We’ve certainly learned the value of good marketing over the past year, and when we need to, we really put it to use. The first contract on The Mini House fell through a couple weeks ago after the appraisal came in low, and we were disappointed to find that we weren’t getting much activity through the property since we put it back on the market.
It’s not too surprising…with it being under contract for nearly 6 weeks the first time, the listing has now been active for about two months, which means a lot of buyers aren’t really noticing it (many buyers like to see what’s new on the market, thinking that the stuff that’s been sitting isn’t very good). Additionally, the original offer was for full-price, which was higher than we had ever expected to sell it for. Apparently, we had gotten cocky and thought that we could get another offer at that list price, but we should have known it was unlikely.
So, towards the end of last week, my wife did some serious marketing on the property. She upgraded the staging with some nicer furniture, created a marketing flyer for agents (view here), put together a virtual tour (watch here), and sent an email to about 200 agents that we’ve worked with and shown houses to in the past. Additionally, we offered those agents a $500 bonus if they could bring us an offer quickly.
Over the past four days, we’ve had about a dozen showings (including a couple scheduled for today and tomorrow). Unfortunately, we haven’t gotten any offers yet from those showings, but that is good information. If we get a dozen showings this week with no offers, it most likely means our list price is too high, and will give us further incentive to drop the price again. Even with another price drop, we’ll still likely do well with this house, but not selling it before the tax credit expires next month could severely hurt our chances of getting it sold soon.
I’ll keep you updated on the progress of this one…hopefully we’ll get an offer this week…