A Study
Case Study: Okay, not really and “official” case study, but get this …
Derek and I go to take a listing. It is a referral from another one of our sellers. It is a home that was previously on the market for 9 months at $250,000. Adorable home in great condition, beautiful lot, etc. However, it has minimal online marketing and just a couple pictures. These folks got about 4 showings in the entire 9 months they were listed … and they were listed during the hoppin’ Spring and Summer months, too!
Before we commit to list it, we attack the #1 culprit as to why the home did not sell: PRICE. However, after thorough research, we find that the home was actually priced perfectly. … Interesting.
We take the listing and price it at the previously listed price of $250,000. From there, we launch our internet marketing program. And then … We get 14 showings in 2 weeks.
We called some other listing agents in the area to see if maybe the area activity was just picking up.
No. Just us.
So, we call the agents who were showing our listing. We really wanted to know what was driving all these Buyers to our listing. They weren’t too much help. (Go figure.)
We branched out and started taking a closer look at our other listings. Guess what? SAME STORY! ALL of our listings are getting more showings than their respective competition.
We then ask our Buyer Agents questions about how their Buyer clients are picking homes to go see … and finally, we start seeing a pattern …
Home buyers are finding homes they like ONLINE…
…telling their agents about them, who then look for that specific home on the MLS and set the showing. … and (side note) they are picking the homes with the MOST and BEST pictures.
Buyers MUST be understanding the FULL benefits of being represented by a real estate agent … and MORE than just as a “person to find a home for them” … Because it looks like the Buyers are finding the homes ONLINE first.
The local MLS has now become more of a secondary “What are the 3rd bedroom’s dimensions? and How can I set an appointment?” portal.
Making a Point
Now, there is a standard that the local MLS has, regarding validity of information, that no other online site can promise. So, I’m not yelling “Kill the MLS!” … I am just making a point that the MLS is losing ground on being the “place to start” in home searches.
It appears to me that there is a direct correlation between how much a home is advertised online and how many showings it will get. In this market, getting more showings is CRUCIAL, right?
Which lead me to this: If an agent is NOT advertising their listings all over the internet, are they really fulling their fiduciary commitment to their Seller clients?
