In the market and economy we have now, sellers need a simple business plan that works. I have broken it down to the core necessities, the Three P's, that seem simple but have been neglected in the past. For some it's a tough message to give their sellers.
First P is PROFESSIONAL. If a seller has hired someone that has not been through a down market there is limited experience in how to create sales in this climate. If the agent is supplimenting their income with part time work elsewhere, they are greatly handicapped. If an agent took their license home to cut costs, the support of office services is gone. More than ever a full time experienced agent in a seasoned office is a key ingredient for sellers to reach their goals. A professional has the tools and knowledge to accomplish the task.
Second P is PRICE. There is no doubt that price is more critical than ever. With an abundance of property for sale it is easy to be lost in the herd - this is where a professional is confident enough in their capabilities, knowledge and experience to have the frank discussion about where to price, how to monitor progress & feedback, and when to have another frank discussion usually sooner than later. One pricing idea is to price it at next year's sales price now. This is especially powerful in declining markets. Another is the idea of being first in line (lowest of the competition).This is a good strategy in slow markets where few buyers are appearing and you want to be picked first when the opportunity arises.
Third P is PATIENCE. If the first two P's are done properly the market still dictates patience. There is no magic wand to instantly create buyers. It means listening, watching and being confident in the the decisions made. I like to say 'Stay the course'. There is negotiating strength in the resolve of letting a professional and proper pricing do their work. Patience will also give you the needed tools if and when the time comes to re-evaluate the market and the price position.
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