I have a spec home in Princeton, N.J., that is nearing 100 percent punch-out and is still for sale. In the market prior to the one we are in now, we would have presold it during the framing stage then started the next one. In this market, following 12 months of production, I had less than half a dozen showings and only one serious nibble, which we lost to a 2-year-old resale. Sound familiar?

After the first listing expired, I interviewed several new realtors and agencies and studied my competition’s product and pricing — including resales — then I relisted the home for $1.95 million. I asked and received a long list of commitments from the realtor and broker, which I am confident will increase my product’s visibility, increase traffic through the home and ultimately increase the possibility of selling the home as quickly as possible. I also increased my construction interest budget to include one more year of carry — just in case it takes that long to sell. In a softening market, the best you may be able to do is increase your chances of a sale and be prepared to be patient.

Prior to signing the listing, I met with the broker owner, his marketing director, and the listing realtor. They agreed to the following:

Create a listing sheet. Present property on Multiple Listing Service. Include all pertinent data describing the details of the luxury features as much as space permits.

Schedule professional photography shoot. Illustrate each listing with exterior and interior photos that will be used for the display advertising campaign, broker website, listing sheet, brochures and for the MLS database. Photography will also appear on Realtor.com and other various websites.

Develop brochures. The broker will produce a brochure for the home that includes the professional photography. These brochures will be placed at the home for sale and will be used as a mailing piece to targeted audiences and affiliates of the broker network.

Create ad copy. Generate the ad copy that will appear in print media to introduce ads and subsequent ad campaigns, including advertorials.

Create press releases. Develop press releases to introduce the grand opening of the home. Additionally, use the press release as an opportunity to boast about the company including number of homes built, relevant awards, seminars given, articles published, etc.