New To Market? Delay & Build Interest

A: It's been a while since I discussed a new tip for sellers, so when I noticed this one I thought it would be perfect for those about to put their property on the market! Assuming you are using a broker and understand that maximum exposure means maximum profit potential, it's a good idea to ask your broker to market your property to the brokerage community one week before the first showing! That way, if your apartment is priced right, you will generate plenty of interest for the first showing and create a sense of urgency for prospective buyers.

A few things have to be assumed for this concept to work properly, so lets get into these first:

1. Listing With A Broker - If you go it alone then your main medium of advertising is online and in print. Its hard to apply this strategy if you are not getting full distribution to the Manhattan brokerage community. Check out my posts on FSBO Tips & FSBO Checklist if you decide to go it alone!

2. Full Distribution to Manhattan Brokerages w/out Delay - Some brokerage firms have policies in place that delay the distribution of the new listing to other brokers for a couple of days. If the brokerage firm you are listing with does this, you will have to add a couple of days to the time line so that ALL brokers know of the property a week in advance before any showings.

3. Property is Priced Right - Yea I know, your home is worth more than everyone else's. Its a common tale and I don't buy it unless your property has something to offer above and beyond its competition; outdoor space, amazing views, unique style, etc..To maximize interest by keeping the property restricted for 7 days, it also must be priced right. If you decide to test the market and overprice, don't expect a crowd on the first day of showings which obviously will generate no sense of urgency; which is the ultimate goal here. Check out my post on Priced Right Apartment Sells in First Month to see why I think pricing is so important!

Assuming your property meets these 3 criteria, here is what you do:

ASK YOUR BROKER TO LIST THE PROPERTY FOR SALE TO THE ENTIRE MANHATTAN BROKERAGE COMMUNITY 1 WEEK BEFORE THE FIRST SHOWING OR OPEN HOUSE

The goal here is generate interest and give time to all brokers who have buyer clients to find the listing. Clearly stating, "FIRST SHOWING NEXT SUNDAY's OPEN HOUSE" in the listing description or similar will do the job! There is no doubt that the majority of deals in Manhattan real estate are co-broke's where both buyer and seller are represented by a broker. So, you must take advantage of this aspect of your target buyer pool and reach out to the brokerage community as much as possible.

UrbanDigs Says: It's a little thing and something most brokers don't do, but when applied correctly this could be a very powerful way to start off the marketing of a new listing! If its an open house that is the first showing, just the fact that so many buyers will show up with brokers and on their own should create a psychological sense of urgency and might get the seller a few bids for fear of losing the apartment! In addition, the thinking that goes on in the buyer's heads are that this property must be a great value if so many people are coming in to view it. Both situations are favorable for the seller. Hopefully its enough to get you a serious bid. The only downside to this is if the seller gets caught up in the action and decides to get greedy in response to bids that might come so early! As I mention in my post, "Don't Mess Up In Here", most of your action will happen in the first 3-4 weeks so be sure not to dismiss an early offer just because it came early! In the end a quick sale is generally what most sellers want!

Originally Published March 15th, 2007

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