4 Ways to Hater-Proof Your Listing

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Another great article by Tara-Nicholle Nelson over at Trulia on how to “hater-proof” your listing! Ready to get your home sold? Give me a call today!!!

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In my experience, there’s one fundamental truth about haters: you can never fully escape them. The only way to live a 100% hater-free life is to never stick your neck out, and never do anything because, as the saying goes, you simply cannot please all of the people all of the time.

And this is particularly true with real estate and putting your listings on the market – because homes, locations, aesthetics and such are so much a matter of personal preference, some people will find something to criticize about even the most perfectly staged, priciest properties on the market.

As a listing agent, your job is not to try to make your listings be all things to all people – but you do want it to appeal to enough buyers that you get one great offer (and multiple offers never hurt anybody, either). That said, you don’t want your listing to be the house that nearly every buyer and broker sees, rolls their eyes and utters the same few, predictable deal-killing criticisms.

Fortunately, what is predictable is avoidable. Unfortunately, many of the things that make a listing susceptible to haters are issues on the seller’sside of the property preparation responsibilities. Let’s explore the most common things buyers hate about listings they see. In the process, you’ll get equipped with things you can say to your sellers to help sidestep those issues and, in large part, hater-proof your own listing.

House Hater Complaint #1: Odors.

You might think I’m beating a dead horse, here, or even preaching to the choir. But as long as house hunters keep emailing me to ask why, in the name of all that is sacred, they keep seeing homes that smell like all sorts of madness and mayhem, I’m going to keep repeating this message.

Viewing a home sounds like it’s all about the visual of the experience. And visuals are critical – your listing should be in its Sunday best, so to speak, when it’s being shown, in terms of being spruced, staged and clutter-free. But when a buyer comes to see your listing, they don’t turn off the rest of their senses. And there is nothing that can turn a buyer off from a home they’d otherwise like more quickly than a powerfully bad odor.

In particular, cigarette and pet odors in a house that seems to have been well-cleaned create the concern that they might be permanent and that the buyer might not be able to get rid of them without dropping some serious cash on cleaning or even removing wall, window and floor coverings.

If you are listing a home and you know that someone has been habitually smoking in it home or that the seller has had a “challenge,” let’s say, with pet accidents, do not ignore the problem. And do not think that because you had the carpet shampooed or the drapes cleaned, or because YOU can’t smell anything, that the problem is gone.  The human sense of smell very quickly gets used to smells that it lives with or is surrounded with on a regular basis.

It’s one of the tougher parts of your job as an agent to point out bad smells and odors, no matter how painful the conversation and make sure they are eradicated by any means necessary, before you place your listings on the market.

House Hater Complaint #2: Glaringly extreme overpricing.

There’s the kind of overpricing that makes a buyer say, “Hmmm – seems a bit high. Let’s go see it, but we might have to offer a little less than the asking price if we like it.”  Then there’s the kind of overpricing that makes buyer say “I’ll wait until a price reduction” or worse, hold their sides from laughing.

When overpricing is glaring, many buyers and buyer’s brokers will comment on it or inquire about it. What they are less likely to do is actually come out and see the place – especially if they weed it out online after comparing its specs to all the other homes in the area and the price range.  Often, homes this severely overpriced simply don’t sell, or not until after they’ve had some serious price cuts or have been on the market so long buyers begin to feel confident about making lowball offers.

In fact, the goal is the opposite – you want your listing to stand out as a property that is not dirt cheap, but does present a good value for the money – that’s what motivates buyers to get out of their chairs and into the property for a viewing.

Obviously, you don’t set the price of your listings. It’s also obvious that the agent-seller conflict about overpricing is one of those battles that have been fought since Adam and Eve sought to list the Garden of Eden.

