Keeping Sellers happy in a slower market can be a difficult thing to do. If you want to be successful in this slower market you are going to have to improve on your communication skills. I mean let’s face it, it may take several months to get a home sold, even if it is priced right. Sellers are going to get antsy and we need to be able to keep them happy until the listing sells. My goal is to never remove my “For Sale” sign unless I am on my way to closing. If it takes 2 weeks or 12 months, I am keeping that listing.
Does this sound familiar?
"Broker Bryant, this is Mr. Whyaint U. Sold. What’s going on with my house? How come I haven’t had any showings? What are you doing to sell my house?"
“Uh, oh, hey there, yes, sorry I haven’t called. I’ve had you on my list to call but haven’t had anything good to tell you. Oh wait, yeah, I forgot, I got a call yesterday from some people in NY who may be interested.”
Now, you have probably had this happen before, a Seller who you haven’t spoken to for a while, calling you at an inopportune time to complain about nothing happening on his house. I don’t know about you, but I hate it when this happens. It puts me on the spot and makes me say things I shouldn’t say. So what do you do? How do you keep this from happening?
Well, the key is, communication. Make it a point to communicate with your Sellers constantly. Personally, I prefer daily contact, until they tell me differently. If a Seller calls me for an update, then I have not done my job properly.
So you’re thinking, Broker Bryant, what can I say to my Sellers? There has been no interest in their property and I did all my advertising the first week. What do I say to them now?
Well, try this.
"Hi there Mr, Whyaint U. Sold, this is Broker Bryant. Can you believe I haven’t sold your house yet? This market sure has changed from last year. Last year I couldn’t keep a house on the market now I can’t give them away. Did you know when I checked the MLS hot sheet this morning there were 20 new listings in your area? I also saw the house down the street from you just reduced their price again. They must really need to sell. I think they have been on the market for 6 months already. Anyway, I just wanted to touch base with you to let you know I am on it. I am surprised we haven’t had any showings yet. I’m going to mail out some post cards later this week maybe that will help. If not we might have to get together to discuss pricing in a couple of weeks. I know your other closing is coming up and we want to make sure you are under contract by the end of next month. Well, listen, I’ve got to go. I’ll give you a call tomorrow so we can chat. Have a great day. Bye!"
In that brief conversation, controlled by me, I was able to get in several important bits of info. By the way, this info left on an answering machine achieves the same objective.
Agreeing, right up front that I haven’t sold his house yet (stole his thunder).
Brought to his attention how the market has changed.
Informed him of increased inventory.
Let him know the neighbor just reduced his price.
Assured him I was on the job.
Mentioned my surprise at not having any showings yet (stole his thunder again).
Gave him my marketing plan for the week.
Planted the seed for a price reduction.
Reminded him of his urgency in selling.
Told him I would call him again tomorrow.
By doing this constantly you will be able to keep your listings until they sell. And that my friends, is the whole point, in this more difficult market. So just like Geri Sonkin…………glue that phone to your ear!