Question for Fellow Realtors on the Listing Strategies in this market

[Angelo Chavez]

Hello BP Family, 

I've noticed a lot of properties sitting on the market a bit longer, which is pretty custom especially in this time of the year. I'm located in the DFW Market, and I'm curious as to what some of your strategies are for getting your listings off the market sooner in your specified markets. 

Are you offering Buy Downs? Sellers Credits? What creative tools are you using to getting your listings off the market in highly competitive areas and neighborhoods? I would love to know some of your tricks ! 

[David Dey]

Not a realtor but have been selling homes for 25 years.

Especially in a transitioning market, there seems to be an interesting occurrence.

You have a 4/2 2 car garage that you feel you have priced right at 299k. (You chose to keep it 1k under the 300k so you will still trigger the buyers that just meet the threshold, sound familiar?)

The problem is there are a hundred identical homes at the same price. 

So after sitting there for 20-30 days your advice is to lower the price, which is valid advice.  However, the issue is this is the same advice all the other realtors are giving their clients.

So how does one stand out?

While price most certainly is a factor, I have a few suggestions for you.

In the end buyers agents sell homes.  Reward them.  Encourage your seller to offer a buyers agent bonus.  (You can always include, “with full price offer” so there is room to pull it if they try negotiating too hard) 

Practical incentives:  credit for insurance, closing costs, buy down on interest, to even making the first *blank* number of mtg payments (with full price offers is a powerful statement while still instilling the emotional response.  This can actually end up cheaper than negotiation)

Unique incentives:  let’s say there are 3 identical houses in the same neighborhood, all for sale for the same price, but yours comes with maid service for a year. (with full price offer) Which one will stand out?

Other options:

Living room or bedroom set.

Cruise/vacation

Free gas for (blank)

Vehicle 

A friend of mine sold an investment property for a relatively reasonable price at our local reia. (He had offered the property for several months prior at the same price)

This evening he made his grand announcement. He was throwing in his F250 in to the deal for FREE!! The truck was used, reasonably nice with plenty of miles but he had a bidding war that evening and walked away that night with a contract that closed. (again *with full price offer leaves you the ability to keep or pull the offer)

The point is get creative.  People buy on emotions then justify with logic.

Look to who this house will sell to and tailor your bonuses to them.