Here is the scenario… the home owners at the heart of this story decided the time had come to sell their current home, and move into a new home on more land. Many people can relate to that goal. The current home is located in a community off of Route 208 in Spotsylvania County. This is a community with a homeowner’s association (HOA), and one in which the houses are fairly close together. This family decided they wanted a home where the neighbors were not right on top of them, and they wanted to be free of the HOA.
So, they made the decision to sell their home. Their next decision was which real estate agent to use to guide them through this process. They attend a pretty large church in the area, and there were several fellow church members who are real estate agents. A few of those real estate agents were considered to be pretty successful. They had a wide variety of agents and brokerages from which to choose, right in their church family.
They made a decision on an agent, and with high hopes they went on the market. They expected to have their home sold pretty quickly and were already envisioning themselves in their new home, enjoying their couple acres of land. But let’s fast forward 5 months. Now we find our sellers in pretty much the same situation as when they began. Their home still hadn’t sold, and they were pretty frustrated, frustrated with the process, frustrated with the agent, and of course they were disappointed. At this point the husband called our real estate team and asked to meet with us.
During this meeting, we discussed various aspects of maketing that wasn’t currently being done for their property. I emphatically advised them that real estate marketing matters. I advised them that it matters in how quickly their home gets sold, and real estate marketing matters in determining the price at which the home will sell. So, I would love to tell you that the story changed at this point. Sadly, it did not. Instead of trusting the sale of their home to our team, the sellers took the advice we had offered back to their existing agent and asked that agent to implement the marketing we suggested. So, let’s fast forward again.
Now they have been on the market more than 230 days, that is more than 7.5 months, and they still haven’t sold their home. They have dropped their listing price multiple times, because the problem HAS to be the price, right? Their frustration runs really deep now, and finally they have decided to move on to a different real estate agent, so they come back to our team. They are pretty desperate to sell, and fully expecting to hear us recommend yet another price drop.
We approached the situation like we do every home sale situation. We began with a very thorough analysis of the physical presentation of their home, and recommended one small change that would help net them more money from the sell. Then, we again explained that real estate marketing matters. Can you imagine their surprise when I recommended going back on the market at a slightly higher price than where they had previously been listed? From a very practical standpoint, they argued against raising the price because they didn’t receive any offers when they were listed at a lower price. But, in the end, they trusted us and agreed to take our advice on presentation and price.
About a week later they were ready to go on the market again. They made the small change to the physical presentation we advised to do, which was to paint one room in the lower level of the home. Then, we went on the market for $5,000 more than they had previously been listed.
Remember all the marketing changes we had recommended to this seller months ago? Yeah, we implemented all of them, from the professional photographer, to the video products, to social media marketing, the creative story ad and so forth. But, the story doesn’t end there.
Seventeen days after going on the market with our real estate team, I am happy to report that these nice sellers received a full price offer! A full price offer that is $5,000 more than they had previously been listed and after being on the market for more than 7 months. So, I ask you, don’t you think real estate marketing matters?
The sad part of this story is that it took the sellers 249 days on the market to do what could have been done in a mere 17 days. The time isn’t the only factor, obviously the failure to sell in a timely manner cost them money as well. The happy part of the story is that today they live in the home they wanted with no HOA and a couple of acres to call their own.