Truth vs. Bullcrap about Selling Your Home--Stop Overpaying!
Posted by Jay Seville on Wednesday, February 21st, 2007 at 7:05am.The Right Way to Sell Northern Virginia Real Estate in DC Area
Sellers Stop!!! 
Sellers, the world has changed. Why are you paying extra to sell your
Northern Virginia real estate using yesterday's methods which are actually more expensive?!?!
The answer is probably that you haven't been researching this intensely as you are too busy. You do have a life, right? And I'm sanguine that the "high powered" listing agents whose ads you see all over the place in your Arlington Sun Gazette (insert your own local newspaper) are not telling you how real estate has changed....
In fact they probably don't even know themselves. And if they did it might make them cry:
Yet they continue to talk you into using themselves to sell their homes for 6% commission usually, and because you see their faces everywhere when you read the paper or receive postcards in the mail you usually buy it.
So let's begin our lesson onTruth vs. Bullcrap about Selling a Home.

An article recently came out (see related links) about how the Newspaper Association of America was running an ad campaign promoting papers as "a destination, not a distraction." Anybody who keeps up on news knows that newspapers are suffering greatly in terms of lost revenue from ad sales and plummeting subscriptions. "Real estate agents and real estate advertising are undergoing a very significant transition period, which is certainly not a surprise," observed Peter Zollman, founding principal of Classified Intelligence, publisher of the Real Estate Advertising 2006 report. "And when it comes out the other end," he continued, "online will be a substantial winner and daily newspaper print is going to be a significant loser."
Businessweek.com recently noted, "Indeed, the Net already drives consumer behavior. The bigger, more notable jump in the NAR's data is in the percentage of buyers who pick a home they first identified online, usually before consulting an agent. That's up to 24 percent, from 15 percent in 2004 and 2 percent in 1997. Only brokers themselves point out more homes to consumers, at 36 percent. The Internet has waxed such longtime staples as yard signs, which come in at 15 percent. Newspaper ads accounted for only 5 percent of sales, according to the NAR." So this is why the $$$$ is shifting away from newspaper ads--the ads cost lots of money
but do nothing except make the seller feel better that they see a picture of their home in the newspaper.
Much of the 6% listing commission goes to pay for these print media ads which are how the listing agent's get sellers calling them to list their homes in the first place. This brings to mind a rat race of sorts in which nothing is being accomplished except that Sellers' money is being wasted running in circles but getting nowhere.

- 100% of buyers started looking at homes first online and agents second
- 92% of buyers found their agent on a web site
- "Internet buyers bought a home on average after spending 2.2 weeks looking for a home with an agent; traditional buyers spent an average of 7.1 weeks"
- The approximate distance between previous residence and new residence for traditional buyers was 25 miles; for Internet buyers, it was 242 miles (you can sell anywhere compared to traditional ways)
- article went on to say, "The money you may spend on brochures, ads, newspaper ads, and the like should be reconsidered and placed into Internet marketing."
- finally 70% of people 65+ read a daily newspaper but only 35% of 24 years olds do. "Print is dead to this generation of home buyers." Whose going to buy your home, Mr. Seller (although if the buyer is single it's likely to be Ms. Buyer since far more single women are buying homes today than single men--more on that another time)??? Somebody who is 65+ or somebody in their 20-30s and even 40s? I submit a younger buyer will purchase your home and he/she will not be looking for it in the newspaper and therefore you shouldn't be paying for it.
(and as I hope I've demonstrated, paying out the nose for ads in your local paper isn't a "strong marketing plan").
"Glossy magazines are pretty, but I can tell you I’ve never gotten many calls off of those ads. The weekly newspaper? Forget it. Who wants to search through completely unorganized little boxes with blurry black and white photos that leave your hands smudged?"

