Fact: Not all listings sell immediately with multiple offers. If you’re sitting on any listing that isn’t getting consistent showings, isn’t getting offers, and seems way too quiet, you may need to implement these strategies to get it sold before it expires on you! Yes, even in a mostly hot seller’s market, some listings will sit on the market longer than you or your seller want.
Real estate agents: Do you know all of the unexpected ways to sell your listings faster? Your mission is to make your listings stand out among the competition. Why would a buyer choose your listing versus the one that’s for sale down the street? Why would a buyer’s agent choose yours to show today when there are 5 other choices? Why buy your listing when there’s a new construction home with builder incentives?
12 Ways to sell your listing fast!
Instead of / or in addition to a price adjustment, do any or all of the following:
1. Seller to contribute $10,000 (or $5,000) toward buyer’s closing costs. This can help a buyer buy down the interest rate and lock it in at a potentially far lower rate than the going mortgage rate. This is paid at settlement and flows through the title agency or attorney closing the transaction. This can actually impact the buyer’s payment more than the price.
2. Seller to pay for 1 year (or 2) of buyer’s homeowner’s association dues. Again, paid from the seller’s proceeds at closing. If the monthly HOA is $300, then maybe a $3600 HOA credit from the seller would be better than a $5000 price reduction; it would at least make your listing stand out in the MLS. Perhaps do both instead of a $10,000 reduction.
3. The seller must pay 1 year of property taxes for the buyer. Paid at closing by the seller. Similar concept to the previous point, but it depends on how much we’re talking about. If it’s too much, perhaps a 6-month tax credit would work.
4. If the house has condition issues, consider a ‘decorating allowance’ to be escrowed at closing by the seller, for the buyer. Always get feedback. If a buyer loves the house but just can’t live with that carpet, the seller can give a carpet allotment, for example, and get that buyer to buy!
5. Pay for 2 years of a home warranty for the buyer. Make sure this is included in the comments. This is a pretty inexpensive perk, costing about $450 for one year of coverage. In many markets, it’s not offered by the seller, and for years, it wasn’t even asked for by the buyer, lest they lose the bidding war. Make sure you put it in the MLS comments if you offer this incentive.
6. Add a $1000 commission bonus to a buyer’s agent if it’s pending by a certain date. Again, be sure to list this in the MLS comments.
*Always do a new seller’s net sheet when you’re adding any of these sellers’ concessions to the transaction. Make sure the seller knows how their bottom line will be impacted. Many of these concessions will cost less than a price reduction, or make the price reduction a smaller one when combined with the concession.
7. The seller does not require inspections to be waived. Again, a new concept that replaces the old market’s ‘as-is’ requirements.
8. Advertise payments instead of prices. Rates are still historically low and rents are historically high. Help buyers know what they can afford by purchasing a house versus renting.
9. Have your favorite lender create a rate sheet to give away at showings and open houses. The rate sheet should show 3 different ways of purchasing the home. 30-year fixed, adjustable, or something else with the lowest payment.
10. Find out if your seller has an assumable mortgage. What’s the rate, and what are the requirements? Advertise this in your MLS description as well as your home brochures! Note: All FHA, VA, and USDA mortgages are assumable, and some other loans are as well.
11. Use the 1800 Home Hotline on your for-sale signs to generate leads and possibly sell your listing yourself! 1800HomeHotline.com (Also refer to past podcasts about this system.) Capture unlisted phone numbers, answer zero-transfer calls, or immediately call the prospect back. Secret: Many of your initial calls will be from neighbors of your listing…those are listing leads!
12. Use a home brochure box next to or attached to your for sale sign! There is an art to the home brochure. Of course, highlight all of the attributes of your listing, using the 1800 home hotline and including your email address. In addition to this, there are many ways you can utilize the home brochure to make your phone ring!
Homework: Discuss with your seller (or sellers) who aren’t selling right away and decide on a new strategy. Alternatively, start employing some or all of these items on your new listings, right from the get-go.
WARNING: 2023 Housing Market
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