If you’ve been a real estate agent in Connecticut for more than three months you’ve most likely heard the sordid tale of 50 Poplar Hill Drive, aka “50 Cent’s house”. The 51,000 square foot, 19 bedroom and 35 bathroom house is the real estate burden of Farmington for almost 10 years being listed 4 times with a price decrease of almost 10 million dollars to date. Even the successful Million Dollar Listing pro, Fredrick Eklund, who currently holds the listing for prestigious broker Douglas Ellimancan’t seem to high-kick himself a buyer.
So what went wrong?
With an average accumulated total of 1,770 days on market, this house may be the best example of a “days on market” horror story.
Pricing a house to sell can be harder than you think for such a celebrity home, but the basic premise stays the same no matter what house it is. Unfortunately, sometimes there are no comps available, or the market is unstable or another variable throws off a house’s marketability, but that doesn’t mean your D.O.M. is your doom.
According to Zillow, the average Days On Market for Connecticut is 80 days as of May 31, 2018, which works out to be about 2 1/2 months. But if you’re closing in on that 80 days, or you’re over it completely, the following steps can help you refresh your listing and bring some life back to your showing rate:
1.) Do A Reset: The easiest way to reset your D.O.M. is to remove the listing and then re-list with a new MLS number. You want to be careful though, this can raise a red flag and this too many times can cause a buyer to be suspicious that something about the house is unacceptable.
2.) Fresh Photos: Photos are an awesome way to refresh your listing because people are visual; typically motivated by sight first. If you hadn’t done so in the first set of photos, hire a professional photographer to catch your house in a different way. Professional photographers know how to set a specific view with the correct lighting and frame to make each picture visually appealing. A benefit we offer real estate agents at First World Mortgage is Listing Pro which is a co-marketing program that provides a listing photography package along with additional branded material.
3.) Re-position Pictures: Instead of highlighting the exterior of the house, which is common and expected, start your picture tour with the best room in the house and work your way to the least impressive. Typically, if a buyer isn’t impressed by the first 3-4 photos, they will move on to a different house so catch them when it’s most important.
Refreshing a listing doesn’t always mean a price adjustment unless the market warrants it. You shouldn’t feel backed into a financial corner just because your listing has lost its luster. Hopefully, with the right adjustments, you’ll be able to bring back the life your listing deserves and reinforce your position as a knowledgeable and effective real estate professional.