Google your agent's name and what do you find? I searched the following phrase, "jay seville" remax and got over 1500 results. I searched the listing agent who lists most of the homes for 6% commission in the neighborhood I used to live in Madison Manor, " " weichert and found 1/3rd the results. And when searching for "arlington virginia real estate" or arlington va real estate" or "arlington va home prices" and countless other variations I was always there for buyers to find and the listing agent was/is nowhere. Same thing would apply if you searched for "townhouse old town alexandria" or countless other searches that buyers employ.
Conclusion: I can sell your home for less by not wasting money on worthless marketing. Even if I don't live in your neighborhood I still know how through countless online methods to get your home far more attention than almost any "listing agent" for less $$$. With 300+ visitors a day to my website where your listing is featured, not to mention the other venues I use outside of my website, you'll get the exposure you need. I get buyers from all over the country asking to see specific homes in the MLS since my site meets their MLS needs for all of NOVA and DC. And it's me they find, not guy smiley in the local newspaper who loves pics of himself on everything. (see Realtor Egos Run Amok).
There is a reason that the agent who brings a buyer to the table is called the selling agent--he/she actually sells the property, not the listing agent. And that's why the influence of LAs is diminishing rapidly as the public becomes more informed about real estate....
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15 Responses to "Truth vs. Bullcrap about Selling Your Home--Stop Overpaying!"
One thing I would say, Brenda, is speak with a financial planner regarding how much money to put down. In some cases it is appropriate to put that 50% down, but in most cases putting less down and investing the other money (30-40%) that grows much faster in a mutual fund or other investment vehicle than the interest payments which are tax deductible. If you'd like I can probably send you an article on this strategy for purchasing a home.
Posted on Saturday, February 24th, 2007 at 7:41 AM.
Way to go Jay! Funny, but true. Lots of big name agents have zero web presence and their sellers really do pay the ultimate price.
Posted on Wednesday, February 28th, 2007 at 6:39 AM.
Jay-
I like the graphics. Did you design these yourself?
Posted on Wednesday, February 28th, 2007 at 6:39 AM.
Posted on Wednesday, February 28th, 2007 at 6:40 AM.
jay
Posted on Wednesday, February 28th, 2007 at 6:41 AM.
Dynamite Jay! Great Stats. I wonder how well "Homes" magazines figure in here, or are they included in the general print media?
Ozarks Joan
Posted on Wednesday, February 28th, 2007 at 6:47 AM.
As a new agent, I went through training and very little was mentioned about developing a marketing plan that included a website. My marketing starting out is going to be all focused on my website (being built as we speak). Very few Realtors understand or use the web to its potential. Coming from an e-commerce background it's what I know best so we'll se how it goes.
Brian Brumpton
www.IdaHomeMarket.com
Posted on Wednesday, February 28th, 2007 at 6:47 AM.
Excellent all the way and the santa claus picture priceless..
Posted on Wednesday, February 28th, 2007 at 6:47 AM.
Excellent post Jay. Too many agents, even those that know better, are afraid to tell the sellers that they do mostly online marketing. Because they think the sellers want to hear about all the lovely print ads.
I've found that by being honest & knowing the statistics (like you mentioned above) the seller is relieved. Even the older sellers I've worked with have understood & appreciated it.
By the way, I won't link to it here but I recently blogged about single female home buyers :)
Posted on Wednesday, February 28th, 2007 at 11:02 AM.
Awesome post! that kid crying is priceless...much like many of our boston agents :)
Posted on Monday, May 14th, 2007 at 1:48 PM.
I'm going to upgrade soon enough so that people's username links to their website....
Posted on Monday, May 14th, 2007 at 1:54 PM.
Dear Jay, as the seaoned real estate professional that you pose to be , you well know that the listing agent is not just about spending money on print ads, vs online, bla,bla bla; but a good agent that knows what they're doing can save the seller many thousands of dollars (they call this 'added value')in negociating skills, contract language, liabilities (disclosures, etc), contingencies, verifing the Buyer's financials,inspections, and all the other multible details that can make or break the transaction & a successful closing; not to mention the security of tracking who's showing someone's home- with an MLS lockbox; and the stress levels involved for the sellers- especially if there are multiple closings lined up between buyers & sellers to make one work, and the veriables go on and on... There is a reason why most FSBOs ultimately use a Realtor to list or highly regret not having used one to protect their interests.All of my past clients have come to realize this- and refer me because of it. But of course you know all of this! Melissa Lundgren,Realtor,CRS,ABR,GRI, e-Pro Coldwell Banker Andrews in Nashville,TN
www.MelissaLundgren.com
Posted on Thursday, September 20th, 2007 at 7:37 PM.
Some soft of advice, if you are planning to sell your own home try looking for agents and investors and give the facts and the edges of your house so that it will be sold easily and immediately.
Posted on Monday, January 26th, 2009 at 8:51 PM.
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Posted on Friday, July 3rd, 2009 at 10:15 AM.
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My husband and I have an 813 FICO score and intend to put 50% down on a 2bd, 2bt, ground level condo. For several months now we have been misled and down-right lied to by selling agents who have their own agenda, and not our best interests at heart.
Posted on Saturday, February 24th, 2007 at 7:33 AM.