Thursday, September 20, 2018 / by June Quilantang
Memorize the Market
When a market turns and sudden transition occurs, study your potential market response with the sudden changes. As a listing agent and local market expert, mastery of the signs of a shift and having the means to communicate the new reality to your sellers is a must. Our job is to help our potential sellers understand the turns. We should sent out extensive communiques to our existing sellers and also tweaked our listing presentation to encompass the new reality.
Understand the Motivation
Seller motivation is primary. The genuine willingness to do whatever is necessary to sell is very essential. On the other hand, if they are not highly motivated and is after for "testing the market", refer them your competitor across town. Once the listing expires, circle back around.
Know the Numbers
Statistics in average days on the market, sold price, price-per-square-foot, and percentage of current active properties with recent price reduction are vital in helping sellers understand the current market and effectively position their home to sell. In addition to these numbers, using Clarus Market Metrics is highly recommended for these charts and graphs help sellers see the current metrics at a glance.
Effective home selling is all about three P's - preparation, pricing and promotion. These 3 P's are interconnected and must complete the process of listing. Different pricing techniques are essential in different approach:
1) maximum price for an increasing market
2) for downward market - seller's better understanding that prepared homes are the ones that sell while the rest remain active is implied.
Nail the Pricing
Pricing is the most important among the three P's. Such as in a declining market, buyers preferred the best prepared property at the lowest possible price. Effective pricing strategies are very essential as Wisdom states, "price ahead of the market" - if a market has turned downward, educate your sellers to price their listings below the last sales.
Promote the Home
Promotion is the key. Effective promotion includes anything that will keep prospective buyers engaged with the listing on their phone. Thoughtful preparation, use of social media thru targeted ads on Facebook/Instagram/Twitter and innovated technologies such as virtual reality (VR), drone footage, 3D tours and video, professional pictures and beautiful staging. Persuaded through follow up email campaigns and other means to cover all the promotional bases.
Respond to the Leads Quickly
Ensure to have a systematic response systems in place to capture leads and let your sellers know that their property must be available for showing when a prospective buyer wants to come through. All inquiries and concerns should be addressed accordingly by the respective person in charge who is well equipped with knowledge and skills. For further enhancement, a comprehensive disclosure system and report package is available and is user friendly.
Know your Options
Innovation is progress. Trying new measures or practices to excel and help the sellers when the market was down could possible boost them to gain more including credits toward closing costs, bonuses to buyer agents, interest rate buy-downs, termite report clearance and the like.
Master the Scripts
Continuous coaching, training and scripts practices will definitely improve and develop the professional skills and mastery of the agents in their field of work.
Take Listings You Can Sell
Compete effectively in our market by knowing not just the market numbers but yours as well. Significant and efficient advertising budget must be applied for each listing. Mastery of the fundamentals with effective cash flow and client management are substantial and very useful to succeed when the market turns or declines.