Posted by Glen (SoCal) on December 12, 2001 at 01:03:08:
Ronald Starr-
You throw compliments around like man-hole covers. But I’ll take it.
I’m learning this stuff from you, you know. : )
Glen
Seller sign on front Lawn $$$ - Posted by Glen (SoCal)
Posted by Glen (SoCal) on December 11, 2001 at 17:34:02:
Has anyone tried to post a sign on the front lawn of a house they are retailing, showing their asking price?
If the house is priced to MOVE, why not just put the attractive UNDERMARKET price on the sign in front for drive-bys? $$$CHEAP$$$$ I know that the flier in the ‘Take-one’ box reveals that, but what about drive-bys?
Another thing is that I never see comps in the fliers. Wouldn’t that help a buyer do a self-guided tour around the hood? Are there privacy issues at stake like mentioning valuable amenities of residence that is not your own? Couldn’t a general term like, “Besides the pool and fireplace, OTHER UPGRADES increase the value of house (A) in relation to the subject property by $5,500”?
I hope I’m not asking a question with an obvious answer.
I await my dunce cap.
Glen
Re: Seller sign on front Lawn $$$ - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on December 11, 2001 at 22:00:09:
Glen–(So CA)-------------
I have long advocated putting the price on the “for sale” sign. Real estate professionals do not do so. So does that mean they are right and that I am wrong? Answer: NO–I am right!
The R.E. pros do it because they are not only trying to sell the house, but they are trying to lure in potential buyers who might buy some other property than the one with the sign. They want people who are looking for higher- and lower-priced hosues to call them. Leaving off the price helps them get a wider range of prospects to call them.
If you have only the one house to sell, you don’t really care about the people who are looking to spend less, and possibly those who want to spend more. You want to attract those for whom your price is near what they were thinking of paying.
I like, when selling a house, to have a sign in the front window with more information. Then I have fliers which I put out for people to take with them. I get a piece of plastic pipe, about 3-4" in diameter, about 12" long, with a cap at one end. I mount it on the house or the “for sale” sign post with the open end slightly lower than the upper end to prevent rain water from standing in the tube. I put the fliers in that. I mark with a permanent magic market “Info” on the side of the tube.
Your idea of putting out comparables. Hmmm. Never thought of that before. Might be a good idea. Hmmmm. I would only want to put up comparables that have already sold, so that the reader can’t go to a competing house. I’d probably not go into the detail of the houses, then you don’t have the issue you brought up. I’d probably just put in bedroom and bathroom count, age, and square foot. Plus maybe something that is easily seen such as the lot size, mention of trees in the yard, or something like that.
If your readers are serious house-buyers, they probably already know some of the comps. So I would advise not just putting on the higher-priced ones in the area. That would smack of deception. And a deception that some prospects would easily detect.
Now, if they read your comps and drive around looking at the properties that have already sold, they may stumble over some “for sale” signs on nearby properties. However, I don’t think you need to concern yourself much with that–they might stumble over them even without seeing your flier.
It makes sense to me to use the comps only when your price is real attractive compared to the comps. If you are stretching up to a higher price than typical in the area, you might be better off not putting them out.
Well, you’re thinking. And the ideas are, from my perspective, either very good or at worst neutral. So I guess I’ll have to wait for some other post to award you a dunce cap.
Good InvestingRon Starr***
Yes, successfully too… - Posted by JT - IN
Posted by JT - IN on December 11, 2001 at 21:37:47:
Glen:
The sign that I have used several times has been:
$ 69,900
Fixer Upper
Sold As-Is
800-939-XXXX
Used in a very desirable market, where a low priced fixer home, usally starts at about $ 100K. I think I got something like 70 calls off of the sign.
I eventually performed a minor rehab on the place and sold it for $ 86,000, FSBO. In the right circumstance, I definitely recommend this type of sign.
JT - IN
Re: Seller sign on front Lawn $$$ - Posted by Jeff G in FL
Posted by Jeff G in FL on December 11, 2001 at 21:06:55:
Seems like an interesting idea Glen. Never seen it done in my market.
Something else to try: get some blank postcards and create a “house for sale” mail campaign. I’ll get 50 -75 or so postcards and send them out to the neighborhood the house is located in. The local realtors in my area like to send out postcards announcing when they’ve sold a house, so I figured that I would give it a shot for properties that I want to sell via owner financing. It’s like using a giant add in the paper. I use my trusty HP printer and announce the property is for sale and list the amenities of the property/neighborhood. I then put “100% Owner Financing - E Z Qualify” in big, bold letters across the bottom. I also add the date and time of the open house if I will be doing one.
This technique has produced good results for me in terms of getting prospective buyers for future deals and in getting a TB in the property being advertised. Relatively low cost too, which is one of my favorite benefits!!!
Re: Seller sign on front Lawn $$$ - Posted by David Krulac
Posted by David Krulac on December 11, 2001 at 17:54:24:
I have on occasion put the price on the sign. The only possible shortcoming is if you get to changing the price. you’ll have to change the sign plus some people will see the old price and not see the new price, but in general I think that is a positive notion on you part. way to think.
David Krulac
I have dunce caps stacked in the corner!! - Posted by Glen (SoCal)
Posted by Glen (SoCal) on December 11, 2001 at 22:52:43:
Ronald*Starr–(in No CA)
No need to wait for me to say something worthy of another dunce cap!! I’ve got those covered!
About those comps. At least you answered that question. I thought that was the one I’d get the new pointy hat for!
This type of approach would be for a property priced UNDER market, and the comps would be a proof.
"$66,000 or BEST OFFER! SEE COMPS in FLYER!!
I was thinking about having a QUALIFIED appraiser do the comps. All of the comps would be for homes SOLD (hopefuly) within the three-month period prior, and in the immediate area.
The comp. sheet could be synopsis-lite, a one-sheet, something the average buyer, or simple person like myself, could understand. And a COPY of the FULL report would be given to QUALIFIED buyers.
Part of this strategy would be to get a bidding war going. Free flow of info, everything in play, no holds barred, a pregnant pause then an open house. Don’t let anybody in until 10am Saturday morning. Have a friend who knows CRE write up offers, take names, while you pour coffee and talk about the beautiful park down the street and quite neighborhood. The buyers would generate their own bidding war.
Man, Im getting all worked here.
Glen
Re: I have dunce caps stacked in the corner!! - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on December 11, 2001 at 23:40:51:
Glen-------------
Maybe so. I have heard of bidding wars. You might want to read that book “Sell Your Home [or House] in Five Days.”
I suspect, unless you are in a very hot market right now, that it will be difficult to get such a bidding war going when the people first come in the house. Many people will require some time to go home or somewhere and sit and talk about it, whether is is right for them, and so on. The politics of the matter–each one trying to get what they want and still give as much as they can to their permanent partner.
But, if you then had a bidding war on the telephone, as the book suggests, that might work. Or have several potential buyers sitting in different rooms, such as the closing rooms in a title company, and you go from one to the other pulling up the bids.
We sold a house a little over a year ago in the Sacramento area for more than our asking price by just communicating with all three potential buyers and getting some increase. Wasn’t dramatic, about $7K on a $175K selling price. But it worked.
Now, if you are a marketing genius, perhaps your approach will work. You can always try and see. If it does not succeed, you are still alive to try something else.
I have a feeling from reading your posts that you are going to be very successful in real estate investing. Either that or in slinging the bull.
Good Investing****************Ron Starr**************