Ingenious Internet Marketing of Condo

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DTalos
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Ingenious Internet Marketing of Condo

Post by DTalos »

I have an elderly friend who owns a condo that is for sale on the MLS with an agent. The listing is kind of stale and I feel sorry for my friend who is unable to sell the condo. What are some clever ways to market a listing online or are there websites where people discuss and post condo listings? I am only on one social media site and do not have hundreds of fans, friends, followers or whatever they are called.
Northern Flicker
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Re: Ingenious Internet Marketing of Condo

Post by Northern Flicker »

Try lowering the price.
My postings represent my opinion, and never should be construed as a recommendation to buy, sell, or hold any particular investment.
nydoc
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Re: Ingenious Internet Marketing of Condo

Post by nydoc »

Northern Flicker wrote: Tue Nov 22, 2022 3:21 am Try lowering the price.
Works wonders.
Mr. Rumples
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Re: Ingenious Internet Marketing of Condo

Post by Mr. Rumples »

What are the reasons the condo is not being sold? Have there been showings but no offers, or no showings? Is it the price, the location, or perhaps other issues like no reserves? Or maybe the building looks dated. Part of the selection process for an agent is how the property will be marketed. That's up the agent. Too often agents are not chosen on their merits like a business transaction, but because the agent is a friend of a friend.
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SmileyFace
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Re: Ingenious Internet Marketing of Condo

Post by SmileyFace »

What does the agent say the problem is?
Sounds like you are trying to help your freind who is paying an agent to do this job - agent gets paid $$$$ to solve the problem so I would speak with them first about what they are doing. Could be price it too high compared to similar listings in the area.
Any serious buyers are looking at MLS listings - I don't think there is any social media magic which will solve whatever the issue is.
Mike Scott
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Re: Ingenious Internet Marketing of Condo

Post by Mike Scott »

You could buy it. :) Run it as a rental? I would look into ending the current listing (if possible) and shop around for a new agent and start over with an updated listing and perhaps new expectations.
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Stinky
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Re: Ingenious Internet Marketing of Condo

Post by Stinky »

Mike Scott wrote: Tue Nov 22, 2022 9:37 am I would look into ending the current listing (if possible) and shop around for a new agent and start over with an updated listing and perhaps new expectations.
I agree.

I would also reduce the price. Maybe 5-10%?
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dukeblue219
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Re: Ingenious Internet Marketing of Condo

Post by dukeblue219 »

It might also depend on how the condo appears in photos. Is it clean, brightly lit, and staged? Or does it look like someone took a few photos with an old cell phone?
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JoMoney
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Re: Ingenious Internet Marketing of Condo

Post by JoMoney »

nydoc wrote: Tue Nov 22, 2022 4:11 am
Northern Flicker wrote: Tue Nov 22, 2022 3:21 am Try lowering the price.
Works wonders.
:thumbsup
I'm sure there are things that can be done that will get it more attention, but if it's in the MLS system, I doubt the issue is that people looking to buy don't see it.
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privateer79
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Re: Ingenious Internet Marketing of Condo

Post by privateer79 »

dukeblue219 wrote: Tue Nov 22, 2022 10:13 am It might also depend on how the condo appears in photos. Is it clean, brightly lit, and staged? Or does it look like someone took a few photos with an old cell phone?
I never believed this until we switched VRBO management companies and they took way better pictures of our vacation rental... bookings/revenue went up almost 40% overnight. if people aren't coming in the door, you need better pictures, and by extension, a better agent who would know that.
RetiredAL
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Re: Ingenious Internet Marketing of Condo

Post by RetiredAL »

Your friend is in a double whammy situation. For a given price, the monthly cost to a buyer has doubled this year due to rising interest rate. With the economy shaky, fewer people are testing the waters, especially if this is a vacation condo.

