MARKETING ∙ ON THE MARKET ∙ PRICING ∙ FAQ ∙ GLOSSARY
Marketing
// Staging
Staging is one of the most important and effective ways to market your home. We learned this through our many years of listing homes and took it upon ourselves in invest in our won inventory of furniture which we use for all of our listings. We personally work in your home with our own supply accessories, linens, art and rugs.
// Photography
// Professionally Designed Print Materials
All of our photoshoots are directed by a professional photographer with a careful eye as to how the photos and styling will be conveyed on the property website, social media, home search apps, the MLS, and thousands of other websites across the Internet.
We personally design our own print materials. We no longer call it a brochure, it’s a booklet. Your property will be featured in its own booklet that is at least 6 pages and will include as many photographs as possible, floor plans, and local amenities. We will add pages as necessary. We take great pride in constantly staying ahead of our competition with creative layouts, graphics, folds and design.
// Property Signage
// Internet Strategy
It’s more than just a sign in your yard. We label your home with “value point signage”. We design and have signage professionally printed so that it is branded to your property and is easily seen and recognizable by guests. And yes, we will put a sign in your yard with a rider for your property website, too.
As buyers have increasingly gone on-line, we have worked hard for over a decade to create the most distinctive and most comprehensive online marketing program in the business. Our listings are showcased not only on websites, but social media and email, as well. Your property must be easily found online and without any barriers to viewing the information or photography.
// Social Media
Our intention with social media is not to target just individual buyers, but those who might bring a buyer to the property – agents, neighbors, fans of businesses in the area. By targeting those who are connected to shops, restaurants and other businesses, as well as organizations, through social media, we can expose your property to prospects who already enjoy the area.
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Your property website
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DistrictResidential.com
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MRIShomes.com
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Realtor.com
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Trulia.com
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Zillow.com
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Yahoo.com
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Facebook.com
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Craigslist.com
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LinkedIn.com
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Instagram
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…and globally via IDX feed to thousands of sites.
On The Market
// On-Market: Week 1
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Input property in Multiple Listing Service, complete with photo captions, virtual media, and floor plans
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Email 4500 local agents
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Launch property on RLAH’s network and social media
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Brokers’ Tuesday tour open house – 12:00 am-12:30 pm
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Public open houses – Saturday and Sunday
// On-Market: Weeks 2-3
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Private showings
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Follow-up with brokers and potential buyers
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Provide status updates from open house and showings
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Open house email and Craigslist advertising
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Public open house – Saturday or Sunday
// On-Market: Week 4
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Review competitive properties, market conditions and trends
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Review and revise marketing plan and pricing strategy, as needed
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Re-order photos on MLS and website; freshen copy
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Private showings
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Follow-up with brokers and potential buyers
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Web updates for open house
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Open house email and Craigslist advertising
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Public open house – Sunday 2-4 pm
Pricing
The list price of your home is always your decision. In our conversation, we will arm you with recent, comparable sales (the past 6 months, as this is what the appraiser will use) that reflect a similar square footage, bedroom and bathroom count and condition. Note: the key word here is “similar.” We will find a range of properties, view them objectively, make allowances for the differences, and determine our best recommended price in order to generate the most interest for your home.
10 out of 10 homeowners view their property as more valuable than the highest priced sale in their area. The danger of over-pricing a property is that it can ultimately lead to a lower-than-market sale price after sitting on the market for an extended period. The market will react more quickly to a property priced at a fair market value, or even slightly lower. If a property is underpriced, the market will correct, just as it will if we are overpriced. An underpriced property that is not effectively marketed will likely only achieve the list price. We always want to create as much activity as we can in order to create a micro-market for the property and ultimately, a competitive, multiple-offer situation.
FAQ
Q: How are real estate agents paid?
A: Real estate agents (and the brokers with whom they are licensed) are usually paid a commission. A commission is a fee, often calculated as a percentage of a home’s sale price, paid to a real estate broker. The broker then divides this fee, sharing it with the real estate agent and cooperating broker/agent (if any) in the transaction. An agent skilled in marketing, negotiating, and in closing the transaction often can make you more money than the fees you pay them. By law, there is NO set commission schedule for real estate transactions. However, a common fee is 6% of the sale price (split 3% to the listing agent broker and 3% to the selling agent broker). Your listing agent will be happy to discuss sales commissions in more detail and answer any questions.
Q: How are buyer’s agents compensated?
A: It used to be that seller-only agency was “customary” in residential real estate. The real estate commission was thought to be paid by the home’s seller, deducted from the home sale proceeds at the time of closing. Real estate agents and brokers represented the interests of the property’s seller; the buyer was unrepresented in the transaction – and usually not even aware that this was the case!
This “conventional wisdom” changed across most of America, during the 1990s: without buyers, nothing sells. The real estate commission is derived from the proceeds of the home sale, and is really paid by both buyer and seller. Both parties are entitled to an “agency relationship,” and the representation it entails.
