Step 12: The First Week Your Home is On the Market
The first week your home is on the market, there are two fundamental metrics that we keep a close eye on:
Number of Showings
Obviously, we want showings. If the price and condition are set correctly, we should have a share of the market's showings. If we don't have our share of showings, we have a problem. Either the marketing/photography is off or the home isn’t priced correctly. If this happens, we will listen to feedback or the lack thereof and honestly discuss what needs to be done. 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 within the community's average days on the market.
The Marketing Stats
The other metric we monitor closely is the marketing stats: the number of showings in the area, the days on the market, and the number of new comparable homes.
Most searches are based on seven main criteria and each one can be a deal-breaker: location, 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 the square footage, is there a way we can utilize spaces more creatively and accentuate that in our photography and descriptions?
So what happens if the metrics on my home are less than desirable?
First, don’t get discouraged. Remember our discussion about the average days on the market in your area. This process doesn’t happen overnight, but eventually, we will find the right buyer for your house.
Second, keep your house 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 factors that figure into the selling process:
- location of the property
- the condition of the property
- the marketing/photography
- and finally and most importantly, the price.
