Powerful Thoughts To Get Your Home Sold In The Current Market
Ø Price it right the day you list and review every 3-4 weeks to ensure it is still priced competitively. If more homes (competition) have been added to the market, an immediate price reduction must be done.
Ø Since buyers have multiple choices... remember the condition of the property becomes critical in the sales process. Question...which homes sell first? Answer...those that are priced right and in great condition.
Ø Review the market statistics monthly and share these numbers and what they mean with your sellers so they can make an informed decision that will effect their financial position.
Ø If the home hasn't sold in 14-21 days make the following presentation to the seller, as long as their motivation is still strong "To be the #1 OR #2 home for sale among your competition, we have to be at least 5% below all of our competitors. Will you drop your price an additional 5% so you can hold the #1 or #2 position?"
Ø Make sure that your listing... is always either #1 or #2 in price and location.
Ø Work on extraordinary Customer Service. By this I mean strong...weekly...truthful...upfront communication between you and the seller, regarding everything.
Ø If your home has been shown to a motivated buyer consider having your sellers write offers to potential buyers to see if they would consider purchasing the home.
Ø To bring attention to your listing consider any of the following:
a) Make every property you have listed very easy to show (NO EXCUSES!)
b) Consider asking your seller to offer buyer concessions to trigger an offer. These concessions could be anything from paying down interest rates, making 6-months to 1-year payments for the buyer in advance, to paying off buyer's credit cards, to painting or re-carpeting the house based upon the buyer's choices.
Ø Follow-up on every showing to get the buyers concerns and remarks, and tell them to the seller…don't hold back.
Ø Ask every seller to pay a 7-8% commission with 4-5% going to the selling agent... explain the advantages versus the cost.
Ø When you reduce the price, immediately cancel the listing and re-submitting it as a brand new listing with new pictures.
Ø Use the MLS ‘quirks’ to my advantage, update the remarks portion of my listings every 14 days to make it show up higher on the prospective buyers websites.
Ø Ask "are you willing to do whatever it takes to get this home sold?" Listen to the answer, the answer tells you what you have to do next.
Ø If they won't lower their price, raise the commission or offer seller concessions, give the listing back.
Ø ALWAYS tell the sellers the truth because they have to learn to deal with the reality of the market.
From the Mike Ferry Organization, North America’s Leading Real Estate Coaching & Training Company for over 25 years.