The “For Sale” Sign
It seems fairly obvious that when you put your house up for sale that your agent will put a “for sale” sign in the front yard. The sign will identify the agent’s company, the agent, and have a phone number so prospective buyers can call and get information.
Signs are great at generating phone calls, even if very few actually purchase the home they call about. However, you might be one of the lucky ones. For that reason, you should determine what happens when someone calls the number on the sign. Does a live person answer the phone or does the call go to a voicemail or recorder?
You want someone to answer the phone while the caller is “hot.” When buyers call the number on the sign, the call should go to a live person who can answer questions immediately. A potential buyer may be on the street outside your home, placing the call using a cell phone.
Also, take a look at the sign and see if it seems more interested in generating calls from buyers, or if it seems more oriented toward advertising your agent’s listing services to your neighbors.
Flyers and a Brochure Box
Your agent should prepare a flyer that displays a photo and provides details about your house. There should also be a phone number so buyers can contact your agent to get additional information. The flyers should be displayed in a prominent location in your home and also in a brochure box attached to the “for sale” sign.
The brochure box is convenient for those buyers who drive by and just happen to see the “for sale” sign in front of your house. It provides enough information so they can determine if they want to follow up with a phone call or inform their own agent they are interested in your house.
The Multiple Listing Service
Even before the sign is up and the brochures are ready, your agent should list your property with the local MLS (Multiple Listing Service). The MLS is a database of all the homes listed by local real estate agents who are members of the service, which is practically all of the local agents.
Important information about your property is listed here, from general data such as square footage and number of rooms, to such details as whether you have central air conditioning or hard wood flooring. There should also be a photo, and a short verbal description of what makes your house “special.”
Agents search the database for homes that fit the price range and needs of their clients. They pay special attention to homes that have been recently placed on the market, which is one reason you get a lot of attention when your house is first listed. Many agents will want to preview the home before they show it to their clients.
The main point about having your house listed in the MLS is that you expand your sales force by the number of local MLS members. Instead of having just one agent working for you, now you may have hundreds or more, depending on the size of your community.
The listing agent’s main job to make sure that the other MLS members know about your house. This is accomplished through listing your house in the Multiple Listing Service, broker previews and advertising targeted toward other agents, not homebuyers.
Advertising in General
Every home seller likes to be assured that their listing agent or the real estate company will run ads featuring their home. Newspaper ads could be large display ads with lots of listings or small classified ads featuring just your property. Ads may also appear in local real estate magazines and your listing will also show up on the Internet.
Of course the agents and companies will run ads featuring your house, but not for the reasons you expect.
The main job of advertising is not to sell your house directly. Advertising creates phone calls and some of those callers become clients of the agents answering the calls. This builds up a pool of homebuyers looking for property in general, all represented by selling agents (buyer’s agents). Multiply this by all the agents and companies who also advertise homes, and there is a large pool of homebuyers in the market at any given time – all of whom are represented by selling agents.
The agents representing those homebuyers know about your home because it is listed in the Multiple Listing Service, has been on office and broker preview, and because your agent may have also sent flyers to all the local real estate offices.
The agents match up their clients with available homes, one of which may be yours. Then they show the homes to their clients, who eventually make an offer on one. That is how your house gets sold.
Ads create a pool of clients, one of which buys your home. Ads do not usually sell your house directly.
When you first list your home many agents send “announcements” to all of the other houses in your neighborhood. This can be done in the form of postcards, a letter, or flyers left hanging on the front door. These are important because your neighbors might have friends who are looking to buy a house.
The announcements create “word of mouth” advertising, which is the best kind.
Copyright 2000 by Terry Light and RealEstate ABC