In our last post, we discussed buyer's markets, "showing fatigue" and the implications for sellers. We argued that being one of the top five values in a given property type was critical to obtaining offers and showings. So what can a seller do to obtain "mindshare" in the real estate community? We believe three steps must be taken.

1. AGGRESSIVE PRICING-Are we talking about a fire sale? Certainly not. We are talking about being in the top five values in the market. How do we choose price? Well two considerations must go into that analysis beyond a traditional comparable analysis. The market today isn't going to be the market next week. When things are slow, two things are likely to happen. First, new competitive product will come on to the market. Second, existing product will reduce price as their time on the market increases. If you wish to sell, you must price your property anticipating those events and setting your price so that a month from now you are still one of the top five. If you don't do this, then you will begin chasing the market each time new product appears or someone else drops their price. That will lead to frustration, stress and no sale.

2. EMPLOY A 21ST CENTURY APPROACH TO MARKETING-What is that? Contact us and we'll show you. We are not trying to be cute, but this approach is the key to our success and we are not going to broadcast it widely. In short, a "run of the mill" approach to marketing your property will leave buyers believing your property is also "run of the mill" and it will be treated accordingly.

3. PREDICTABLE ACCESS-In today's very active tourism market, sellers are reluctant to forgo rental income. We certainly understand that. But agents will get frustrated with a property they cannot readily show to clients and in will quickly drop out of the top five values in their mind. Agents want to use their time effectively and that includes the time they take to set up a showing schedule. If they get a "no" twice from your listing agent on requests for showings because it is occupied by vacation renters, they are unlikely to call a third time. You will have lost them. How does one deal with this? Make it clear to your renters in advance that the unit is for sale. Offer them a discount so that they agree to allow showings with 24 hour notice within agreed upon times during the week ( i.e. 24 Tuesdays and 9-11 Thursdays). Of course the best answer for those wishing to accelerate the sale process is to keep the unit vacant, but this is a helpful second option. Remember, if agents can't show your property, they can't sell your property.