Why would you use a pending sign? A lot of REALTORS use a pending sign because they want to encourage people to list their home with them. And they want to show off to the marketplace that their marketing actually worked.
But a pending sign can actually be the worst possible thing you can do for your marketing.
Because when homeowners in your neighborhood see your listing go up, that's when they're most likely to call you and be curious about the home. The pending sign can help a little bit, but you're going to miss out on the most qualified buyers you can have.
And I'll give you a classic example:
My wife and I have identified an area of town we want to live in called Echo of the Pines. It's a beautiful area with some nice homes in the neighborhood but very few homes come on the market. The other night when we were driving home, we saw a new for sale sign. As a REALTOR, I get all these alerts, but they become noise and I tune them out....
We see so much marketing that is irrelevant and meaningless — it doesn't resonate with anybody. It's trying to be ironic, cute, and Instagram perfect.
But nobody really cares so these marketing gimmicks fail.
What do our potential clients care about then?
Learning something new — which will always make them stop dead in their tracks and consider your message.
That's the basic idea behind my "Educational Marketing" strategy.
Now let's think of it in terms of real estate:
Not everyone has an interest in real estate. Buyers and sellers usually only get interested right before they're ready to sell their home or buy a new one.
So when a buyer starts to think that they should buy a house, that's when they start to look at all the terms and processes around real estate. Or when a homeowner gets interested in selling, that's when they suddenly get tuned into the market conditions.
That's the power behind using "Educational...
One question we always receive as REALTORS is - What's going to happen next? What's the crystal ball for where prices are going over the next 12 months?
According to the NAR, Zelman, Realtor.com, Freddie Mac, CoreLogic, Fannie Mae and the Mortgage Bankers Association, the average of all those top industry insiders and economists within those groups, their prediction for the next 12 months is that we're going to see appreciation at 3.9%. You might think that sounds low. After all we just went through a year where we had double digit appreciation and in many markets we saw appreciation as high as 15-16% . Why would this group of economists predict such a low number when most of us would reasonably expect it to be double digits or high single digits (at the very least).
The reason is I think those economists know something - When you have a low supply and high demand, what happens? Prices go up. When supply increases, it puts pressure on...
My friend and superstar REALTOR Adam McGrew recently shared a unique concept that he uses when talking commissions with sellers. He focuses his script around what the competition is offering and how the seller can be more competitive in the market.
His first step is to print a map of the area along with a list of properties that are currently for sale near the new listing. He then researches the compensation offered to buyers agents and highlights this information in his presentation. Next he asks the seller a simple question "So, you do want to be competitive, right?"
Not only do most sellers want to match the current compensation offered to buyers agents in the market, many want to incentivize buyers agents and encourage more showings by offering a higher compensation percentage.
Watch the video for more details...
We know the number one reason why a home will or won't sell is the price. It's our number one marketing tool. But beyond price listings often fail to sell because of other key factors including how the home is marketed to the public.
As the market changes the importance of marketing and merchandising listings is becoming critically important. One technique that can provide a relatively inexpensive solution to making your listings more attractive is virtual staging.
Virtual staging can help generate showings and offers by allowing buyers to visualize the home in a more appealing way and give them ideas on how they can transform they home after they complete their purchase.
Watch this quick video as Jim demonstrates Virtual Staging photos along with recommendations for companies that offer this unique service.
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