We want to be held accountable
While there is no hard data available, the prevailing wisdom -- and we agree -- is that the top two complaints unsatisfied sellers have about the agents who list their homes are: they don't always employ all the tools they promise, and they don't communicate enough with the seller. That is why we offer our sellers guaranteed listings. For every listing, we not only present a detailed marketing plan when we take a listing, we also develop a specific timeline of actions that we guarantee to perform, so sellers can follow our progress along the way. Pretty simple, but we've found it really helps assure our sellers that we are continually moving toward a sale.
When we present our timeline to our clients, we also offer to establish a schedule for continuous communication with the client. Some prefer regular phone calls. Some would rather have e-mails. Some prefer a weekly update. Some would like to talk to us after every showing. Others don't want to be bothered at all. We take communication seriously and will do any of the above or whatever else makes the client happy.
What It Takes
There is more than one way to list a property. Different sellers have different needs. And different approaches are capable of meeting those needs. In general, however, we believe there are four factors that the seller and listing agent can control that pretty much correlate with the speed with which a sale is made, no matter what approach is taken.
1. Price
2. Condition/how property shows
3. Market awareness & accessibility
4. Perceived transaction dynamics
Price and condition should be self-explanatory -- obviously the two main critical factors. If a house is over-priced, it will sit longer on the market and get fewer showings, while more competitively priced homes around it sell. The seller will become frustrated. The longer it sits, the more potential buyers will wonder if there's anything "wrong" with the house. The seller will have to reduce the price, potentially more than once, and eventually the typical overpriced house will wind up selling for less than what it's really worth. Likewise, the house that is not properly cleaned and staged will suffer from longer market time and usually sell for less than it's worth because other similar homes will look more attractive both in appearance and in that there will be less work for the buyer when they move in.
Honest Analysis From the Agent is Key
Because these factors are so important, we are always very upfront with our professional analysis of how a house should be priced and staged to be competitive. That doesn't mean that if the seller's price is higher than ours that we won't take a listing -- in many cases we do. Ironically, we find more often than not that our sellers' expectations of price are right on and almost always very, very similar to our price analyses. But in cases where the homeowners' opinions differ with our analysis, we believe, and usually find, that we're right more often than sellers because we are in literally dozens and dozens of houses a week, and are in a position to offer a more objective point of view than the homeowner.
Beware the Agent Who Will "Buy" The Listing
A lot of agents will knowingly tell a seller a house is worth more than it is just to get their business. These kinds of agents know that the house will probably sit and eventually need to be reduced. They already have the price-reduction speech written, so to speak. I suppose they figure eventually the house will sell and they'll get paid. We simply don't operate that way because it's not in anyone's best interests to do so. We believe sellers deserve to work with an agent who is upfront and possesses the convictions of their beliefs. And frankly, we believe "buying listings" is a stupid way to run a real estate business.
How to Market?
Awareness relates not only to how many buyers and buyer agents know the property is for sale, but also to how marketing pieces communicate the features and benefits of the property. Matching a listing with the right kind of advertising and being very clear about how a house will fill a need in the potential buyer's life is paramount. Equally important is the level of accessibility the homeowner is willing to provide to the market of buyers and buyer agents. While life's realities often make it impossible to make the house available to show at all hours, in all situations, it is critical that the seller understands the importance of the seller's efforts to make their home as available as possible for the market to see.
Beware the Company You Keep
Perceived transaction dynamics relate to how potential buyer agents perceive an offer will be handled. Simply put, a reputable, experienced listing agent from a leading brokerage will signal to all potential agents showing your property that any attempt to commence a transaction will most likely be handled efficiently and predictably, with professionalism and level-headedness. In our experience we've found that there is no doubt that in some cases, buyer agents might, because of unpleasant past experiences, avoid listings from for-sale-by-owners, rookies and smaller listing brokers that aren't as well-known.
Other Factors Are Out Of a Seller's Immediate Control
You might ask where location, number of competing listings and market dynamics such as interest rates and current buyer pool fit into this. These are things that obviously have a huge impact on a sale, but that a seller with an immediate motivation to sell cannot control. Our approach is to hone in on the factors we can control, so the seller-agent team can maintain strategic focus. It does no good to worry about the things you cannot control, both in life and in real estate!
Flexibility is Fundamental to Our Approach
Often times when we meet with clients looking to sell their home, the first question we're asked is "how much do you charge?" The answer is that it depends. Foremost it depends on the seller's goals. It also depends on the type of home they have to sell and other market factors. Rest assured that once we understand what you are trying to accomplish, we will be assertive in devising a specific marketing plan and commission structure. We are fair, but do get paid for all that we bring to our sellers. But if the seller wants to add or remove marketing tools, for example, that's just fine with us. Just as we're comfortable presenting a plan, we're very comfortable adjusting to our clients' needs. We understand that people bring their own ideas into the equation, and after all it's their house and we work for them. Either way, we're going to execute the plan with 110%.
Insight Team
Tim Sipprell
Mobile (612) 327-7657
Office (952) 924-8737
TimothySipprell@edinarealty.com
Edina Realty
50th and France
3930 W. 49 /12 Street
Edina, MN 55424
Office (952) 920-1960
Fax (952) 924-8700
