| Barbara Corcoran |
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Reply with quote | #1 |
Are you having problems selling your house? I'd love to hear your stories and your opinions about what is happening in the housing market. |
| | | jane |
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Reply with quote | #2 |
Hi Barbara, Well YES I am thinking of selling a house in the flatest real estate market in the galaxy "FLORIDA." I own homes down here (Im an investor), and times were good a few years ago, but now there's a mad rush of sellers and I dont want to get caught up in their stampede, but I do need so sell something soon to pay my tremendous tax and insurance bills. Please tell me how to get something sold in this miserable market. I met with 2 auctioneers yesterday, but they were realtors who do this absolute auction thing that sounded like a risky proposition to me. Barbara, please help me figure this out. I know you cant possibly be reading emails from everyone, but if by chance you get this, can you call me. I'll buy lunch anywhere you want. (I fly free ...former airline employee) You name it, and I'll be there. How about lunch in your hometown where you grew up? Im a blast and I think you'd enjoy my crazy real estate stories. Your book was great. It was a great motivator for me. I think you're awesome! (ps. how can I separate myself from the rest of the public panic and SELL!  jane |
| | | Lynn Johnson |
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Reply with quote | #3 |
You could be Pamela Anderson and stand naked in the front yard...and if there aren't any buyers in a market with a 2 year inventory of properties for sale... then it still won't sell even with her holding the sign! Exaggerated yes; but, I've found there are usually 2 types of buyers. Emotional or Investor. Emotional buyers can justify the price AFTER they fall in love with the property. Investors deal. So, if buyers are few & you can't compete with properties currently on the market by romancing the buyer (staging, incentives, etc.) then, ditch that idea and focus on the Investor. Cut to the chase by reducing the price to rock bottom. Advertise in a market and/or industry that is strong and solid. Read the Wall St. Journal. What industries are making money? Who are the heavy hitters? FIND THEM & knock at their door! Squeaky wheel gets the grease. I sell real estate in a small coastal South Texas community of Rockport & Fulton. Our market continues to be firm; however, I feel a change coming. Why? Media! Everyday seeds are planted in the newspapers & television about how BAD real estate is and frankly TEXAS is quite STRONG. Rarely however, do you hear that! I'm concerned this gloom and doom brainwashing tactic could change the real estate outlook in our area. That's why, I'm on the Internet searching, looking, & scoping out MOVERS & SHAKERS & People like Barbara who are "in the know" to TURN AROUND these negative vibes in the media. If anybody can do it Barbara can. GO BARBARA GO! Lynn Johnson, ABR, CRS, REALTOR Lynn Johnson Realty, Inc. http://www.LynnJohnsonRealty.com |
| | | Barbara Corcoran |
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Reply with quote | #4 |
Hi Jane,
I think you are right Jane about the need to stand out from the crown, as you are probably aware that has been key to my success over the years. These auctioneers you found sound like they are onto something with their absolute auctions. I have used techniques like this before, they create an urgency in the buyer that gives them that final push. The last puppy in the shop effect. |
| | | Barbara Corcoran |
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Reply with quote | #5 |
Lynn, dealing with investors as you suggest is a nice idea but getting your sellers to drop the price is another thing altogether. You may have seen my last segment on Good Morning America, where I urged the sellers to drop the price dramatically to generate demand, but quite understandably, they were too nervous to do this.
In this market it pays to be bold, during my years at Corcoran I took all my biggest risks when the market was in a slump and they always paid off. Maybe I needed my head reading and maybe it was just dumb luck, but I can't help feeling the that bolder you are, whatever the weather, the better you will do. |
| | | Lynn Johnson |
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Reply with quote | #6 |
Barb, Yes, I saw your segments & loved your, "there is no Hollywood ending"! I agree. The bolder the better coupled with differentiating the property, incentives, the whole kit & kaboodle with the competion. But, if there aren't any buyers then sometimes you might have to ditch that idea for another approach, i.e. the Investor. Price & Pride are hard nuts to crack & swallow. The silver lining is that Jane has options and that's a good position to be in. She is being innovative by searching out ideas from experts like you. Auctions have been few in our area so don't know much about that idea. Lynn |
| | | JANE |
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Reply with quote | #7 |
Hi Barbara and Lynn, Thank you both for your input with regard to my situation here in Sarasota, Florida with my homes. I'd truly love to meet you both for lunch. Come on you guys, I'm buying!!! I know a wonderful place right on the Gulf of Mexico called the Colony Beach Resort. You will think you are in heaven as you watch pelicans dive for fish right before your eyes. It's where I go to chill when I feel overwhelmed, and after this family Thanksgiving, I might have to book a room there for a week to regroup!!!! (Just kidding sort of) Anyway, I've got some action going on with a couple of my homes. You know girls, I don't take any of this too seriously, and that's not because I'm independently wealthy or any such thing. My husband passed away 8 years ago at the age of 47 and left me with a 3 year old son. I had to think fast and come up with a plan how to get out of the 2 hr. commute to Manhattan....the 8 hr. workday.....and the 2 hr. commute home. My son was needing me desperately, and one day while sitting in my office in the city, I came up with a plan to just move every two years....and Barbara I just read that you were doing the same thing. See, great minds think alike. My neighbors think I'm insane. I've moved 5 times in 5 years, and I usually move to one of my 4 houses on the same block. They all think I'm a billionaire....if they only knew!!!! Oh yeah, Lynn, you DO NOT, I repeat, DO NOT want to see me in a bikini on my front lawn with a for sale sign. I am trying to attract buyers, not scare them away! |
