Selling a Property Faster and Getting a Better Price is the name of the Game in Realty Sales
Much of the reason homeowners use an agent to sell their home is to get a higher price, so in the end, the homeowner is buying the agent’s marketing and selling skills. If you’re an agent and can’t overcome the slander and nastiness some FSBO homeowners hurl at you, perhaps you should reformulate and refine your unique value proposition to calm the damage these detractors may cause. If you’re a homeowner, think about how your agent can help you sell your home for the best price possible.
If agents can sell homes and condos at a higher price and sell them faster (since time is of the essence when other agents may sell it or time will run out), how do they do it? Here’s a few attributes of successful real estate agents.
Property Evaluation. What agents obviously know better than homeowners, is how to evaluate a property. The agent is more knowledgeable abou the condition of the property, its salient features, and how to present that value to home buyers. In short they know how to sell. A homeowner has little idea about how to present the home so it will be more saleable and valuable to buyers.
Objectivity. Having a professional sell a home detaches the owner from the buyer. Buyer’s really don’t want to buy from a homeowner. They don’t want to hear about their family memories and hear their description of the property’s value. Buyers want a clean slate. They’re buying their dream home, not someone elses. The fact the homeowner is present disturbs the buyer’s vision. Agents can sell the home better without the homeowner around. They depersonalize the property and make it attractive to buyers. This lifts the spirit of the buyer and makes it likely they will put a bid in.
Building Demand. Creating a bidding war is another very important strategy some agents might contribute to. Not to say they would do it deliberately, but if they’re actually on behalf of the seller, it makes perfect sense to get as many buyers interested as possible. I’m reminded of the sale of home last summer where the agent created so many prospects, it actually shut down traffic in the neighbourhood. The police couldn’t believe it. That home was said to sell well beyond what it was really worth. That’s what you call creating a sales event and getting above asking price!
Improve Property Appearance. If you’ve watched TV real estate shows such as Sell This House, Property Virgins, and House Hunters, you’ve seen the reaction of people when they see a home. Their first impression is often not good. The home needs to be upgraded or at least staged. FSBO homeowners think their home is beautiful and even think the home will stay pretty well the same after they leave!
MLS Access. The MLS service provides access to thousands of buyers and gets other real estate agents active in trying to sell the home. Even if the agent doesn’t list in the MLS, the agent can get others in his/her office to help market the home. More buyers means you can get a higher price.
Credibility. Agents are considered more credible and knowledgeable. And it’s not their house, it’s the clients. The agent has some professional guidelines to ensure they’re not misrepresenting properties. They’re also in the sales business and that puts some pressure on the buyer to follow through on commitments.
Timing. An agent knows more about timing in home showings and in closing transactions. If you’re doing something full time for a living, you’re going to learn those subtle things through experience.
Sales Negotiation. Agents are experienced in negotiation and since its not their property, they’re able to deal confidently and force the buyer to recognize the value of the home. They also know more about reading the buyer and understanding what the buyer wants.
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