Strategies for Bidding Wars

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First things first, don’t let the term “bidding war” scare you off. There is no “war”, and you will still be giving an offer just like you would to buy any house. The only difference is that it take a little extra strategy going into it. 

 

With 23.6% of homes sold in 2017 going for higher than listing price, there’s a greater chance than ever that sellers will have more than one offer to choose from. While the most (almost) guaranteed winner of any form of multiple offers is the “all cash” offer, that’s most likely not in the cards for the average buyer.  Instead, focus on other key elements:

 

AGENTS, AGENTS, AGENTS

Because ultimately your agent will be the one representing you and your offer, choosing the right agent is the first step of the equation. Find an agent that has great relationships with the other agents in town, and will really be able to personalize your offer. Assessing their personality (confidence is necessary, temper is not!), and track record of past “winning bids”, is a great place to start.

 

GET TO KNOW THE SELLER

Getting to know the seller of the home you are putting a bid on is essential. Ultimately, sellers want both the “best” offer and who they connected with on an emotional level. Really paying attention to a seller’s needs and creating an offer that aligns to those needs is key. Know the family needs extra time in the house before their big out-of-state move? Make it easy on them and write details of how you would be able to give that extra time in a personalized note with your offer letter. Adding why you love the property is always a nice touch, too. 

 

CLOSER TO CASH

While a full-cash down payment is a dream offer, getting your offer “closer to cash” is much more realistic, and doesn’t necessarily even take more money upfront. While there is always the option of a larger percentage of a down-payment or earnest money, a pre-approved loan (a fully underwritten loan is even better), gives your offer a much higher appeal. This gives the sellers the peace of mind that if the offer is accepted you are ready to go with your financials in place to move forward.

 

FAR FROM CONTINGENCY

Sellers don’t want the risk of going with an offer only to have the buyers back out on a contingency last minute. With that said, the fewer and the shorter the contingencies, the better. There are some contingencies that by being smart about, you can ease both your and the sellers’ worries. For instance, if there is an offer deadline date - do the inspection ahead of time so that you know exactly what you are getting into and can forgo the inspection contingency. If you still need a contingency period, think about shortening it to 3 days. Suddenly, your offer that will be finalized in 3 days instead of the typical week looks much more appealing to the sellers.

 

ACT QUICK

While there are pros to being the first offer if it’s above asking price, there can also be pros to being the last offer. However, the most important part is to see the property as soon as you possibly can. This allows you to strategize and make arrangements for exactly how you want to put in an offer that’s both strategic, and right for you.

 

SECOND CHANCES

Not many people realize just how high the percentage is of houses that go back on the market after being under contract. 17%, is the number. Keep this in mind when your offer for that dream house wasn’t chosen … you may have a second chance! Ask the selling agent about their backup offer policy, and be sure to keep notifications on for the house going back on the market! 

Parks Named #1 Top Workplace in Middle Tennessee

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Parks has been awarded the #1 2018 Top Workplaces honor for large companies by The Tennessean. 

The list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC (formerly WorkplaceDynamics), a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of workplace culture, including alignment, execution, and connection, just to name a few.

“Top Workplaces is more than just recognition,” said Doug Claffey, CEO of Energage. “Our research shows organizations that earn the award attract better talent, experience lower turnover, and are better equipped to deliver bottom-line results. Their leaders prioritize and carefully craft a healthy workplace culture that supports employee engagement.” 

“We’ve been fortunate to have increased growth over the last few years, no doubt in part because of our consecutive recognition as a Top Workplace,” CEO Bob Park said. 

“I’m grateful that our agents and employees enjoy what they do and are finding success in their careers and lives outside of Park,” he continued.

“Becoming a Top Workplace isn’t something organizations can buy,” Claffey said. “It’s an achievement organizations have worked for and a distinction that gives them a competitive advantage. It’s a big deal.”

Read more on The Tennessean's website

See the full list

Get to Know a Parks Agent: Chris Long

 

Realtor
Mt Juliet
1 Years with Parks

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Having worked with national accounts in the music and book publishing industry for 15 years, Chris enjoys helping others succeed, whether in business, personally, or helping make what will probably be the largest financial decision of their life. Chris has lived in the Nashville area for 13 years and loves everything this town has to offer.

He has three children, Ashleigh (23), Rachel (21), and Michael (18). He enjoys spending time at the beach, on the lake, and pretty much any other outdoor activity. He is a huge Ohio State fan! Chris has a Bachelors of Science degree in Aviation Management from Florida Institute of Technology. 

Apps You Can't Live Without:
Realtracs Mobile

One Thing You're Happy to Splurge On:
New Shirts

What Would Your Dream Home Include?
A LAgoon 450 catamaran tied to the dock

Your Motto
Help others and add value

Favorite Place to Grab a Bite in Your Community
The Goat

If You Hadn't Gotten Into Real Estate, What Would You Be Doing?
Probably hating my job!

What Is the Key To Success?
Helping others succeed

What Gave You a Magnificent Life in 2017?
Attending Ninja Training was an amazing week that changed my mindset, not only for my business but in my personal life as well. It helps me focus on what is really important. 

What Word or Phrase Do You Overuse?
"Seriously?" No really, I overuse seriously!

Biggest Lesson Learned from 2017
How willing other Parks agents are to help me succeed in my business!

Your Favorite TV Show to Binge Watch
Hawaii Five-O

Favorite Real Estate Trend Right Now
How quickly homes sell! Also, downsizing and smaller living

What Emoji Best Describes You?

