Selling Tips

Are YOU a 5-Star Seller?

Dear Friend,

One of the things that Realtors® are constantly talking about in this changing market is that they have listings that are piling up and not selling. 

The competition is building.  There are more options for buyers, and there are more homes that you have to stand out against. 

So when we really thought about it, we have come to the conclusion that there's quite a distinction between having sellers and having listings. 

As Realtors® it's important to realize that listings don't make us money.  Sellers make us money.
We don't get paid for having listings.  They are actually a liability.  We are going to spend money.  We are going to spend time.  We are going to get invested psychologically in this relationship.  

It's going to take up a lot of our time thinking about it, and thinking about what can we do to get this property sold, so what we are looking for are what we call “5-Star Sellers” – Let us explain… 

These are the requirements for a 5-Star Seller:

One is that you are motivated to sell the house.  The very best seller is someone who has a firm deadline or firms plan for what they are going to do and that they are going to do it no matter what.  If we have got somebody who is transferred to Cleveland and he or she has to be there on June 30th, that is a firm deadline. 

So they are up against the fact that they have got to move.  They are going to be the most realistic with what the market is, because people who have firm plans are going to do whatever it takes.  If a seller says, we are not in a hurry, or we are not going to give it away, or if it sells it sells, we are probably not dealing with a 5-Star-Seller. 

Number 2, are you are willing to price it at market value.  Today's market is today's market.  You have to deal with what you are given, and our sellers have to realize that their personal situation doesn't make their house worth any more or less than market value.  The market doesn't care how much you owe, or how much you paid or how much you need to get out of it.  The market just cares what is market value. 

Let’s look at it this way, if you were selling a $100 bill; let's say that your listing was a $100 bill.  How much are you trying to sell that $100 bill for right now?  Are you trying to sell if for $105?  Because you needs $105 for it?  Or are you trying to sell it for $98 to get rid of the competition?  To be the one that will jump out?  If you have got a property for sale, you almost have to look at it like the currency market.  

You know the $100 bill goes up and down in what it's really worth, but it's always worth $100.  Houses are just like that.  A house is a house and it's only worth what it's worth relative to today's market.  Not what it used to be. 

Not what it's going to be.  Not what a seller need it to be, but what it is and the more realistic sellers are about that price, the better off we are going to be.  So you have got to ask yourself, am I willing to price it at market value?  If you are, then you have reached our second qualification.

Now number 3, are you willing to Stage™ the house to show it's very best.  Sometimes the condition of a house is what keeps it from selling and you know exactly what we are talking about.  If there's clutter, if there's dirt, little signs of disrepair, squeaky doors, a door off its hinges, all those kinds of things work against you when you are trying to sell a home for top dollar. 

If there are little things that need to be done.  If the carpet is really kind of worn in a bedroom, or it's worn in a high traffic area, you are far better off to replace it at what it really costs to do, because you will be willing to clean up the clutter. 

You will be willing to pack up some of the boxes.  It's kind of interesting because a seller who has a deadline, a seller who is motivated is going to be more than happy to start packing stuff up and start getting ready for the move because things are happening.  But somebody who is not invested emotionally in moving is more likely to prefer to sit and wait to see what's going to happen. 

If you feel that “Well if it sells, it sells, if we get our price we will sell” – you are not going to be as motivated to change your environment because it's just the way you want it right now.  This kind of seller is not going to be as motivated to start packing boxes, because “what if we don't move?” We always find that motivation determines how much sellers are willing to do to make the house show its very best. 

And any kind of situation where you are competing against even one other listing, you have got to have a house that will show its very best.  It's going to be a big competitive advantage for you.

Number 4, there are not marketing obstacles.  If you says things like “we don't want a sign,” or “we don't want our neighbors to know”, or “we have to be here when the house is shown,” or “we need 24 hours notice for showings,” or “we are not willing to put our dog somewhere else,” or interrupt our life in anyway, then you are putting marketing obstacles in the way.

You are hurting your ability to sell the home quickly and for top dollar because there are all these obstacles in the way, if you can't let the neighbors know, if you can't use a sign, if you can't put a lockbox on the property, all those things are handicapping your ability to actually sell the home for top dollar, especially quickly. 

Finally, number 5, is that the seller would like us to sell it for them.  If they pass the first 4 tests then it really comes down to whether they would like us to sell the house for them.  In our experience most of the time a listing doesn't sell because we are not dealing with a 5-Star Seller. 

When we take a listing – we ask ourselves these questions:

Are they motivated to sell the house?  When do they have to move?  What are their real plans?  Are they committed to those plans?  Are they willing to price it at market value?  Will they realize that todays market it today's market and they have to be priced accordingly, especially faced with more competition and more listings?  Are they willing to stage the house to show its very best? 

There are little things that could make a big difference, depersonalizing the house a little bit, making it look like a model home.  Maybe getting a new paint job.  Maybe getting some of the repairs that need to be done.  Are there any marketing obstacles in our way?  Is the seller helping, or making us sell the house with one hand tied behind our backs?  We want to make sure that all of those marketing obstacles are addressed.  And number 5, would you like us to sell it for you?  That's really all we are looking for before you get to number 5, would you like us to sell it for you and would we like to sell it for you? 

We would welcome the opportunity to pay you a personal visit to discuss more about what it takes to sell your property in today’s competitive market.  Please feel free to contact us at any time.  Thanks for taking the time to read what we had to say – perhaps it will give you some “food for thought” and prompt you to call us if you think you might be a “5-Star Seller”!

Warmest wishes,

 

Mary Abrams, Realtor®