Your seller may be motivated to sell their property as soon as possible or for the highest price possible. Either way, we can help with some tips on how to list your property effectively from the start.
Research
It’s important to do your research before meeting with sellers. Your sellers may have an incorrect idea of where their home should be priced from websites such as Zillow and Realtor; it is important to know this data to be able to explain where your pricing came from and how this estimate is likely incorrect.
There’s no need to wait until you’ve seen the inside of a home to start researching it. You can get a good idea of pricing by checking out nearby properties; average, high-end, and low-end homes in the area. Once you enter the home, you will know which category your seller house falls into.
Price per Square Foot
Once you have determined the category the home will fall in, you then use the average price per square foot for that category to estimate the ultimate selling price. With these facts and calculations, you can explain to the client why the price is different than they expected based on estimates from other sites.
What is important to the sellers
Are the sellers more concerned about time or money? The asking price differs from property to property — and is dependent on a number of factors. For example, sellers who are interested in a quick sale are more willing to have a lower listing price. Seller who are looking for the highest offer, are more likely to be patient and wait for the right buyer. Each seller makes his or her own decision about pricing but it is part of the agents’ job to help them navigate this decision.
Compare nearby listing prices and sale prices
Have the nearby homes been selling for above asking price? If the other homes are selling for 6% over the asking price, it is recommended to do the same. In other words, listing the property for 6% below what your client is anticipating which will net the goal price. Staying with the market trends can be very important to get the clients what they are looking for!
Handling Objections
At this point, it’s important to show all of your earlier calculations and how you arrived at your price. Another way to help your sellers choose the right listing price for their homes is to show them homes in the area without prices. Ask them which one is most similar to their property in terms of living spaces, bedrooms, and features. Once they’ve chosen a home, use the price per square foot from that listing and multiply it by your seller’s square footage. At this point, it’s important to show all of your earlier calculations and how you arrived at your price. You have already done this yourself but showing the client directly can help them understand where your pricing is coming from and manage expectations.
Make a decision
If you have followed these steps you have given the seller the information needed to be informed but they will likely still need assistance making a final decision. It may be best to provide your seller with 3 solutions that they can chose from best on their goal. The 3 main solutions are; moving fast, with a lower listing price, having an average price with average time on market, or having a higher listing price but being patient for the right buyer.
Using these techniques will help you stand out against other agents competing for your listing. You will become known as an expert in that area and within the community! Bringing new opportunities you may not have had before!
Where does Listing3D come in
Once you have won the listing, Listing3D is happy to provide high-quality media to help you reach your goals!
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