Secret: There is no magical marketing plan, idea, campaign, or video that will get an overpriced, tough-to-sell listing sold! Stop looking for a miracle and sharpen your skills. The object is to be the listing agent at the time it sells.
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First, review the facts of the subject property and the seller’s situation.
- Do a new CMA. You now know the house better, and you’ve had feedback. Since you’ve been listed, there have been new sales, new pending sales, and new active listings to compete with. Pretend it’s a new listing. Where would you price it TODAY?
Consider the following:
- Absorption rate
- Days on Market
- List to sell price ratio
- The Number of homes you’re competing against.
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2. Review the seller’s motivation. Why are they moving? Are they a have to move seller or just a want to move seller? Where are they going when it sells? Have they already moved out? Remember, their motivation may have changed since you first listed the home.
Note to self: This could be the issue if they’re buying with you and don’t have a good feel for where they’ll be moving. Why would they give you a better price if they don’t know where they’d move to?
Solution: Take them out for a long afternoon or even a full day to see what their options are. They need to fall in love with what’s next to let go of what’s current.
Secret: Sometimes, new construction is the answer. Be sure you know what’s being built where and at what price points. Learn the builder incentives. This may require you to go out for a day and investigate the options.
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3. Is keeping the home an option for your seller? Might they lease it? Always say YES to leasing it. You also may advertise it for lease and sale simultaneously and decide what to do based on what happens first.
Secret: Once you discuss the reality of them being landlords, the amount it will probably lease for, and their net income, they may change their mind about leasing it. If you haven’t already, know how to research lease pricing.
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- Set up the “Reality Tour” for yourself and your seller. Do your research first to know what you will show and how it impacts the subject property. Then, take your seller(s) out on a showing trip where you’ll see what they’re competing against and what’s currently pending. Don’t over-coach them. Show the properties and ask what their thoughts are.
- Discuss with the seller that “taking it off and trying again next quarter/year/ season” isn’t always the best plan. When do they have the most competition? Usually, it will be in the Spring. Many tough-to-sell listings will sell in the fourth or first quarter when there’s less competition. Relocating executives usually move during these quarters.
- Ask if they plan to re-list with someone new. What is the first thing a new agent will ask them to do? They will ask for a new price, of course! Why lose valuable marketing time with re-staging, new photos, videos, and new media when you can do this for them now?
- Review and use the NAR price reduction script: “According to NAR, if after two weeks or ten showings, you don’t have a workable offer… you are missing the market regarding price. It’s time to reposition the property to reflect the expectations of buyers looking more accurately.”
- When you get your price adjustment, get an extension to your listing agreement simultaneously. It’s easier to sign all of those documents at once rather than having to have a second tough conversation!
- Correct all negative feedback! You may need to assist your homeowner in actually getting this done. Find service providers who agree to be paid out of proceeds at closing if the seller can’t afford repairs. Otherwise, the price should be reduced to reflect the condition. This is usually lower than you think.
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4. Share what your new marketing plan is with your seller once the price has been improved and the listing has been extended. Also, share any negative feedback remedied. They absolutely will expect this from you. Consider adding the following to your plan:
- Call all previous showing agents and alert them of the improved price and any items in good condition. If their buyer hasn’t bought yet, get them to come back and take a new look at your listing.
- Announce the price improvement via your MLS digital flyer system.
- New open house(s). Consider holiday open houses, charity open houses, etc.
- New social media, including virtual tours.
- New or better staging and de-cluttering.
- New pictures, especially if the last ones are seasonal.
- New video to your database highlighting the home and previous showing agents.
- Use your color home brochures in the brochure box by your for sale sign.
Secret: Be sure to tell the seller everything you’re doing for them as you do it. Don’t assume they believe you’re following your plan. You have to show them what you’re doing.
Note to self: Never let a hard-to-sell listing (or a batch of them) ruin your listing mindset. It’s your job to be good at everything discussed above, including pricing and setting your seller’s expectations.
