We can all see that the Myrtle Beach real estate market is very active right now. This positive shift in our local market is allowing a lot of owners who have been hoping the market would increase an opportunity to get their property sold. Of course, the market is not where it was in 2005 and most would agree that will never happen again. I have recorded a short video describing what happened in the local real estate market in March...See Below.
In preparation for this month's newsletter, I researched why some people are successful at selling and others are still failing. It is interesting to see that there are times when there is more than one listing in a building or a community, and the one that was listed for a slightly higher price sold = while the lower priced property still remains on the market.
Common sense says the lowest price listing will be the one to sell...at least that is what most agents try to convince you. Lowering the price is NOT always the ONLY way to get a property sold. Another effective way to get a property sold is through the "Strategic Marketing" of that listing.
You have to understand there is a big difference in the "Market" and "Marketing".
It is critical to observe the market when considering selling or buying. Once you have considered the market, now you have to create a strategic marketing plan to find a buyer and get it sold. It is extremely rare to find an agent who wants to talk about "marketing strategy". Most of them want to talk about the market; how the market is soft, how the prices are low, about lowering the price...all market conversations. As you know, the easy route to a quick sale is to blame the market and lower your price. For most owners in the Myrtle Beach area, dropping the price further is not an option.
Why are some properties selling even when priced above the competition?
ANSWER: Those agents have focused on the 'Strategic Marketing' of that property and stopped blaming the market!
Different properties require different methods of marketing. Some factors that influence an agent's marketing strategy will be: property type, price, how quickly one wants to sell, condition, and a few more. It is important that a detailed strategy be mapped out prior to listing the property on the MLS. A good marketing plan is just like a map...you know your starting point (want to sell), you know where you want to go (get it sold) and now all you have to do is follow the map (marketing plan).
Being in the business and knowing what I know, If I needed to sell a property in another market, I would find a Top Agent based on their sales record, and I would require them to give me a copy of a written marketing plan specific to my property. I would not deal with anyone unless they discussed HOW they would get my property sold. Unfortunately, the real estate industry does not require extensive sales and marketing training from the agents, and due to that lack of knowledge, most agents' only method is through aggressive pricing.
Please understand, I am not saying that an owner can list their property for sale at a ridiculous price and expect a sale. I am saying that those who are thinking of selling - you have a chance now. As a professional Realtor, I want to do my part in helping this market recover. I feel that having a marketing strategy for getting a property sold will lead to a quicker sale, and a price that may be higher than the last one. In the last 30 days, I have sold multiple properties for more than my competition. And I know it's because of my active marketing activities. A lot of these sales are with owners who tried another agent. The last agent blamed the market... I listed the property, executed my marketing plan, and sold it for more than my competition. You will NEVER hear me blame the market!
After reading this new newsletter, you should feel confident that I can sell your property and get you a better price than the other agents because of my approach to marketing, I think that is what most of you would want.
As always, I am honored to be your Myrtle Beach real estate resource. I am committed to Working Harder, Marketing Smarter and Being the Solution to all of your real estate needs. Please allow me or one of my highly trained agents to help you.