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Why Most Agents DO NOT Pre-Market Real Estate Listings
I suspect the primary reasons that agents don’t pre-market real estate listings correctly are that they have not been taught of its importance, they do not want the extra work it requires, or they do not have the resources it takes to do it right. Regardless, do not hire an agent to sell your home until they fully explain how they will aggressively pre-market your home!
Now if you are a wise reader questioning the value of pre-marketing during a hot seller’s market, then consider this:
Does Apple “surprise the market” and announce they have a new phone for sale? Does Mercedes put cars on lots as their first notice to the public that the new models are out? Does Intel keep quiet on their new chips until after they have been released? NO! No! and No!
Technology (specifically digital communications technology) allows us to get the word out BEFORE a product hits the market. This creates anticipation, but it also brings more buyers to the table at the same time. When a home hits the market without a strong per-marketing plan, only the hyper-vigilant buyers know about it right away. And they make offers right away before everybody else hears about the home.
Do you really want to restrict your marketing reach to just hyper-vigilant home buyers?
Smart sellers use pre-marketing to ensure that the buyer who is willing to pay the most for the home knows that competition for the home is fierce. Now, let’s go back to the beginning of this article, where the seller who had 3 offers left $25K on the table. How did that happen?
The home in question was one that could have generated as many as twenty offers from buyers. Now, twenty offers create a lot of extra work for the real estate agent (when compared to three offers), but it’s absolutely beneficial for the seller for several reasons:
- Listing agents are people. Busy people! Some agents prefer to deal with fewer offers to keep things “manageable.” Sellers should not want “manageable,” they should want chaos! Two offers is better than one! Five offers is better than three. Twenty offers is better than five! One hundred offers is better than twenty! You get the point, right? For home sellers, more offers equate to more money.
- Not all offers come from viable buyers
- Not all offers have the most favorable terms for the seller
- Not all offers are written by experienced agents (sellers have to trust what they’re told by the buyers’ agent)
- A good listing agent will work individual pieces of offers against each other. They will tell one buyers’ agent “we’ve already received a cash offer” while telling another “another buyer has removed all contingencies from their offer.” We combine the terms of one offer with the terms of another offer to get the most motivated buyer to make the strongest deal possible for the seller. None of this is possible unless you create a buying frenzy.
Pre-marketing a home is almost unheard of in real estate, yet it is no different than treating the home as a new product with a well-published launch date. I have found that sellers who allow us to pre-market the home for at least two weeks get the strongest offers when they hit the market.
Remember, it is critical for home sellers to avoid surprising the market by starting the process of selling with a listing in the MLS. And speaking of the MLS, a coming-soon listing in the MLS is only a small subset of the pre-marketing plan. It alone does very little to pre-market a home.
Pre-marketing a home gets the word out en masse prior to a home hitting the market, alerting as many prospective buyers as possible to its upcoming launch date. These buyers will see and feel each other’s presence and a feeding frenzy ensues. It is this feeding frenzy that brings the extra money to a home seller’s top and bottom lines.
Avoid the mistake of surprising the market, it will put (more) equity in your pocket when you finish at the closing table selling your home. It is not common to find a real estate agent who pre-markets properly, so put in a little extra effort finding your agent and you’ll be glad that you did!
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