How Many Real Estate Marketing Errors Can You Spot?
To my eye, the listing agent marketing a certain Fern Hill Rambler now commits not one but two mistakes trying to push Buyers’ “Fear of Missing Out” button:
One. In an ongoing Seller’s market with too little inventory, it’s certainly plausible that any new-to-market listing will sell fast.
But, not because the listing agent (representing the Seller) says so.
Rather, because the market says so.
In turn, that depends wholly on the specific home’s list price, condition, staging and, yes, marketing (including Realtor-to-Realtor networking, social media exposure, flattering photos and verbiage, etc.).
Marketing Misfire(s); “If You Say So” Dept.
Two. When the agent’s FOMO (“Fear of Missing Out”) strategy didn’t work, they failed to update their marketing verbiage on MLS accordingly.
So, the destined-to-sell-fast Fern Hill rambler originally debuted on the market . . . last September.
Which means the listing’s CDOM (“Cumulative Days on the Market) as of today is 181 days — very stale for a home whose asking price is $385k.
It all recalls one of my favorite New Yorker cartoons, showing a father and son in front of a lower East Side (New York City) clothing store, whose window is covered with signs blaring “90% Off!,” “Must Liquidate!,” “Going Out of Business!,” etc.
The caption: “some day, son, this will all be yours . . . “
P.S.: FOMO — and its opposite.
I recently asked my 19 year-old son (and college freshman) whether he felt caught up in the frenzy common to many new college students not to miss out on anything happening on the very busy campus.
He said matter-of-factly, “No, not really.”
Which made me worry (just a little) whether he really was missing out (“MO”) . . . 🙂
See also, “Are There REALLY Multiple Offers? How to Tell.”