| | | Lynn Johnson |
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Reply with quote | #8 |
Jane, I'm not bikini material either...& evidently it doesn't work for Pamela Anderson even when you are...Inside Edition reported she & Kid Rock are splitsville. So, there you have it! Unlike many sellers, you are positioned well with many options. And, as I often tell our agents, it's better to be a Team of Two than an Army of One! So, hats off to you for thinking out of the box and exploring innovative ideas from industry leaders like Barbara Corcoran. Being knowledgeable about your market is key. What works here may not work there & vice-versa. Gotta know what the market has done, where it is, & analyze where it's headed to position the property for sale. And, it can & does change overnight. Sounds like you are on top of the game. Good Luck to you! Lynn Johnson |
| | | Christopher Walker |
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Reply with quote | #9 |
Some home simply WONT sell within the current market without drastic price reductions. The press has too much control over the housing market regardless of reality. Sell it and move on is sometimes the best advice....regardless of loss or gain. If you are in an area where literally every other home is on the market and you have tried EVERYTHING else, you are left with no other choice. From a Realtor's perspective: If representing a buyer, I look for the home that is under represented. A home that has poor photos, a poor description and non-existent marketing. The first place I look is the MLS. I find the home that seems under priced, I find out what the seller paid, what they owe and then look at the marketing side. Is it easily found on the web? I do a quick and simple Google search : "1234 Anystreet" If the Google search returns nothing (80%+of the time) I check out where and how it is presented. IF the marketing is good (Rare) I move on. If not, it may be something we research a bit further. Is your agent marketing your home on the web? Statistics from the National Association of Realtors state that more than 80% of prospective home buyers start their search on the web. I hear all of the time that Buyer's cant buy on the web....I agree but, will they even come to look at yours if they cant find it? If they can find it on the web and the only photo, if there is one, is poor, will they come and see yours? If they do, it will be with an agent like me. One that has done the research. With a client who also knows the market and the lack of marketing lavished on your beautiful home. A client that will not be making an emotional decision rather...a financial one. Don't get me wrong....The minute escrow closes, there will be plenty of emotion, high fives all around and champagne flowing as a result of your choice in agents. The Internet is cheap...if not totally free advertising for your property. There are many great sites with fantastic volumes of traffic. If your agent is not savvy enough to participate in the Internet "fad" as many call it, not up with technology and the benefits of free, national exposure.....I might be seeing you soon. Then again, maybe not. Barbara has some great "Tricks of the Trade" to use and benefit from. As with the Internet, you can choose to use them...or not. Do everything you can do and expect the same from your agent too! Good luck in your selling adventures! Choose your guide wisely. "If you believe you can or believe you cant...you are always right" |
| | | Carlos Flores |
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Reply with quote | #10 |
I own a mortgage company in the Southern California area (Los Angeles suburbs). Realtor's I work with are seeing the slump also due to the media naysayers. What I've seen is a lot of inexperienced agents that have only been in the market for a few years due to the great market we've had these last 5 years. They don't have the creativity to help their sellers properly market their property. My advice from a lender's point of view is to ask your agent to use creative financing to help market the sale of your home. In our areas, sellers are again helping buyers with closing costs but take it a step further and offer to buydown the interest rate for the prospective buyer. This will help your realtor double end the transaction (it helps if they can reduce their commission percentage a bit by doing so) and keep control. Any lender can do a 2/1 Buydown loan offering a starting interest rate 2% below market for the 1st year.
Regards,
Carlos
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| | | Irene Guanill |
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Reply with quote | #11 |
I have over 15 years of marketing and sales experience and have been a lic realtor for two plus years. I have to say I have not see a slump within the real estate market. I currently have 15 deals in contract and calls constantly. What is my secret? Return calls, follow up with customers and clients and be active.
I feel if any one is seeing a slump within the market they are not being active participants within their field. I went to a networking function a few weeks ago and many of the agents had the same response. In order to be successful within any field you have to be active and alert. Be ready for curve balls and respond respectively. Your reactions and actions will be the only pace you set for yourself. There are many ways to make money with real estate and this is just as active a market as it ever was. Just think of all the foreclosures you as a realtor can prevent. Is it easy no but you can help a seller by finding them a buyer for their home and if it is a two family home help them to become the renter and the new buyer will have no vacancies. If it is a one family it may take a bit longer if the seller is stubborn but what are their options to forclosure or to sell or to claim bankruptcy. If you the realtor or within any field educate yourselves you will not lack opportunities. Be able to change within your field. Read Barbara's book and another good reading would be "Who Moved My Cheese". Reading investment materials, reading your local newpapers always gives you tips. You just have to be alert and look for the tips.
