The first week your home is on the market, there are two fundamental metrics which we keep a close eye on:
Number of Showings
Our goal is to have between 5 – 10 showings, depending on the time of the year, the first week your home is on the market. If we don’t have at least 5 showings, we have a problem. Either the marketing/photography is wrong, or we’re not priced correctly.
If this happens, we need to have an honest discussion about what needs to be fixed. After the first week, our goal is to have 3 – 4 showings per following week. Depending on the feedback we’re receiving at showings and the number of them, we may need to talk about reducing the price if we don’t have an offer after the first 2 weeks.
The Marketing Stats
The other metric we keep a close eye on is the marketing stats. We will send you these Wednesday mornings (first Wednesday is still processing). Our goal is to have at least 350 people view your listing. This means your home matches the search criteria they are looking for in a property. Anything less than 350 means not very many people are looking for a home like yours, and the potential buyer pool is small.
If this is the case, we need to figure out how we can expand the number of people who might be interested in your home. Most people’s search is based on seven main criteria which they consider deal breakers:
- number of bedrooms,
- number of bathrooms,
- square footage,
- whether the property has a basement,
- lot size,
- and price.
For instance, if your home doesn’t have square footage, is there a way we can utilize spaces creatively and accentuate that in our photography and descriptions?
In addition to looking at the number of people receiving your search, we also look at the number of people who have marked your property as Interested as well as the number of people who have marked your property as a Maybe. Our goal is to have 20 Interested markings and 20 Maybe markings at the end of the first week.
Generally, that’s a good indication that your property will sell in the first 30 days it’s on the market.
So what happens if the metrics on my home are less than desired stats?
First, don’t get discouraged; remember our discussion about the average days on the market in your area when you start to feel like that. This process doesn’t happen overnight. It takes time, but eventually, we will find the right buyer for your home.
Second, keep your home clean and tidy and approve as many showing requests as possible when they do come in. The more showings we have, the better the potential of getting an offer.
Third, we need to take a hard look at what we can do to improve the chances of your property selling. There are four essential parts to the selling process:
- location of the property,
- the condition of the property,
- the marketing/photography, and finally and most importantly,
- the price.
1. We can’t change the location as it is what it is.
2. For the condition of the property, ask yourself if there is anything you can do to improve the condition/staging of the home to make it more attractive to potential buyers? If the staging/condition is as good as it can possibly be then, we need to look at marketing/photography.
3. How do the photos look? Anything we can improve in the description of your home in the BLC, on Trulia, Zillow, etc.?
4. If the above three items are as good as they can possibly be then the only thing we can change is the price. Remember, buyers tend to search in $10K increments so to hit the next large group of buyers we need to be below the next $10K threshold. Therefore, if your home is listed at $485,000, we should drop the price to $475,000 to try and hit the next buyer group. $2,000 and $3,000 price reductions aren’t enough. Price reductions need to be substantial (at least $5K – $10K) to make any difference.
Fourth, can we add a monetary incentive to encourage buyers to put an offer in on your home. Perhaps a closing cost credit if the property is under contract by a specific date. Or we can offer an incentive to the buyer’s agent such as a bonus if the property is under contract by a certain time. As sad as it is, these tactics really work.
Have any questions?
Call or text: 317.413.1360
Email me: LeeAnnBalta@C21Scheetz.com