By Julie Harris
Yesterday, the discussion was about how to go into a listing presentation fully prepared to discuss price in such a way that you’ll price it correctly in the first place.
One of the most common questions that you’re sending all the coaches, you’re doing a great job in thinking about how you’re going to thrive in this market.
One of the most popular questions is, now that I can take listings, after all we can all get listings now.
- What am I going to do?
- How do I get rid of these things?
- How am I supposed to help all sellers that I have in inventory, accomplish their goals? How can I do this?
- How can I escape having a six or eighteen-month long listing period?
It doesn’t mean because there’s a supply things have to take that long. Our expectation is that you study what’s going on and you figure out how to beat the market.
- How to sell my properties in less time than the normal marketing time for the neighborhood?
Beyond everything else you’re doing it comes down to price; price will overcome location, condition, sellers bad attitude sometimes and bad curb appeal. Once you price it correctly, anything will sell. It’s impossible to give a home away at a certain point you get multiple offers, even in a market like this.
The next thing you must know is the sellers motivation, so write this down.
- Low-sellers motivation. In other words, they don’t care if it sells or not equals an unsold listing and a recipe of frustration for you, you might as well not take it.
- High sellers motivation. In other words, they have to sell the home equals a sale for you after you’ve properly priced it.
Those sellers are more willing to let you price it correctly. In fact, several stories this week say, “I took an expired listing this week and the seller said the listing agent wouldn’t let them reduce the price.” The agent argued with them about lowering the price. Motivated sellers want it gone, sold and they will allow you to price it correctly so be careful who you’re listing.
- Set realistic expectations of the price and the time on the market with the sellers. Write down, stubborn sellers don’t sell.
- Next, you must be in the top three active homes, which means homes in best condition, best price; location you can’t control, but you can overcome that with price.
- Next on the list, if there is any sort of location issue you must lower the price to the point where a buyer will rationalize their getting more home for the money.
For example, if there isn’t a location issue it would bring $300,000 to your market. If the next neighborhood down, which has smaller with older homes sells for $250,000 you should price closer to that other neighborhood.
Remember yesterday, agents who study and understand not only thrive, but survive.
Learn personally how to stage a house. Not every seller can write a check for $5,000 to stage a home. De-clutter, show off the counter space, show off closet space, clean everything, replacing appliances…
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