His best option is to lower the price to make it more attractive to buyers.
donall
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Re: Ingenious Internet Marketing of Condo

Post by donall »

The properties that seem to sell now offer assistance with financing such as buying down the mortgage rate. Lowering the price may work, especially as condos seem to be losing value. Professional photos with appropriate furnishings and lack of clutter are expected in today’s market.
adamthesmythe
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Re: Ingenious Internet Marketing of Condo

Post by adamthesmythe »

Almost all buyers screen properties on MLS. It is unlikely that there is anything better than a well-priced listing on MLS with good photos.

Some properties are just hard to sell because of a slow market for that particular kind of property and that particular location.
Tavistock1
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Re: Ingenious Internet Marketing of Condo

Post by Tavistock1 »

DTalos wrote: Tue Nov 22, 2022 2:38 am I have an elderly friend who owns a condo that is for sale on the MLS with an agent. The listing is kind of stale and I feel sorry for my friend who is unable to sell the condo. What are some clever ways to market a listing online or are there websites where people discuss and post condo listings? I am only on one social media site and do not have hundreds of fans, friends, followers or whatever they are called.
Homes sell for specific reasons, which vary according to who might buy. Reasons homes don’t sell include:
1- price
2- marketing. With the advent of the internet, specifically about that last decade or so, homes for sale MUST be presented in the very best way. More often this includes professional media companies enlisted for photos and videos, comprehensive distribution of the listing to every available venue ( hundreds these days)
3- condition- if the home is dated ( ie “original kitchen/baths” old carpet , bad paint, etc) see “1” above or consider , depending on return on $, upgrading certain aspects

In short, you can readily see if, given items 2 and 3 are up to speed, a given property is priced properly. If “2” marketing is as noted, it’s gonna be 1 or 3 or a combination. If marketing not up to snuff, fire the realtor and begin again. Buyers typically take an initial look on the internet at a house for less than a minute. If it doesn’t look appealing, for any of these 3 reasons, they’ll click to the next home. Period
Northern Flicker
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Re: Ingenious Internet Marketing of Condo

Post by Northern Flicker »

privateer79 wrote: Tue Nov 22, 2022 10:36 am
dukeblue219 wrote: Tue Nov 22, 2022 10:13 am It might also depend on how the condo appears in photos. Is it clean, brightly lit, and staged? Or does it look like someone took a few photos with an old cell phone?
I never believed this until we switched VRBO management companies and they took way better pictures of our vacation rental... bookings/revenue went up almost 40% overnight. if people aren't coming in the door, you need better pictures, and by extension, a better agent who would know that.
Pictures unquestionably matter but VRBO rentals are not an equivalent situation.
My postings represent my opinion, and never should be construed as a recommendation to buy, sell, or hold any particular investment.
junior
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Re: Ingenious Internet Marketing of Condo

Post by junior »

There isn't often anything unique about a condominium unit that would require savvy marketing. Sure, if there's something unique about the unit, (for example a bedroom on the first floor that could accommodate aging in place) you could choose to highlight it, but ultimately the buyer has to visit the property, like what they see, and decide the asking price is fair. Internet marketing only goes so far.
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DTalos
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Re: Ingenious Internet Marketing of Condo

Post by DTalos »

Mr. Rumples wrote: Tue Nov 22, 2022 6:13 am What are the reasons the condo is not being sold? Have there been showings but no offers, or no showings? Is it the price, the location, or perhaps other issues like no reserves? Or maybe the building looks dated. Part of the selection process for an agent is how the property will be marketed. That's up the agent. Too often agents are not chosen on their merits like a business transaction, but because the agent is a friend of a friend.
Unit is in fantastic location, but few photos of listing because interior, while updated, has a lot of clutter, knick knacks and personalization. What about mentioning the listing on a pickleball website or a retiree website based in a cold climate? Friend is using agent popular in neighborhood because that is all he knows. Not the best way to choose an agent.
Last edited by DTalos on Tue Nov 22, 2022 4:31 pm, edited 2 times in total.
Northern Flicker
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Re: Ingenious Internet Marketing of Condo

Post by Northern Flicker »

What does the agent suggest?
Last edited by Northern Flicker on Wed Nov 23, 2022 2:00 pm, edited 1 time in total.
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TN_Boy
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Re: Ingenious Internet Marketing of Condo

