I have a new “million dollar listing”.Before you congratulate me on my pending fortune, consider this, using easy math:Sales price of $1,000,000My company’s commission: $30,000Referral commission: 35% …Â so now we’re working with $19,500 -Cut that $19,5 in half = $9,750Take taxes out – $6,825Take expenses out – maybe $5,000If it takes a year to sell …Â It’s just not that profitable.Call me a hypocrite, but …Â it is the second “million dollar listing” I’ve had – furthering one of my goals for 2007 – to work in a higher price range.
Browsing Category Marketing
Welcome new readers
This week starts the first of what may be extended targeted advertising in the Charlottesville online space.The Charlottesville real estate market is changing every day; this site provides unbiased opinions and market analysis as well as coverage of local politics that affect real estate, emerging technology trends, market trends and more. The coverage here is decidedly focused on Charlottesville and Central Virginia – as all real estate is local; frequently national trends will be referenced, but typically within the context of how it impacts the local market.Questions from readers are welcomed and always answered, frequently in the form of a post (my thanks in advance for the story ideas!).To sign up for email alerts, click here, and please note that it’s a two-step process. Check your email for the verification link, click it and you’ll receive updates whenever a new story is posted…. If you ever have any questions or comments, please feel free to contact me.Here is a review of this site from the C-Ville Weekly.
Why print advertising doesn’t make sense
Following up on this week’s earlier post regarding print advertising’s demise …The only print ad I have done this year was in The HooK, for their Green issue.Blogging has a better ROI.Print is useful when it transcends advertising, when it’s not advertising…. The authors write about local properties every week with unbiased, un-varnished point of view.I’ve chosen to not advertise in the local real estate publication, the Real Estate Weekly, for at least two reasons…. Second, they now print in Georgia and drive it up to Charlottesville every week – this is incongruent with my evolving green philosophies (gotta ‘walk the walk’).If only Realtors would learn to advertise their Open Houses in the Charlottesville MLS, we might not need to advertise in the Sunday Daily Progress…. The results of a poll they ran a few weeks ago led me to give them a shot – * less than $10,000 6% of all votes * $10,000 to $24,999 13% of all votes * $25,000 to $49,999 47% of all votes * $50,000 to $74,999 16% of all votes * $75,000 to $99,999 10% of all votes * more than $100,000 i.e. lucky bastard 25% of all votesBuyers and sellers are looking online.
Print? What’s that?
Jonathan has the answer.From a consumer standpoint, sellers ought to examine with a critical eye any agent who points to their newspaper classified ads or, worse yet, their glossy real estate magazine page as the cornerstone of their advertising. The rest of us have said for ages that these agents are advertising themselves and not your home, though your home is one of the vehicles used in the ad.More on why I don’t use print on Thursday.
Attention Charlottesville Realtors – market your property to international clients, too
One of the key features to this type of filming, in addition to the widescreen format, is that the voice-overs are done in English, Spanish and Portugese. Charlottesville attracts a fairly large international population, due in large part to the University of Virginia as well as the cosmopolitan business climate. Ready to post your own flat rate video listing professionally narrated in English, Spanish, and Portuguese? We currently have videographers ready to film your property in Miami, Los Angeles, San Diego, Atlanta, Charlottesville, or New York City.If you’re interested, please either let me know or plan to stop by the Realtors’ Board office on Friday morning.Read more about VidListing.com here.
Tuesday links 21 August 2007
If you don’t think the tax code is screwy, read this.Making a low offer – more on this later this week.How the media missed the signs of the mortgage meltdownHow real estate commissions work – an outstanding and enlightening post (hat tip: BHB) – read more about divorcing the commissions here and here.The buyer and the seller should each pay for their own services rendered to them. This practice of the seller paying the buyer’s agent is just nuts.Mike has written some of the best stuff on the future of the MLS. If you’re interested in the evolution of the MLS, start here…. Realtors, this may seem inconsequential; it’s not – the decisions that we as members of the real estate community make – and don’t make – will shape the future of the business.Crime in Downtown Charlottesville – if we could get this data released consistently, think of the value the real estate consumer (and citizens) could have.If you’re not shopping at the Charlottesville Habitat Store – why not?Living frugally is cool.Get your RealCentralVA gear here!
Something all Realtors and sellers should read
Part of an email from a buyer client who is searching for homes in Charlottesville:We overlooked this home because it only had a photo of the outside, but the home next door to it was for sale and I found a virtual tour through Trulia- it is beautiful…. The outside looks well-kept.The realtor is doing his client a disservice by only having one photo, but the resultant lack of interest may work to our advantage.It is the Realtor’s responsibility to do his or her job well. It is the client’s responsibility to check up on what their Realtor is doing on their behalf. I like to show properties that have one or fewer photos – it usually means that the Seller will have had less traffic and will therefore be more willing to negotiate a lower offer.