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Keeping Sellers Cool in a Hot Buyers Market

By
Real Estate Agent with Realty One Group Capital MovingToNova.com

The current buyers market definitely has area sellers in a heated frenzy, but the real estate agent is not getting any slack either.

When a home can take anywhere from three to six months to sell, there's one thing that I don't see anyone talking about...how to keep your sellers happy during the time the home is on the market?!

Even the best homes in the best condition and location can take a while to sell.  While it only takes ONE buyer to sell a house, the timing that it takes for that buyer to come along can have sellers pacing the floors like new fathers in the delivery room.

Home showings can come and go in spurts.  One week there'll be five to seven visits, the next week...zero.  And there's no explanation.  With all the latest and greatest marketing plans, advertising, and even open houses, it's tough explaning to a seller why their home hasn't sold week...after week...after week.

Communication is key, and that's no secret.  Often, I go on listing appointments where I am the second, or third agent.  And the most common gripe that sellers have is that once their house was listed...they never heard from the agent again!  Maybe it's fear of failure.  But I can tell you that it's one thing they definitely don't teach in real estate school!

When working with sellers, I make sure that I am available and responsive, and I set the expectation at the initial listing appointment.  I provide sellers with feedback using HomeFeedback.com whenever their home is shown.  They way, they receive un-filtered comments from the showing agent.  Sometimes sellers will disagree with my professional opinion, but when they hear it from another agent, the light bulb goes on.

Weekly check-ins by phone and email let my sellers know that I'm still keeping my eyes on the market.  I sign my sellers up for exclusive email alerts.  Just like buyers sign up to receive emails when a home is listed in their price range and zip code, my sellers receive an email whenever a home is listed, goes under contract, and is sold in their neighborhood.  Every week, I send an email of all the active and pending sales in their neighborhood.  We discuss the competition over the phone, and I usually preview the new homes that come on the market.  Sellers need to know if a home is BETTER than theirs, how it compares, what upgrades does that home has that they don't, and most importantly if it just plain shows better!

Sellers need to be kept aware of what the buyer is thinking in the market, and how the local market is faring overall.

No agent likes to ask for a price reduction, but sellers need to know the signs that a price reduction is near.  Any home if priced right, and shows well should receive 2-7 showings per week.  If this isn't the case, this is a sign that the market will not bear the current asking price. 

Another thing that I inform sellers of at the listing appointment is there's only one thing that determines your asking price, and that is what a buyer is most likely to pay for your house.  It doesn't matter what you paid when you originially purchased the home, how much you owe (even if you're in the red!), what your current tax assessment is, or what your neighbor's house sold for last year.  What matters is what's going on in the here and now, and the price range that will most likely attract a ready, willing, and able buyer.

All sellers want to be kept informed, to be updated on neighborhood sales, and kept in the loop when it comes to marketing.  A good listing agent and a receptive seller make a great team in a buyers market.

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