As a homeowner, I believe you have a responsibility to the real estate industry to do what’s right to keep the business moving forward: to hire the best real estate sales representative or broker who will look after your “best interests” in a listing transaction. Seems straightforward enough, right? You hire us, we do our thing, and everything works out in the end. I wish it were that simple.
Unfortunately, once we get past the signing of contracts, it’s open territory in the emotional department, depending on how the selling process unfolds. Very rarely do market conditions and human conditions align, even in the best of times. In a stable market with an adequate supply of inventory, manageable interest rates, and steady flow of sales, sellers can still stray from the righteous path of real estate harmony.
When a residential property doesn’t sell in the anticipated time frame sellers have mentally budgeted, I typically refer to the comments made by the showing agents as a basis for conversation.
Here are three examples of comments that never fail to mystify (or upset) home sellers. With every challenge, there is a solution. It may take time but when you do what’s “right,” the right buyer will strike and give you an offer you can’t refuse.
The home is too outdated or It requires too much work
The challenge: With online photos, 3D tours, and videos, buyers should be aware of what they’re walking into when they book showings. The screen isn’t always accurate but a 1970s kitchen is still a 1970s kitchen. If you like retro style kitchens, so be it, but the next person may not. It’s no one’s fault and not a reason to blast the buyers for saying so. Yes, they saw that the home needed work but maybe, just maybe, they could make it work. It’s called buyer optimism and you need to let it play out during a showing. By the way, you are not expected to update your home for anyone’s sake but steps can be taken to redirect a buyer into offer territory by simply pulling on their “pocket book.”
The solution: Price appropriately!
The home is not a good fit or It won’t work for my clients
The challenge: Trying to extract the true meaning of these comments creates a myriad of possibilities that are sometimes not flushed out in the showing comments. It doesn’t mean the buyers didn’t like your home; it means that some features or elements of the home are either beyond the scope of fitting into their wish list or cannot be changed or altered such as size of bedrooms, privacy, and layout. As a result, buyers simply say, “It’s not for us” and move on. No home will ever fulfill any wish list in its entirety but when one or more items creates a possible “deal breaker,” there may be no way to working things out. On the other hand, it’s important that the listing agent investigates further because the solution is sometimes easier done than said. Trivial details can lead buyers to make such comments without realizing the seller was willing to compensate, adjust, or rectify.
The solution: ask questions and price accordingly!
The home is overpriced
The challenge: Let’s sit down for this one and please don’t take it personally. When pricing was discussed at your initial listing consultation, did you ask the agent for his or her professional advice? Did you agree with it? If not, you’re not alone. Under our Code of Ethics, we must follow your direction on pricing. It’s your home and you have the final say on price, but when we present recently sold comparables, point out comparable active listings, and send buyer feedback, we are working in your best interests to achieve your goals and objectives. If your home is overpriced and you blatantly refuse to follow our professional guidance based on recent market trends, your home WILL NOT sell. You must find a way to overcome pride, frustration, and the human-desire-to-want-more-more-more, because when you do, you WILL see an offer that puts a smile on your face in due time.
The solution: Ahem, you know what you need to do.
So there you have it! Three comments and three solutions all wrapped up in a single word: PRICE.
Money has a way of shaping our ideas, vision, and desires. In real estate, money is the showstopper. It’s what drives signatures on paper and maintains the ebb and flow of an industry heavily weighted with emotion. Business should not be about emotion. If it’s time to adjust that price, do so, and get that home sold because time is money and people hate wasting both.
Photo by Louis Renaudineau on Unsplash