Wow! It's been real busy. Just when I was starting to worry about getting low on inventory, I got slammed. Five new actives and three more coming on after they clean and de-clutter. That's a pretty good weekend.

What I'm noticing too, in my market, Poinciana FL, is that Sellers are starting to get it. They are very receptive to pricing right and getting their home in condition to sell. Of course, these were all expired and withdrawn listings, that had been on the market for months. I guess after six months of very few showings and no offers, their "best house in Poinciana", "don't build'em like this anymore" HOME, has now turned into the HOUSE that they need to sell. Reality has set in. They're with the program. Elvis has left the building.

A couple of things I try to do to get Sellers to be "real" about pricing are:

1. Get them excited about their move. I spend a lot of time asking questions and listening, about the new house they are buying and the area they are moving to. I want them to stay focused on their future, not the past. I want them to be mentally "moving". There's a reason they are selling. Harp on it.

2. If they are moving to another area, but have not purchased a home yet, get them information on house prices in that area. It may be less than they think.

3. Don't spend time on the positive aspects of their house. Highlight the negatives. These are the items the Buyers are going to consider when making their offer.

4. If they think their house is worth more than it is, then look then in the eyes and ask them to explain why? "Justify that price to me. Show me your comparables."

If you do these things and have a strong "Market Analysis" to justify market value, then you should be able to get them to "see the light".

Seller's are not stupid. Most times, they already know what their house is worth, but like any of us, they want as much money as they can get for their property. If you have the facts and are confident in your presentation, they will listen. They want that. Honesty, likeability, confidence and market knowledge, in that order, is what will get you the listing. Not only will you get the listing, but you will get it priced right, cleaned and ready to sell.

I had a Seller today, who couldn't get over the fact that he only had $65,000 in equity instead of the $100,000 he wanted. So I whipped out my credit card and set it in front of him. He said "What's that for" I replied "I have a $10,000 credit line on that card, if you can make it turn into $20,000 then I will make your $65,000 turn into $100,000." He got it! A light came on in his head and I got the listing $35,000 less than he had wanted.

So, folks, Sellers are ready. Be ready for them. When they call you wanting to place their home on the market, tell them "I don't sell HOMES I sell HOUSES." They will listen.

 

10 Comments on UPDATE: Sellers are ready to listen!

AUG
15
2006
204,282 Points 6 Featured Posts Outside Blog

Nice weekend and I especially liked your credit card example.  Sometimes it is better to be the 2nd or 3rd listing agent by then they are ready to listen and more realistic.

6:35pm • #1
14 Featured Posts
Man, you constantly impress me.  You've got a lifetime of knowledge.  Ever consider writing a book?
6:52pm • #2
534,857 Points 45 Featured Posts Outside Blog
Honesty, good comps, great market knowledge, conviction about the market - all these I agree with.  As to emphasizing the negatives of their house rather than the positives - this alone an lose you some listings - sellers often want someone they feel will market the positives. Fine line distinction.
7:39pm • #3
352,502 Points 11 Featured Posts Outside Blog

True so true, Bryant,

I had a listing in Poinciana and the seller got hosed for $30,000 by the builder when the hurricanes came through...then the housing prices bottomed out.......

He WANTED to make $50,000 on the sale of the home... now he might make $25,000... but NOT $50,000....

Eventually it will heat up again....when that will be, who knows....

9:07pm • #4
607,337 Points 244 Featured Posts Localism Sponsor Outside Blog

Good point Sharon. Obviosly this has to be done in the right way and with balance. And it may not work for everybody. Some houses don't have negatives. Everybody's "sales pitch" has to fit their own unique personality. I have a very strong personality (I've been told) and I tend to get away with being more blunt than some people would be comfortable with. But it's all done in an honest and straightforward manner.  Listing and selling a house is a big deal for a Seller. If needed, I must disconnect them from their personal attachment to thier "home". My attitude is, they are paying me a lot of money to sell their house, my job begins at time of listing, and I'm going to do it, they need me to guide them on what needs to be done to get their property sold. I have to tell them things they don't want to hear. If they want someone to agree with them on everything, they have the wrong Realtor, in me.

But, again, everyone can't get away with that with out coming off as pushy or unsincere. I sincerely care about my sellers and they can tell that. When all is said and done, if they take my advice, I will sell their house for top dollar and in a short period of time. Most of my sellers become customers for life. Even though they may be moving far away, they still call me for my opinion on Real Estate and many other financial decisions they are facing. Because they know, I care, and I will give them my honest opinion whether they like it or not. People deserve no less than that, always. 

Sharon, I was going to expand on that comment when I wrote it. But didn't want to drag my post on. Thanks for bringing it up so I could clarify.

And Alex, You just need to refer that listing right on over. 25% referral fee and I'll get you paid in 45 to 60 days:) Money in the bank!!

  

9:26pm • #5
AUG
16
2006
6 Featured Posts
I like the credit card example.  It a great idea to help someone put their equity in prespective
11:56am • #6
Okay, so this will just have to be my favorite Blog, for that is our youngest Grandson helping his Grampy do a little marketing! I Love It...........Kum La Ka Lakka!
The Lovely Wife
4:45pm • #7
352,502 Points 11 Featured Posts Outside Blog

Uh Bryant..... I live right near Poinciana in sunny Buenaventura Lakes..........

I would refer it to you, but I like my full commission too much..... the seller is not ready to put it back on the market yet....but when he is, I will let you know...I am sure you will have a ready willing and able buyer for the home....

7:38pm • #8
AUG
17
2006

I am seeing quite a few Floridians coming to Houston and Texas in general.  I find that most of them are under the impression that the market is cooling down...  Maybe their expectations have been really high for a long time. 

Good Credit Card analogy

4:32pm • #9
NOV
30
2006

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Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Poinciana, FL

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Bryant Tutas-Tutas Towne Realty, Inc

Address: P.O. Box 969, Dundee, Fl, 33838

Office Phone: (407) 870-9003

Cell Phone: (407) 873-2747

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