“I Want The Truth!”…Can Sellers Handle It?

September 4, 2017

Seller Strategies

It’s now officially the “Fall” season and no matter what your market conditions are, it’s more important than ever to keep your home sellers updated on what’s happening in their local real estate market.

Have you had any listings for 3 to 6 months or longer?

How are you communicating with your sellers?

It was probably easier in the beginning to pick up the phone and call them every week, but as time goes by and their home just sits on the market with no end in sight, here are some ideas to put into action:

  • Are you communicating in your seller’s preferred method of communication…by phone or e-mail? Are you contacting them each week with an update? Sellers want to know what’s happening. Also, share information with them about what’s happening in the financial markets and how that’s affecting the ability of home buyers to be approved for mortgages.
  • Set up an e-mail program in your MLS system that can send them information on new listings, new pendings and new solds.If that’s not possible, you may do it yourself or out-source it. Let your sellers see what their competition is and see what’s selling and for how much. When they review the information for themselves, then they believe it more than if you ‘told’ them the statistics.
  • Schedule appointments to view 4 – 5 homes with your sellers that are closest in features, location and price to your seller’s home. How do they compare? Do you need to get a price adjustment? Tell your sellers that buyers are looking at more homes now than in the past. They even look at homes on the Internet before ever getting into their car and if your listing doesn’t show well online, you won’t be getting a phone call for a showing.
  • Take another close look at your listing (first without your sellers there) and imagine that it’s someone else’s listing. How would you critique it? Is it tired and full of furniture? Does it need a fresh coat of paint and wallpaper removal? Would it look sharper with updated light fixtures and more? Then have a heart-to-heart with your sellers about what they can do to make their home stand out above their competition.
  • Ask them…”Do they REALLY need to sell right now?” If the answer is NO, take their home off the market. In my area, we have a 9+ months supply of homes for sale. That’s twice the average of a ‘balanced’ market. With so much for sale, only the most appealing, best-showcased and ‘bargains’ are selling.
These are a few ideas that can help your seller better understand what they’re up against. If they watch the news, they know the media’s take on our housing situation, but local market conditions do vary. A person’s perception of how things are is their reality. If it causing them to believe things aren’t really the way they are, it’s your job to show and tell them what’s really happening in the market.

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