So I got my salesperson license a couple of years ago so I could control any deals I came across. I have a friend who would like me to sell his house, and I have never listed or sold a property before. What advice recommendations tidbits of information can any agent give me on the best way to advertise a house I am selling. I'm realtively sure I will be listing it on postlets but other than that I am at a loss. Any and all information would be greatly appreciated thank you very much.
No amount of marketing in the world will sell an overpriced listing.
If you get it listed at a good price for the market and your friend cleans it up on the outside and inside then your marketing efforts should pay off in some offers from buyers.
If your friend starts off high ( they all like to usually ) only go maybe 5% or less above the current sold's in the last month and then have built in markdowns for the listing contract.
Make sure co-op is great to buyers broker/agent to drive traffic to the property.
I usually turn to youtube in these scenarios - "How to market a new listing" should turn up some good results! :)
MLS, Postlets, craigslist. Make sure you follow up on the major sites that postlets syndicates to like Zillow to make sure that the info is accurate. Get professional photos and video. (Have a professional take the video if it's a high end home.) I've used agentmarketing.com to generate a website for my property. I got access through my mortgage broker. I don't know how effective my website was because you have to promote it to drive traffic to it.
You can promote your listing in Facebook. You can "boost" your page, set a budget for your advertising and target specific demographics.
Some people like to send mailers or drop off fliers within a few blocks of the house you're selling hoping to reach neighbors that would like friends or family to move into the neighborhood. You can door knock these neighbors as well. If you don't find a buyer this way, at least you'll have a chance to prospect for new clients.
P.S. I agree with pricing it well. All your efforts will be wasted if you price the house too high. It will sit there and become stale. Listing it too low is not as much as a problem since adjusting the price upward doesn't have the same negative effect as bringing it down.
If the house is in great condition and priced right it'll sell. Just throw it on the MLS, let the MLS feed to all the other sites, send a message email to all the agents in the area and it'll be gone. But, again... it has to be in GREAT CONDITION and PRICED RIGHT.
Lots of good tips here. If it's in a good market, priced right, and shows well then it will sell. It will also benefit you to pay for professional photos as that's usually your first impression on other agents and potential buyers.
I think keys are a successful listing are:
1. Price - the best marketing in the world doesn't do much for an overpriced listing
2. Photos - they should be clear and from a good vantage point to show the rooms
3. Condition - don't go crazy on landscaping, but pay attention to "curb appeal"
4. Description - point out the best features, but don't oversell
Before you list in the MLS, I would pre-market with other Real Estate agents. This may should help with initial traffic it also should give you a chance to get some feedback on the price and possibly any repairs/updates that would increase interest.
@George Moehlenhoff There are only 3 reason a house doesn't sell. Price, Location, and Condition. If the home is in good condition, and in a desirable location (not in the slums, low crime rate, etc) then really the only thing in your control is the price. When I price homes, I think of it in the following example.
If my comparative market analysis tells me the home is valued at $100k, this is how I sell it.
If I price the home too high at say $130k-$140k then the exposure its going to get are from people looking in the $130k-140k range. When you compare the house to other homes that should be valued that high, your $100k house will lose every time. Also, people that are looking at homes priced at $100k aren't going to see your home because they can't afford it. So when you price too high, you lose out on the buyers in the price range you should have been in.
On the flip side, if you price your $100k home too low in say the $75k-80k range, you'll be missing out on profits because the home will be undervalued, and you can assume the buyers are going to put in a lower offer than that as well.
The objective is to find out what the home value should be, and price it accordingly. If you have a $100k home, and you price it near that range, you'll either get close to what it's worth, a little bit more than what it's worth, or best case scenario you will get multiple offers and that will drive the price up higher than expected.
Hope my examples made sense and were easy to follow. I tried to do basic numbers to make my point, obviously every home is different. Good luck!
Are you sure you doing your friend a favor? You have never sold a real estate befor. You might want to leave it up to a professional. If you mess up the contract it could cost you your friendship.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!