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September 19, 2012

1

Alleviating a Worried Buyer or Seller

by mark mclean

This month The Ontario Real Estate Association released the results of an interesting survey conducted by Angus Reid on what’s on the mind of potential homebuyers and sellers. The results were quiet interesting. You can read the full report here; http://bit.ly/QjnXQB . The results of the survey were a perfect topic for today’s morning meeting. I decided to go through five of the top concerns and ask the agents what they would do to alleviate them. Here are their responses;

50% expressed concern over their ability to negotiate a sale price.

Hey, isn’t our job to negotiate on a client’s behalf? In order to prove you have the ability the agents agreed that a solid conversation about various scenarios is important. The client needs to feel confident in your abilities to put this concern to rest. New to the business? Go to your Mastermind group, or just read mine.

59% worried about their home taking too long to sell.

Again, it is important to get the price right from the start. Your discussion about time on market vs selling price is a powerful tool. Set expectations from the start by doing your research on average days on the market in the neighbourhood. Do a proper CMA (competitive Market Analysis) and show history of past sales, that should alleviate this worry.

60% said getting the property ready for sale.

“I know a guy”. Having a team of trades and stagers at the ready will help relieve this particular stress. Over the course of your career it is important to build your team of reliable connections and make sure you can deploy them quickly. Recently, one of our company’s top ten agents told me that he sends a staging consultant over to every listing.

61% said Understanding the process and legal documents is a concern.

Know your forms inside and out and take the time to explain them using plain language. When it comes time for offers on your listing it is important to remember that you are in charge. Your clients are under no obligation to accept any clause that they are not happy with.

77% worried about the state of the real estate market.

The agents had some great counter arguments to this worry. First of all real estate is a long-term investment. As cheesy as it sounds the old saying drives this point through; buy real estate and wait, don’t wait to buy real estate. Markets go up and down but the overall trend is up. While the media likes to suggest that the market could correct downward by 10% it is important to remember that a 10% decline in values just means that house is worth what it was last year. Finally, agents agree that staying sharp, focused and educated is our best defence.  The reality is that deals are getting more complicated and the services of a realtor become even more important.

Finally let’s talk a little about going that extra mile. Last week our company held a Top Ten Mastermind session to talk about the market, what’s working or not working with respect to marketing, where are people finding new clients, websites, etc. It was a very interesting discussion with lots of anecdotal evidence which I will use for future blogs. Interestingly, the one thing in common with the top 10 was that they got a lot of their business through referrals. So I asked the question to the agents this morning; why are people referring you to other people? the answer, categorically, was that they worked hard at making the experience great. Not just good and successful, but great. It seems the experience is what matters.

Time to go out and make the experience great for your clients. Have a great week.

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1 Comment Post a comment
  1. Sep 20 2012

    Hi Mark: Great link. I would like to comment on the first 2 important points. Negotiating the price and time on the market. Sales people need to start being sales people. My biggest peeve today is seeing price increases on active listings that did not get offers on the date scheduled. Or, offer(s) may have come in and they were rejected. So, how does a Seller negotiate a price when they let the buying public know that they are not willing to via increased offering price? Which flows into time on the market. Many sales people have become “order takers” and pacifiers to Sellers that “feel” or “want” X dollars for their home. When in fact the ones that truly “feel” a price are the buyers! The market does not lie. The market will always respond to a product no matter what. Multiple bids happened because supply was low and demand was high. This has now changed. Our jobs as realtors is to track the market- see how many new listings are out there. What is selling .What is not. And, negotiate with Sellers, Buyers and other agents in order to do our jobs in selling houses.

    Reply

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