in short-supply market, sellers need to get property out there
Barbara Ramsey, Clair Ramsey
June 15th, 2014
Real estate professionals and buyers are constantly asking the same thing in today's market: "Do you know of anything new coming on the market?"
In today's fast-paced, short-supply real estate market, the benefit of buyers being ahead of the crowd typically means less competition with better price and terms. However, is this situation good for sellers?
Some think so, if they simply want to sell a property quickly. Other sellers may find less stress and disruption in their lives from fewer property showings. But unless a property is fully exposed to the market place, are sellers really getting the best price and terms?
With the rapid speed that information travels through the Internet, the only way to fully expose a property to marketing forces is by using the Multiple Listing Service (locally alaskarealestate.com). MLS immediately distributes property information to thousands of prospective buyers and real estate professionals. The MLS also regularly sends the information to a syndication company (Point 2) where it is reformatted and distributed to sites such as Zillow, Trulia, Yahoo Real Estate, Realtor.com -- to name just a few. The frequency of updates to the syndication sites varies, so information on the other sites is not as accurate as at the source.
The Internet also allows buyers to view properties from anywhere. Buyers don't have to be in the same geographic area or even physically visit the home. As buyers peruse through these websites, the number of exposures to the same property increases. This kind of repetitive market exposure increases the number of buyers who become aware of the property, as well as the chances for multiple offers.
Alternatively, selective marketing, without exposing the property to the largest possible pool of buyers, is less likely to create the competitive push needed to generate multiple offers. Multiple offers may make a big difference to the sellers' bottom line by netting them the most favorable terms and highest price for the property.
However, more is needed to stimulate multiple offers than just exposing the property to the market. The property also needs to be well-priced and in the best showing condition possible to be ready for the market. Will your property be the bride (that looks the best and sells first) or just one of the bridesmaids?
As a seller, you need to know when your property is put into the MLS so you can be one of the first to see the posted information. Does the written material describe the home adequately?
The Supplement Tab provides plenty of extra space to additionally describe the property. Under the Document Tab, are all the documents (property disclosure, as-built survey or anything else you want the buyer to see) available to download?
Does the quality of the photos show the property in the best possible light? Do the photos help walk buyers through the home, or do they create a disjointed feeling when viewed? Are there enough photos to showcase the property but not so many that buyers lose interest or make the decision to not view the property?
Being objective is difficult, but try looking at your property from the buyers' prospective. Take time to look at competing properties. How do they compare? Is there something about those properties you could do to improve yours? In today's fast-paced market, you shouldn't be a bridesmaid for very long.
Barbara and Clair Ramsey are local associate brokers specializing in residential real estate. Their column appears every month in the Alaska Dispatch News. Their email address firstname.lastname@example.org
Published on Alaska Dispatch News (http://www.adn.com)