“No-one wants to be a seller in a buyer’s market.”
And who shall blame them? A Buyers Market is when there are more sellers than buyers, and an overall lack of confidence in the market. This affects pricing, and all aspects of negotiation. Home marketing for a seller is often a challenge, but when it’s a buyer’s market, they have to not only attract a buyer, they have to hang on to them, and do all they can to keep that buyer in the deal. That means giving, and giving, and GIVING! It can be ugly. Costly. And downright horrible!
However, for all those out there who HAVE to sell in a buyer’s market… it doesn’t have to be a money-losing proposition. Here are 3 tips on how to beat the odds, attract any and all buyers that there are, and make a great deal.
Tip 1 — Make sure your house is the Category Leader at your price point.
- That means, being the best value
- Put the home into mint condition – super clean, everything working and calm
- The home needs to shows easily and beautifully (with or without professional staging, remember to emphasize the home’s assets and create clear flow through each room so that potential buyers can see them.)
- Show a place for everything, and everything in its place
- Illustrate the lifestyle this home (and price point) enables
Tip 2 – Partner with the Realtor to Ace the Marketing
- Borrow a wide-angled lens camera and publicize the home with only terrific photos (remember 85 – 90% of all home buying searches begin online with people looking at… the photos!)
- Use all the spaces in the MLS listing form to identify and sell each room, under every photo
- Link the photos together into a slide show with music (email me, if you don’t know) and put that on the MLS
- Create a vFlyer (another low cost option) • Create a simple website of your address and add the more emotional selling features there — “the Things I will Miss Most about 194 Long Hill Drive” etc. in addition to the slide show, the vFlyer, the link to YouTube.etc.
Tip 3 – “Blitz” the listing
- Put the listing on every website that takes Real Property listings – Realtor.com, CraigsList, Trulio, Edgeio, Vast, Google, RealBird, Oodle, Lycos, IceRocket, etc.
- Put the slideshow on Youtube, and a piece with you and your family talking about the house
- Use viral marketing techniques — Facebook, for example – and offer an incentive. This is what internet people call an affiliate program , but what the rest of us call a referral fee. Remember it doesn’t have to be money. What else do you have of value that others would like? A tour of your office (if you work somewhere cool like MTV) tickets to a sporting game, a home cooked meal, babysitting, etc.
Bonus Tip – Survive “The Drive-By”
You need to make sure that your house looks the cutest, most inviting one on the block. Clean pathways, colorful flowers, symmetrical plants either side of a CLEAN welcome mat, a shiny metal knocker and glossy, freshly painted door! (Alright, one plant, if you only have room for one, but make sure it’s overflowing with lush plantings and colorful!)
Home Marketing in a Buyer’s Market is completely doable, and for a fair price so long as your house looks like it’s worth what you’re asking and it’s well marketed — i.e. fully and completely exposed to the marketplace.