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Posts made in January, 2007

  • Words matter…

    January 22, 2007 /
    Pickett Street Properties Team /

    A recent study was done to examine how word selection in real estate ad copy affected the outcome of the sale. Originally detailed in The Seattle Times, the study came up with some interesting results: Words matter. Wars have started over them. Civilizations have collapsed because of them. And it appears the speed with which a house sells might be determined by them.As listings grow old on the vine in this flush-with-inventory market and frustrated sellers reach for the slightest edge, the findings of several academics might offer guidance. For example, a Canadian professor, as part of a broader study on real-estate sales patterns, found that homes where the seller was "motivated" took 15 percent longer to sell, while houses listed as "handyman specials" flew off the market in half the average time. FULL STORY   As I reflect on the story, I realize from my own experience how much sense this makes. Most home buyers make emotional decisions, not logical ones. Sure, they'll buy in an area that makes sense, within a range that makes sense, but when given the opportunity to buy a beautiful home or a value (both within their criteria), most buyers will pay more for…Read more

  • 2006 in review…

    January 8, 2007 /
    Pickett Street Properties Team /

    Dennis and I were recently contacted about listing a property that had previously been listed with another agent. While it’s always promising to get a new lead, working properties that have already had market exposure (and didn’t sell) tend to kill the buzz a little. Still, we’re thankful for the opportunity, for as we did the research, we learned quite a bit about the business we conducted in 2006. One of our responsibilities after getting a lead on an expired property involves researching the previous agent. I won’t say what agency this agent worked for (other than to say it wasn’t RE/Max, nor was he a Realtor©), but his work was shoddy at best. He hadn’t taken any photos of the property, nor had he taken any time to develop any outside marketing for the property. Sadly, like so many agents are perceived, he was merely hoping that sticking a sign in the ground and putting the property on the Multiple Listing Service would be enough. Looking over his productivity for the year, it was interesting to see how his listings fared: 33% Expired 11% Cancelled 56% Sold Essentially, anyone that chose to list their homes with this agent had…Read more