Hi folks. As you know if you have been reading my blog, my market, Poinciana Fl, is in dire straights. Values are declining rapidly and inventory is at an all time high with only 3% of the inventory closing each month. Closings are down 62% for the year and property values are down about 25%. It’s ugly!
Well, Friday I received multiple offers on one of my listings. Two weeks ago I received multiple offers on another one that has since gone pending. Not bad!
Your probably wondering what I did that was so special to merit getting multiple offers in this difficult market. I guess I could tell you it’s because I’m so good and my 24 step marketing plan is far above what anyone else does. Or, I could tell you it’s because I’m the best and other REALTORS® are just dying to sell my listings and work with me. Or, maybe, it’s because of my cutting edge technology skills and my awesome Internet presence.
Or maybe, I’ll just be honest and tell you it’s because I’m an expert when it comes to pricing. Yep….that’s it. The price. To me, pricing is everything. Always has been. I spend everyday studying the market in Poinciana Fl trying to figure out current market trends and what it will take to get a property sold. Up until recently I didn’t even advertise my listings. The only reason I have started is because I hired a buyer’s agent and want to get her some business.
In my market houses are very similar. We only have a handful of builders so one house is just as good as the next. If you are looking for a 3/2 with at least 1300 sq ft and priced under $200,000 you will have 346 homes to choose from today. The lowest priced will be $150,000 and the largest will be about 2000 sq ft. The houses will probably sit on a 70 x 100 lot and they will all be within a few miles of each other. Concrete block, ranch style and less than 10 years old. You might get lucky and find one with a pool. Based on recent sales only 11 of these will sell this month. My goal is to make sure a couple of these sales have a Tutas Towne Realty sign in the front yard.
I achieve this by pricing. I don’t have a 24 step marketing plan. My marketing plan actually only has 4 steps. Make sure my sellers are educated, be very aggressive on price, make sure the property is “show ready” and make sure my fellow REALTORS® can get in to show it at any time. Let me break this down a little:
Make sure my sellers are educated: This to me is very important. It is my job to make sure my sellers know what’s going on in the market. They have to be aware of the selling process. They have to be prepared when they receive a low offer or the buyer is wanting them to pay their closing costs. No surprises. They also have to trust me and be willing to take my advice.
Be very aggressive on pricing: My listings have to be in the top 5 best priced for similar houses. I know my market better than anyone. My expertise is getting sellers to agree with me on the pricing of their house. In this market I’m not concerned about what the value is I’m concerned about what it will take to sell it. They listen to me because I know what I’m talking about. And I can prove it. I’m not guessing. My pricing is based on years of experience in their neighborhood and hundreds of successful closings. They trust me to get it right.
Make sure the property is “show ready”. This too is very important. I am brutally honest with my sellers about the things they need to do to get the house ready for the market. If it has pet odors I tell them “Your house stinks and I can’t sell it like this”. If they need help because of finances or health reasons or whatever then I will send in my cleaner, handyman, lawn man or whoever else is needed and they can reimburse me at closing. Whatever it takes to be ready, will be done, one way or the other. It’s that important and they trust me to get it done.
Make sure my fellow REALTORS® can get in to show it: If a REALTOR® calls my office at 9:30 Sunday morning to get showing instructions they will get me and they will get in. No appointments. No restricted showing times. I will also take a few minutes to bond with the REALTOR® and give them an incentive to want to work with me. I will also find out what their buyer is looking for in case I have another property they may have missed in their search. I have sold many a listing by adding it on to their show list. The few extra minutes I spend “working” the REALTOR® has made me a lot of money over the years. There is a lot more to giving showing instructions than just giving showing instructions. This is why I handle it myself. If you are using a showing service you are missing a whole bunch of sales.
Folks, Poinciana Fl could very well be the worst market in the country right now. Every sale I complete will be earned by being aggressive. My year is way down from last year. I will not do 10mil plus in closings this year. Maybe I’ll only do 6 or 7mil. BUT, I will make it through it. I LOVE selling property in Poinciana Fl. These folks trust me, they need me and I will be there for them. I’m very fortunate to be able to do what I do for a living. It just doesn’t get any better than this. After all, real estate is about people NOT money. What say you?