Here’s how to hater-proof your home’s listing against this issue: force your sellers to fixate on the comps. Smart sellers deactivate their emotional attachment and very human tendency to overvalue their precious homes by poring over the sales prices (not list prices) of similar, nearby homes that have recently sold. Walk them through this data – don’t forget to show them the overpriced listings that are lagging on the market, and any value-priced listings that have sold for way more than asking.

When you get a seller who simply won’t budge off a dramatically high list price:

(a) get them to sign a reduction addendum that will automatically kick in after 30 or 45 days on the market, and/or

(b) consider whether this listing makes sense to take in the first place.

Also, consider using your broker’s first Open House as an additional hater-proof measure: if the agents overwhelmingly comment that they think the home is significantly overpriced, communicate this feedback to your seller.

House Hater Complaint #3: Dirt and messes.

Possibly the single largest source of House Hater Complaints I’ve ever heard are the dirt, messes, piles and personal belongings that buyers find so distracting, when they walk into a home for a viewing or Open House. Obviously, homes that are filthy from floor to ceiling are fertile fodder for haters, but often those homes are bank-owned or otherwise distressed so that the sellers aren’t likely to do much.  What is underestimated is how often even savvy home buyers are distracted (and disgusted) by relatively clean homes that just have a few outstanding messes, like piles of dirty dishes in the sink, piles of dog poo in the yard or even piles of papers, mail, books or clothes lying out in plain view.

Will one or two such items ruin the sale of your home? Perhaps not. But a few of them (or more) can certainly distract a buyer enough that they fixate on the home’s messes and, in the process, fail to see what is so great about your property.  As I see it, cleaning up, meticulously, before every single showing is free – so it makes no sense to even run the risk of turning off a prospective buyer by letting messes get in the way of their ability to visualize themselves and their families flourishing in your home.

Make sure you brief the sellers in detail on what buyers expect, in the way of cleanliness.  Also, set up a plan for giving them enough notice of showing appointments that they can do a quick, but thorough, house cleaning pass through before every single viewing.

House Hater Complaint #4: Lots of little malfunctions.

All of us tend to think our homes are in fantastic condition.  After all, your sellers have had the furnace maintained regularly, they’ve installed granite and dual paned windows – maybe they even took your advice to have the floors refinished or the walls painted in preparation for putting the place on the market.

That’s all fantastic – all the non-cosmetic work that’s been done to maintain and improve your listing should be trumpeted in your marketing materials, and the cosmetic items will (or should) speak for themselves. But here’s the thing: houe hunters won’t be running the dishwasher or testing the furnace (at least not until inspections).

What they will do – almost unconsciously – is:

• flick light and fan switches

• open or close window coverings, closet, room and entry doors,

• open and close drawers, cupboards, gates and fences and

• hold the handrails as they walk up and down the stairs.

They will hear leaky faucets and point out water spots from long-ago repaired leaks, and they will notice (or potentially trip on) uneven exterior tiles, paths and walkways. And even though these items might be vastly less expensive to fix than the roof or sewer line you had replaced, they are much more visible and noticeable to a buyer.  In fact, buyers don’t always even know that the little malfunctions and repairs that need doing are little or inexpensive. And when they notice a bunch of these sorts of things in a single property, they can jump to the conclusion that the whole place is rickety.

Since these little fixes are inexpensive to make, have them completed before you list, if at all possible. You might even ask your seller to walk through the property with you, pinpoint all the necessary little fixes and offer the a handyperson reference for someone you know works efficiently.

Tara-Nicholle NelsonWRITTEN BYTara-Nicholle Nelson

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Home Prices in 2012: Best Year-on-Year Gain in Six Years

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Take a look at that headline! Prices climbing is a great thing but there is also a small problem, low inventory! Buyers are out looking for homes and they need YOURS to be on the market for them to buy! Thinking about making a move this year? Today is the time to get listed before a spring rush! I would love to sit down and discuss the listing program for the John Mendoza Team as we are doing things that, quite frankly, many other agents haven’t even considered! Take a look at the article below and give me a call today!