🏝

Boost by Homespotter

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Guess what Parks agents...we have another new marketing tool that you're going to love! Boost, offered by our App provider, Homespotter, is a new offering that automatically advertises your listings through the Parks Facebook page with no guesswork, effort, or cost to you! That's right, the cost of the initial five-day boost is covered by Parks! 

How does it work? Each of your new listings (residential and condos priced $125,000 or higher) will automatically have a boost created. You'll be notified and have eight hours to edit or cancel the ad before it goes live. It will then run for five days to an audience targeted to buyers who are interested in a listing like yours in that area. 

 

 

 

Watch this quick video to see Boost in action: 

How to get started: 

  1. Visit Boost-bobparks.homespotter.com.
  2. Use the "First Time Logging In" field and receive instructions for creating a password and signing in. 
  3. You'll be notified via email each time a listing is going to be boosted. From that email, you can click to edit the boost (for eight hours before it goes live), cancel it, or add your seller's information so they get updates too. 
  4. Right before the boost begins running, you'll receive another notification that allows you to see the live ad, share and interact with it, or show it off to your sellers. Read more here. 
  5. Anytime someone comments on the boost, you're notified via email! You can then click the included link to interact with the potential buyers. 
  6. If they click on a Boost, they'll be taken to a custom landing page that gives more details about the listing. 
  7. When the boost is over, you'll receive an email with a link to the boost's performance summary. You can show that report to your clients as well! 

Check out a preview of the Boost dashboard: 

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How does Engagement Work?

When you log into your boost dashboard, you'll be able to click on your boosts to see the engagement analytics such as views, clicks, and the number of engagements. You can even see if they used the built in mortgage calculator. 

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Frequently Asked Questions: 

  1. How much does this cost? Unless you're creating boosts yourself, there is no cost to you for the initial five-day boost! We'll automatically populate the boost and begin running it within eight hours of it hitting MLS. 
  2. What is the criteria for automatic boosting? The listing must be for a residential or condo and be $125,000 or higher. 
  3. What about my current listings? We'll begin running boosts retroactively for listings that hit MLS June 1, 2018 or later. Listings that hit MLS prior to that can be run, but you will need to create the boost yourself and pay for the additional charges. 
  4. Do I have to have a Facebook page? You do not have to have a Facebook page to participate in boosts, but you will need one to interact with potential buyers on Facebook or to create extended/additional boosts. 
  5. What if my client doesn't want me to run boosts? You'll have eight hours from the time a boost is created to cancel it. It can be canceled after it has begun running, so if you miss the deadline, you can stop it at any time. 
  6. Can I edit the boost? In the eight hour window before the boost begins running, you can edit the content of the boost - the heading, the body copy, and the photo. After that, no edits can be made. 
  7. Can I show my clients? Yes! You can add your seller's information so they're notified of the results and can see the boost. Read more here
  8. Can I run the boost longer than five days? Yes, but you will need to input a credit card and pay for any further charges. 
  9. Does it work on Instagram or any other platforms? Yes! Instagram boosts will work just like Facebook boosts. Each boost will also get a web ad that will show up on other websites that allow automated/optimized ad placement.
  10. What if I don't want to manage this? Theoretically, you never have to touch your Boost account; we're handling all the hard part. Just be mindful that if clients ask questions or leave comments, they'll be expecting a response from you.
  11. How to I tell potential sellers? We'll add it to the next round of edits to the seller's guide, but in the meantime, we're working on a flyer you can include in your listing presentation. Check the Seller's Packet section of the media center on your agent website (should be added by 6/18/18). 

Have more questions? Contact the Parks Marketing Department at marketing@parksathome.com

Facebook Marketing Tips for Agents

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Despite its recent headlines, Facebook remains incredibly popular among consumers, and for this reason real estate professionals may wish to master this social media networking site, as a cost-effective means of effectively market themselves. 

Facebook is mostly used on a daily basis and at during certain times of year, users often begin their home searches online, according to Easy Agent Pro. To that end, this creates the opportunity for agents to take advantage by leveraging their professional Facebook pages to boost engagement.

Where to begin
Assuming agents have a long-established Facebook page in place already, a great starting point would be focusing on their target market or individuals who would connect with their posts, and the content they choose to post. For instance, agents that give some simple advice to would-be buyers, or try to entice current owners to sell, will be more likely to see those posts clicked on or even shared. Facebook videos are also great items to post - including live streams of events like open houses - to boost engagement.

Furthermore, those agents who have a little bit of graphic design expertise may choose to mix in an infographic or two. These are extremely useful as quickly and easily break down answers to common questions or provide interesting insight. Infographics are often popular "shares" on social media, as are memes - which don't require as much expertise - pertaining to the real estate industry or local market.

Are ads worth it? 
Agents may also wish to invest a little money in targeted Facebook ads, which will make their best posts more likely to show up in the feeds of people who are on the lookout for an agent these days, according to WordStream. The first and easiest of these targeting filters is by ZIP code, which just allows agents to target would-be buyers or sellers within certain areas. After that, they can also whittle down their options to people who would be most likely to buy or sell (younger adults for buyers, older ones for sellers), and even target their ads by estimated household income.

Facebook now has targeting filters that will allow agents to specifically make their ads appear for people who are likely to be first-time buyers, homeowners or renters, as well as those considered "likely to move" based on their online histories.

Furthermore, Facebook allows for advertisers to post "Carousel ads" that allow users to click through a number of options. This provides a perfect opportunity for agents to show off pictures of their more attractive listings - also targeted by demographic groups - as a means of boosting engagement.

As with many other things in this busy industry, a little research into the best ways to engage with people on Facebook can go a long way toward establishing new relationships and, eventually, boosting real estate sales.

 

Brought to you by HMS Home Warranty.  HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers.  To learn more click www.hmsnational.com