Recent COVID-19 crisis “stay at home” orders have up-ended traditional real estate activity. However, sellers still want to sell and buyers need new homes.
Virtual showings now become a primary tool for both buyers and sellers to overcome the COVID-19 challenges and accomplish their goals.
For instance, the video below is a walk through preview I did for my clients last week during a brokers open house. There’s so much detail, sense of place and flow of the design one can get from a virtual walk through that you can’t get with profession videos or even the best photos.
Working remotely with both buyers and sellers was a foundation of my business while selling luxury 2nd homes in Hawaii as most of my clients were remote. Some buyers went under contract “sight unseen” based on video walk throughs I shared with them, and then flew in for the home inspection. Of course, that was based on our strong working relationship and clarity of their vision for their new home.
Now is the time when you need a realtor with cutting-edge technology skills as well as experience and expertise. Let’s have “coffee” via Zoom video conferencing and discuss what’s going on in your local market and various strategies to accomplish your goals.
What’s the secret sauce to create the “buzz” and exposure needed to position your property in front of the right buyers, in targeted demographic areas? It’s strategic, or smart marketing. Please allow me to explain.
Traditionally, real estate selling falls into 3 P’s:
Place on the MLS (or generic posts on social media)
Put up a sign
Pray for an offer
In a hot sellers market, this minimalist approach might work. And unfortunately, that reinforces the mindset that it is effective. I understand the thinking of For Sale by Owners, because if this is all that’s done, in effect the house seems to be selling itself.
When the market starts shifting into more of a buyers market, the truth comes to light that this strategy simply doesn’t work. Even in a hot sellers market, it doesn’t yield the highest net from market activity.
For my seller clients I create a personalized strategy to position the property in its best possible light, tell the unique “story” of the lifestyle of the home, and create a specific marketing plan to position the property in various ways to targeted buyer demographics. That’s in addition to extensive marketing to both consumers and realtors in local market segments as well as networking with realtors nationally.
For instance, I had an opportunity to help the seller of a new construction condo in Queen Village that hadn’t sold after being on the market for more than 10 months. The objections were the size. Analyzing the market, I felt the asking price was competitive but we needed to present the lifestyle and target specific types of buyers where the layout wouldn’t be an objection.
I created a multi-faceted marketing plan and re-listed it at the same price. The marketing included:
Staging the two decks emphasizing the outdoor areas
New video under 1 minute for use on social media
Multiple Instagram and Facebook ads targeting working professionals, technology, medical and education industries and showcasing “work from home”
Telling the story of living in Queen Village
Geographic areas targeted outside of Philly included New York – where the buyers ended up coming from!
We had competing offers and got it under contract within the first 3 weeks on the market without lowering the price!
For a detailed analysis and marketing proposal targeted to meet your goals, please contact me today.
One of the most difficult decisions a seller needs to make is when to put their home on the market is when to sell. Putting too much emphasis on timing as opposed the appropriate price of the can be counterproductive and result in the property staying on the market for months.
THE TIMING FALLACY
It’s common to talk about real estate as a seasonal industry, suggesting that sales are related to the time of year rather than recognizing that any number of other factors can have a far greater impact than timing or season. No two years are the same and home sales can take place at any time of year.
Beliefs create reality right? And when agents tell their clients to wait until Spring, then that is when they will sell. However, homes sell throughout the year.
Each home and each micro-market are unique. It’s important to carefully analyze what’s best for you. We will analyze real buyer activity in your market, and choose the “bulls eye” for your goals.
This means that there are no hard-and-fast rules when it comes to the timing of a listing.
PRICING AND MARKETING
Pricing and marketing are the only two factors we can control. My job is to provide expansive, create marketing to make sure your home has the greatest possible exposure, to the best potential buyers.
How to get the highest offer in today’s market? Staging is not just furniture, it’s about telling a story that makes the right buyers fall in love. One of the mainstays of Main Line estate homes is a gracious library. Many of today’s luxury buyers no longer view a library as desirable. They look for technology based amenities, like Control 4 smart systems. Yet a library is a very positive feature if positioned creatively.
How to present the features and benefits of a library, but also appeal to modern luxury buyers? Staging can transform the area making it attractive to both traditional and modern luxury buyers.
Staging is not just furniture. It’s about re-packaging the property in the best possible way for today’s buyers.
How can we present your home to net you the highest price in today’s market? Let’s talk – I have solutions for you!
Whether you have one rental or many, check out the Top 5 tips to get top dollar for your rentals from Mike McNelis, CEO of The Philly Apartment Company.
1) Be Pet Friendly! This surprised me – but Mike explains over 60% of renters either have pets or want to have pets. Mike has suggestions to protect you regarding deposits.
2) Fix and Clean your Vacancy ASAP – sometimes landlords want to wait until it’s rented to paint. Mike explains that hurts your rental results. Do the re
3) Kitchen and Bathroom Renovations – these are areas where you can get a return dollar-for-dollar. New vanities, mirrors and light fixtures go a long way. As do stainless steel appliances.
4) Security – renters are always looking at security. Interior and exterior doors. Replace deadbolts and locks. It’s one of the things tenants look at first.
5) Be cooperative! – renters in today’s market have a lot of choices. Renters want to get to know their landlords. Be communicative and available. They want to know how to get in touch with you. That makes a difference when renters are weighing their options.
Contact me for my LANDLORD GUIDE and tips on how to maximize your investment properties for best results.