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"Successful people are different; they don't follow the crowd, and those who don't follow the crowd are often criticized for being different."
- Thomas J. Stanley Ph.D. [author of the best-seller, "The Millionaire Mind"]
How To Sell Your Home In 21 Days or Less!
By Pete Iannelli
© Copyright 2007-2009 All Rights Reserved
ALL RIGHTS RESERVED. No part of this ebook or eCourse, may be reproduced or transmitted in any form whatsoever, electronic, or mechanical, including photocopying, recording, or by any informational storage or retrieval system without expressed written, dated and signed permission from the publisher and his contributors. Reproduction and distribution are forbidden. .
DISCLAIMER AND/OR LEGAL NOTICES: The information contained herein is deemed accurate and correct, but cannot be warranted against changes subsequent to the time of publication. Because of the rate with which conditions change, the author reserves the rights to alter and update his views based on the new conditions. This material is not intended or offered as legal, investment, real estate, mortgage, insurance, tax, or other advice. The author and the publisher assume no liability for the use (or misuse) of the material contained in this publication or related materials. This material is not warranted for any particular or general purpose whatsoever. Viewers of this material assume any and all risks for any use of this material.
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[ Third Edition - Updated and Expanded For 2010]
INTRODUCTION
Why The 21-Day Program Works -- My Story (My Mistakes) ... And What You Might Learn From It.
When I decided to sell my 2/1 condo in Ft. Lauderdale, Florida, I got together with a Real Estate Agent that my sister-in-law referred me to... We went over the details, she (the agent) did the comps (comparables, what similar houses in the area or neighborhood recently sold at) and from that data, figured on an asking price of $179,000.
It sounded about right to me.
I remember the exact words the agent said to me after everything was signed and dated: "At that price, you're going to generate A LOT of interest."
Man, I was excited! "It's in her hands now," I thought to myself.
I felt such a great sense of relief that I decided to get away for a bit, so I went to North Carolina to visit some family members.
Well, when I got back to Florida about two weeks later, I called my agent and her response worried me some.
"There's been no activity on the house," she stated.
"Huh?" I said, "No one's called about it, no one's seen it?"
"That's correct," she said.
"So much for all that 'interest' I was going to generate," I thought to myself.
I told her, "Well, we gotta do something. Drop it $10,000. And I'm going to place an ad in the newspaper as well."
So I placed a typical classified ad saying exactly this:
Ft Lauderdale: 2/1 villa. Eat-in-kitchen, central air, all tile, ceiling fans, W/D, dishwasher, pool, playground, low HOA, pets okay, $169k, Call ###-####.
I put the Real Estate Agent's phone number on the ad. "She'll handle it," I thought. I've got other things to do. It cost me 150 bucks. Done.
After another week passed, I checked in with the real estate agent about the 'response' from my ad.
She said all she got was about 6-8 calls, and that they were mostly from other agents looking to list the property themselves (the various agents, not knowing from the ad, that it was already listed on the MLS -- Multiple Listing Services.)
No appointments. No contacts. No traffic. No interest. No nothing!
I was devastated ... Some years back I had sold another house I'd owned in 2001, using a real estate agent. It took all of two weeks to find a buyer, sign a contract, and have it sold.
But this current real estate market was completely different!
All the 'rules' had changed...
And at the moment, I felt like the biggest loser for not being able to unload my house. One of my older brothers in North Carolina even started poking fun at me.
Well, that got me really upset... and then I started thinking ... I had the phone number of a lady who came by, way back when my deadbeat tenant had the final garage sale of his inventory.
I called her, reminded her about my house, and she said, "I thought it was sold." She was still very much interested in it.
My agent showed it to her and she really liked it. But before we could even negotiate, we hit a wall...
She wanted to purchase it and rent it out. There was one problem; the Homeowners Association rules stated that the person purchasing it, "must reside in it for one year before renting it out."
No deal.
The next week brought zero response. I felt myself slowly sinking...
"Drop it another $10K," I told my agent.
Still, nothing happened the whole week.
"Drop it another $10K," I said.
Now it was priced at $149,000 and I was getting anxious. "Depression" had long left me and instead, "all-out panic" had taken over me!
I had visions of walking away with AT LEAST $100,000 after paying off the $47,000 mortgage left on it. All my money was tied up in that dang house and I NEEDED IT NOW!
I had owned it for nearly 20 years and I wasn't about to just give it away.
