| November 9, 2006 |
If this sounds like a familiar phrase, it might very well be because you've said -- or at the very least, thought -- it yourself. And if you have, you're hardly alone. Lately, I've heard that sentiment from a growing number of agents nationwide, in markets large and small, urban and rural, as we continue to witness a shift from a seller's market to a buyer's market. That sentiment is understandable for three very good reasons:
But don't forget a key fact: When you list properties, your listings attract buyers! Think about it: You post signs, run ads, hold open houses. You're doing everything in your power to attract buyers. What many agents forget is that, when they control the listings, they control the inventory -- and the buyers come to them. Another important point to keep in mind is that the majority of sellers -- are also buyers! Nearly 85 percent of moves are local, and even the National Association of Realtors says that the average consumer moves just 13 miles away. That means that every seller you work with is also a potential buyer. And by finding a buyer for your seller's home -- that's three transaction sides, including two buyers, with just one listing! Yes, the market is transitioning. And yes, many sellers haven't gotten the news … or simply are ignoring reality that the frenzied sellers' market of the last few years is, for the time being at least, a distant memory. Still, by putting four simple suggestions to work, you can successfully work with and guide your sellers in this challenging market. Here they are:
In general, let your sellers know, upfront, how you work. Don't spend money that won't generate results simply to appease the sellers. If they don't agree with your approach, walk away and let someone else take the overpriced listing and spend their marketing dollars. When it expires, you'll get it at the right price and market it online. I can't stress enough the importance of online marketing. Advertise your listings 24/7 online. Post multiple photos online. According to the National Association of Realtors, homes with multiple photos are viewed 299% more than other listings. Besides, online ads are much more cost effective then print. According to NAR, 77 percent of consumers go online to look for real estate. You may do some print advertising if you have had good results in your area. But, watch your return on investment. If you are not getting results, don't maintain it simply to keep your sellers happy. Another strategy that works well is Just Listed postcards. Many top agents send those to the neighbors on EVERY new listing. Everyone wants to know what is happening in their market and someone might know someone interested in the neighborhood. Finally, be patient. Like the rest of us, sellers are trying to get a solid handle on a volatile market that is still very much in transition. As you know, selling a home is a complex and emotional undertaking. Now, more than ever, sellers need the kinds of skills, expertise, advice and understanding that only you can provide them. |
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