3 Ways to Increase Home Buyer Traffic

How many of you agree that first impressions are important? Most of us make judgment calls on first impressions.

Drawing home buyers to the property is three fold: online presence, outside presentation (i.e. curb appeal) and interior presentation.

The primary objective of the ads are to get home buyers to the property. The objective to the curb appeal is to draw them inside the property and finally the objective of the interior presentation is to draw homebuyers to make an offer.

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From Newsstand to Net News

Newspaper advertisement is out and internet is in, no new news there. However, for some of us reading news on a monitor isn't the most enjoyable mode of reading. For me, I like the feel of paper, the newspaper experience - flipping through from cover to cover, scribbling notes, highlighting and cutting out articles and then they get recycled. On the other hand, as it pertains to real estate, placing advertisement online has been more advantageous, productive and more lucrative (better advertisement dollar spent) than newspaper ads.

In the past, many of my clients have asked that their properties be advertised in the newspaper because of familiarity. From the sales side it promoted no potential buyers or with very little to no responses from these ads. There were more responses from online ads, with occasional calls from property flyers and sale posts than from newspaper ads. The face of commerce has become so integrated, our economy so interwoven internationally, travel more accessible, and jobs crossing national and international boundaries that properties without an online presence would be foolhardy.

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Closing Dilemma

In the heydays of zero down loans, the turnaround time for closing was fairly quick...even had a quote to close in eight hours with a buyer in good credit and healthy savings. In today's market we can expect closing to take longer than 30 days. Closing may depend on loan types, underwriting guidelines and changes to them, bank loans versus loan brokers, and other appendage factors, i.e. business hours, communication. Too many cooks in the kitchen can lead to a lengthy closing...too much red tape (bureaucracy), broken communication, emotional brawl, verbal tussle and just strong raw human reactions...almost sounds like an episode of the National Geographic.

Paint Squabble

A long break from work does a great deal of good – helps reboot the human ambition.

I visited a friend of mine whose parents had been “discussing” paint color for over the past 20 (twenty) years...yeah you heard right…TWENTY years. Neither of them had come to an agreement until now.

This friend…we shall call her “Jane” as she prefers to remain anonymous…she and I took a trip to a nearby store. She asked some questions about what paint colors would do well to sell a house. I gave her some suggestions about bright, light, and cheerful colors (neutral colors with brighter tones). Our conversation hovered between green and yellow. Her parents had strong preferences. Her father was adamant that the paint color did not resemble anything coming out of a baby’s bottom and no yellow as it reminds him of his neighbor. Her mother on the other hand wanted something more blue.

In short, “Jane” had to use her good sales skill to sell a color that would appeal to both parents and at the same time choose a color that would help sell their house.

Here are a few questions to consider when choosing paint colors:

1. Are you painting to selling the house or are you painting to give your house a face lift?
2. Are you painting to match history or to emulate history?
3. Does your neighbors’ opinion matter? Will conforming to the neighborhood’s color palette be important?
4. Are there HOA (Homeowner Association) paint color restrictions?
5. Are you painting the interior or exterior of the house?
6. Does paint durability matter?
7. Will paint maintenance matter? Glossy, semi-glossy, or flat paint?
8. Can you live with it?

Keeping Perspective Positive

In this onslaught of bad news don't get carried away with the negative media. Yes, being realistic is important but keeping a positive perspective is extremely important to carry us beyond bad times.

Bad news sells...so the media believes and thus they have become the reaper of bad news. If the media can become what they believe then a positive outlook can produce positive results. Right? Unfortunately for many, a morsel of good news has become their banquet of good news.

In Monsters, Inc. the best power generator was laughter not fear. Too adult for that? How about Napoleon Hill, A man/woman becomes what he/she allows to preoccupy his/her thoughts.

The Good News:

1. First time home buyers tax credit of $8,000, non-repayable. Purchases must be made between January 1, 2009- November 30, 2009 and they must have lived in their previous property for at least three years to qualify as first time buyers.
2. Affordable housing prices and great deals
3. Best negotiation terms
4. Low interest rates
5. energy-related tax credits
6. Lots of housing choices

Creative Negotiation, Think Outside the Box

Have you ever driven a route so often that sometimes you wonder how you got from point A to point B without much conscious effort? Sometimes the routine is so imbedded that it requires a conscious effort to make a simple deviation.

Negotiation in real estate can become a routine and very ordinary. But in a parched economy, creative negotiation is a necessity. It will require some thinking out of the norm, a strong dose of good imagination may be necessary. For example, typically, buyers often make offers to the sellers, however, sellers may consider making an offer to potential buyers who may have expressed strong interest but haven't made a move, for one reason or another. It will certainly turn their heads. Seller financing is another option that has been used in past difficult markets; it would be great for buyers who may not be able to qualify in today's stringent underwriting guidelines or who may need a second loan but aren’t able to get one. Consult with your loan experts for guidelines and requirements should you choose to take this route.

Effective negotiation strategies require some planning, require that you know the parties involved: know their interests, their fears, their needs, their wants, what motivates them, and their financial information if possible. But more importantly, be a good listener and know your options.

Some negotiation incentives are:

• Buy down points
• Closing cost
• Personal properties
• Services/Trade
• Timeline
• Travel

"Measure Twice, Cut Once"

When I took a wood shop course, my instructor emphasized "measure twice, cut once". It is also applicable in real estate practice except that it is best to check more than twice. Make sure you know what you are asking for and their consequences before signing away. If you don't understand, ask your real estate professional.

A good example is the inspection negotiation process. When negotiating wants and needs, it is always best to prioritize, have a couple of back up plans, choices, or options for when you don’t get what you initially asked for. But always check your contract over and over to make sure you are getting what you need, what you want, correct wordings, appropriate time line and deadlines, know your consequences especially when you choose to delegate your choice(s) to another, and know your options. You don’t need to be a lawyer to get it right, just think ahead like you would when playing a game and use plain English. Double check and recheck before signing off.