write an amazing property description. Tell a story. Don’t just list the features — convey how it feels to live in the home and in the community. If you need help with this, let us know, we are happy to edit/write your descriptions!
+ Don’t skimp on signage. If it’s possible to install a second yard sign, a second condo window sign, or a banner on a fence facing a trail or busy street, do it.
+ Add your listing to local Broker-only Facebook groups, including Low Inventory Support Group, Denver RE Coming Soon - Agents Only, Coming Soon in West Metro Denver, etc, Moving to Denver, etc - make sure to input it in as many places as are appropriate for your listing.
After 1 Day/Weekend On the Market:
+ Send out a strategic + comprehensive Reverse Prospecting email - ask agents WHY they aren’t showing the property to their Buyer Match Clients, and make sure to provide all of the information needed to set a preview or showing.
+ Change the main photo on the listing to something completely different — and do this every day. Sometimes consumers who have been browsing the listings daily and passing yours by will take another look if they see a new photo pop up!
+ Decorate the exterior of the house for the season. Flags for Labor Day, pumpkins for Halloween, holiday lights for the winter. Go over the top so that people will stop and notice.
+ Write blog posts and/or social stories/posts about the neighborhood, local restaurant reviews and upcoming community events, and find ways to tie in links back to the listing post on our blog.
+ Dig into your own database to find a Buyer. Go through each name on your list and picture them moving into your listing. Would it be a good fit for them? If so, reach out and start a conversation about whether they are thinking about making a move!
+ Hold open houses regularly. It’s amazing how many people don’t bother to schedule a showing, or who aren’t working with a Realtor, but who might be interested in your property. (Make sure that all OH's are on our spreadsheet so they appear on our weekly OH map!)
After 2 Weekends on the Market:
+ How about a Broker Open/Open House Special Event or Tour? Coordinate with other nearby listing agents + give away a gift card, Airbuds, Apple Watch or some other item of value and invite all local agents using targeted prospect lists + FB ads. Message the agents you know and ask them to attend; they need to see the house to sell the house! (Our Creative Team is happy to create collateral for this that includes all of the listings, and we will help you promote it!)
+ Create a lifestyle video to highlight this amazing home’s best features and also serve as a long-term marketing piece for you.
+ Is it time to start thinking about possibly renting the house out? If this is a possibility/necessity, start listing it as for sale/possible lease and list it on all of the rental sites. You never know, someone who is thinking that they need to rent first might fall in love with it and buy it anyway.
+ Take a fresh look at the comps and your pricing strategy. Is the feedback/lack of showings indicating that it is overpriced?
+ Bury a St Joseph’s statue. Burying a statue of St. Joseph is a traditional and popular practice people often resort to when trying to sell a house.
+ Clear the energy of the property. Smudging is a symbolic exercise found in feng shui practice, many Native American traditions, and alternative healing practices. It involves burning selected herbs, usually sage (which is easy to find at stores like World Market or Whole Foods) or other materials in a manner that fills the home or other space with the fragrance of the smoke, and it is thought to clear negative energy.
+ What does the feedback say? If Buyer Agents are saying things like the layout is awkward, there isn’t enough light, their buyers need a home office, etc - there may be easy ways to overcome these objections with just a little work or money and a bit of creativity.
