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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Don’t overreact! The market is slowing, but that’s normal for this time of year! Tuck your drama in and get back to work! If you expect buyers and sellers to transact with you, you must be educated, motivated, and proactive.
Fact: Some homes will sell immediately with multiple offers, sometimes over the list price. Some won’t. Be able to handle both situations with skill.
According to Lawrence Yun from NAR, “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitely rising on a national basis.”
Just because there are more price reductions, expired listings, and higher rates than we’d like does not mean the market is about to crash. Fewer sales are occurring, and the business has become more challenging for most agents. Add to that the typical holiday / fourth-quarter slowdown, and you may need to polish your skills and mindset. Today’s podcast is designed to reduce your stress by providing better strategies so you can still reach your goals this quarter.
- Set your seller’s expectations for two scenarios… yes, it MAY sell right away, possibly with multiple offers; however…if it does NOT sell right away, what does that do to their plans? Understand your seller’s motivation and time frame and discuss different scenarios (after you have the listing signed but before the first showing)! What are the average days on the market for the subject property? Please don’t ASSUME that it’s ten or less, or even 30 or less, depending on the market conditions!
Nationally, the average number of days on the market is now 61. Nearly 10% of listed homes are NOT selling the first time they’re listed—47% of last month’s homes sold for less than the full list price.
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- Prepare your listings as if you have more competition. Buyers are getting more picky and will pass on a home that seems neglected. Buyers are starting to believe there will be more inventory soon and may pass on something that doesn’t show well or is overpriced. Proper previous preparation prevents pitifully poor performance! (The 7 P’s). Make it shine, even if you think you don’t have to. Your seller will thank you.
- You must be more careful about accurate pricing on your listings. Do three comparative market analysis’. A listing presentation you go on today, where the seller will take 30 days to prepare the home, will require you to revisit the price before you actually launch it as a new listing. This may adjust up, down, or stay the same in a shifting market. What do the new pendings and sales tell you?
- If the seller HAS TO sell, you have to take the listing. Don’t lose it over being adamant about your price. The market still has enough demand that you MAY be able to achieve the seller’s higher price (within reason!). Have a plan. 2 weeks or ten showings without an offer means you are missing the market regarding price. Lots of showings but no offers? You need a 3 to 5% adjustment down. Slow or no showings mean you could be WAY off.
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There is a clear ratio of motivation and pricing. The more motivated a seller is, the more likely they are to allow you to price the home so that it will sell more quickly. If you have a ‘Have-to-sell’ seller, they may still want to ‘try’ a higher price for 2 weeks or 30 days. Take the listing anyway, but have the 2 weeks or ten showings conversation so you’re on the same page with your strategy.
- Commit to speaking with 100% of your database before New Year’s Day.You can combine pop-bys, phone calls, and holiday events to reach everyone. Ask whom they know who could use your help buying or selling real estate. If it’s they who need your help, they’ll tell you! If you want more repeat and referral business, you have to ask for it. No more being a secret agent!
- Commit to finding the right home for motivated and qualified buyers. If they’re not already pending because you’ve yet to find them something, you need to be more proactive. Please don’t lose your buyers because they’re looking harder than you are. Who is in your pipeline right now who needs your help this week? What are you doing beyond the MLS to accomplish their real estate goals?
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