TWELVE TACTICS FOR REAL ESTATE AGENTS IN TOUGH TIMES
Tactic # 7: Price Ahead of the Market
Pricing effectively can amount to 80% of your successful marketing of listings.
Until you get it right, you won’t have showings or offers, and little else you do can change that.
Don’t Chase the Market, Let the Market Chase You:
- Whether the market is going up or down, price your listings ahead of the market.
- Ahead of it on the way up and ahead of it on the way down.
- Sellers and buyers can be out of sync with the realities of the market.
- Sellers tend to trail market reality by six to eight months.
- Buyers tend to project forward six to eight months.
Seven Maxims for Pricing in a Shifted Market:
- Be a student of your market – know your numbers.
- In hard-shifting markets, focus your comps on actives. Pending and solds may already be out of date.
- Preview properties – understand what’s behind the numbers.
- Keep your presentations as current as possible. Let your ongoing research speak for you.
- Prequalify for motivation. Sellers who most need to sell, sell most often.
- Secure price reductions in advance -avoiding falling behind the market.
- Always price ahead of the market!
Tactic # 8: Stand Out From the Competition
- Proper staging is one of the best ways to entice buyers to take a look and make a property stand out.
- Preparing a house to put it on the market directly impacts whether or not a home will sell, how quickly it will sell and for how much.
- A review of over 2,800 properties in eight cities found that ‘Staged homes, on average, sold in half the time that non-staged homes did. The sellers with staged homes ended up with 6.3% mort than their asking price, on average’.
- Remind sellers that: 1. buyers are looking for value, 2. you won’t get a second chance to make a first impression and 3. you’re in competition with all of the homes in the vicinity.
Tactic # 9: Creating Buyer Urgency – It is Called a Buyers’ Market
- The biggest challenge you have in a buyers’ market is getting buyers to buy. They are fearful, reluctant and are sure it’s going to go lower.
- All of this has happened before and it has been even worse.
- Every market has it good buys..and even great buys.
Be The Local Economist of Choice:
- Once you are clear in your own thinking, you can begin to have a positive impact on others(buyers and your local community).
- Overcome the media enhanced real estate malaise.
- Be the one with the facts.
- Focus your lead generation on finding and attracting motivated buyers.
The Best Buy List:
- A list you have compiled of the current best buys in the market.
- Based on your consistent tracting of new listings, price reductions, and pre-foreclosure or foreclosed properties.
- You can’t creat urgency if there isn’t a good reason for it.
- Buyers can see through false optimism and manipulative selling.
- You must find real, honest, and compelling ways to help the feel the truth.
- If they wait, they are going to miss their best opportunity.
Overcoming Doubt and Fear:
- You are being the highest level of fiduciary when you don’t let them cave-in to their doubts and fear.
- They will thank you for having helped them make a smart decision.
- When the market turns back toward a seller’s market, all the best buys and even the good buys will be gone.
- Building buyer urgency is a matter of: knowledge of the market, skill at communicating the realities and assertivesness in challenging their thinking.