Seller Case Study: Coming Soon
Problem: Seller believes their unique artists loft is worth more than the comparable sales. This is a common seller pain point.
A seller came to us frustrated after meeting with 2 different realtors to sell a classic Tribeca loft.
After those meetings, the seller felt that none of them truly understood the value of the property. The seller felt their property was not like any of the comparable properties either agent relied upon in their market valuations. In the words of this seller, “without concrete data why should I potentially gamble hundreds of thousands of dollars and list lower than I would like to.”
Both of the potential listing agents said the same thing, that the comparables do not support a listing price of $4,000,000 for a 3,000 square foot artists loft. Both recommended prices lower than $3,750,000. T
The seller feels like they are leaving money on the table by not at least trying to get $4,000,000. What if the realtors are wrong? Sometimes properties have a value-based beyond the comparables especially when they are unique and have great bones.
We agree.
Solution: Our team came up with a solution that addressed this sellers concern.
- List your property with our team at Compass.
- We will pre-market your listing as a Compass Coming Soon property for 30 to 45 days.
- Then we will put it first on Google with professionally run paid SEO and we will run 30 days of paid Facebook and Instagram ads at our expense creating buzz.
- It will not be considered an active listing at this point but “pre-market”. We will market it at the seller’s aspirational price of $4,000,000.
Benefits to the Seller:
- During this pre-market time, we will have access to detailed web analytics and we will be able to track how many virtual showings and inquiries we are getting from buyers and brokers. If you opt to, we can qualify those buyers that are serious and selectively show and collect even more feedback on the $4,000,000 listing price.
- During this 30 to 45 day period there will be no days on the market attributed to your listing.
- We are creating demand, not only because this loft is unique, but because frustrated buyers who have not been able to find their dream home have a palatable fear of missing out (FOMO). If they want to ensure they get this property, they can pay the sellers price and it will never hit the open market.
- Also significant is that we will know early on if we are priced correctly based on the number of virtual showings, time spent online viewing our listing, broker inquiries, and showing feedback. We can then make the educated decision together when the seller should officially come to market and at what price.
Bottom Line:
In this scenario, the sellers fear of leaving money on the table or not pricing their property correctly is addressed. The prejudice of losing out the on the crucial first 45 days a property is active when statistically the most eyeballs are on the listing is avoided.
Best case scenario, the seller sells the property off-market for a number that works for them, worse case the seller collects strong data and decides with us to adjust the price to something more compelling than $4,000,000 and comes to the market priced right.
Want to know to learn more about what Compass Concierge can do for you? Email us at columbiavitoloteam@compass.com to find out more.
