Here's something we should all be doing with a seller at the beginning of our relationship:
When we take that listing, we should be resetting expectations on the number of live showings that will occur.
Last year, when we took a listing, we'd have 20, 30, 40, 50 showings in the first week. Today, that number maybe two or three or four or five. It will not be the same as it was last year at the same time.
So how do we reset this expectation?
One thing we need to talk about with the seller is the way the average buyer looks at homes. So last year in 2021, the NAR measured this and they found that buyers, on average, that purchased a home, looked at homes for eight weeks. And during that eight week period of time, they viewed eight homes. But of the eight homes they looked at, they looked at three virtually. And in the buyer's mind, that was a showing.
So we need to educate our sellers about what people consider to be a showing today. And then when we're talking to them, we need to reset this expectation.
So for instance, I might say, "Hey, you know what? The number of live showings is going down as we have more and more virtual showings happening. Buyers actually spend more time on remote devices viewing homes than they do actually coming to look at homes in person. So, virtual showings are a real big part of our industry today. So the buyers that do actually physically come to look at your house are the ones that are extremely serious. So we're probably gonna see less showings today than we typically would've in years passed. But the showings that we do have are very serious buyers.
What I'm gonna do for you is I'm gonna report to you every week on Mondays when I do my update call, how many virtual showings we had and how many live showings we had. And I'm gonna give you the feedback of the live showings as well. So we're gonna know if they didn't buy our house, why didn't they buy it? And what house did they buy? That's my most important question.
So I just wanna give you a little update on kind of how the market looks today. It's changed a lot over the last few years."
So now I'm setting the stage. I'm resetting expectations around what's gonna happen when their home goes on the market.
So this is very, very important as the market goes into transition.
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