With the advent of buyer agency, homebuyers are now able to be fully represented by a real estate agent in the purchase of property. In most states, it’s rare that buyers would pay their agent/broker directly for services in finding and purchasing a home. If a broker does charge buyers a direct fee, it should be outlined in an exclusive agency agreement that the buyer signs when engaging the broker.
When a buyer is represented by a real estate agent, she/he comes to terms on which services the buyer-client is seeking, and the manner in which the agent will be compensated for providing those services. In most cases, a fee or commission is still derived from the seller’s proceeds of sale, and shared between the seller’s (listing) and buyer’s (selling) agents and brokers.
Q. What typically goes into a listing agreement?
A. The listing agreement is between the real estate company and a home’s seller. Think of it as your legal instructions to the people who will market your home and represent you in its sale. It must include beginning and end dates for the term of the listing, the conditions to which you, the listing agent and the real estate company agree, and a price (usually a percentage of the eventual sale price) you’re willing to pay for services rendered.
Q. How important is the condition of my property to its sale?
A. The answer to this question depends upon your priorities. Are you hoping to extract the maximum sale price for your home? If so, condition and appearance can both be very important. If, however, you’ve let “deferred maintenance” catch up with you, your priorities may be different. You may wish to sell your home in “as is” condition, allowing its buyer to repair/replace items as she/he sees fit. In this case, your ultimate sale price will be less than what the same buyer would be willing to pay for your home in mint condition.
Q. Should we leave our home when showings (or open houses) are being conducted?
A. Generally speaking, yes. If it causes you no undue hardship, it’s easier for a real estate agent to show your home without you present. The agent is better able to “demonstrate” your home’s features and benefits, painting a realistic picture for the buyers to envision themselves living there. Your absence will also allow your prospective buyers to focus on the house and its attributes – rather than on being polite to you.
GLOSSARY
Q: How are real estate agents paid?
A: Real estate agents (and the brokers with whom they are licensed) are usually paid a commission. A commission is a fee, often calculated as a percentage of a home’s sale price, paid to a real estate broker. The broker then divides this fee, sharing it with the real estate agent and cooperating broker/agent (if any) in the transaction. An agent skilled in marketing, negotiating, and in closing the transaction often can make you more money than the fees you pay them. By law, there is NO set commission schedule for real estate transactions. However, a common fee is 6% of the sale price (split 3% to the listing agent broker and 3% to the selling agent broker). Your listing agent will be happy to discuss sales commissions in more detail and answer any questions.
Q: How are buyer’s agents compensated?
A: It used to be that seller-only agency was “customary” in residential real estate. The real estate commission was thought to be paid by the home’s seller, deducted from the home sale proceeds at the time of closing. Real estate agents and brokers represented the interests of the property’s seller; the buyer was unrepresented in the transaction – and usually not even aware that this was the case!
This “conventional wisdom” changed across most of America, during the 1990s: without buyers, nothing sells. The real estate commission is derived from the proceeds of the home sale, and is really paid by both buyer and seller. Both parties are entitled to an “agency relationship,” and the representation it entails.
With the advent of buyer agency, homebuyers are now able to be fully represented by a real estate agent in the purchase of property. In most states, it’s rare that buyers would pay their agent/broker directly for services in finding and purchasing a home. If a broker does charge buyers a direct fee, it should be outlined in an exclusive agency agreement that the buyer signs when engaging the broker.
When a buyer is represented by a real estate agent, she/he comes to terms on which services the buyer-client is seeking, and the manner in which the agent will be compensated for providing those services. In most cases, a fee or commission is still derived from the seller’s proceeds of sale, and shared between the seller’s (listing) and buyer’s (selling) agents and brokers.
Q. What typically goes into a listing agreement?
A. The listing agreement is between the real estate company and a home’s seller. Think of it as your legal instructions to the people who will market your home and represent you in its sale. It must include beginning and end dates for the term of the listing, the conditions to which you, the listing agent and the real estate company agree, and a price (usually a percentage of the eventual sale price) you’re willing to pay for services rendered.
Q. How important is the condition of my property to its sale?
A. The answer to this question depends upon your priorities. Are you hoping to extract the maximum sale price for your home? If so, condition and appearance can both be very important. If, however, you’ve let “deferred maintenance” catch up with you, your priorities may be different. You may wish to sell your home in “as is” condition, allowing its buyer to repair/replace items as she/he sees fit. In this case, your ultimate sale price will be less than what the same buyer would be willing to pay for your home in mint condition.
Q. Should we leave our home when showings (or open houses) are being conducted?
A. Generally speaking, yes. If it causes you no undue hardship, it’s easier for a real estate agent to show your home without you present. The agent is better able to “demonstrate” your home’s features and benefits, painting a realistic picture for the buyers to envision themselves living there. Your absence will also allow your prospective buyers to focus on the house and its attributes – rather than on being polite to you.