You’ve gotten the call and you’re headed over to meet with your new clients and pick up the signed listing agreement. Congratulations! Now you have another listing to add to your inventory. But, will the property actually sell?
If you were calculating commission in your head, I’d advise that you quit that right now. The deal isn’t over until it is over, and you may find that your listing isn’t all it’s cracked up to be.
Here are 4 reasons your new listing may be a big disappointment:
- Sales Price. Statistics show that sellers who overprice their homes decrease their buyer pool by at least 50 percent. Not only that, but if the property is on the market for a while, people begin to think that something must be wrong. “Maybe it’s ugly or has a poor floor plan,” they imagine. Be sure to show your sellers compelling market data so that together you can arrive at the best list price for their home. If you and sellers cannot agree on the right price, suggest that the seller obtain an appraisal from an objective third party.
- Property Location. You’ve no doubt heard the phrase, “Location, location, location.” The most beautiful homes can be in the most interesting of locations. Does the property have a view of the highway? Is it located next to a strip mall? The location can impact the number of buyers that are interested in a property. After all, homes with water views often attract lots of buyers. Nevertheless, there is a lid for every pot. If your sellers love their home and it shows pride of ownership, there will likely be a buyer who will fall in love with the property as well.
- Uncooperative Seller. If your seller truly wants to sell his or her home, then he or she needs to be very flexible. Specifically, sellers should be open to property showings throughout the week, allow open houses, permit the installation of a lockbox, and be accommodating to any last minute requests. Sellers who want to limit showings to every third Saturday after 3:00 pm or sellers who restrict access in other ways can inhibit your ability to get the property sold.
- Property Condition. Your listing could also be a big let down if it is not in good condition, has deferred maintenance, and is not priced accordingly. Making sure that the home is in tip-top condition will increase the likelihood that the home will be sold fast. If the seller does not make the beds, clean the bathrooms, or reduce the clutter, this will also inhibit your ability to get the home sold. Show sellers a data on supply and demand at their price point. When sellers learn that they competing with a number of other properties, it often motivates them to make improvements prior to listing.
Set Expectations Accordingly The smoothest way to get a home sold fast is to get everyone on the same page. When working with sellers, set expectations for how you will communicate, and explain your process to get their home sold. The key is that sellers trust the process. If they don’t trust you or your process, your listing will be a big let down.