Their home is overpriced and isn’t selling. Why isn’t it selling? It’s obvious, because a buyer can buy the same (or nicer) home for less money.
But, the seller thinks it isn’t selling because the flyers have one picture that isn’t perfect. Today, I want to show you how to avoid having angry sellers in the first place.
Here is the most basic thing you must do to keep your home sellers happy: Call them regularly.
You have to demonstrate that you’re doing something. I remember a title company that had some automatic e-mail closing software. Every single time anything happened and the closer put a note into the computer, the computer would e-mail me an update.
The note might say, “I just talked to Tom the Mortgage Broker, and he said we have underwriting conditions.”
Contrast that with the closer who never contacts or updates you. If something goes bad, who are you going to fire first? The one that never updated you, right?
Here is the other great thing that happens when you do this. It’s easy to get price reductions and bring the seller to reality on their home’s value. Also, you can suggest they fix up the house and do repairs.
Here is a story from another realtor that illustrates this point:
“I recently represented a buyer on a purchase. The sellers had listed the home because the wife had a job transfer.
They received an offer from my buyer 4-5 months after putting their home on the market. Unfortunately, their motivation had declined because the wife’s job offer was gone, and therefore they didn’t need to move anymore.)
The house was listed at $499,000, and my buyers offered $460,000. The seller wouldn’t reduce his price one bit. The buyers increased the offer to $480,000, but wouldn’t increase it any more.
The listing agent had worked on this listing for 4 months. He told me that he didn’t think they would re-list when the listing expired in 2 months. In addition, the property had already been on the market for 2 years without selling.
Bottom Line: This was his only opportunity to get a commission on this property.
The listing agent finally reduced his commission by $3,000 and told the seller that he would probably never get another offer for the next 1-2 years.
After that, the seller agreed to take the $480,000. But, the seller would have accepted the offer a lot faster IF the listing agent had taken the time to develop a better relationship with the seller.
The seller was frustrated because he hadn’t heard from the agent for 2-3 months. Therefore he saw this situation as just a desperate agent who knew this was his only shot at a commission.”
This illustrates the important of staying in communication with all of your listings. Make an attempt to communicate with them regularly and let them know what specific activities you are doing to sell their home.
Regular communication shows the seller that you are someone they can trust. This makes pricing and price reductions so much easier. It reduces problems and makes the real estate business fun again.
Do this and you’ll be miles ahead of everyone else.
Thanks for reading this,
Linda handles career development at Reynolds Realty of Manatee, Inc.
Phone: 941-737-6562. firstname.lastname@example.org