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CoreLogic®, a leading residential property information, analytics and services provider, recently released its December CoreLogic HPI® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.4 percent in December 2012 compared to November 2012. The HPI analysis shows that all but four states are experiencing year-over-year price gains.

Excluding distressed sales, home prices increased on a year-over-year basis by 7.5 percent in December 2012 compared to December 2011. On a month-over-month basis, excluding distressed sales, home prices increased 0.9 percent in December 2012 compared to November 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that January 2013 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from January 2012 and fall by 1 percent on a month-over-month basis from December 2012, reflecting a seasonal winter slowdown. Excluding distressed sales, January 2013 house prices are poised to rise 8.6 percent year over year from January 2012 and by 0.7 percent month over month from December 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago,” says Mark Fleming, chief economist for CoreLogic. “We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation.”

“We are heading into 2013 with home prices on the rebound,” said Anand Nallathambi, president and CEO of CoreLogic. “The upward trend in home prices in 2012 was broad based with 46 of 50 states registering gains for the year. All signals point to a continued improvement in the fundamentals underpinning the U.S. housing market recovery.”.

Highlights as of December 2012:

• Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.2 percent), Nevada (+15.3 percent), Idaho (+14.6 percent), California (+12.6 percent) and Hawaii (+12.5 percent).

• Including distressed sales, this month only four states posted home price depreciation: Delaware (-3.4 percent), Illinois (-2.7 percent), New Jersey (-0.9 percent) and Pennsylvania (-0.5 percent).

• Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.4 percent), Nevada (+14.7 percent), California (+12.8 percent), Hawaii (+11.7 percent) and North Dakota (+10.8 percent).

• Excluding distressed sales, this month only three states posted home price depreciation: Delaware (-1.9 percent), Alabama (-1.0 percent) and New Jersey (-0.5 percent).

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to December 2012) was -26.9 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.8 percent.

• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-52.4 percent), Florida (-43.5 percent), Arizona (-39.8 percent), Michigan (-36.5 percent) and California (-35.4 percent).

• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, only 16 are showing year-over-year declines in November, two fewer than in November.

For more information, visit www.corelogic.com [2].

Article posted from RISMedia: http://rismedia.com

URL to article: http://rismedia.com/2013-02-07/home-prices-in-2012-best-year-on-year-gain-in-six-years/

URLs in this post:

[1] Image: http://rismedia.com/wp-content/uploads/2013/02/home_price_gains.jpg

[2] www.corelogic.com: http://www.corelogic.com

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Home Values Rise for 12 Straight Months!

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The good news keeps popping up about home values. Below is a repost of a blog entry from the Wall Street Journal’s Nick Timiraos. Take a look and then give me a call and let’s see where your home’s value is today!
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Report: Home Values Post 12 Straight Months of Increases
By Nick Timiraos

National home values rose by 1.1% in October from September, the largest monthly gain in seven years, according to a report released Wednesday by Zillow, the online real-estate information company.

It’s the first time housing markets have posted 12 straight monthly gains in the Zillow survey since the housing sector’s long slide began in 2006. “We’ve reached a milestone,” said Stan Humphries, Zillow’s chief economist.

All of the 30 largest metro areas tracked by Zillow posted gains in October from September except for Chicago.

Nationally, home values were up by 4.7% from one year ago, with some 26 of 30 markets seeing rising values, led by Phoenix’s gain of 22.3%, San Jose, Calif. (11.4%), Denver (10.4%), San Francisco (9.5%) and Miami (8.8%). The only cities with year-over-year declines included Atlanta (-2.4%), Chicago (-2.1%), New York (-1.2%) and Philadelphia (-0.9%).

Home values have lifted off of their depressed levels of one year ago for a variety of reasons. Homes are more affordable, particularly after considering how far mortgage rates have fallen, though affordability has been high for a couple of years now. Job growth, while modest, has stayed positive.

Of course, those conditions were present through much of 2011, when the housing market was still in a major funk.

