Hitting the sales price sweet spot.
Recently I was listeninging to a blog post by Active Rain titled “hitting your social media sweet spot”, and it sort of inspired me to write a website entry on my site called hitting your sales price sweet spot.
There are all kinds of sellers out there but regardless of their hard shell outward finish they all have a sales price sweet spot. Now as I see it, all too often in our effort to hit the sweet spot we pound away at them for price reduction until we become a broken record.
What we really want is a value proposition. We want their house to be a better value than a competitive house. A better value will get more showings and more showings will end with a sale.
In my office at Balsley Losco we regularly have visits from real estate coach Scott Einbinder and recently Scott suggested some ways to change the value proposition.
First on the list, how about asking our seller to order up their own home inspection when you take the listing? Imagine hiring the meanest junk yard dog to do the home inspection and then actually having the time to fix them as opposed to being under the gun. Now you can advertise the house as pre-inspected. This has value to a buyer.
How about getting the seller to participate in the closing costs? For those who are already shaking their head from side to side, it’s really quite simple. Will you suggest and do the things necessary to increase the size of the buyer pool.
How about a mortgage interest rate buy down? Buying down the rate may make the house payments more affordable to a prospective buyer.
How about a home warranty? This gives the buyer piece of mind and creates value.
All of these items increase the size of the buyer pool which should allow for more showings, fewer days on market, better offers and in the end a better net payout for the seller.
If you lead with the value proposition items listed above you have already created that relationship that discusses the merchandising of a property and when you ask for a reduction of price (supported by comps), it should be a continuation of an on-going process rather than a dreaded “I have to go ask for a price reduction conversation”.
Steven Schafer is a full time real estate agent at Balsley Losco in Atlantic County and on the snow days by special request does SEO work, IDX plugs, Website Building, Agent Branding and Backlinking activities.