One of the most vital attributes a buyer needs when purchasing a home is confidence, but an equal level of confidence is required when selling. It's easy for questions and uncertainty to arise when putting a property on the market, wondering if it's a sound decision; recent months have challenged its dependability. In September, the National Association of Realtors found that home sales dropped by 1.5%, which sent many sellers into a wait-and-see mode by holding their property for as long as they financially could. While it can be tricky to maintain your seller's motivation, there are a few tricks to uplifting their confidence.
Immediately Ease Sellers' Fears
Reasons for selling will always be different, with distinctive wants and needs. Perhaps they are looking to expand their family and need a kid-friendly neighborhood with good school district. Or maybe they are on a deadline to move because of a job opportunity. To help clients close confidently, customize their experience by acknowledging their circumstances.
Keep Communication Flowing
During your first meeting with your client, tailor your expert knowledge with familiar facts and data, so they feel heard. Manage their expectations by researching the comps in the area. And explore the median number of days a house stayed on the market compared to years past. For example, in September 2022, properties were on the market for around 19 days, whereas in 2021, they were for relatively 17 days. By sharing your knowledge on the market/listings in the area, sellers will be left at ease, knowing that you will acknowledge questions and concerns as they arise.
You'll also want to prepare the seller by beginning the moving conversation early. While not wanting to scare them into anything, you also do not want to sugarcoat the process. Present a detailed market report for them, summarizing a potential selling timeline, pricing details and current market trends. You also want to explain the selling process to them, reviewing it step-by-step, from listing to closing.
To avoid miscommunication or frustration from both parties, consider an average person may need to be better-versed in the industry jargon. Set aside some time to review terms that may be commonly found in paperwork. Before they begin to inundate you with questions on the progress of the sale, share updates with them as much as possible. Initiate communication, don't let it become a one-way street.
Guide your Seller
As an agent, you are your client's guide for all things they may be wary of or have concerns about. If they are interested in something you may not be as familiar with, don't be afraid to use your connections. Introduce them to a colleague who has a great referral for quick kitchen remodels, staging expertise or landscaping.
Hesitancy to move may persist with some clients. In that case, take the time to familiarize yourself with the community your seller is considering. This way, you are engaged with them throughout the move and who knows, the area may be abuzz with a new property to sell or introduce your buying clients to.