I, like many Realtors, find myself in a market environment that creates a great deal of anxiety for our Clients, particularly our Listing (Seller) Clients. I spend a great deal of focused energy reviewing and updated our individualize marketing campaigns to be sure that no only are we doing the necessary steps but more so, are we hitting our target market!
I’ve been in the Real Estate Profession long enough to know some critical “do’s and don’ts” however one area that I’ve become keenly aware of is what I call “Market to the Market”! More on that in a moment!
Now there are exceptions to every rule and to every rule there is an exception however, I do have a common Office principle that I hold true to. The Real Estate Profession is a business not unlike any other and as a Professional, your economic reality lives or dies on the success one has in “Client Service” and “Closed Transactions”! Listing Turn-Over is key! Accordingly, my Office Principle is simply this, rarely expose a listing to the market for more than 90 days!
In short, if a Property is not “pulling” activity (Offers) within the first 45 days (and preferably much quicker – 5 – 10 Days) then there’s a problem!
My “Practice” is completely “Client Driven”, my entire operating philosophy is based completely on this ideal. In my office you will see this “5 Step” philosophy in action and it states the following:
“We Produce Excellence” by
1. Caring more than others think is Wise,
2. Risking more than others think is Safe,
3. Dream more than others thinks is Practical,
4. Expect more than others think is Possible, and (My Favorite!)
5. Do more than others think is Reasonable!
Now I know this may appear to be a bit on the “touchy feely” side but I’m convinced that you gain your best results only after you produce them for someone else! In this case the People I Serve!
If, for the time being, one accepts these “points” as relevant than it suitably follows that when a Client’s Property is not producing the desired results then clearly some component in the equation is missing. I find, more often than not, it is a combination of “presentation” and “price”! Ultimately, if the “presentation” issue can’t or is unwilling to be addressed, then the only solution is Price!
I find it patently clear that if the Property is not generating RESULTS and in the absence of ACTION I’m wasting my time (and money), more importantly, I’m wasting the Clients!
Seller’s need to have proper and unambiguous Counsel from their Real Estate Professional. One of the first questions I ask a Client is simply this : “What is it that you would like me to accomplish!” Sounds like a simple question, yes? It is however think about it, when was the last time you were ( if you’re a Seller/Homeowner) asked the question and if you’re an Real Estate Professional, when was the last time you asked the question? The outcome of this “question”, that is, the results are critical. If you both aren’t clear on the “goal” then you’ll have no focus in obtaining the results! I hate to leave this subject as it requires a more in depth discussion to draw out the true value of this inquiry, I’ll save it for another time. With the limited time and space, I’m getting to far away from the subject,…even though this is an important component of it!
“Market to the Market” , simply put is the need to address all aspects (practically) of the Subject Property REALISTICALLY reflected in/by the PRICE as a function of the existing Market! Simple? Yes, I know? However it seems that in this “Techie” age of custom websites, online advertising, pay per click, “www” this and that, we are in the “hunt” for the “wiz bang” but forget the basic! I can look at many properties in the market place with a “DOM” over 90 days and I’m here to tell you, many, for the same reason! From my own analysis, I’m finding that the explosion in information is actually making the issue of “Pricing” even that more critical. Realtors, myself included, are spending thousands of dollars on a monthly basis “driving” activity to their listings with an impressive level of efficiency that make “print ad” the equivalent of smoke signals and yet the effort is not producing the desired results!
I can spend hours on this subject to drive the point further however it would be a pedantic effort!
I use the results of my “question” to remind a Client that it’s time to ACT! My Clients can see the results of my “5 Points” demonstrated by what we do! With this in mind, I can think of no better disservice to the Client than to fail to Counsel them effectively!
I “list” a property with only one goal in mind and that is to Serve my Client by Selling it! “Market to the Market” for the results you expect!
Curtis C. Greco, Founder