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?

My Sellers Made This For Me! Top 10 Reasons to Sell Your Home With Margaret Rome

My Sellers Made This For Me !! Top 10 Reasons to Sell Your Home With Margaret Rome.

For anyone who thinks they are too busy to blog, this could be the results of your efforts. My wonderful clients and now friends sent this to me yesterday. Of course I have been too busy with  An Impromtu Open House  to post until now.

Do I have the best sellers or what?

Thank you Daniel Simpson and Jimmy Waites for taking time to put this together. I could not think of a better gift or one that I would appreciate more!

Since you are so creative, I am going to send you an invitation to ActiveRain and the gift of blogging.

 

My sellers made this for me!

Greed...When Enough is NOT Enough

Some can call it greed. You can give and give and give and there are those who will still take more. You have to know when and how to be in control. In other words how to put a lid on it.

You know I love my mini aviary and the colorful birds it attracts. But we have other visitors that just won't give up. They have managed to get into the bird feeders in spite of the "guaranteed" guards that are supposed to protect against the furry playful rodents. In addition to the plastic shield, which they were able to navigate, Vaseline on the long "S" hangers and "squirrel proof" bird feeders, the cute but pesky critters could always figure out a way to get to the seeds.

So then I thought, let's try two feeders with the same food, thinking one for the furry and one for the feathered. That meant purchasing more sunflower seeds which I placed in the brown container on my porch. That seemed to work - the pretty finches and other colorful birds were back. What a delight!

And then....

I bought a larger bag of sunflower seeds to supply both of those large feeders. And wouldn't you know it, the bag was too much for the can. I closed the paper/mesh bag and covered it with plastic and then put the can lid on top. There, that should do it.

A few hours later, I heard some noise out front. The lid was on the ground, the seeds were all over the stone porch, and the furry critters were inside the bag and chewing through the bag and the plastic. Why you greedy creatures! Remember, they already had their own feeder at this time, but that was not enough. No, they emptied the squirrel feeder and started on the bird feeder. Time to refill so there is enough for everybody. Then I repaired the damage and put the lid on TIGHT.

How does this relate to real estate? With some clients, enough is not enough. Not enough advertising, not enough contact, not enough showings, not enough offers, not enough attention. You name it, enough is not enough.

How do you decide when to put the lid on?

I love working with my sellers, the ones that are referred, the ones that appreciate what I do, the ones who are pleased with my efforts, my phone calls, my emails, my texts, my ads, my blogs, my google juice, my Realtor.com, my updates, my negotiating skills...etc.

And then there are those few clients who I choose not to work with from the beginning, because enough will never be enough.

That's an important thing to learn – saying "No" to working with people who will never be satisfied no matter what we do.

It Only Takes a Phone Call to Keep a Seller Happ!y

Most listings are lost not because the house is not sold – it is because the seller is not kept updated. Think about any stressed sellers you might have. When did you call them last? When did you update them? Do they know if you are doing anything? Save those listings! Just pick up the phone!

I took a listing a few weeks ago for a home that has been on the market for many, many months – almost a year. They were referred by one of my recent sellers. I don't need another listing, but these sellers were not at all pleased with their current agent. It was an estate sale so they were definitely ready and motivated. And, my former seller told them they had to hire me.

I tried to talk them into giving their agent more time. When I asked what their main complaint was, they said...lack of communication! They never heard from the agent, the lights were left on, they got no follow up after a showing. I asked how long they were under contract; it had expired months ago but the agent never contacted them, just extended the MLS!

So I suggested they call the other agent to let them know they were planning to change. The response? "We have showings, and we have an offer coming in." With that, I suggested they wait to see if this turned into anything. (The agent, a long time friend, was shocked they would even consider a change!)

A week went by – no contact, no phone calls. Again they called and told me to proceed. I did my usual process for a listing; took photos, the MLS, blog, advertising, etc. I emailed the sellers my AR blog about the property and told them about the marketing, but also let them know that we had no calls yet.

About a week later, I received a call for a showing (remember I make my own appointsments. (Yes, I DO! Yes, I DO...Part 2 )

So I called the seller to let them know about the showing time. Afterwards, as I was locking up the house, I called the seller with feedback. It is so simple!

A few days later another showing was scheduled, I made the appointment and made arrangements for the agent to view the house. I called the seller to tell them of the showing and then called them with a follow up after speaking to the buyer's agent. We had another showing yesterday, and so another call to the seller. A showing tomorrow and a return showing on Monday night; again, calls to my seller.

This is wonderful activity in this market. No, I don't have a contract yet! But I do have very satisfied sellers. And, it only takes a phone call before and after to maintain communication and hang on to a listing.

How simple…it is only takes a phone call!

Better Than a Paycheck!

I just got a nice paycheck. I mean, thank you note. More than a year ago I started working with these wonderful sellers, and we went through some challenging times together. But letters like this are what keep me going. And isn't that what real estate is all about?

Don't Believe the Gloom and Doom!

You can't get away from them – the "experts" who are eager to declare the worst. Yesterday's Baltimore Sun included this charming statement from an economist: "The existing-homes market is now in free-fall." But I also saw an article that appeared in the online Ventura County Star in late September, and it has one of the best discussions I've seen of the immense gap between the stories of real estate market meltdown that seem to be everywhere, and the reality you see when you step back a bit and take a calm look.

The article talks about what they are seeing in Ventura County which is in Southern California along the coast between Santa Barbara County and Los Angeles County. But much of what is true there is true elsewhere in the country, including my area of Maryland.

The gist of it can be summed up in a paraphrasing of Mark Twain's famous quip: "Don't worry, reports of the industry's impending doom are highly exaggerated. Buyers are still buying and sellers are still selling."

Sure, the market isn’t what it was a few years ago, but there are many in the real estate business who believe the market was due for a correction, just as the stock market often drops when Wall Street believes that stocks are overvalued. The thing is, there are many positives in the market now. Mortgages are still available at historically low rates, and the economy is sound. There are still special programs for first-time buyers as well as safe and creative financing for other buyers.

Like averages (which we know are meaningless!), headlines tell only a small part of any story. Certainly getting a good price for your home in a sale is important, or getting a great deal if you are buying. As the article points out, "People need to look at their own housing needs and not listen to others. You don't buy a home to make money, you do it as a place to raise your family, to put down roots, to feel secure."

Housing markets go through cycles. The down markets follow up markets which follow down markets. People who have been in the industry long enough recognize they are as natural as the seasons. And the real estate professionals who have built their careers on service and value will find the ups just as exciting as everyone else, and the downs not nearly so deep.