Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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Are you STILL hearing from your would-be seller clients something that sounds like this?
“I’d sell today, but where would I move to?”
“I’d love for you to list (and sell) my home, but I don’t want to be homeless!”
Instead of saying: ‘Yes, I know… I’ve got you set up with a drip system, so you’ll see the newest listings.’
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What if your seller/buyer is being more proactive than you are?
- Are they going to open houses without you this weekend?
- Are they visiting new construction?
- Are they sending postcards to homeowners in their favorite neighborhoods?
- Have they ghosted you?
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TOP FIVE SOLUTIONS to turn Would-Be Sellers into LISTINGS!
- Consider building a home instead of chasing after the scarce resale inventory. There are several advantages to this option. First, many builders are buying down interest rates using their in-house financing. The buyer can lock in a better rate this way. Next, the house is new. No rehab for them and no inspection woes for you. Your client can get their home on the market a few months before completion and not have to move twice. Finally, when your client builds, they aren’t having to compete in a bidding war. Builders with in-house financing also have superior mortgage interest rates. (In a 7+% interest rate environment, Toll Brothers has a 5.8% 30-year fixed rate program this week!)
- Consider buying first, closing, and then listing the previous home. Don’t assume your buyer/seller prospects won’t or can’t utilize this option. They may have a downpayment saved that isn’t their home equity. They might use a bridge loan to borrow their equity, close on the next home, and then sell the old one. You don’t know if you don’t ask. The advantage is that your client can make a non-contingent offer, secure their next home, and deal with their old house later. Make sure you know lenders who offer bridge loans and that you understand how to explain this option.
- Consider selling first, renting for a while, and taking the time to look for the right home. The advantage here is the seller has cashed out their equity and is ready to pounce on the right home, but without the pressure of organizing closing and possession dates. Who are your go-to leasing agents? Consider both traditional rentals, short-term vacation rentals that may consider a lease, and apartment complexes. Many have some great amenities that could work for a short to longer-term lease while you help your client find the right home to buy.
- Consider getting the seller’s home on the market now, but accept an offer, ‘Contingent on Seller finding suitable housing’. The buyer will probably want a specific time frame, but you can usually get 90 to 120 days to secure the next home. Many buyers in today’s market are just anxious to find the right home and will be flexible with the seller’s situation. It’s still a seller’s market. The advantage to your client is they won’t have to move twice and you’ve negotiated for them enough time to look for the next place. A seller lease-back to the buyer (new owner) is another way to handle this.
- Consider keeping the old house, turning it into a rental for now, and then finding and purchasing the next home. You can handle the lease yourself or refer it to your favorite leasing agent. The home stays an asset for your client, who can keep their low-interest rate mortgage. Don’t assume that this isn’t an option. You have to ask! Remember that Americans currently have record-high credit scores. They may be more comfortable taking this option than you think. In some markets, keeping the home and turning it into a short-term rental can be very profitable. It might be the best option for your client.
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What’s the bottom line? You can’t just wait around for listings to appear for your seller prospects who have to buy! Be proactive with different solutions that could work for them. You’ll have more transactions, and they’ll value your expertise, netting you both current business and future repeat referrals.
