January is typically is a time of reflection and renewal for all of us on both a personal and professional level. This also applies to the real estate industry and what we must do with our listings. While there are many valid arguments on why December is an active real estate month, most people focus on January as a fresh start to the market. If you are a listing agent, it may be time to take a detailed look at the positioning of your listings in inventory. Successful agents take a proactive approach to making sure their listings are “in the market” not just “on the market'. There are many critical things to maximizing the timing in the market. The first and most crucial strategy of marketing a home is PRICING. No matter how much marketing exposure is given to a home, if it’s not priced appropriately, or relevant to the market, it will not sell. Buyers determine value in the market, not sellers. Since many sellers decide to reduce in December and January, a careful evaluation of the comparable properties will give you the information needed to request a reduction from your seller.

Frequently, it helps to follow the trends of the comparables you used on your original Broker’s Price Opinion. This will show trends in the market (sales, reductions AND expireds). Being in the bottom twenty-five percent (of pricing) of the comparables will increase the odds of your listing being shown and sold. Buyers search from the bottom of the price range up and sellers sell from the top down. Pricing too high misses the market and can guaranty that your listing will be virtually ignored by buyers. Another point to your renewed plan should include what your BROKER STRATEGY is. Are the agents that are most active in your listing’s price range, or neighborhood aware of your listing? What forms of proactive communication do you have in place to keep those agents apprised of, and updated on your listing.

Relying on hosting broker open houses and assuming that all of the active agents have seen your listing may be creating a disadvantage for you. Many of the active agents are busy hosting their own listings, and never have the time to see your listing. Since the Pareto’s Principle (80/20 rule) applies to real estate also, you will want to target those 20% of the agents that sell 80% of the listings in your area. Being creative with your contact and getting the attention of these important agents will pay off in spades for you. Your third strategy should include your PUBLIC STRATEGY.

Are your photos and your listing comments compelling enough to stand out in the crowd of inventory? How many websites is your listing included on? How do you target your marketing to the buyer profile for the listing? Are you contacting them through direct mail, and creative open houses? Are the neighbors, who know the benefits of the neighborhood, aware of the listing? Have you hosted a special time at the beginning of a public open house for the neighbors? Neighbors have a special interest in the activity of their neighbor and who the ultimate buyer may be. While you may already have a marketing strategy in place, January is a great time to review and renew, so you will be positively positioned in the market.

By Melissa Riley

Melissa Riley is a 24-year veteran of the real estate industry. She manages two offices for Prudential Connecticut Realty.
Visit her website at http://e-realestate-agent.com

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