6 October 2008

I Sold My House on One of the Worst Financial Days Since Black Monday

Yes we finally sold our home and are out of attorney review after: 100+ days on the market, 2 price reductions and a price 5% below ask. This was one wild ride, but we are now officially STRONG buyers with a contract in hand, pre-approved and ready to find our new home. I thought it would be interesting to share our selection process for finding our seller’s agent as it turned out to be very critical in our house selling at all in these economically challenging times.

Below are the 10 Web marketing-related questions we asked prospective listing agents when we put our house up for sale:

1. Do you syndicate your listings to Web sites like Zillow, Trulia, Yahoo!, Google base, etc.?

2. Will you be doing video or an interactive floor plan tour?

3. What is your natural search ranking for our city/town and county?

4. What local keywords are you buying?

5. Do you have a blog? If so, will you be blogging about my listing?

6. Do you have a blackberry or similar device that can send and receive emails?

7. Will my listing have its own Web site?

8. Do you do any outbound email marketing? If so, how do you source email addresses from areas that are most inclined to move to our town for prospective buyers who have families or are looking to start one?

9. What social media/networking sites/tools do you use to prospect?

10. Will you send me automated MLS listings in my price range and area so I can track the competition?

To say we went through a number of agents to get the right answers would be an understatement. In this market you need ensure you have every competitive advantage possible. I wanted our home to receive maximum marketing visibility and make sure our broker was attentive and responsive.

How many questions could you answer “YES”?

11 thoughts on “I Sold My House on One of the Worst Financial Days Since Black Monday

  1. Yarrow, thanks for your comments. Even in this market I am glad that I can be a test case for the the new era of real estate buyers and sellers. I have enjoyed sharing my experiences and using those to shape the future of Better Homes and Gardens Real Estate Interactive Marketing strategy.

  2. Great article Jason. It is eye opening how much thought, time, money needs to be put into technology, social networking etc. Then the thought of keeping up with all of these tools as they evolve. Potential BHG brokers can feel comfortable that the BHG team has a laser focus on these issues and how it effects the real estate process.

  3. Thanks for your comment and link! It definitely is our focus at Better Homes and Gardens Real Estate to challenge the conventional marketing approach to buying and selling real estate. Technology, Web Marketing and Social Media/Networking are an absolute must have in today’s RE market.

  4. Jason – although BH&G wasn’t around at the time – I went through the same process. (I would have used BH&G had the timing been right!)

    I had a home I was selling less than 2 years ago, and it was when the market first hit a downturn, with no indication of where it would go. Inventory was building, etc, etc, and everyone seemed to be an expert and have answers.

    My husband and I ended up looking at the comps for sale and the recently sold in our area, and priced $20K below. It was off the market in 35 days, with no price reduction. In addition, it was December 4 when we accpeted the offer and we closed just after new years!

    So – it goes to show that even at traditionally tough times during the year to sell (even in good years), there are buyers out there! People just need to have realistic views of what they are selling, what the market will bear – and they need to work with strong, trusted sales associates from companies like BH&G, who can add value from pre-listing, through post-sale.

    Great blog with great points you raised. Keep em coming!!

  5. Kristen thanks for the comment and encouragement on future posts.

    All I can say is that PRICE is the ultimate marketing vehicle. I might be giving away my next post, but we put an offer on a house last Friday and are in attorney review right now. The interesting part is that the house we bid on was on the market for 3 days! The key was the pricing, it was below market and they had nearly a dozen showings on the first day alone.

    Stay tuned.

Leave a Reply