Yet, after the house had been on the market a little less than a month, and now at $149K, there was still little interest in it.
To me it felt like the listing didn't even exist!
Another family member of mine mentioned that I should rent it out again until the market picked up. But I'd had enough of being a landlord. I wasn't very handy at fixing stuff when it broke down and besides, I needed the CASH -- not another tenant.
At this point I was "crying the blues" and actually saw myself headed to the poor house. I only had enough money in my bank account for about three more house payments and then it would be slipping into ... FORECLOSURE. ...The scary "F" word.
And then, one day it hit me... I had an epiphany!
To me, it seemed like the conventional 'list and sell' method for the average home seller was totally set up to FAIL ... at least in the type of real estate market I found myself currently in, which was a "buyers market."
"Yup," I thought. "This is a 'buyers market' and they (the buyers) have all the power, right now. The scales were all tipped in their favor."
The supply of houses in the market exceeded the demand. Therefore, they, the buyers, can take their sweet ole time and pick and choose from a number of houses and then whittle away at the asking price...
... the law of supply and demand. Simple economics.
The current real estate market was the exact opposite of the boom years, the sellers market, we experienced just a few years ago, where the buyer barely had enough time to blink, otherwise they'd miss out and someone else would swoop right in and literally swipe the house up from under them. The demand exceeded the supply.
The housing market is extremely cyclical and unfortunately, I was trying to sell my property at the point when the housing market was bottoming or leveling out.
So in order to get my house sold -- never mind sold -- in order to even generate some INTEREST in my house, I knew I needed a completely different strategy to tip the scales in MY favor, the seller.
First of all, I, me -- Pete Iannelli -- would have have to step into the arena myself. I couldn't just depend on my Realtor.
He or she may be selling some other property and making money, so it's really not going to bother them as much as it's going to affect ME.
In today's market, you have to get involved.
I have nothing against Realtors/Agents -- there's good and mediocre ones -- just like in any other line of work... and in the eCourse, you'll see how valuable my Real Estate Agent's expertise would become to me, in getting my home SOLD (and netting me an extra 5 grand!)
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Is This Any Way to Price A Home?
Here's a good example of the kind of advice you might read or hear when you decide to price your home to sell:
When you originally price your home, don’t overprice it much beyond the market price, but build in a little bit of negotiation room.
If the home is worth $275,000, you may want to go with $279,900 or $285,000 and then if the buyer negotiates you down to $275,000 then you’re getting the fair market value, and they feel good about knocking off 6 - 8% of the asking price...
... It’s a delicate process, just make sure that you aren’t rejecting everything. At some point, you’ll have to concede something if you want to sell the home within 60 days.
In fact, I just took that off a real estate internet site. That's a good strategy, right?....
W-R-O-N-G!
Let me rephrase that ... It's perfect ... in a sellers market - when houses are selling in a few days or weeks and the demand is great.
But it's completely counter-productive in a slow-churning, buyers market.
Let me ask you this; What do you think is the first thing that goes through a buyers mind (psychologically) when he/she sees the asking price of any home for sale?
It goes something like this:
"$450,000? So that means it's probably worth about $420K-$430K."
Let's wait. Maybe we can get it cheaper if it forecloses or turns into a 'short-sale.'
"Prices are still dropping, so I'm not going to shell out what they're asking for that home."
"That's priced wayyyyy to high."
"I'm not giving him/her that kind of money for that house."
"That's over-priced. They're dreaming. They must think it's the year 2004"
"They might have gotten that a couple years ago but ain't no way they're gonna get that now."
"You'd have to be a sucker to buy that house for that much. Who are they kidding?"
In other words, They're already talking (to themselves) about knocking money off the asking price!
Yet nearly everyone selling their property prices it like in the above article, and the buyers and everyone else knows this.
The typical "asking price" that most people place on their property creates what I call, a "Negative Buying MINDSET" to any potential buyer in today's current market.
Back in the sellers' market we talked about earlier... when a buyer saw an ad for say, "a 3/2 brick townhome" for sale, and they liked it, their reaction was, "I better grab it now before someone bids even higher for it and snatches it away."
Today, if that same "3/2 brick townhome" were up for sale today, it would cause a completely different reaction.
There'd be no great rush to see it because the economic situation has changed and plus, there's now PLENTY of homes around.
Same home, different PERCEPTION.
