I was speaking with a home owner in the Tallahassee real estate market yesterday who was very frustrated that she could not sell her home. She has had it on the market for over a year and was now considering my company for the job of selling the home.
The first thing that I shared with her is that she is not the only frustrated homeowner in Tallahassee, and for that matter, she does is certainly not the only frustrated homeowner in the US real estate market. I really felt for her and wanted to try to end her frustrations.
If you have been reading the Tallahassee Florida Real Estate Blog for a while, then you are aware that our nation is suffering through a very tough real estate market right now. Inventories are rising in all but a select few markets and frustrated homeowners are having to lower their asking prices. So, in short, there are no “painless” solutions to the housing problems until inventories return to a more balanced level. So what should my frustrated homeowner do?
If you are a frustrated homeowner, I will tell you that the market is what the market is. Period. Many homes are still selling and yours can sell too if you make the right decisions. In order to simplify what needs to occur, let’s take a look at some basic marketing principles…
- Product Mix – When we market your home, it needs to stand-out from its competition. Buyers have a lot of options today, so make sure that your home is clean, groomed, and in its top condition.
- Distribution Mix – Unless your home is a movable mobile home, there is not much we can do to affect distribution. It is where it is. We can “promote” the benefits of its location and the actual home site that it resides upon.
- Pricing Mix – This is Your Job in the marketing of the home. You select the price that you ask, but buyers determine its value. Make sure you price it at or below current values (yes below, because prices are dropping right now and if you are high, you will not sell your home).
- Promotional Mix – This is My Job in the marketing of your home. Just putting a sign in the yard and putting it in the MLS is not enough. I cannot imagine handling this job without the benefit of my Century 21 brand. We are able to expose our Sellers’ homes on theInternet and in offices around the world. Does it matter? Well, in a market where buyers are scarce, I am excited to be working with buyers from numerous countries right now.
As you can see from basic marketing, the actions to convert you from a frustrated homeowner to a former homeowner is rather simple. Clean it up, price it right, promote it worldwide, and it will sell.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.