Posts Tagged ‘Sellers’

Rent It or Sell It?

October 27, 2014

rent_or_sellWhat should I do with this property? This is a pressing issue in today’s real estate environment in many circumstances. Owners and agents alike are posing this question every day.

The market has begun its journey toward recovery and home prices are rebounding. The recovery has made it possible for an increasing number of previously underwater sellers to become equity sellers again. While the recovery is in PROCESS, there are many agents and sellers that remain frustrated with the rate of PROGRESS. (more…)

Texting and Driving a True Danger in Our Industry

September 15, 2014

texting_and_drivingI know full well the importance of communication as a real estate agent. If you aren’t the first one to respond to a lead, or you aren’t responding quickly enough to a client, you can end up losing out on valuable business or souring a relationship.

It also doesn’t help that we’re on the road so often. Many times, it feels like we spend more time in our cars – driving around to different listings – than we spend in the office.

But it’s important to remember that safety comes first. ALWAYS. (more…)

It’s Time for a Price Adjustment

September 8, 2014

home_pricingThe story is all too common. During your initial listing appointment, you agreed on a price with your sellers. You’ve worked tirelessly with that listing for several weeks (or months), had plenty of showings, put in the research, and you’ve found there’s only one problem: The price is too high. Your clients have already explained to you that they “need to get this amount out of the sale”, and you know that bringing up a price drop will probably cause some friction if not an outright “No!”

Before you start stressing out, remember that a price reduction in is in their best interest and you have a professional obligation to tell them what they need to do to get them home sold. With proper preparation and solid tactics, you’ll not only get the property priced to sell, but you’ll also gain lifelong clients that will truly appreciate you.

Here are 5 ways to properly handle a price drop:

  1. Set the stage: When you take the listing, tell the Seller that although you are comfortable with the price they have selected, the market constantly changes and it’s your job to monitor the market activity and let them know about any changes that affect the sale of their property. Explain that some changes could make it necessary for them to re-evaluate their pricing strategy.
  2. Stay in touch: Before you can even start suggesting a change in price, your clients need to be able to trust you and see you as a professional. The best way to accomplish this is by having regular contact with your clients, even when there’s nothing to actually report on the listing. I suggest calling them at least once a week to give them an update on their home. If you constantly keep them up-to-date with the latest developments, there’s a much better chance that they’ll understand the reasoning behind the needed price reduction. While they may be disappointed, they’ll know that you’ve been working hard and that this is the best option.
  3. Have an in-person meeting: The last thing you want to do is upset your clients, and there is a much higher probability of them being upset if you simply call, email or text them that they need to drop the price. Plan a get together at their home, a local coffee shop or your office. Face to face meetings are always more effective.
  4. Be prepared: Do your research. Be prepared to discuss the state of the market, recent transactions in the area, showings and feedback on their property. Properly presented, it should be clear why you are recommending a change in the pricing strategy.
  5. It’s a “price adjustment”, not a “price reduction”: A surefire way to upset your sellers is to bring a negative attitude and connotation to the pricing discussion. Instead, you should keep positive and upbeat about the situation, and concentrate on the fact that this will help them sell their home and move on to the next phase in their life. Also, using the word “adjustment” instead of “reduction” is a more neutral term.
  6. Listen and respond: Your clients will definitely have questions during the meeting, and if you aren’t listening to the true meaning behind each question, there’s a good chance you could end with an unhappy client and continue to have an overpriced listing. Listen carefully and be sure to respond to any objections you may hear, but don’t be defensive. Be understanding and mindful, and you’ll end up with happy clients.

What are your tips for price adjustments? Please comment below!

Take Advantage of a Hot Housing Market!

November 26, 2012

It’s hard to believe that just four years ago there were more than 100,000 listings in Metro Atlanta.  Now there are fewer than 40,000. What does this mean to the ever-changing housing market? Just remember your basic laws of economics of supply and demand.

From our perch here in relocation, we’re seeing a definite surge in demand for homes throughout our market area. The low inventory has become a problem for transferees moving into the Atlanta market because they might find a home they like, but there’s already an offer on it.  (more…)

Reading Into Sign Riders

January 4, 2011

Have you ever driven by a property for sale and seen multiple “rider” attachments to the FOR SALE sign? Sometimes there are so many, they drag on the ground.

There may be a rider for the agent’s OTHER phone number, a rider for a special web site set up for the property, a rider that says, “Reduced”, one that says, “Must See Inside” and any number of other quick little messages to tempt potential buyers inside.

Over the years, I’ve compiled my own interpretations of what these various sign riders really mean when you decode the “agent-ese”. Here are some of mine, and feel free to add yours to the list: (more…)

GREC: Protecting the Public

October 5, 2009

super heroMany Atlanta real estate buyers or sellers may not realize the Georgia Real Estate Commission (GREC) is there to help them if a situation arises.

In addition to setting the pre-licensing education requirements, testing standards, licensing requirements and continuing education requirements for real estate licensees in Georgia, the GREC is also a resource for the public to use if/when members of the public feel that they have not been dealt with fairly by licensees. The GREC takes complaints from the public very seriously and investigates every situation for which they receive a written request. Frustrated or unhappy buyers, sellers, tenants and landlords sometimes threaten real estate licensees with, “I’m going to report you to the Real Estate Commission.” Smart licensees know this is a serious matter.

How exactly is the public protected by the GREC?