Hi Gloria,

As long as you have your listing priced in line with what the solds have sold for in that area then l would suggest taking that 5K and offering a bonus to any agent that brings you a closed escrow. Put it on your MLS listing, your email flyers, etc to let all the agents in your area know. That should bring more activity and hopefully a closed escrow.

There are 2 ways to sell property - Price and Traffic.  You already are working on the Price part.  Lowering the price to the lowest end of comparables will also help.

Now work on the Traffic part.  The more people who hear of it or see it, the more chance the right buyer will appear.  So, I agree with Phil & Gayle.  Give incentives to other agents to show the home.

Maybe do some research to find out from what other cities and states people are moving to Atlanta from and advertise in those cities.  

In Columbus I just put a bounty on one of my listings.  Sellers are really in a hurry to move it. Unfortunately they just bought it last year and the navy wants to ship them to California.

On my personal properties for sale I usually place a 10% commission it does get them a lot of attention.

I would terms more about the buyer, then about the real estate agents.  I would talk with a lender that you work with and do the numbers on a 2-1 buy down with a 80/20 loan, which allows for 0% down payment and a below market interest rate.  I would also have the sellers pay $4-5,000 of buyers closing costs.  This may attract the buyer with great credit but no money.  Good Luck. Forget about the number of houses on the market, make your the most financing attractive house on the market.  When interest rates hit 16%-18% then e-mail and we will discuss bad markets.

Gloria,

I tend to side with Phil and Gayle.

I have tried both methods simultaneoulsy, lowering prices and increasing commissions (and other incentives).  I have listings now which pay 4 and 5% to buyer's agents and the properties are still not being shown.

The market has reverted back to the times when COMPS really matter.

THE DAYS OF MAKING OODLES OF MONEY ON REAL ESTATE IS VAMOOSED!

Unfortunately, sellers are not listening to us.  Remember my recent post: "Are we lying to Sellers".  Sellers have to experience it for themselves and we are caught in their learning process.

John

Provide as many methods of alternative/creative financing as possible, probably limited with a divorce sale, but closing costs were already mentioned, which is great . . . if possible, owner financing . . . seller carrying a second, etc.

In an inventory heavy market, boy do we sympathize over on our end, making the house easier to buy is good. And high commission splits are always good.

Find the agents who have sold the most homes in that area and drop a line or make a call to each of them . . . touch base to thank them for any help in moving yours. We all market to agents--they sell our houses. And I know that I forget unless someone reminds me.  :)

A lot of people swear by Craigslist et al. . . .

I tend to agree with Dennis. I don't look for which house pays the best commission when I'm looking for the right home for my clients. I just focus on their needs and wants.I think that they may feel as if I wasn't doing my best to serve them when they find out I'm getting a bonus for selling this particular home. I feel that the discount should go to the buyer. He is the one that needs the incentive. Wherever he is...anyway. Believe me, I have incentive, no matter what house I sell today!

The same thing is going on in Memphis. A Lot of houses on the market. Before December I had calls every day, alot from out of state on investment properties I had listed. Thank god I sold those because I have 3 now in the same area which have had 4 showings in 3 months. And I have advertised all over. I have another listing which is also going slow but not like the investment properties. I think it has to do with the house flippers who have been hit with lack of lenders. There were some  novice investors buying these properties with those credit card type loans who are now in trouble and can't flip those properties like they saw on TV.

With so many houses on the market, your seller will have to make her home stand out.  Inexpensive things she can do are plant flowers in the front yard, keep the hedges and grass well groomed, and make sure the outside shines (not literally).  Something as simple as a new mail box can give new life to the appearance of a house.  She will also have to do the same on the inside and stage her home so buyers walk in and know "this is the one."  I'm sure you know all about staging so I won't bore you with details.  When there is so much competition, it's all about making yours the best.

As soon as a home is listed, this home automatically becomes a house --a product that needs to compete with other houses on the market.  Two major factors required in selling a house are:  price and condition.  A home buyer will first look at the price if it is within their price range, then they look at the condition of the house.  Is it priced according to the home's condition?  If a house shows well .....like a model home.... you will surely attract a lot of buyers with the right price.  No matter what you do, these 2 factors go hand in hand.  If a house appears to be a fixer, buyers will expect a below market price.  Therefore, it is very important to always educate home sellers.  Show them homes currently on the market that have been sitting for more than 60 days.  Research homes that sold within 30 to 60 days and show them to sellers.  Print out MLS pictures of the homes and let your sellers understand the real market.  If none of these work, walk away... unless you are willing to take on a lot of stress and expenses to get your listing sold.

REDUCE!

You can give an agent all the incentives you want, but the agent cannot produce a buyer they don't have.  There was a listing in a small town south of me that was offering a $25,000 bonus to the selling office.  As much as I could use an extra $25,000 I could not fabricate a buyer for this home.  The house sat on the market for a very long time.

If the home is reduced and then becomes a good deal, you will get more activity and create a buzz.  Also if it is a good deal then you have the possibility of getting multiple offer and that might drive the price up.

<< With so many houses on the market, your seller will have to make her home stand out. >>

I have a seller like that!  The grass on the front yard is 3 feet high (literally), the home is over priced about $15K and the seller thinks that thay have a  "gourmet kitchen" (with formica counter tops) because the stove is new.

Believe me... the home stands out. HA!

Six showings in 90 days.  Who knows how many people just left and didn't even want to see the inside because of the yard?

She got mad at me and hung up because I asked her to hire someone to take care of her yard if she can't do it. Sigh.  Next...