Sellers can have it tough in today's housing market. Even when conditions are ripe for multiple offers, some people find their properties sitting on the market for an extended period of time. While the relationship between seller and buyer is often one of the first things considered, an equally important aspect is how well the seller and their real estate agent work together.
One homeowner in Tennessee decided to hold a Realtor-only open house to highlight his property about to hit the market, and the event comes with an interesting door prize - $10,000 to one of the 500 real estate professionals invited to the event, The Tennessean reported.
Door prize meant to increase interest
Many real estate agents have a specialty - from selling foreclosed houses and short sales to multi-million dollar properties - and Joe Green, the seller backing the $10,000 door prize, is looking for the latter.
Green is a former health care business executive, and he is listing his home for $1.59 million, according to The Tennessean. While Green is certainly considered in the upper tier of home sellers, his door prize brings to light an interesting concept. He needs a Realtor who understands his market and his property, and he is using a large cash incentive to lure in more professionals to work with throughout this transaction. Everyone invited to Green's Realtor-only open house has sold homes valued above $900,000 recently, making them top candidates for the gig.
Gauis Hill, president of Christian Realty and the listing agent for Green, explained to The Tennessean that the more top brokers that are aware of a listing, the better the chance of selling. Therefore, Green is essentially using the $10,000 door prize as a marketing tool - albeit an expensive one.
"It will actually get attention of the Realtors," Steve Fridrich, owner of Tennessee-based Fridrich & Clark Realty LLC, told the news source. "But will it sell the house? I don't know. Realtors are hired by the buyer to find the best house that fits that buyer's needs and not necessarily the one where the Realtor benefits the most."
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Sellers often get in their own way
While Green is using unique tactics to raise interest about his Tennessee property, some other sellers find their homes are sitting on the market because of a number of factors.
According to The Washington Post, in many cases sellers sabotage their own listings, finding a lack of buyer interest a serious problem. This could occur even in fast-paced sellers' markets, when buyer activity is at an all-time high.
Thankfully, not every person needs to offer a $10,000 door prize to raise interest and drive Realtors to a property, but the relationship between seller and their agent is still very important. Realtors may want to advise their clients to do some smart things while the home is listed.
For instance, those who schedule showings between 10 a.m. and noon and need a 24-hour advance warning before appointments, as well as other restrictions, will slow down the entire process, the news source noted. Realtors may want to advise their clients to be more accommodating to buyers. Messy homes are also inadvisable, as are the sellers who insist on lurking around during a showing.
Regardless of the types of listed properties, be it foreclosed houses or mega-mansions, real estate agents and sellers need to have a close working relationship. Large door prizes are a great way to drum up interest, but they aren't necessary. Instead, homeowners should be willing to work with their Realtor and make changes to their property in order to sell fast.