For Sale by Any Means
by Carolyn Bigda

May 22, 2008

Are you really serious about selling your home in this market? Then be prepared to try anything—and everything.

FOR NEARLY TWO YEARS, ADRIEL AND LANCE BUSH TRIED unsuccessfully to sell their 1925 home in West Palm Beach, Fla. First the couple went the traditional route: They hired a realtor (three of them, in fact) who gave them standard advice, like getting rid of all the clutter caused by their twin toddler boys. They also renovated their master bath and added granite counters to the kitchen. Still no takers, which wasn't surprising: Home sales in the West Palm Beach area have fallen by double digits.

Then Lance, 43, who had already accepted a new job in Tucson, relocated his family out West. That's when the Bushes got desperate. Between the mortgage, property taxes and insurance (including hurricane coverage) on their Florida home—along with their Arizona housing expenses—the couple was shelling out more than $7,000 a month. Though they had already slashed the price on their 3,500-square-foot Mediterranean-style home several times—from $1.3 million to $795,000, which is about what they originally paid—they were willing to go even lower.

They also got creative. For instance, they decided to consider a lease-to-own deal, which makes it easier for cash-strapped buyers to take the plunge.

And they even went so far as to hire a feng shui expert, who for a fee of $250, added minor touches around the front entrance of their home to give it more "positive" energy. "I figured it wouldn't hurt anything, so why not try it?" says Adriel, 38, a professional organizer. A few weeks later, they found a buyer.

Of course, the Bushes aren't saying it was feng shui that triggered the eventual sale. But in today's market, where there are more homes for sale than corn in Kansas, one thing's becoming increasingly clear: You've got to be open to anything.

At last count, there were 4 million pre-owned houses for sale. That's up 14% from the start of last year. In cities and counties hardest hit by the real estate downturn, the numbers are even more dizzying. In Orlando, for example, there are now 26,000 homes up for sale. In 2004, "we were lucky if we had 3,000," says Lydia Pisano, former president of the city's local board of realtors.

In such a hypercompetitive market, you have to go way beyond what everyone else is doing—especially if you want to move your home quickly. Old standbys like slapping a fresh coat of paint on your clapboards or throwing in a complimentary plasma TV just won't cut it. Instead, you have to rely on guerilla marketing tactics to get your home noticed. Maybe you start pitching your home on popular message boards. Certainly you'll need to seek out buyers rather than wait for them to find you. And you can no longer limit yourself to conventional sales agreements.

Here's what you have to do to move your home quickly in today's market.

FIND YOUR HOOK

When Kelly Andrews, 28 and just married, decided to sell her one-bedroom Atlanta condo in February, hers was one of about a dozen on sale in a 936-unit complex. Being in public relations, though, Andrews knew to play up the condo's one unique feature: its former owners.

So she called up a reporter for the Atlanta Journal-Constitution and told a tale of how she and the two prior owners of unit No. 163 were single women who ended up finding their future husbands there. After the paper dubbed Andrews' unit "Cupid's Condo," she was flooded with calls from single women (and agents representing them). One of those women offered to lease the unit for the precise amount of Andrews' mortgage payment. She thought this might work out even better than an outright sale, since leasing would allow her to build equity while waiting for the market to improve (Andrews hopes she can sell at a higher price).

The lesson: Highlight what makes your house special. Generic descriptions about "spacious bedrooms" or "modern appliances" are too common. "If I see one more listing that says 'sparkling pool,' I'm going to throw up," says Veronica Mullenix, a broker associate at Coldwell Banker United, Realtors in Katy, Texas.

Instead, "paint a lifestyle, a story," Mullenix says. And be as specific as you possibly can. Don't simply mention that your home is near local amenities. Let buyers know they can live within "a five-iron shot of the 15th tee."

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The opinions and views expressed in this publication are for general information only and are not necessarily those of Mutual of America Life Insurance Company.

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