Two weeks ago I linked to a Baltimore Sun article that took a look at the innovative measures some area real estate agents were taking to boost attendance at open houses. I recently spoke with one of the Realtors mentioned in the article, Ron Howard, about his views on the market and his strategies for winning in such a challenging sale environment.
Luxury Banker: How long have you been in the business?
Ron Howard: Since around 2004.
LB: What areas do you mostly cover?
RH: For the most part Baltimore City, Baltimore County, and Anne Arundel.
LB: In this sale environment, what marketing adjustments have you had to make?
RH: I’ve had a larger focus on banks owned properties and short sales.
LB: I first saw you mentioned in a Baltimore Sun article that mentioned a collaborative effort between you and agents from other companies to attract attention to listings you had in a Canton neighborhood. Do you see more of these partnerships occurring in the future?
RH: Well we’ve always had those kinds of relationships up here; there’s been that camaraderie in this area. So I can definitely see that becoming more common, where we can support each other.
LB: Care to offer any insight on the direction home values in the area?
RH: I won’t make any predictions, but I hope that things smooth out soon and hopefully we’ll have a good year.
LB: Have you seen any pockets of strength in the market?
RH: Theres so many markets within a market, so there’s still some price resilience out there. But most areas are still going to be affected by the large amount of supply available.
LB: What advice would you offer to someone trying to sell their house?
RH: Well of course the home should be in good shape and clean, so sellers should make any necessary repairs; presentation still matters. The best advice I can give is for the seller to set a realistic price. I’d say unjustifiable price expectations are one of the reasons so many houses are sitting on the market for three, six, and nine months; you can't set your price near the top and expect it to move quickly these days. I’d also suggest that you pick an agent that’s going to get the attention of genuine buyers- someone who can make your house sound great. That, be willing to pay your Realtor a fair commission, and you’re in the game.
LB: What do you think the outcome of the stimulus package will be, specifically the first time home buyer tax credit?
RH: I think it will increase the volume of buyers, certainly.
LB: How has your target market shifted over the past year and a half?
RH: Well the price range has widened significantly. Previously we were more focused on the upscale segment, now we’ve broadened that to include more mid-range deals.
LB: I noticed on your site that you have multiple specialized certifications. Which of these do you see being the most useful in the near future?
RH: I’d say that being a Certified Distressed Property Expert has been the most helpful. That certification has allowed me to succeed in the ever changing world of short sales. When it comes to short sales, if you don’t have that experience and training, you’re really doing a disservice to the client and yourself. I think the main reason only 1 in 10 short sales actually makes it through is because the Realtor involved doesn’t know to handle them, so my expertise with these unique transactions has been a great benefit to me.
Here's one of Ron's recent listings in Baltimore,Maryland:
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