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How to Market a House

By Doug Francis

Market a house vienna virginia

What is our house worth?

It is time to tell you that there is one essential ingredient when it comes to marketing a house.

Back when they first sent me to real estate agent boot camp in the days of telephone cold-calling, the sales gurus  talked about condition, location, motivation and pricing before we were shown the Criss-Cross directory and told to make 50 calls.

Every “No” is a step closer to a “Yes”, Floyd barked at us.

The telephone bit wasn’t my style, but, I learned some golden nuggets during that old-school training. Understanding how to market a house is essential today especially with super informed home buyers who often have more data than their agent. You know what I am talking about because you have probably looked at the “comps” before looking at any home.

The interesting x-factor is that every home is unique (even in a Toll Brothers Community) determined by the particular lot and refined by the individual home owner.

Some home owners suck at maintaining a home — and some are amazing.

The problem is that home buyers who are looking at the “comps” miss that subtle differentiation because they are so focused on the numbers. And here is a new problem: so are many of the agents. Looking at the comps, some agents are recommending to their clients to price just below the market to capture home buyers who are looking for a deal… assuming that they will bid-up the deal-of-the-week.

Last week I saw this strategy backfire on an agent in a community where I was marketing a home. I had changed the status to “Under Contract”, and about two hours later she left me a panicky voice mail about her new listing and her possible need to “modify her pricing”… (up).

Leaving cash on the table

To undercut my clients, she recommended her clients price their home $25,000 less than my client’s. In her defense based on the comps, it looked like a reasonable price. But the strategy was flawed because the current market was much more active than the previous few months. National real estate sites like Zillow can give you give you good insight into past activity, but they aren’t good at showing you what’s been going on in your market over the last two weeks.

When I told her that she was priced too low, she responded that they hoped to get it “bid up by eager buyers”. The reality was that she didn’t expect me to help my clients be successful.

So, do today’s buyers like to be “gamed” like that?

Over the years I have seen this strategy actually work in all price ranges. Getting a buyer’s interest is essential, but if you are a home seller with a superior home in an active real estate market then you have to at least try to get the market value of your home.

If you don’t want your money, then donate it to Habitat for Humanity

The essential ingredient when deciding how to market a house is determining the right price for today’s market. Too high and the buyers walk, and if it’s too low then the seller leaves money on the table.

Yes, homes still need to get appraised. Yes, some agents will over-price listing.

But, all home sellers should know that establishing a realistic asking price is the essential element in how to market a house. After that, the market will determine the real value.

 

 

 

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Filed Under: Blog, Home Seller Tips Tagged With: Home Seller Tips, real estate

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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