TL;DR – SCOUT always delivers the right marketing for the right property.
Our last closing of 2018 was a really cool one. The North Riverside seller had approached us about listing the property after another agent had failed to sell it with over a year of market time. Of course, I was flattered that they reached out to us, but there’s a lot more to it.
The property being sold was a vacant lot. That’s not that extraordinary, except that the lot was in North Riverside. While the original agent didn’t accurately value the parcel, she also failed to properly market the property. See, in North Riverside, there really aren’t any vacant lots, nor any teardowns into new construction. For anyone building or developing, this search isn’t even on their radar. Kind of like a tree falling in the middle of the forest!
Understanding this gave us the ability to come up with a targeted marketing strategy that proactively reached out to developers working in nearby areas. On top of email campaigns, I would personally comb through listings of new construction, research who the owners were, and contact them outlining the property, market conditions, and potential value. This resulted in 3 separate offers! This wasn’t a multiple offer situation. We had 2 other parties that for reasons beyond our control, could not finalize a purchase of this. But the third time was a charm! That deal closed in less than 3 weeks contract-to-close!
Several lessons can be taken from this.
Real Estate is more than the MLS
I’m a huge proponent of the Mutliple Listing Service, and the tools that I use in conjunction with it to sell most residential properties. However, it’s not the tool for every listing. While this lot was in the MLS, it took lots more targeted work to get it in front of the right audience.
Efficiency in Marketing
Speaking of “the right audience”, I did not blast this to a blind email list of past and present clients, brokers, or anyone else that had touched my inbox. I don’t believe in doing that for most properties. On any given day, my inbox is hit with at least 30 property email listings, plus another 200 – 300 that get spammed. I’m not exaggerating this. Email blasts were popular in the early 2000s. Their effectiveness has gone to the wayside along with aol accounts. But I did leverage targeted email lists, and individual contacts through online / social media accounts.
The right strategy for the right property
This particular strategy isn’t going to work for most listings. A home is going to be sold with a more conventional MLS / online strategy, appealing to the masses. The client’s previous agent didn’t understand this, and thus it was a failed listing for her. The right marketing for the right property – that’s always our approach.
And do you know what DIDN’T sell it?
For good measure, I like to point out that it wasn’t my picture, my name, a big franchise name, a Facebook post, or any other self-promotion that sold the property. It was our savvy model and real estate intelligence that got the job done (and it really works – read our reviews!)
At the end of the day, we are thrilled for the sellers of this property. It was the last part of their parents’ estate, selling the lot that adjoined the home they grew up in! We can’t wait to see what gets built there. Let us know if you want a new construction home in North Riverside with great schools!