Post by TN_Boy »

DTalos wrote: Tue Nov 22, 2022 4:25 pm
Mr. Rumples wrote: Tue Nov 22, 2022 6:13 am What are the reasons the condo is not being sold? Have there been showings but no offers, or no showings? Is it the price, the location, or perhaps other issues like no reserves? Or maybe the building looks dated. Part of the selection process for an agent is how the property will be marketed. That's up the agent. Too often agents are not chosen on their merits like a business transaction, but because the agent is a friend of a friend.
Unit is in fantastic location, but few photos of listing because interior, while updated, has a lot of clutter, knick knacks and personalization. What about mentioning the listing on a pickleball website or a retiree website based in a cold climate? Friend is using agent popular in neighborhood because that is all he knows. Not the best way to choose an agent.
When I'm looking at houses, I know that the pictures of the house interior are (if done well) a best case. Good lighting, etc. And wide angle lens to make the rooms look bigger.

But if a listing has few interior pictures, or bad pictures, I assume there is something wrong with the interior and that the buyer is working hard to avoid showing what is wrong. And without the pictures, it's hard for me to have any idea whether the floorplan and such will work for me.

I.e. good pictures won't necessarily lead me to want to view a listing, but bad or no pictures will lead me to ignore that listing. Quickly. I mean, if the seller can't even generate some good pictures what else is wrong with the listing?
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Re: Ingenious Internet Marketing of Condo

Post by chinchin »

Redfin / Zillow
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student
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Re: Ingenious Internet Marketing of Condo

Post by student »

DTalos wrote: Tue Nov 22, 2022 4:25 pm
Mr. Rumples wrote: Tue Nov 22, 2022 6:13 am What are the reasons the condo is not being sold? Have there been showings but no offers, or no showings? Is it the price, the location, or perhaps other issues like no reserves? Or maybe the building looks dated. Part of the selection process for an agent is how the property will be marketed. That's up the agent. Too often agents are not chosen on their merits like a business transaction, but because the agent is a friend of a friend.
Unit is in fantastic location, but few photos of listing because interior, while updated, has a lot of clutter, knick knacks and personalization. What about mentioning the listing on a pickleball website or a retiree website based in a cold climate? Friend is using agent popular in neighborhood because that is all he knows. Not the best way to choose an agent.
Do you know whether there are any recent sales in the complex?
Gnirk
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Re: Ingenious Internet Marketing of Condo

Post by Gnirk »

DTalos wrote: Tue Nov 22, 2022 4:25 pm
Mr. Rumples wrote: Tue Nov 22, 2022 6:13 am What are the reasons the condo is not being sold? Have there been showings but no offers, or no showings? Is it the price, the location, or perhaps other issues like no reserves? Or maybe the building looks dated. Part of the selection process for an agent is how the property will be marketed. That's up the agent. Too often agents are not chosen on their merits like a business transaction, but because the agent is a friend of a friend.
Unit is in fantastic location, but few photos of listing because interior, while updated, has a lot of clutter, knick knacks and personalization. What about mentioning the listing on a pickleball website or a retiree website based in a cold climate? Friend is using agent popular in neighborhood because that is all he knows. Not the best way to choose an agent.
IMHO, the clutter, personal stuff, family photos, Knick-knacks, all need to be packed up and moved into storage and new photos taken with only minimal useful furniture so that a potential buyer can imagine themselves living there with their stuff. It will also make the condo appear larger.
barnaclebob
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Re: Ingenious Internet Marketing of Condo

Post by barnaclebob »

Price, pictures/staging, and condition are the only things that matter which can be changed.

Nobody is looking for condos on facebook, Instagram, or tik tok. If the condo has something very specific which would make it appealing to a niche user group then you could consider targeting some ads to that user group.
apex84
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Re: Ingenious Internet Marketing of Condo

Post by apex84 »

1) Declutter unit. Eventually, people will come to see the unit in person.

2) Take more pictures. People shop on their phones and computers. Pictures and videos matter. You can virtually stage the unit with different decor and furniture in the digital pictures. Also, make sure there is a floor plan. Agents should pay someone to take measurements and make a floor plan.