So what’s changed this year?

Inventories have plunged to their lowest levels in a decade, despite the much-ballyhooed “shadow” inventory of potential foreclosures, as investors moved in to buy up homes for a steal.

And there have been more buyers chasing fewer homes, as rising rents, increased household formation, and improving consumer confidence have kicked demand into higher gear.

At the beginning of the year, Mr. Humphries’ forecast called for a modest decline home prices for 2012. Now, he says, “the bottom line is that homes are more affordable than at any time in recent memory, and buyers are seizing this opportunity.”

Mr. Humphries says he expects demand to pick up even more next year.

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Homeowners Recover 13.5 Percent of Lost Equity Through Q3

Author: admin / Category: Blog

Great article here from RISMEDIA about the rising home values and recovery of lost equity. Want to see what kind of equity you have in your home? Lets sit down today and see what the market in your neighborhood is like. Talk to you soon!

ORIGINAL ARTICLE

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Rising home values have brought homeowner equity to its highest level since the third quarter of 2008 and helped lift 1.3 million families above water. Homeowner equity jumped $406 billion, or 5.9 percent, to $7,275 billion in the second quarter of 2012, according to the Obama Administration’s September Housing Scorecard.

After a sharp first quarter rise, total equity has grown to $863 billion, or 13.5 percent, since the end of 2011. The number of underwater borrowers has declined by 11 percent since the end of last year, from 12.1 million in the 4th quarter of 2011 to 10.8 million in the second quarter of 2012.

Nearly 1.3 million homeowner assistance actions have taken place through the Making Home Affordable Program, while the Federal Housing Administration (FHA) has offered more than 1.4 million loss mitigation and early delinquency interventions. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than three million proprietary mortgage modifications through July.

As of August, more than one million homeowners have received a permanent HAMP modification, saving approximately $539 apiece on their mortgage payments each month, and an estimated $15 billion to date. In August, 81 percent of homeowners with eligible non-GSE mortgages benefitted from principal reduction with their HAMP modification. Eighty-seven percent of homeowners entering the program in the last two years have received a permanent modification.

“As the September housing scorecard indicates, our housing market is showing important signs of recovery – with homeowner equity at a four-year high and summer sales of existing homes at the strongest pace in two years,” says HUD Acting Assistant Secretary Erika Poethig. “The Administration’s efforts to keep housing affordable and refinances strong are critical with so many households still struggling to make ends meet. That is why we continue to ask Congress to approve the President’s refinancing proposal so that more homeowners can secure the help they need.”

Rising home values have brought homeowner equity to its highest level since the third quarter of 2008 and helped lift 1.3 million families above water. Homeowner equity jumped $406 billion, or 5.9 percent, to $7,275 billion in the second quarter of 2012. After a sharp first quarter rise, total equity has grown to $863 billion, or 13.5 percent, since the end of 2011. The number of underwater borrowers has declined by 11 percent since the end of last year, from 12.1 million in the 4th quarter of 2011 to 10.8 million in the second quarter of 2012.

The Administration’s foreclosure programs are providing relief for millions of homeowners as we continue to recover from an unprecedented housing crisis. Nearly 1.3 million homeowner assistance actions have taken place through the Making Home Affordable Program, while the Federal Housing Administration (FHA) has offered more than 1.4 million loss mitigation and early delinquency interventions. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than three million proprietary mortgage modifications through July.

Homeowners entering HAMP continue to benefit from deep and sustainable assistance. As of August, more than one million homeowners have received a permanent HAMP modification, saving approximately $539 on their mortgage payments each month, and an estimated $15 billion to date. In August, 81 percent of homeowners with eligible non-GSE mortgages benefitted from principal reduction with their HAMP modification. Eighty-seven percent of homeowners entering the program in the last two years have received a permanent modification

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5 Things to do When You Move Into Your New Home

Author: admin / Category: Blog

Everyone has a long laundry list of items they like to take care of when they move into a new home. Today’s post takes a look at some things that many people may over look. Ready for that new home yourself? Give me a call today and lets stop looking and start FINDING you a new home!

