SELLER SAYS WHERES THE BUYER?

By
Real Estate Broker/Owner with people first...then business Ran Right Realty 636943 licensed to thrill

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

READY...AIM...

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...

THE MLS

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 

REASSURING CONVERSATION

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!

Comments (15)

Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

 I think this is a well written and concise post that will be a great aid to buyers, sellers, and newer Realtors® Richie Alan Naggar I may even use this for my clients, with your permission.

Oct 08, 2020 05:39 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I am your servant in this matter Doug Dawes proceed as you see fit & thank you

Oct 08, 2020 07:07 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Good luck!  It is hard to keep sellers calm when they see other listings flying on the shelf in a different price point and different location. 

Oct 08, 2020 07:33 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Lise Howe ...time will tell and I use time as a friend not a foe

Oct 08, 2020 08:14 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Richie, I have similar issues I have a Condo and where is the buyer? go figure, Endre

Oct 08, 2020 11:39 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Richie, think we all have these issues on occasion and scratching our heads to come up with a reason for buyers to view a listing.    Good luck! 

Oct 09, 2020 04:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good moring, Richie... one thing I've noticed is that because we hear so many stories about homes selling in one day with multiple offers at over asking price, many sellers expect their home will sell that quickly as well. And yet... the average DOM in my market is 34 days... something I have to remind some sellers of regularly.

I've also had listings that took a while getting foot traffic even though they were being marketed exactly like my listings that got immediate foot traffic. Sometimes there is no answer as to why.

Oct 09, 2020 05:33 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Buyers come and buyers go, sometimes we just have to remain patient even when we have done everything right and the listing should fly off the market.

Oct 09, 2020 05:36 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Endre Barath, Jr. ...it is well that we compare notes and check-in thank you

 Joan Cox ...thank you Joan

Hello Nina Hollander ...nicely shared...

Brian England ...the ultimate answer to just about everything: PATIENCE

Oct 09, 2020 06:55 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Richie Alan Naggar - the lesson to remember is do the right prep and then don't second guess.

Oct 09, 2020 08:38 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It is as simple as you say for those that can mine this gold Grant Schneider 

Oct 09, 2020 09:36 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Richie - oh, those wild cards of life!   I tend to agree with the comment left by Nina Hollander.  Even in the hottest real estate market, there are properties that may not meet our immediate expectation.  Sometimes, it takes a bit longer than we might imagine.  

Oct 09, 2020 11:27 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

So true Michael Jacobs and who can disagree with Nina Hollander ?

Oct 09, 2020 12:38 PM
Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

I love it when a listing gets more attention than I originally thought it would.  I had a listing this summer get 5 offers, 3 over asking.  That's unheard of in our market... sometimes those buyers will surprise you!  Hope you are well!  Kathy

Oct 13, 2020 08:27 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The bringer of uplifting news and supporter of good Kathy Schowe thank you

Oct 14, 2020 07:27 AM

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