what is wrong with this MLS listing?

Question

Good afternoon BP!

Need your professional advice rehabbers!

I listed a rehabbed house recently, not getting the interest we're expecting. Obviously I did not do the comps correctly, so right now just trying different things to move this property.

Please check out the links and let me know what could be improved?

http://mredllc.com/SMyL/myListing/?id=MDk0Nzc1NzQ6...

And on zillow

https://www.zillow.com/homedetails/39615-N-Queensb...

Long story short, seems to me in that particular street the retail demand is low. In fact, I started using FB to reach out to potential buyers but not much success yet.

Here's the tread on that on fb ads

https://www.biggerpockets.com/forums/443/topics/31...

Any ideas or suggestions will be greatly appreciated. I plan to drop the price again next week. But before I do that, I wanted to hear what you have to say.

Kimberly H. · Answer

I agree with the others, the rehab work looks very nice but the pictures aren't good. I am always impressed with pictures done by a company in our area called VHT.  Also, you might consider some light staging like nice towels and candles in the bathroom, etc. to give it some color and warmth.

Jeff B. · Answer

The Zillow listing is great, but as you already know, your price seems high compared to others seen on that same page.

• you may be seeing price sensitivity
• a slow market

Can you consider going into a Rental?

Greg H. · Answer

@Chris T.

The first thing I noticed when I pulled it up on Realtor.com was the picture of the front of the house looked awful.  I would invest in some professional pictures as it appears that the competition around you has done so

The most glaring problem is the listings right around you:

A much bigger house with some decent new finishes for $239K.  Looks like a flip as well

A slightly smaller renovated house for $214K

Both of those have been on the market for a while.  Having no idea of the area or your numbers,  I would try to put myself at a number to make sure mine is the first one sold

Matthew Olszak · Answer

@Chris T. Spend the money on professional photos. Rewrite your description in a more exciting way and highlight the NEW features. It looks nice, but you need to have this listing POP so when a potential buyer is looking at yours and the others, they'll be excited and looking forward to see yours first. Print up spec sheets that highlight features that make your home worth more than the competition and get them on a table by the front door as well as in the MLS.

Do a video walk-through live on facebook talking up all the great features. Make it like 2 minutes max. Boost that on your fb business page to a small radius with the tagline "Who do you know that would love to be your neighbor in this home". Boost to a larger radius of people who are thinking about moving, home buyers, people interested in Zillow, etc.

Also, make sure all the online sites like zillow/realtor/trulia have the correct info. Have you gotten any feedback after showings?

Mike Cumbie · Answer

That would depend on what is big in your area. In mine I would go with Kodak/Xerox/Wegmans, possibly the Delphi plant. Not necessarily the place itself but the areas around them I can find a board to tack a flyer on.

If yours can stand on it's own against the others call the agents and setup all 3 to be open at the same time. Use each other to get more people. Know your advantages so you can sell them when people come in and ask about the one next door (Throw the little backhanded compliments). "Oh that's a lovely property, it's not fresh carpet and paint like this one though". "They did a great job, I don't know if it is worth the extra $1.50 a square foot, but a nice job". "What I really love about this property is the extra half car garage" (knowing the other 2 don't have that).

If the price is off make the adjustment now, market it too (20K Price reduction!). I know nobody wants to take that price hit but leaving it on the market at the wrong price is going to hurt it more in long run. Pull the bandaid off quickly and regroup.

Good Luck!

Chris T. · Answer

Appreciate the feedback @Mike Cumbie  In regards to targeting big employers, do you have any suggestions?

I did one open house last Sunday and probably attracted curious people. (Got more showings than I did the last 4 weeks) Unfortunately, my broker and I didn't do our comps properly on this house. Plus the fact that 2 other houses next to me are on sale as well doesn't help.

On the flip side, 2 other similar houses within 2 miles were sold within 15 days but with a different school district. So I highly suspect this is the case. I even tried asking if there's a way to change the district but I have to jump through some major hoops.

Mike Cumbie · Answer

Hi @Chris T.,

Without being all nitpicky, the house looks good and the pictures are acceptable. Doesn't appear to be any glaring issues (I of course will assume you know your market better than me when it comes to price).

Some thoughts to help move it affordably, put some flyers up at the local grocery store where the target demographic for it shops. I know flyers are old school but you only need the one spouse to take a look and say "Honey you got that promotion over a year ago and we still haven't upgraded, look at this one". Everyone looking finds them online, it's finding places for those who don't know they are supposed to be looking (my 2 cents). If there is a big employer in the area maybe target that.

Good Luck!

Chris T. · Answer

thanks for the tips @Matthew Olszak and @Kimberly H.

Matthew Olszak · Answer

@Chris T. I've used FB for various marketing and prospecting purposes having to do with real estate. I also wasted a ton of money in the beginning doing so making mistakes. I haven't used FB to market on the sell side, but the idea is the same and I've spoken with plenty of people who have. For me, a key was developing my audiences. Don't get too specific, try to exclude people instead of including certain groups. From there, what also helped a ton was adding an open ended question, and finding something with enough WOW that people would share it and/or comment (free aka organic reach).

Try out a site like listingstoleads to send your leads to instead of zillow. There, your lead can request more info which'll get sent to you and allow you to reply to them quickly and engage them directly vs. another agent who will show your potential buyer everything else on the market as well.

Matthew Olszak · Answer

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what is wrong with this MLS listing?

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