3) Change decor to market preference or reduce price (some of those personalizations will reduce the value). Don't just cut the price, mention it in the text as a budget for remodeling to the new owner's tastes or something like that. Find an agent that knows how to approach this.
DTalos wrote: Tue Nov 22, 2022 4:25 pm
Mr. Rumples wrote: Tue Nov 22, 2022 6:13 am What are the reasons the condo is not being sold? Have there been showings but no offers, or no showings? Is it the price, the location, or perhaps other issues like no reserves? Or maybe the building looks dated. Part of the selection process for an agent is how the property will be marketed. That's up the agent. Too often agents are not chosen on their merits like a business transaction, but because the agent is a friend of a friend.
Unit is in fantastic location, but few photos of listing because interior, while updated, has a lot of clutter, knick knacks and personalization. What about mentioning the listing on a pickleball website or a retiree website based in a cold climate? Friend is using agent popular in neighborhood because that is all he knows. Not the best way to choose an agent.
criticalmass
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Re: Ingenious Internet Marketing of Condo

Post by criticalmass »

DTalos wrote: Tue Nov 22, 2022 2:38 am I have an elderly friend who owns a condo that is for sale on the MLS with an agent. The listing is kind of stale and I feel sorry for my friend who is unable to sell the condo. What are some clever ways to market a listing online or are there websites where people discuss and post condo listings? I am only on one social media site and do not have hundreds of fans, friends, followers or whatever they are called.
If you are asking for suggestions, consider putting a question mark at the end of the title of your post. You will likely get more people to read the question.
retiringwhen
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Re: Ingenious Internet Marketing of Condo

Post by retiringwhen »

Gnirk wrote: Tue Nov 22, 2022 4:56 pm IMHO, the clutter, personal stuff, family photos, Knick-knacks, all need to be packed up and moved into storage and new photos taken with only minimal useful furniture so that a potential buyer can imagine themselves living there with their stuff. It will also make the condo appear larger.
This is a major item. Staging is very important in a browser centric marketing strategy.

Frankly, if the agent did not help/insist on such a staging approach it may be time to look for a new agent.
TootsieWolf
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Re: Ingenious Internet Marketing of Condo

Post by TootsieWolf »

Can they offer seller financing or a rent-to-own situation?
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David Jay
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Re: Ingenious Internet Marketing of Condo

Post by David Jay »

DTalos wrote: Tue Nov 22, 2022 4:25 pmUnit is in fantastic location, but few photos of listing because interior, while updated, has a lot of clutter, knick knacks and personalization.
You have your answer, right there. Have them rent a self-storage unit and declutter. Then get a new set of well composed photos.
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quantAndHold
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Re: Ingenious Internet Marketing of Condo

Post by quantAndHold »

DTalos wrote: Tue Nov 22, 2022 4:25 pm Unit is in fantastic location, but few photos of listing because interior, while updated, has a lot of clutter, knick knacks and personalization.
Looks like you’ve found the problem. Take it off the market. Get rid of the clutter. All of it. Paint, put back a few pieces of furniture, take good photos. Relist at a lower price.

Did I mention, get rid of the clutter?
Yes, I’m really that pedantic.
HomeStretch
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Re: Ingenious Internet Marketing of Condo

Post by HomeStretch »

A recent newsfeed item said the owners of a house not getting offers decided to offer a free Tesla as part of the sale. That’s quite a marketing gimmick!

Are sales slow for all condos in the same development/town or is it just your friend’s that is not getting offers? If the latter, other posters have mentioned likely causes - interior clutter, listing/photos, price, agent, etc. Address those rather than try to find a marketing gimmick.

Is your friend putting any effort into the condo’s appearance? Does your friend need help (from friends or a paid professional) readying the interior for sale - clearing clutter, depersonalizing, deep cleaning, making minor repairs, staging, etc.?

Has your friend had any showings - what was the feedback from other agents/potential Buyers?

Your friend can bring in other potential real estate agents to get feedback on what’s needed to sell.
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