What Does a Seller Really Want?
To sell their house for the best possible price and keep as much of the sales price as possible.
One of
the first questions that comes up with a potential client is commission
rate. There’s a belief- getting an agent to agree to a lower commission
is always good for the seller.
Why agree to a
full commission rate? After all, if the agent gets less, that means the seller gets more, right? Not necessarily!
What Does a Seller Really Want?
To sell their house for the best possible price and keep as much of the sales price as possible.
That’s
obvious. But how do you get the best possible price? By getting as many
agents as possible to show and promote your house. And what makes an
agent want to show your house? A well priced house, in good condition
and a fair commission.
(I know the agents reading this don't look at or think this way.)
So, if
you were an agent with a choice of comparable homes that were right for
your buyerl... and one listing promised you a higher commission, and
another substantially less, which one might you take your buyers to?
Right – the one with the higher commission and which one might you skip
if there was limited time?
I repeat.." I know the agents reading this don't look at or think this way."
That makes sense for the Realtor ®, but what about the seller? Here’s a true story that says it all:
Many
years ago, a client of mine decided to sell his home without the help
of an agent. This is known as a FSBO, For Sale By Owner or an
unrepresented seller.
His wife
wanted me as their agent, but he was determined to do it on his own.
Not surprisingly, nothing happened. After a while with no action, the
husband decided to take on an agent, one with a reduced fee.
He
bargained hard and got a rock-bottom rate. And again, nothing
happened…no sign, no advertising, no calls, and no showings. Finally, as
their anniversary approached, his wife put her foot down. Her wish for
an anniversary gift “I want to sell my home with Margaret Rome.” He
had no choice but to hire me!
It actually took longer to list his
home than to sell it. He had so many questions but when satisfied with
my answers... signed with a bit of reluctance.
And then
things started to happen. We talked about what they wanted to net out
of the property, compared other houses on the market as well as those
sold. We listed it at a price higher than the low cost agent had, but
with a full commission.
Things started to happen when the house hit the Multiple Listing Service, signage was in place, and I was
making appointments.
Within
the very first week, we had a full-price contract. The house, that
wouldn’t sell as a FSBO or as a reduced service commission, suddenly
became attractive to other real estate agents who were pleased to bring a
buyer and to receive a fair commission.
Like they say, you really do get what you pay for!
What Does a Seller Really Want?
Labels: appointments, commission, sellers, what does a seller want?
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