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

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How to Claim Your 2011 Energy Credits

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Did you make some green or energy saving improvements to your home in 2011? Take a look at the article below to find out how to take advantage of the tax credits!

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

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US Unveils Plan to Wind Down Fannie Mae and Freddie Mac

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I can see a lot of long term benefits to this idea but can also see a lot of short term headaches. What are your thoughts?

Re-blogged from RISMedia HERE

(MCT)—The regulator for Fannie Mae and Freddie Mac wants to shrink the seized housing-finance giants gradually and create a new market for mortgage-backed securities to help the private sector.

The recommendations came in a new strategic plan for Fannie and Freddie submitted to lawmakers Tuesday by the Federal Housing Finance Agency, which has overseen the companies since they were put into government conservatorship in 2008 to avoid their failure.

Fannie and Freddie have almost single-handedly kept the housing finance market afloat in recent years. Together, they guarantee about $100 billion a month in mortgages, an amount that represents about 75 percent of all new home loans.

The FHFA wants to jump-start stalled efforts in Washington to find an endgame for Fannie and Freddie, which are 80 percent owned by taxpayers and have received about $183 billion in bailout money.

The Obama administration and Congress want to shut down Fannie and Freddie and reduce the government’s role in the mortgage market, which has expanded dramatically since the financial crisis.

But there is no consensus on exactly how to do it amid concern that acting too soon could damage the still-reeling housing market.

In fact, the administration and some Democrats in Congress have been pushing Fannie and Freddie to do more to help struggling homeowners by reducing their mortgage payments and even lowering the amount owed on their loans.

The FHFA’s acting director, Edward J. DeMarco, has rebuffed calls for principal write-downs, saying they would result in bailout losses to taxpayers.

The latest plan for Fannie Mae and Freddie Mac doesn’t anticipate that they would continue “as they existed before conservatorship,” the FHFA said.

“And though (they) may well cease to exist at some point in the future, at least as they are known today, the country’s $10 trillion, single-family mortgage market will not go away,” the agency said. “Therefore, an orderly transition to a new structure is needed.”

DeMarco laid out three goals: build a new infrastructure for the secondary mortgage market, “gradually contract” Fannie’s and Freddie’s presence in the market, and continue efforts to reduce foreclosures.

He warned that simply shutting down Fannie and Freddie without new ways to encourage private investment in the mortgage market would drive up interest rates and limit the availability of loans.

About a year ago, the administration proposed to shut down Fannie and Freddie over five to 10 years. The plan presented three options for Congress to consider: a limited government guarantee of some mortgages, an emergency backstop role only during recessions, and a nearly complete pullback of the federal government from the mortgage market.

Treasury Secretary Timothy F. Geithner said this month that the administration expects to provide more details of its plans this spring.

“As we made clear last year, our immediate obligation is to repair the damage to homeowners, the housing market and neighborhoods caused by the crisis,” Geithner said.

Rep. Scott Garrett, R-N.J., who chairs a House subcommittee overseeing Fannie and Freddie, said he welcomed DeMarco’s plans.

“The housing sector will continue to be a drag on our economic recovery until we end the ongoing bailout of Fannie and Freddie and replace the existing government-backed mortgage-finance system with a purely private-market solution,” Garrett said.

©2012 the Los Angeles Times
Distributed by MCT Information Services

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Want a Date? Buy a Home! – CNN Survey

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CNN did a recent survey of men and women about what they are looking for in a significant other and owning a home was high on the list. Ready to take the next step to finding your solemate? Let’s find you a home today! (disclaimer: solemate not guaranteed with home purchase)

Original Article

By Les Christie @CNNMoney February 14, 2012: 5:30 AM ET

NEW YORK (CNNMoney) — When it comes to dating, homeownership can be the ultimate aphrodisiac.

