One question sellers often ask is this- "Should I improve my home or sell it?"
That's a interesting question because sometimes sellers will say, "I think I'm going to wait until I put the garage door on, or the garage door opener in, or the new dishwasher in, or I'm going to put a new roof on and repaint the house."
Usually we would say that's great because we want the house to be parade-ready and priced right but this is not a normal market. This is a frenzy market. We are seeing 71% of listings sell in the first 30 days for 99-100% of list price. Which creates a dilemma, sellers who invest dollars back into their home may not necessarily get 100% of that money back.
For example, fixing a garage door is the number one item that you could do to a home to increase its salability. But even today, you're still not going to get 100% of that money back as an investment. Sellers on average are getting about 85% of their investment returned. A deck edition is the second most important...
Do you feel confident when you talk to a buyer or seller for the first time? Do you feel like you own the conversation? If you don't feel that way, then the reason might be that you don't have competence.
When you come into a room, you want to be the smartest person in the room when it comes to your profession. Unless you've hit that standard you are never going to be at your highest level. Here is one easy way to gain competence that will help you feel more confident when you're having conversations with buyers and sellers.
Know your numbers. Every MLS has a monthly report which will give you the monthly stats to compare each month and year over year statistics. Look at the numbers for pending sales. Where are they in your market? How many properties sold last month in your market? How about new listings? How long does it take the average home to sell? What is the months of supply in your market? How do these numbers compare to the previous month and the previous year?
Here's a quick technique you can use in the field today to unlock more buyers, more sellers, and more opportunities.
It's the 'What's Stopping You?' technique.
This simple question can be added to almost any script to open up conversations, engage clients in a thoughtful conversation, and uncover leads that you may have missed using a traditional approach.
Watch this three minute video to see the technique in action!
One of the things that we're seeing across the country, at every level is that buyers are climbing the pricing ladder and purchasing more expensive homes.
A couple of reasons. First lower price categories have sold out in a lot of markets so they're forced to go up to the next price bracket. But another reason is interest rates. As interest rates decline it allows buyer to move up into price brackets they haven't been able to before without having as big as an impact on their house payment as in years past.
Interestingly what's happening now is that we are starting to see this really impact the luxury. This is an incredible opportunity! Now is a great time to dive into expired luxury listings that have been off the market for an extended period of time and start making contact. We call these legacy expired listings.
To get started do some deep research in your MLS. Go back two, three, or even four years on expired luxury listings. Can't find a phone...
The market is changing, we are starting to see double-digit appreciation returning to the marketplace. Unfortunately this can cause some sellers to get ahead of the market and demand prices that are unreasonable. In short some sellers are getting greedy.
As a real estate professional one of our most important jobs is to be be an educator. Try using the "Four Sales" - Script to help educate your sellers:
"We have to sell this home to four different people. We have to sell it to the real estate community, to motivate them to show the home. Then we have to sell it to the buyer. Then we have to sell it to the appraiser and finally we have to sell it to the underwriter for the bank. All of these people will measure your home-based other homes they have seen in the marketplace. Even if one of them agrees to pay over market – it’s unlikely the other three will also agree."
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What if I told you that there's a new opportunity in the market and no one's looking at? It's what I call a New Delta. A Delta is a point between two markets statistics which creates a gap, and that gap is opportunity.
Most of us have sent a just-listed/sold/pending postcard to a neighborhood. These can be an effective way to touch more potential sellers and unlock new listings.
But what if we had a different twist on this traditional marketing approach, that is more effective? Here are two different techniques which may dramatically improve your results:
The first is a pre-listing letter that you send out before you launch your next listing. Let's assume your sellers have given you permission to put their home on the market but strategically you are doing a coming soon campaign so you have a few days before the listing goes live in the MLS. This is a perfect time to do a pre-listing letter which will say something like:
"I will be marketing a new listing in you neighborhood in the next few days. As a courtesy I wanted to let you know will see some some increased activity. Also because I've done a ton of research in the area I thought I would reach out to you and offer my services. If...
If you are looking for a way to move sellers off the fence and unlock more inventory try using the Trade Up Script!
As buyer demand continues to surge our biggest challenge is finding quality listings. Using the Trade Up Script you can not only secure more listings you can also add more buyers to your pipeline (every seller becomes a buyer!)
“With interest rates hitting 50-year lows over the past 6 weeks (in the low 3% range) many homeowners are trading up to their dream home with very little change in their payment. The reason is if you are paying more than 4% on your current home and we can help you buy your next home at closer to 3% - that difference - gives you way more buying power. You can get that extra bedroom, the shop you always wanted, your dream kitchen, or even a pool. Seriously this is an amazing time to buy a home. Give me a call today to set up your dream home search.”
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The number of live showings and foot traffic through listings has dropped dramatically over the past few weeks. One example the Sentrilock® foot traffic index decreased 47.4 points in March from the prior month and is down 21.1 points from one year ago.
The good news virtual showings are dramatically rising and pending sales are beginning to tick back up.
So how do you manage a sellers expectations? Watch this quick video for a scripts that can help you when talking to new and existing sellers.
Considering a Real Estate Coach? Schedule a Discovery Call
Implement game changing lead generation strategies, grow your sphere of influence, improve your presentation skills, and tap into your true potential. This is your time to create the business and life you deserve!
Accepted Students Receive 14 Days of FREE Coaching: Including 12 On-Demand Video Lessons, 26 Instant Action Downloads (scripts, forms, texts, letters, social media tools, and more). Plus Live Monday Morning Momentum...
Based on a recent flash survey conducted by the National Association of REALTORS some interesting expectations have emerged that can have a direct impact on your ability to create sales in your local market.
Watch this quick video to learn how buyers and sellers attitudes are mismatched and how to have conversations with sellers about price reductions and repositioning their home in the marketplace.
Considering a Real Estate Coach? Schedule a Discovery Call
Implement game changing lead generation strategies, grow your sphere of influence, improve your presentation skills, and tap into your true potential.
This is your time to create the business and life you deserve! Accepted Students Receive 14 Days of FREE Coaching: Including 12 On-Demand Video Lessons, 26 Instant Action Downloads (scripts, forms, texts, letters, social media tools, and more). Plus Live Monday Morning Momentum Coaching with Jim, and the Five by Five System to supercharge your sphere of influence, and 4 huge...
Implement game changing lead generation strategies, grow your sphere of influence, improve your presentation skills, build systems, tap into follow up tools, learn time management strategies, and tap into your true potential.
This is your time to create the business and life you deserve!
✔ Take Control of Your Career!
✔ Manage Your Time Effectively!
✔ Attract Clients Instead of Chase Clients!
✔ Plug into Proven Systems!
✔ Tap Your True Potential!