If you are willing to work you will find a way.
My advice, Get busy.
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| | | Irene Guanill |
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Reply with quote | #12 |
Quote: Originally Posted by Irene Guanill
I have over 15 years of marketing and sales experience and have been a licensed Realtor for two plus years. I have to say I have not seen a slump within the real estate market. I currently have 15 deals in contract and calls constantly. What is my secret? Return calls, follow up with customers and clients and be active.
I feel if any one is seeing a slump within the market they are not being active participants within their field. I went to a networking function a few weeks ago and many of the agents had the same response. In order to be successful within any field you have to be active and alert. Be ready for curve balls and respond respectively. Your reactions and actions will be the only pace you set for yourself. There are many ways to make money with real estate and this is just as active a market as it ever was. Just think of all the foreclosures you as a Realtor can prevent. Is it easy no but you can help a seller by finding them a buyer for their home and if it is a two family home help them to become the renter and the new buyer will have no vacancies. If it is a one family it may take a bit longer if the seller is stubborn but what are their options to foreclosure or to sell or to claim bankruptcy. If you the Realtor or within any field educate yourselves you will not lack opportunities. Be able to change within your field. Read Barbara's book and another good reading would be "Who Moved My Cheese". Reading investment materials, reading your local new papers always gives you tips. You just have to be alert and look for the tips.
If you are willing to work you will find a way.
My advice, Get busy.
Irene Guanill
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| | | Cynthia |
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Reply with quote | #13 |
Hi Barbara,
I saw you last night on CNBC and you were so amazingly brilliant - I just bought your two books on Amazon.com! Ok, here's my house sitchy - I own eight properties, 3 in Los Angeles, 1 in New York (I"m a native New Yorker), 2 in Ohio - yeah, I know, why? And two in Panama City Beach, Florida. I have my two in Ohio on the market and they are sitting, sitting, sitting. My realtor suggested lowering the price. Rather than that, I asked her if she could advertise 3 Months Mortgage Paid By Seller. The listing just changed this weekend so I don't know yet if the incentive will work. My thinking is this - 1. Lowering the price only makes the property look like every other property that's been sitting and in my opinion, it makes the property look like there is something wrong with it. 2. If I keep the price high, it helps the local area prices as well as it keeps the commission to the agents the same which helps bring the potential buyers in. 3. I think when buyers are buying, when they see the price of a house, it really has little meaning until they see how it translates into a mortgage payment. By offering to pay their first 3 months mortgage payments, it takes the sting out of the reality of what their out of pocket cost is.
Anyway, I wanted to share my new strategy and ask what you think about it. Thanks so much for being such an amazing lady! By the way, my agent in New York is with The Corcoran Group, her name is Anita Black and she's fantastic.
Best regards,
Cynthia
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| | | Cynthia Langston |
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Reply with quote | #14 |
Hi Barbara,
I saw you last night on CNBC and you were so amazingly brilliant - I just bought your two books on Amazon.com! Ok, here's my house sitchy - I own eight properties, 3 in Los Angeles, 1 in New York (I"m a native New Yorker), 2 in Ohio - yeah, I know, why? And two in Panama City Beach, Florida. I have my two in Ohio on the market and they are sitting, sitting, sitting. My realtor suggested lowering the price. Rather than that, I asked her if she could advertise 3 Months Mortgage Paid By Seller. The listing just changed this weekend so I don't know yet if the incentive will work. My thinking is this - 1. Lowering the price only makes the property look like every other property that's been sitting and in my opinion, it makes the property look like there is something wrong with it. 2. If I keep the price high, it helps the local area prices as well as it keeps the commission to the agents the same which helps bring the potential buyers in. 3. I think when buyers are buying, when they see the price of a house, it really has little meaning until they see how it translates into a mortgage payment. By offering to pay their first 3 months mortgage payments, it takes the sting out of the reality of what their out of pocket cost is.
Anyway, I wanted to share my new strategy and ask what you think about it.
Your thread started by asking what we think is happening in the market - Well, I can tell you from my own properties, Manhattan seems sluggish but steady, Los Angeles is declining and the momentum of the decline I think is going to pick up later this year, Panama City Beach Florida is doing FANTASTIC in the newer beachfront buildings especially (this is an area in my opinion to keep an eye on), and Ohio is slow, slow, slow.
Thanks so much for being such an inspirational and amazing lady! By the way, my agent in New York is with The Corcoran Group, her name is Anita Black and she's fantastic.
Best regards,
Cynthia Langston
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| | | Barbara |
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Reply with quote | #15 |
It is so very true, the media has scared all people about selling houses and homes. I have found the best thing one can do is be sure the property is staged. Many of us have wonderful imagination, others can't tell if they have one black shoe and one navy shoe on. Therefore, the ones that are challenged with design, need to have a lot of help. Staging is new in many area's and is a wide open business, if you have the capital and abilities to do this.
The other situation that you have, is you may have to take a rock bottom price for what 5 years ago you could have made a pretty profit. It is sad, but sometimes you must cut your losses to be able to reinvest it where it will make more money.
Best of luck and God Bless,
bbv
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