My friend and superstar REALTOR Adam McGrew recently shared a unique concept that he uses when talking commissions with sellers. He focuses his script around what the competition is offering and how the seller can be more competitive in the market.
His first step is to print a map of the area along with a list of properties that are currently for sale near the new listing. He then researches the compensation offered to buyers agents and highlights this information in his presentation. Next he asks the seller a simple question "So, you do want to be competitive, right?"
Not only do most sellers want to match the current compensation offered to buyers agents in the market, many want to incentivize buyers agents and encourage more showings by offering a higher compensation percentage.
Watch the video for more details...
According to a recent study by Trulia.com - "Among the 100 largest U.S. metros, conditions in 50 are now shifting in favor of buyers, a ten-fold increase from just five metros a year ago. They determined this shift by examining an average of three buyer/seller balance-of-power indicators and analyzing how they’ve changed in the last year (from January 2018 to January 2019): the share of listings with at least one price cut, the monthly median days on market, and the sales-to-list price ratio (how a home’s final selling price compares to its list price). All three have shifted in favor of buyers.
This shift also shows up in other common housing metrics. Homes sitting on the market longer, for example, can also help push up monthly measures of inventory because home shoppers can count on listings remaining active for longer, giving them more options at any given time.
The shift in favor of buyers is also happening where home values have risen the most over the past six...
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