Statistics Don't Sell Homes

Why are real estate agents giving potential home buyers so many reasons NOT to buy? The practice of bombarding the public with negative statistics about the real estate market instead of only focusing on positive ones is a bigger part of the problem than most people think.

Sure, not as big as the banks have caused by way of the mortgage crisis, but still up there on the list of reasons.

Suppose you are looking for a property, or looking to sell one right now. Let me ask you this. If you are looking to buy, is it because of a statisical comparison with past years?

(I didn't think so!)

If you are trying to sell, is it because of statistics from previous years?

(I didn't think so!)

As I review news stories and releases from around the country most every day, I am still amazed at the number of stories out there like this one from Tulsa:


http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20110813_32_E1_Metroa254755&rss_lnk=5


If this story focused on the fact that 913 homes sold during July in the Tulsa area and that more than 5,400 have sold there during 2011 (through July), I'd be impressed. Tulsa is not an area that has been in the business news, positively or negatively, lately. But homes are selling there.

Those are statistics the realty association should be putting out there. Maybe compare it with other cities with a similar population and demographic, and put the names of those cities in the "story" which haven't sold at that pace so far this year.

But, no. Still another realty association that finds the need to compare these sales statistics with recent years. And proceed to tell potential buyers how the market is suffering. They keep bringing up last year's tax credit as a reason for more sales during early 2010. Well, there is no more tax credit. Just how does this "help" the market today?

Obviously, it doesn't. At least it's obvious to me and to thousands of others who are trying to sell their property and move on. Again, I'll bet the reason for trying to sell now is not because of home sales statistics from 1 to 5 years ago.

Give us statistics which encourage sales and which will entice more potential buyers and help those looking to sell. How many "sellers" were able to enter a "rent to buy" agreement for their homes?

If more families could rent a home and have most of their monthly rent go toward a future purchase, it would allow more opportunities for sellers. It would allow more opportunities for individuals and families who can afford the rent, want the home owner responsibility, and can't get approved for a mortgage to do so. It would help to take some of the lowest priced homes off the market.

There are some very motivated and some very desperate sellers out there in most markets. But as long as the realty associations and news organizatons continue to bombard us all with apples and oranges negative statistics, we'll all be stuck in this rut.

What happened last year or five years ago does not impact a buyer or seller decision this week. At least it shouldn't. But knowing the number of homes in your area which have sold within the past 60 days could.

Listing of the Day - Tulsa OK

In an effort to improve the impact of the marketing of listings, I randomly choose current listings around the country in a variety of price ranges and comment on their effectiveness. No current clients of mine are used, nor do I know any sellers or buyers or have any additional information about the property.



14?? S. Quincy Tulsa OK 2 + 2 $250,000


http://tulsa.re.adicio.com/properties/search/detail.php?qBackToSearch=qAction%3Dsearch%26qCity%3Dtulsa%26qState%3DOK%26qBedrooms%3D2-%26qBathrooms%3D1-%26qMinPrice%3D150%252C000%26qMaxPrice%3D250%252C000%26pagesize%3D20%26view%3Ddetailed%26qtotal%3D374%26qSortBy%3DPrice%26qSortDirection%3DDESC&qAdid=tulsa_gtarmls_921173&propertyNumber=2


This advertisement is a disaster and an embarassment to realty professionals everywhere.

First, there is no street address for this property. The one I put at the top is a guess based on the street map, and one never knows for sure with Google maps. While it is true that some listings out there, even in this market, do not have a street address either, it is especially odd in this instance.

We can't even tell whether or not this property has been built or completed yet. I can sometimes understand not having an address when there are circumstances such as renters in the property, multi-unit, land value, or commercial or mixed. But there doesn't appear to be any reason why this address needs to be a secret.

Next, this ad boasts a photo spread. Fine, if there were ANY real photos. All we get are drawings. Those are not photos.

Thus, before we get to the description (for anyone still interested), we already do not know an exact location or have any idea of what the unit looks like. Hardly an enticement to read on.

And it doesn't get any better. Square footage for the unit is listed in the advertisement as "N/A". So we don't know the size of the unit either. Great.

The copy reveals this is an "ultra modern condo" yet is in the "Historic" Cherry Street District. The third sentence reads "Custom cabinets, granite, qual upscale appointments". Granite what? Exactly what is a "qual upscale appointment"? Over 20 years in real estate marketing, and I have zero idea what that means.

Then, we are told interior features include a security system and smoke detector. Whoopee doo. How does that make this property unique?

But there is more. Listed under "Exterior Features" are "gutters, sidewalk, sprinkler system". Boy, does this agent know how to impress?

Just to top it off, although the agent's name and listing office are shown, we would then have to click (an additional step) just to get her contact information.

Not only are there plenty of other listings in the same area, but this is not the most or least expensive 2-bedroom home or unit, and this one (whatever it is) is priced at $250,000.

Let me get this straight. They are asking one-quarter of a million dollars for a property based on no street address, no unique features, so square footage, and we aren't even sure if it has been completed or not.

I'll bet that while you are reading this, and hopefully sharing my disgust, the listing agent is probably telling a colleague about how bad the local real estate market is and that she hopes she gets some activity soon.

This agent should be glad about only one thing. That she doesn't have a listing appointment already scheduled with me. And after seeing this, that will never happen.

GRADE: F



Note: This commentary is uncompensated and for marketing purposes only and is no reflection on the featured property. Its accuracy is not guaranteed. Neither Dave Kohl nor First In Promotions shall be held responsible for any representations.

At this time, I have openings for more realty agent/office clients to critique current and brand new listings on an hourly basis. No current or past client listings are featured on this blog.Random listings are chosen around the country.

Your comments are most welcome!