I participated in a brain storming meeting held at our office last week where we all met to discuss our strategy for attracting buyers in our real estate market.
Many ideas were shared about how to attract buyers and here was my two cents.
Many of us blame the press for fueling the weak real estate market in many parts of the country but look at what many of us do with our own advertising. We advertise things like:
- Price slashed!
- Owner anxious!
- Price reduced!
- Owner motivated!
- Will look at any offers!
- $20,000 price reduction!
And on and on and on. In my opinion this kind of advertising just reminds everyone how bad the real estate market is in many parts of the country and helps fuel the negativity.
I went on to share with our group that instead of this kind of advertising try to "Offer Opportunities". For instance, if the current mortgage rate is 6% then get your seller to buy down the rate to 5 ½ or 5 1/4 % and promote the payment and the features of the home. Write these kinds of ads and advertise them in your local newspaper or on Craig's List:
"Only $750/month, 4 bedroom, 2 bath home, over 2,500 square feet, walking distance to all schools, 3 car garage. Call now!"
Don't believe me? One of our agents told me he had been posting listings on Craig's List for more that 6 months and not one call. He asked me to help him write a good Craig's List ad with a link back to his site as I suggested. I showed him how and he posted several listings last Friday afternoon.
To his amazement he had two phone calls and two showings directly from his Craig's List Ads that weekend!
So let's stop advertising how distressed sellers are and start advertising buyer opportunities. The sooner we start doing this the sooner many real estate markets can get on their way to recovering.
One caveat: I spoke to the finance department of the state of Idaho and to the HUD regional office early last year about regulation Z and disclosure. I was told that if no interest rate was quoted I did not have to disclose an APR (annual percentage rate). However, if I did quote an interest rate I MUST disclose an APR. Check with the finance department and the HUD office of your area for the regulations you need to follow.
Posted By: George Tallabas - Boise Idaho Real Estate Agent - Associate Broker
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.
Native Idahoan and Boise Idaho Real Estate specialist serving Boise, Meridian Eagle, Nampa, Caldwell and the surrounding Treasure valley area of southwest Idaho. Specializing in residential, investment, land and commercial real estate. Search thousands of MLS listings at Boise Homes for sale and learn all about Idaho by visiting Search Idaho Homes