Coffee and a Little Real Estate!
Today I sat at Starbucks with my tablet to do a little work. As I took a few calls and reviewed listings online, I noticed the person next to me taking an interest in my work. We struck up a conversation as she enjoyed hearing about real estate and what was happening in the current Portland condo market. One of her comments was, after listening to 1 or 2 of my phone calls, how important marketing was to me when it came to listings. She mentioned to me that agents she had used in the past did very little marketing and pretty much just posted her listing in the local MLS and waited for a buyer. This is not unusual as this is exactly what many agents do!
As she became more engaged and interested, I explained to her my “Laws of Probability”. What I mean by this is that the more marketing you do, and if you do it in the highest quality fashion, you will attract more quality buyers. The laws of probability show that if you have more people interested in something…the price usually goes up!
This person, I feel, became very educated today on what a person needs to do to capture a top price in the sale of their condo or home. She was pretty shocked when I showed her some new listings that came on the market the previous 2 weeks. What I showed her was that with half of those new listings, the listing agent did not use a professional photographer. In fact, a couple had photos that were so bad she felt bad for the owners trying to sell. I explained my philosophy on this subject… If an agent cant spend a couple hundred dollars to “show off” your home the best they can, they should not be in real estate. Good agents work hard for their clients and spend the money to “Market” their home. This is part of what they are getting paid a commission to do. If that agent is not spending money on quality photos then they probably won’t spend money on a video, quality print materials or internet marketing! It was interesting when she asked me why owners would hire agents like this? I told her sometimes they just hire the agent that helped them purchase the unit and often don’t know any better. I also told her that unfortunately, many sellers think like those agents. In other words they think they can just put it in the MLS and get it sold. While this may be true, it will sell eventually…but at what price? There is a reason that many advertisers try to put their product in the consumers best light, because they know those consumers will pay a higher price if they perceive that product to be better.
If I get a listing and put it in the MLS with average photos and no additional marketing will it sell? Yes, eventually it will, but I don’t believe that I would have done everything possible to get my clients the highest price for their unit. I believe it is my job to spend the money necessary to promote that condo the very best that I can and make it stand out so that buyers perceive this to be the best unit available and are more comfortable in paying a higher price.
Brad Golik is a condominium specialist with Pearl District Properties.
Find him at http://www.LuxuryCondosofPortland.com 503-896-8856