Sometimes sellers and their listing agents forget that selling a home involves sales. Sales means person-to-person contact, not merely dropping a home into MLS. Here are two case studies that employed old-fashioned networking, marketing and advertising techniques. Networking works in any real estate market.
Networking Sold a North Sacramento Home
Stats:
Three bedroom home in a lower-income area of declining values. Rusted-out and wheel-less cars resting on cement blocks dotted the street. DOM ranged from 60 to 90 with about 22 months of inventory on the market. The house next door just sold as a short sale to an investor and was occupied by tenants. Long-term owners lived in the home on the other side, who were quick to run out and intercept showing agents to complain about various aspects of the home.
The Buyer:
The buyer for this home came from a newspaper ad that was placed under a different section of the Sunday paper by mistake. The buyer asked her agent to call the listing agent to get more information. The listing agent explained that the home advertised was not located in the area the buyer wanted but, after hearing the buyer's needs, persuaded the buyer's agent to show the home in North Sacramento. It fit what the buyer was looking for and was for sale at the price the buyer wanted. In fact, it ultimately sold for more than list price.
Why It Sold
This home sold because the listing agent networked with the buyer's agent. The listing agent sold the home's benefits, the fact the neighbors next door often watched the house for signs of trouble and suggested a counter offer that would help pay for some of the buyer's closing costs.
Networking Sold a South Land Park Hills Home
Stats
Beautifully remodeled home located on a busy street. Buyers complained that it did not have two full baths, a mastersuite nor a large kitchen. Comparable sales in the area were near list price. The home had a great layout, many updates and a jaw-dropping back yard that had been professionally landscaped.
The Buyer
There were two buyers. Buyer A came to an open house and asked the listing agent to represent her by writing a lowball offer. The listing agent refused and suggested Buyer A find her own buyer's agent. Buyer A's new agent called the listing agent to discuss procuring cause. The listing agent suggested the buyer's agent tour the home before writing an offer, as the home was worth its asking price.
During the conversation, the two agents established a rapport. Then the listing agent asked the buyer's agent if she represented any other clients for whom this home might be a perfect fit. After previewing the home, the buyer's agent decided not want to waste her time with Buyer A either, so she told Buyer A to find another agent and brought Buyer B to the property. Buyer B fell in love at first sight.
Why It Sold
It sold because Buyer A found a third agent who was willing to write a ridiculous offer. Buyer B submitted an offer at the same time as Buyer A. The sellers countered both offers as multiple counter offers. Buyer B won the house. Buyer B's agent and the listing agent met for lunch to celebrate. It sold because the listing agent networked with the buyer's agent.
Tip: It's not enough to sell features. Instead, sell benefits and talk to agents who have buyers to find out what those buyers want. When all is said and done, this is still a people business.
