Would you mention it?

[Mary Tiernan]

Doing an REO that is appropriately priced, however, listing agent is not utilizing the typical MLS system for the property.

In the area, exterior signs are not allowed - there are two real estate companies in the area (private development) and they both advertise on one Board.

I think the property is not getting adequate exposure due to not being on the typical board.

I have made a statement under comments to sales comparisons:

It should be noted that the subject is a currently competitive listing with 4 months' exposure at a reasonable price, however, subject is currently listed only in the zzz Michigan Association of Realtors multi-list data base. Properties in the zzz Lakes area are typically listed with local area realtors and advertised through the zzz Association of Realtors multi-list data base. As the area does not allow exterior advertising of the properties, inclusion in the zzz data base may enhance marketability of the subject property.

Would you mention it?

 

[Ultraviolet]

Yes, I would mention it. However, I would change the wording "enhance marketability" to something more general and related to marketing time rather than "marketability" which implies something property specific.

Maybe "Marketing time may be extended if the subject does not receive adequate exposure through all local MLS services." :icon_question:

Good call on bringing up this point!

 

[Bill_FL]

Mary - very good catch. Yes, I would mention it.

 

[Mary Tiernan]

Thanks violet, changed enhance marketability to enhance exposure. Thanks Bill.

Do you guys ever mention lack of appliances as hindering marketability? I don't usually include value of appliances as they are personal property, but when a house is missing the stove, dishwasher, etc., I think it puts a strain on potential purchasers when they have to buy appliances?

 

[Kali the Boston Terrier]

What's typical of that market? DO buyers expect those items to be there? I generally will add a cost to cure with REOs only because the way they are missing usually looks like someone pulled them out of the wall. But most buyers that I see expect that stuff to be there...personal property or not.

 

[Ultraviolet]

Personally, if there is a gaping hole in the cabinets where a dishwasher once was and there is no stove, I do make an adjustment when there is data to support one. A kitchen isn't a kitchen with no way to cook and the empty space where a built-in dishwasher once was requires either a new dishwasher or cabinets to fill the space (sounds like real property to me).

I do mention the impact on marketability, especially in an entry level market where "all appliances included" appears on virtually every listing as a marketing tool. The client then has the necessary information to make a decision whether or not to replace these items, give a discount, lower the price, whatever.

Others may do things differently, though.