I have a high-end listing that has reached on the ten scale a TEN for product, price and location. We have marketed it correctly, have evidence of like-kind homes selling to the left and right of it as well as in the adjoining neighborhoods so naturally after about 2 weeks the seller asked this: Why hasn't it sold? Where's the buyer?
YES WHERE ARE THE BUYERS?
Do they hang-out somewhere? Do you have to go to that place and get one? Where is it? The fact is listing agents have many type of attractive moves that can bring a buyer to them much like a flower sends the scent to a honey driven bee. When will a buyer buy? Sellers & agents would like to know
DOING ALL YOU CAN
All sellers and their agents must deal with the product, price and location formula when selling a property. Each property is different with areas and quality or lack plus so much more. Close to schools? Freeways? How about shopping? Every property has boasting rights. A good agent can market them
SO WHY HASN'T ANY OFFERS COME IN
This is a fair question. When I look at days on market stats which tell me how long something took to catch a buyer in our target area, it helps us examine and also have faith that what we are doing is on the right track. One should be aware of the intruder called DOUBT. The fact is......
THERE IS A BUYER FOR EVERYTHING
Eventually and at some point whatever you have will sell just ask people who hold garage sales. Car dealers and private parties will attest to this too. There is no difference when it comes to Real Estate. Assuming you catch the market flow, add some curb appeal and first impression, IT will sell as well
For someone to be ready to pull the Real Estate trigger a lot of before-hand prep has to take place. Making a decision where one wants to live, finances, approvals, down payments and finding the right product plus more all go to work and it can get over-whelming to the point where people just shut down
THAT'S WHERE BUYER AGENTS COME IN
As a listing agent, I highly respect and support buyer agents and their clients especially the ones that did the work. The ones that didn't do the work not so much. A good buyers agent will prep a client to hit what they aim at. Allowing qualified buyers some latitudes on the prep is not uncommon
NOW AS TO MY SELLERS QUESTION
The buyers are out there just like the sellers are out there. Eventually they will meet. My seller asked this: Should we post a sign? Give out brochures? How about just listed postcards, open houses, Broker opens, neighbor contacts, flags, ads in the newspaper etc. My response was brief & minus covid...
It is interesting to note that once a property is put into the MLS, it goes public and private. It is then picked up by Realtor.com, Zillow, Movato, Redfin, etc. & can fill the first two pages of a Google address search. Then comes a barrage of people all wanting a part of the multi-trillion dollar Real Estate market
SO WHAT TO DO?
If one feels that any assistance, add-on, extra or fluff will help in their own minds then do so. Why? We are back to the original question of where is the buyer? Who knows what will find a buyer and when? So many sellers & agents do it all while some do what they believe is relevant but all expect that buyer
Back to the three basic pillars that if handled correctly go to work for all concerned. Price, product and location. Realize too that when a buyer appears, they have visited with all three and that is why they are called buyers. Lets break down the three pillars who deserve some respect
PRICE: Is is priced to sell or just for sale? Knowing the market past, present and future helps to price correctly. Then, comps help this along. Over-price and the systems slows. Slightly under price and it helps propel the property into the buyer realms. It is a crucial dynamic that must be handled
PRODUCT: The price has to connect to the product without effort. Even an undesirable property will sell if priced to do so but not if over-priced. Know also that if great care was taken using curb appeal, first impression, TLC standards, upgrades etc. it doesn't guarantee outcome but makes for an easier decision
LOCATION: I have seen homes near Railroad tracks, freeways and not so nice adjacent-issues that sell if priced to flow with where it is. Now as to product with no stigma but instead all pluses well the property auto-pilots but still must work closely with product and pricing
THE WILD CARDS!
1. Supply & demand! If there is a demand for your product regardless of the above pillars it doesn't matter what you do it will prevail. How much, when and how long remains to be seen. When supply and demand is at work, everyone can relax a little knowing a sale is imminent
2. Sellers market means what it says. A seller just has to sell and buyers come running to them. What happens after that is all negotiable
3. Buyers market is the same except it honors the buyer. They will buy when it suits them and the seller is forced to examine all points of view to succeed including incentives and bending over backwards
WHERES MY BUYER?
Relax. The buyer is coming toward you. How do we know? We are selling correctly that's how!