Why a Broker’s Open House is So Important When Selling in the LBI NJ Real Estate Market
Selling on Long Beach Island New Jersey
Selling a home is a major financial decision in any real estate market. In the Long Beach Island real estate market, which is an area of mostly second homes and investment properties, it is important to make sure that a home for sale get the most exposure possible. While it is very true that most home buyers, over 90% in fact, start their search online, there is still much value to the “tried and true” methods of marketing a house for sale on LBI. One of the most effective marketing tools available is a Brokers Open House on Long Beach Island.
What Is A Broker’s Open House and Why Is It So Important?
Most home buyers and home sellers are familiar with a public open house where the listing agent will host an event for interested buyers (or nosy neighbors) to preview the house and ask questions. A Brokers Open House on Long Beach Island is similar however it is marketed directly to other agents rather than the general public. A Brokers Open House on Long Beach Island is provided by the listing agent as a part of the marketing package and will usually include a catered lunch so as to incentivize other agents to come and preview the property. The open house will usually last about 2 hours and should generate about 20-30 agents from various offices to preview the property. There are several reasons this is an effective tool when marketing a house for sale in the LBI NJ real estate market such as:
- A Brokers Open House on Long Beach Island allows other agents to preview the property so they can answer questions intelligently from would be buyers
- Questions can be answered directly by the listing agent regarding key concerns such as flood insurance rates, damage from Hurricane Sandy and past rental history
- A Brokers Open House on Long Beach Island allows for direct feedback from other agents regarding price, condition and any improvements that could be made to the property to help it sell
Statistically speaking, the odds are that an agent other than the listing agent will sell a listing. This is simply due to the fact that there are hundreds of real estate agents on Long Beach Island each with their own list of buyers who receive daily or weekly updates on new listings for sale on Long Beach Island. Therefore, it is very important to market the sale listing not only to potential buyers, but also to other agents who can, after seeing your house in person, can speak knowledgeably about the property and answer questions for their clients. This can be the difference between a buyer coming to see your house in person or skipping it over.
In any real estate market, and more so now than ever, there are many questions about homes for sale on Long Beach Island. Key issues like flood insurance rates and damage from Hurricane Sandy are questions on everyone’s mind. Being able to physically visit a sale listing and have the questions answered in a direct dialogue is the best way to dispel any inaccuracy about the property. It is easy to write in an MLS sheet, “damage from Hurricane Sandy was repaired” but it is certainly better when someone can see for themselves that the damage was truly repaired and the issues from the storm have been resolved.
A Brokers Open House on Long Beach Island also allows for feedback from the real estate community on Long Beach Island. Again, the odds are that another agent will sell the house so it is important to hear what their reactions are to the property in terms of price, condition and overall appearance. If the agents react negatively to one or several aspects of the house, it may suggest that action is needed to correct the issues. For example, if 30 agents visit the open house and 25 state the house is overpriced, the listing agent and the seller must sit down together and review the market and the comparable properties to see if a reduction is needed. On the other hand, if 25 of the 30 agents state the house is priced well, this is a clue that when an offer is made, you may not have to negotiate the price much to make a deal.
Listing and Selling a Home in the Long Beach Island New Jersey Real Estate Market
When listing a house for sale on Long Beach Island, there are three core areas involved in selling the house. They are: Pricing, Marketing and Negotiation. Above all else, price is the most important factor in the sale of a home on Long Beach Island. An overpriced house will simply not sell no matter how special it may seem. Even if a buyer “fell in love” with the property, a bank will not approve a mortgage for a home that is overpriced in comparison to the market. After pricing, marketing is the tool by which a buyer will be found for the property. I employ a number of marketing tools to ensure that my listings make the best impression and get the most visibility possible. This includes professional photos, interactive floor plans, virtual tours, postcard mailings and a number of other online and traditional marketing tools (including of course a Brokers Open House on Long Beach Island).
For more information about a Brokers Open House on Long Beach Island or to discuss selling your home on Long Beach Island, please do not hesitate to contact me anytime and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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