39% of Homes Sell in 2 Weeks… But Here’s What You’re Missing in the Other 60%

Here’s an amazing stat that Redfin just put out, and that is that 39% of listings coming on the market are selling — going pending — in the first two weeks. Isn’t that amazing?

But there’s always a tale of two markets out there.

So you’ve got 39% that are going pending, but what about everybody else? The other 60% of listings are not.

And those are starting to linger on the market — a lot of listings on the market over 30 days and 60 days.

So when we have these listings that linger, what do we do?

Well, when we’re having conversations with our sellers, of course the first step is we’ve got to get them realistic on price. But there’s another side of that conversation as well.

So we talk about price. We talk about incentives. Definitely we want to have those conversations.
40% of the market right now — people on the market — have included some price reduction or incentive already.

But we also need to do one other thing that a lot of agents miss, and that is when we’re doing our weekly calls — whether that’s once a week, twice a week, three times a week — we’re talking to our sellers.

We also at the same moment have them checking out what we call the peer group.

What’s the peer group?

The peer group is the 5, 10, 20 listings that are similar to yours. So you’ve got this listing you took, and you’ve got a peer group of people that are also on the market at the same time. You want to be watching that peer group and then reporting to your seller what’s happening with the peer group.

Some of you are in price bands — let’s say in my market, $1 million plus — where there’s nothing happening over $1 million plus. It doesn’t matter what price, there’s not a lot happening over $1 million in our particular market.

Now in some markets it’s red hot, but in my market it’s not that red hot.

So when I’m calling a seller, I can always be pitching a price reduction.

And for some of you that is appropriate.

But for some of you, you need to educate the seller and say:

“Hey, well last week I just checked the numbers. No one went pending. Okay, so you’re not alone here. There’s 38 other listings that are over $1 million in our market — no one else went pending either. So because of that, I just want to give you a heads up. I do think we could maybe adjust the price, but there’s not a lot of market activity right now.

“But sometimes it’s just where we’re at with the market, and pricing will have an impact, but it’s not the end-all either. We can reduce it to literally $10 and nobody’s still out there buying, right? So we’ve got to make sure we don’t just fall into that trap of it’s always price, because it also could just be market conditions and it’s exactly the right timing.”

So we need to be educating the seller on both sides of the fence.

I’m an advocate always, always, always of looking at price, but we’ve also got to be realistic about market conditions.

So talk about both when you’re having those conversations with your sellers.

Guys, if you want more ideas, strategies, tools, and techniques, check out The Path Performance Coaching. It’s only $1 for your first month with this link when you sign up here.

We’ve got tons and tons of strategies, hundreds of lead generation strategies, plus marketing assets — all Canva-friendly — and beautiful social media assets too every single month.

Hope to see you there soon.

Have a great day, and good selling.
*******
Why do Brokerage Owners, Office Leaders, Team Leaders, and Solo Agents choose Jim to be their coach?

+ 32 Years of Real Estate Sales, Management, and Coaching Experience
+ Top 1% REALTOR Himself (he has been in the trenches)
+ Opened his First Real Estate Company at 23
+ Grew his Real Estate Company to 17 Offices (largest in Oregon)
+ His Current Team Closed $1.4 Billion in Sales in One Year
+ He is a Current Real Trends Top 500 Broker

When you work with Jim there is no "team" of coaches - you are being trained by Jim and tapping his knowledge and experience.

When your office or team joins our brokerage coaching platform, every agent at your firm will tap into our training and coaching resources.

Visit https://www.erealestatecoach2.com/explorecoaching to learn more.