The OTHER Kind of Pre-List Interest (Hint: They’re Not Representing Buyers)

Which “Hat” is the Other Agent Wearing?

Well before a home comes on the market these days, good listing agents (representing the Seller) “prime the pump” with an aggressive, pre-list marketing campaign.

That includes using the new “Coming Soon” status on MLS; exposing the home to Edina Realty’s agents-only “Network One” (note: be sure to hire an Edina Realty agent!); engaging in various Realtor-to-Realtor networking at weekly meetings; and using targeted blast (email) and “snail mail” marketing pieces.

Plus, for a certain Realtor-blogger, showcasing the new listing on their blog post and with a Facebook boost. 🙂

Nibbles from Buyers — and Sellers (Huh?!?)

What happens next?

What I’ll call “nibbles.”

The vast majority of the time, they’re from Buyers’ agents scouring the market for anything new that might be a fit for their clients.

Which leaves the other motivation: listing agents of similar, nearby properties, who want to know how soon they’re going to have (more) competition.

In fact, depending on the inquiring agent’s area of focus, it’s possible for them to be wearing both hats (“listing agent” and “Buyer’s agent”) simultaneously.

Price Reduction Timing

Especially if the “Coming Soon” home and the one already on the market are close substitutes, and the currently “For Sale” home is languishing, the best time to reduce the price of the latter is before the pre-list home officially hits the market.

As I tell my selling clients, the best scenario is that the very similar house down the street just sold in 48 hours, in multiple offers, for (well) over ask.

If that’s not in the cards, though, I’d rather see the competing home sold – or at least “Pending” on MLS — before my client’s home officially debuts.

See also, “Nurse! I Need a Price Reduction, Stat!!“; and “Proper (& Improper) Purposes of Realtor Previews.”



from RSSMix.com Mix ID 8230700 http://bit.ly/2VvZAqH
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Estimating the Discount for a Busy Street (or Not)

Image
The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking for a rental property may see the location as a plus: free advertising! Of course, not all busy streets are created equal: depending on how far the home is set back; elevation differences; the individual home’s layout; and even landscaping and other topography, and the noise level/loss of privacy can vary significantly. Two Strategies Faced with so many variables, Realtors and Appraisers can always simply choose an average discount — say , 10% off. Strategy #2? Choose as Comp’s (Comparable Sold Properties) only homes that are also located on busy streets. Even better: the same busy street. Then, there’s no need to make any adjustment, because all the home...
Read more

“What’s the Highest Point in Hennepin County?”

Image
There sure seems to be some confusion on that, umm . . . point. I’ve now encountered at least three different properties — none close to one another — that all claimed that status in just the last month. For the record, according to Hennepin County’s website, it’s on Williston Road near High Point Road in Minnetonka — 1,131 feet above sea level. See also , “ Florida’s Tallest Point (and how to get there) .” from RSSMix.com Mix ID 8230700 https://ift.tt/2Pq1ndL via IFTTT
Read more

“Are You a Realtor?” “Why, Yes I Am!”

Image
“There Goes My Realtor!” Admittedly, the intended effect is for clients who see me in and around the neighborhood where I live (by Cedar Lake in Minneapolis) to see my car on the road and say, “There Goes My Realtor!” But, my custom license plate (above) is also a conversation-starter when I’m parked. Like today, in Linden Hills, where a builder who has an upcoming listing saw my car and asked if I was a Realtor. I know what to do from there . . .  from RSSMix.com Mix ID 8230700 http://ift.tt/2glixp5 via IFTTT
Read more