Here’s a little food for thought. You are selling a rare painting. A rare painting that nobody’s ever seen. It’s painted by an artist that is such a hermit, no one has seen his work. You bought the painting ten years ago, enclosed it in the finest gilt frame, and have gazed at its beauty every day.
Unfortunately, you have to downsize your collection and this fine work of art must move on to someone else who will appreciate its rare beauty. You tell your best friends and everyone at work. Nothing happens. Seriously, nothing happens. Your friends have been to your house a multitude of times over the years, always commenting that your painting is stunning. You’re kidding, right? You thought there would be bidding wars, but the only thing that happens is nothing.
Circumstances being what they are, you take an offer way below your painting’s worth, let alone what you paid for it. You assume that there just isn’t a market for rare paintings these days.
Two weeks later, the buyer of your painting puts it up for sale. Your beautiful painting is all over Facebook, Twitter, Pinterest, Craigslist, and Art.com. A press release goes out about the piece and the recluse artist who painted it. A miracle happens. Bidding wars ensue and your painting has now sold for ten times what you sold it for.
What does this have to do with selling homes anyway? Nothing and everything. I’ve noticed a recent trend where an agent lists a home, but doesn’t allow other agents to show it. The showing instructions to the other agents may say appointment only, or showings at one open house from noon to 2:00. The house will sell, but as it isn’t getting full exposure to the market the sales price is lower than it would have been otherwise. Sometimes it doesn’t sell at all.
Why does this happen? It’s hard to say. When an agent takes a listing, their job is to market the seller’s home to obtain the best possible price and terms for the seller. The seller hires the agent for their expertise in contract negotiations and marketing. Part of that expertise is to educate the sellers that the more exposure to the market their home receives, the shorter the marketing time and the higher the sales price.
Don’t let your home be a hermit. When you’re interviewing agents, ask how they will market your home. Make sure they will be installing a lock box, advertising and exposing your home to multiple outlets, and then please allow agents to show your home. It may be a little inconvenient, but the long and the short of is that a little inconvenience will pay off.