With four months of flat home prices, double the inventory of just a few months ago, and nearly 15% of homes requiring price reductions managing a seller’s expectation from the beginning is more important than ever. Try using the 21-day rule. Explain to them that within 21 days of listing a home, you/they will know if the price is right or not because one of three things will happen:
The listing could get a lot of activity and an offer, or potentially more than one. Rather than over-promise, it’s essential to plant that seed of potential for high activity. Remind sellers to be more accommodating with showings, and let them know that every buyer matters.
There could be few showings and light traffic at open houses. In this case, the feedback we receive will help us recognize if the price is correct.
What if nobody shows up, yet all other listings get activity? This tells us that the property is priced too high. In this instance we have given the seller’s home extensive exposure to the market though the marketing plan; the price was tested in the market and we will need to make a change.
With our market becoming more balanced not everything that you list will sell as it has in prior months. You don’t want to have an upset seller because their expectations didn’t match the changes in our market. Having a conversation up front will set clear expectations and create a willingness to listen to your recommendations in the future.
Watch the Video: https://youtu.be/SaxcZoI2pEE
Keep elevating our industry!
David Veldkamp
RE/MAX Grand Rapids
616.460.6123 Call or Text