5 Real Estate Listing Steps to Boost Success in 2017
In our first blog we covered the first three steps to ensure a successful listing:
Understanding the Seller’s Exit Strategy
Preparing the Property
Creating a Stellar Online Impression
With help from Mary DeLaLeurs, Managing Broker/Owner of TORG Realty, Inc. we'll move onto the final two steps: Getting Social and Showing Management.
Step 4: Getting Social
Like I mentioned in the first part of this blog series, buyers go online first before contacting a broker so getting social plays a key role in today’s market. While the prevalence of online searches is undisputed, here are some interesting facts about how connectivity has impacted buyers:
The largest transportation provider in the US doesn't own a single car. (UBER)
The new largest hotel company in the world doesn't own a single hotel (Airbnb).
Amazon just passed Wal-Mart as the nation's biggest retailer (and, much more valuable) and they don't own a single store...
With these statics, it is obvious that social media and an online presence play an essential role in all businesses including real estate. The times of putting a property on the MLS and hoping it sells are over. Reaching the Millennials (people between the ages of 18 & 34), which consisted of 32% of all home buyers last year is critical for your marketing since they have been reported to search social media sites prior to contacting a broker. One tip I can share that has worked well for me has been to “friend” my seller on Facebook so they can share the link to their sphere of influence. By doing this I can have constant, near-real-time communication via Messenger and the sellers can see the interest level of people by the amount of “likes” and shares”.
The “network effect” is very real and you can even find a buyer from someone they are already connected with. When a person sees a post they are interested in, they share it to their peers. Just by doing this you can reach hundreds or even thousands of people with the click of a button. In addition, I feel that buyers start their search on social media sites prior to going on dedicated real estate apps such as Zillow and Redfin because their natural day-to-day activities are on social media sites. Increasing your exposure on social media sites should decrease the listing time of the property which results in obtaining an offer quicker.
Step 5: Showing Management
Now comes the time for showings! You’ve spent all this time preparing and listing the home now is the time to shine. I always educate my sellers on the importance of allowing showings because getting as many prospects through the door will increase the chance of getting an offer. The more flexible the sellers are with showings, the greater the chances of getting an offer quickly assuming the property is priced appropriately.
The first week on the MLS is critical and agents should treat it as such - after all, there is a direct relationship between how long a listing is on the market and the ultimate closing price. The longer the home is on the market the more the closing price drops because buyers think “something must be wrong with the property.” For example, let’s say potential buyers have been looking in your area for the last 3 months. They have seen all the properties in your area and they still haven’t found what they are looking for. When your new listing comes up they immediately contact their broker to set up a showing only to find out the times they are available, the sellers are not willing to accommodate. This creates the assumption that the sellers are not serious about selling their property and more than likely the buyers will move along to the next new listing that hits the market.
Brokers should be very clear about the showing schedule on the MLS - set days and times that the home is available for viewing. Balancing the seller's schedule while maximizing the opportunities for showings is tricky however, is critical for a successful sale.
If you find the property isn’t getting many viewings or offers in that first week this could be an indicator that it’s not priced appropriately based on the condition of the property or the area. Further, make sure to reach-out to agents that showed the property to their buyers and get feedback so you can improve or modify your strategy with the seller. Feedback in writing is the best form of communication as it can easily be shared with your seller. A good old fashion phone call can also get you the feedback you are looking for on the buyer’s likes and dislikes.
We hope these insights help you with your listings in 2017 and beyond - please let us know if any questions!
Download the "5 Steps to Listing Success" eBook today!
-Leslie and Mary
Leslie Lemons, Owner of Leslie Lemons Photography
Mary DeLaLeurs,Managing Broker/Owner of Torg Realty, Inc.