Realtors take guesswork out of selling

 

HONOLULU ADVERTISER   November 26, 2006

BY LISA SCONTRAS

Custom Publishing Group

 

Marketing strategy includes thorough demographic analysis.

 

 

Facing the reality of a tougher housing market, real estate agents are pulling out all the stops to get their listing noticed and to stay one step ahead of the competition.

“The goal is to attract the greatest number of qualified buyers and to ultimately get the highest sales price,” says Kelly Mitchell, Realtor at Prudential Locations LLC. In today’s market, she says this is best accomplished with a comprehensive marketing plan.

“Fierce competition among sellers has highlighted the need for customizing each marketing plan,” says Mitchell, who is in the top 9 percent of Prudential agents nationally. “Determining who the likely buyers will be for a property, positioning the home to specifically appeal to those buyers and then using all of the networking, promotional and advertising methods available to target exactly those buyers, along with pricing the property properly are all critical to gaining the competitive advantage.”

 

The days of plopping a “for sale” sign on the front lawn and waiting for offers to roll in are most definitely over. In fact, Realtors today are augmenting their tried and true home selling strategies with enhanced demographic analysis.

“Our research department is dedicated to taking the guesswork out of selling your home by analyzing years of data to determine where potential buyers are most likely coming from,” says Greta Richardson, sales coach at Prudential Locations.

 

Mitchell adds, “Their comprehensive migration analysis helps us to understand the mobility patterns of Hawaii home-buyers.”

 

Armed with this research, Prudential agents know — depending on the property —whether the buyer is coming from within the same neighborhood, other parts of Oahu, Asia or the Mainland.

Next, the agents are trained to position the home to appeal to a certain type of buyer.

 

Prudential has the ability to identify which types of buyers are most likely to purchase which types of properties. Are they investors, first-timers, looking to downsize, looking to upgrade, looking for a retirement home or a fixer-upper? Once it has been determined who is going to buy the property, the agent then decides how to prepare the home to best meet their needs.

“Let’s say, for example, the home is a fixer-upper,” says Richardson. “We would look at the home to analyze how much deferred maintenance there was. If the yard was a mess, we’d recommend the owner clean it up to give it as pleasant an appearance as possible.”

 

Preparing the home for sale, however, is more than just addressing cosmetic issues.

“Depending on the price point, we’d want to make sure someone could get a loan on the property, Richardson continued. “I remember one case where the buyer couldn’t get insurance because the electrical wiring wasn’t up to code — so those issues need to be addressed.”

 

And finally, Richardson adds that because fixer uppers are great first-time buyer purchases, it might be advisable to offer a credit at closing to help them with some of the necessary repairs.

“Fixer-uppers are great opportunities for first-timers tight on funds, because if the house was already fixed up, they probably wouldn’t be able to afford it — so a credit at closing could make the difference.”

 

An effective marketing plan will likely include some form of staging. It could be as little as moving some furniture around or a neutral coat of paint, or it could be more involved.

“We generally focus on the kitchen and baths and we’re always looking to free the home of as much clutter as possible,” says Mitchell. “We also look to see what repairs need to be made — we don’t want one broken item on the property to be the one obstacle the buyer cannot get past.”

 

 

Mitchell lists open houses, brokers opens, internet promotions, property brochures and proper pricing as additional elements to the marketing plan. Especially in this transitioning market, it is critical to put the extra effort into properly presenting your property and making it more appealing to buyers.

“Using all the available components of a marketing plan will result in maximum exposure of the property,” Mitchell says. “The right Realtor will employ a variety of appropriate marketing tools and methods, appropriate to your home and your circumstances, to position your property for its highest return.”

 

 

 

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