Why The First 5 Days on The Market are The Most Important

Hey guys, when you set a price on a property, how fast do you pivot if you got the price wrong?

And we all get prices wrong, I've gotten prices wrong. Anybody that's been in the industry for any length of time has gotten the price wrong.

So how fast do you pivot? How fast do you reach out to the seller to try to get that price adjustment?

There's a new study done by ShowingTime, which shows that the average across America, in our current market for there to be a massive drop in activity is five days.

After five days, activity goes straight down.

So we have a five day window to try to generate a lot of showings and hopefully multiple offers. If we get past that five days and we don't do an adjustment, we're probably going to have a hard time meeting the market where it's at.

So we have to lay the groundwork with sellers and have a conversation with them about this five day window. It's not two weeks. It's not three weeks. It's not a month. We're not giving it that length of time. We're giving it five days.

So what we need to do is have the "Red Flag Conversation."

So here's what I say to the seller:

"Hey, you know what? We're definitely in a rapid market right now. And because of that, I like to just kind of explain what we can expect over the first few days of having the home on the market. Generally, what we've seen today is that most of the showings that we're going to have are going to incur in that first five days. And what we're going to expect a lot of showings, hopefully even some offers. If we don't see a high level activity in the first five days or offers coming in, then that's going to be a kind of a red flag waving at us that we might've missed the mark when it comes to pricing and positioning.

So I may come to you and say, Hey, we need to reposition this listing so it meets the mark where buyers are at because we may not have met it.

But we can have the flip side of this too. The flip side is we can have a ton of showings and still no offers. And when that happens, what's happening is buyers are okay with the price. There's just something about the house or the property itself that's preventing them from making that decision to write an offer. So what I do is I interview everybody who looks at the property, every buyer, every agent who represents the buyer. And I try to get them to tell me, Hey, what did the buyer like and dislike about the house? And most importantly, what did they go buy? So I want to know which home did they buy. And I'm going to share all that with you.

It'll be unvarnished. It'll be kind of raw. And sometimes it'll be hard to hear, but we need to know what's going on. So I'm going to deliver that data to you almost on a daily basis, especially in the first five days, because we really want to get dialed in quickly. There is real speed to this market and we want to make sure we're keeping up. Does that sound good?"

They're going to say yes. And now we're off and rolling. We've set that expectation early. If I try to have that conversation later, it doesn't feel authentic. It doesn't feel real, but because I lay the groundwork, I plant the seeds today, it's going to feel much more authentic.

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