We all know that even though the market is "bad" homes are still selling. Of course you don't have to be a genius to know that they are not selling at the rate they used to... but they are selling.
So if you have clients trying to sell their properties yet asking the question, "Why isn't my home selling?," The answer. to what they think is a profound question, is actually quite simple... but a bit multifaceted. Let's face it; what they need to be taught is that the sale of a home in today's market really is just dependant on a few basic principals that must be mastered and advantageously applied.
The first lesson, teaching a seller that hiring the right listing AGENT, is the trickiest. Picking and working with a savvy and strategic Agent who is both skillful with a variety of marketing tactics and who is also adept in working through a myriad of sales issues, that can stop a sale once a buyer makes an offer, is crucial. A wise and learned Realtor, who has a proven track record and that demonstrates they have mastered both the marketing side and the sales side of real estate, will sell a property and is worth every penny they are paid.
The second lesson, sellers must pass the class on, is PRICE. Above all else they need to understand that asking price of a home today can not be dependant on what the price would/could have been in the "good old days". The price of a home must be appropriate for today's market... AND, because there are so many other homes in the market, it also needs to be aggressively competitive. Home buyers want and will spend the least to buy the most they can. Sellers, who hold out for more, will end up getting a detention... that is, MORE time on market.
The next lesson to cover is on CONDITION. The educated know that the better the condition a seller's home is in, the more attractive it is to buyers, who do not want to spend their money repairing and making simple updates once they take possession. So while teachint sellers that hiring a home inspector, who focus more on structural and mechanical conditional issues, you may want to expand your seller's knowledge and share with them the advantage of working with a home stager. Stagers will help sellers address and tackle the numerous smaller maintenance details and repair concerns that influence potential buyer's perception of condition.
The fourth lesson is a multifacited lesson on PRESENTATION. Presentation issues, which takes place both on-line and on-tour, is a class even some Realtors could sit in on... Better photos capture and tell a better sales story. Gone are the days when a Realtor could take poor quality digital snapshots and loaded them into an MLS system. Today's buyers, who lives are busy and hectic as a seller's, use the Internet to prescreen properties. In addition to having quality photos, sellers must learn the importance that their property must look great when being toured by a buyer. Master Realtors know that experienced home stager will guide and direct your sellers to set and present their homes so they can be easily toured and distinguished from your possessions in it.
The fifth and final factor is not so much a lesson, but more about participation. A seller must be and stay INVOLVED. Sellers need to know the importance that they raise their hands to fully share concerns, needs and objectives right from the start and continue until the property is sold. They must also realize that while candid honesty is key, it must also be two way street. Sellers, who stay informed, watch the market conditions, objectively listen to the feedback after showings and positively act on key information will find their home sold.
So that's it... those are my my basic lessons that influence the sale of a home in this buyer's market... which can be a tough class to pass. How sellers choose to work with and apply the knowledge gained in these lessons will ultimately result in a pass (sold) or fail grade in home selling. It's our job to make sure they know.
Teach It Sold...