In a survey of 1,000 single people, more than a third of women and 18% of men said they would much rather date a homeowner than a renter.

Only 2% of women said they preferred to date a man who rents, while only 3% of men said they would choose a woman who rents over one that owns her home, according to the survey, which was conducted by Harris Interactive for real estate site Trulia.

Both sexes also clearly prefer it when there’s no roommate in the picture; 62% of survey respondents, men and women, prefer to date singles who live alone.

And there was bad news for the growing number of boomerang kids — the young adults who went off to college, graduated and then wound up back in their old bedrooms. It’s going to be hard to find love, except (perhaps) from your parents. Less than 5% of all singles surveyed said they would date someone living in their childhood homes.

Walk-in closets were cited by 55% of men and 72% of women and gourmet kitchens got 51% of the male vote and 62% of the female. Hardwood floors, outdoor decks and home theaters also came in high on the list.

“That’s a real deal-breaker,” said Michael Corbett, a spokesman for Trulia. “If you’re still living with your folks, you’re dead-on-arrival for dating.”

Trulia also asked which home features are the biggest turn-ons. Number one turned out to be a master bath. Men (64%) love that private sanctum almost as much as women (75%) do.

Interestingly enough, hot tubs got a lot less love from respondents. Only 26% of men and 22% of women cited the old standby in the science of seduction as an amenity they would truly want.

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School District Information for Any Address!

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One of the most frequent questions I get as an agent is what school district a home is in. That is usually followed up with a question about how good the school performs. Below is a great tool for searching any address and finding the schools in the area. Even better, it links to the National Education Center’s test information and rates the school compared to others in the state. Looking to make a move with your family? Take a look below and then give me a call and we can find you a great home in that perfect district!

**You can pan around on the map by “grabbing” with your mouse or just enter an address**


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Wall Street Journal: C21 Super Bowl Ad ‘Fell Flat’

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REBLOG FROM RE/MAX:

By Kevin Doll, RE/MAX Director of Corporate Communications

Posted 2/7/12

They made it to the big game, but came up a little short.

Despite costing an estimated $3.5 million – or $117,000 per second – Century 21′s Super Bowl ad rated poorly among consumers and ad executives in most postgame rankings. The lackluster response to the high-stakes gamble reinforced the soundness of the advertising approach RE/MAX employs, which is ongoing, long-term, targeted and consumer-focused.

“Century 21 put all of their eggs in one basket,” says Abby Lee, RE/MAX Vice President of Brand Marketing. “We prefer a different strategy.”

The C21 ad featured Donald Trump, Deion Sanders and Apollo Ono, and viewers were apparently unimpressed. A USA Today panel of 286 consumers ranked it second-to-last. The Wall Street Journal grouped it with a handful of “spots that fell flat,” based on the thoughts of advertising experts.

When production and talent expenses are factored in, the spot cost far more than the $3.5 million paid to NBC, Lee says, noting that RE/MAX produces major results with its TV advertising approach, which spreads the message throughout the year.

In 2011, RE/MAX had 57.3 percent share of voice on national television (ages 25-54). That compares to 4.1% for Century 21, which advertised on national television in the second and third quarters but aired no ads in the first and fourth quarters of last year.

The 2012 RE/MAX national advertising campaign is appearing on television (network, cable and Hispanic), radio, online and keyword search. It includes four new TV spots about pivotal moments in life,such as a marriage proposal or a new job, under the theme, “For All the Things That Move You.” A RE/MAX radio spot aired on the Dial Global network broadcast of the Super Bowl.

First-quarter and second-quarter advertising in 2012 will be heavier than the last half of the year in order to position RE/MAX agents for the heart of the home-buying and selling season, Lee says. She notes that RE/MAX supports its national advertising with local and regional campaigns.

RE/MAX Affiliates may share this article, provided they do not charge for it and this notice is included. All other rights reserved.

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