What Does a Seller Really Want?

 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?

How I Use a Waiting List..Making Room for a Better Listing

How I use a waiting list. After  2 decades in real estate, my business is  99% referral, and  limited to  Fifteen listings.

In a recent post, Lorrie asked  about this.

The waiting list is something that started early on when there were people I really wanted to work with and some I didn't. For the  2nd group, I used to say, "I have a waiting list," figuring they would reply, "Forget it!" and go somewhere else. But I found that some sellers were impressed that I was able to turn down a listing, and often they would actually wait to work with me.

As a Broker and listing agent, I make all my appointments and  contact my sellers. preferring fewer transactions and a higher level of service. I frequently turn down listings making room for better listings.

If the  commission question   arises, I can  promise having the highest commission rate. But since my clients come by referral, they already know how I work.

How  can a new agent  adapt this model and use a waiting list for their situation. My advice is to not rush out to take a listing as soon as someone calls. Take the time to get information in advance. Ask how many agents they are interviewing, and try to be the last they talk to. Even say something like, "I have room for one more listing this week." Even if you don't have many listings, that's a true statement. It also keeps you from looking too eager or too desperate. 

Always be ready to walk away from a listing.

 Sellers have to answer  my two questions with a yes.

• Are you 100% sure you want to sell your home?
• Are you 100% sure you want to use me?

Until they are 100% sure, they are not ready to list. This is.. How I Use a Waiting List

                                      

I have chosen not to do business with people  I don't like or don't respect.  Don't think of it as turning down a listing; think of it as making room for a better listing.

How I Use a Waiting List..Making Room for a Better Listing

Search the MLS just like Realtors®

                                              Click to search All Active Maryland Listings 
 You can narrow the search down to number of bedrooms, lot size, price range, zip code etc. Be sure to sign up with your email address to ensure daily email updates of properties. These emails will include photos, address and price of  the listed  homes. This is a free service to help make finding your special Baltimore home easier.  I am available to answer any questions or concerns. mrome@HomeRome.com  410-530-2400