The dos and don'ts of selling in a slow market

By Melissa Wirkus

Everyone knows that selling a home in a slow market is a very hard thing to do, no matter how lovely your home is. Part of the key to success in selling during this time is the way you market your home.

The pictures you take and how and where you advertise your for-sale home are all essential elements of this process.
A recent article posted on about.com by Elizabeth Weintraub, “House marketing bloopers,” explains some of the most common mistakes people make when marketing their home and how to fix them.

“When real estate markets cool down, typically inventory increases and the number of buyers decrease. Slowing market conditions make it more difficult to sell homes, yet some homes still sell. So, why do some homes gets offers and others sit on the market? The answer has very little to do with the home itself, as I've heard real estate agents claim. More likely it lies within the poor quality of the marketing efforts. Here are mistakes I see sellers and their agents repeat over and over. Don't let it happen to you.”

One of the biggest marketing bloopers that many people make when marketing their home is by taking bad pictures.
“The job of a photo is to entice the buyer to want to see more of the home in person. It should not give the buyer a reason to cross the home off her list.”

Always publish photos that show the home in a flattering light. That means no clutter or people in the pictures and more than one angle of the house should always be posted.

Another marketing no-no is withholding important information about your home. “When there are tons of homes on the market, simply tossing out a property address while noting the numbers of bedrooms and baths is insufficient information for a home buyer. It doesn't tell a buyer why she should make an appointment to see the home. Good marketing tells a buyer why this particular home is better than the dozens of others on the market. Sellers should focus on: What makes the home unique? What was the motivating factor that made the seller buy the home in the first place? How can a negative factor be addressed that will accentuate its positive attributes?”

Saying no to print advertising is also a huge mistake that many sellers make. There are many outlets to advertise in such as the Sunday Classifieds, real estate trade magazines and other local publications.

“You can't keep your home sale a secret and expect to sell it. Whether you pay for advertising or your agent does, you need to let everyone know it is for sale. The best way to do that is to advertise.”

One other mistake many people make when selling in a slow market is not offering buyer incentives. Of course in a perfect world sellers would not need to offer material and monetary compensations to lure-in buyers. But reality is that buyers want freebies, and if you don’t bribe them, you probably won’t get any lookers.

“Some multi-million-dollar listings offer sports cars as a home buyer incentive, but it doesn't have to be anything that expensive. An incentive doesn't even need to cost the seller if the home price is structured to account for the discount. Here are typical incentives: $$ credit toward the buyer's closing costs, home protection plan, pre-paid homeowner association fees for a year, buy-down mortgage interest rate and a weekend getaway for two.”

All of these suggestions should help you so you do not make a crucial marketing mistake in the future.

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