It’s a perfect time of the year to write about how to sell your home. Many people are feeling nervous about the economy and the impact it has had on pricing.
It would be manipulative and inaccurate to say that prices are booming and buyers are plentiful – property prices have dropped, especially in the luxury market (in some cases by 20% or more). Buyers are hesitant when making offers as they do not want to overpay and many expect prices to decrease as the year unfolds.
I have written many articles criticizing real estate agents and brokers who insist on placing advertisements everywhere, costing vendors thousands of dollars. Real estate agents with zero evidence of the success of their proposed strategy to market a home have convinced owners to place advertisements in agency magazines, local, regional and national newspapers. But what have they been advertising, the property or themselves? In most cases the answer is themselves!
We have experienced technological advances in terms of marketing and advertising with the advent of the internet which has revolutionized what is possible – all costing very little. The National Association of Realtors in the US has estimated that as many as 95% of purchases find their new home by internet searches – not newspaper or agency magazine ads.
If you want to sell your home in 2009 make sure you are tough when interviewing the real estate agent or broker and ask them to produce evidence that their strategy will work. A promise or an answer that it has worked in the past is not good enough – you are spending your hard earned money and you deserve proof that you are actually marketing your home and not the agent.
A good marketing campaign should cost no more than one to two thousand dollars in most cases. If an agent or broker suggests something outside of these parameters alarm bells should ring loudly – do not be the sucker that was ripped off yet again!