“I want my home sold this season”, said my lady client staring at me intently making sure I understood her. That was how a recent listing presentation began this week.
She had tried to sell her home last year through another Realtor. Unfortunately, it did not sell and she never really understood the reasons why. What mattered most to her now though was that we understand this. She is determined to sell her home this summer. She is not prepared to wait another year to move out west with her children.
After reviewing the home thouroughly, I gave her my recommended list price for the home. “Did you take into account that I really want it sold when you gave me that price,” she asked? “No,” I said. “I did not. The price I gave you is one that reflects what I believe the home's fair asking price is. If you want to make sure it sells as quickly, you will need to list your home for a lower price than this.”
We do not get this very often these days. Most people want top dollar and they are in no rush to sell. They expect you to do what you can to get top dollar and they want you to sell it quickly. However, if they have to choose, they would rather wait until the price is right than sell the home quickly.
Truth is, there is almost always a trade off between selling the home for top dollar and selling the home quickly. If one asks too high a price, buyers will resist paying it so a sale will not happen quickly. Asking too much will guarantee that purchasers pass you by.
If one asks too little for the home, it may get sold quickly but there is almost always money left on the table. And naturally, purchasers are happy to pocket it.
I really appreciate it when a vendor is this honest with me though. This lovely lady wants her home sold this summer and that is her number one priority. She wanted me to understand that and to make sure it happens if we ist her home.
Will we list her home much lower because she wants it sold quickly? Many agents would be inclined to do that rationlaizing that she made it clear it was her priority. They would say, "She asked for it." As well, they might not have the confindence that they will sell the home quickly for its fair market value. Perhaps it is tempting to just make a quick sale and put another notch on the barrel.
If our lady client gives us the priviledge of marketing her home, we will ask her to be a little patient and give us the time to market her lovely home properly. We will soon see if we can realize a fair price for the home. Then, if it is not sold in three weeks, we will ask her to adjust the price and we will find the market value somewhere nearby before too long. If need be, we will keep doing this until it sells. I call this listening to the market.
And with that approach, I am confident that we will get her home sold this season. After all, I do get it!