Here’s what you can learn from failing to secure a listing.
Are you securing 100% of the listings you pursue? Perhaps a better question to ask is whether you follow up with sellers on the listings you didn’t win or receive. I want to share a conversation I had this week with an agent who expressed frustration over losing a listing.
I asked him if he followed up with the seller to understand the reasons behind their decision. To my surprise, he replied, “No, I received a text thanking me for my time but stating they chose someone else.” I advised him to call the seller and conduct a listing autopsy. He asked, “What’s that?” I explained that he should reach out to the seller, express gratitude for the opportunity to present his approach to selling their home, and politely inquire if there was anything he could have done differently to earn their business.
He made the call, and the seller was gracious, explaining that they needed to relocate swiftly and opted not to pursue the improvements suggested by my agent. The other agent they interviewed recommended listing the property as is, as they believed it would sell quickly in the current seller’s market, even with cosmetic work required. Both agents offered the same price and commission structure.
This raised a question: Was my agent wrong or right? My response was that it’s crucial to establish timing and motivation with sellers upfront. We should present them with two options: investing in improvements to enhance the property’s appeal, potentially fetching a higher price, or listing it promptly to meet their goal of a quick sale.
We must provide both choices and allow the sellers to decide. This agent had created an extensive checklist of renovations, including painting, countertops, and carpeting, assuming it was necessary in the current market. However, in a seller’s market, buyers may have their preferences and be willing to make changes themselves.
The bottom line is that I advised my agent to offer the two options moving forward. We can discuss all the possible improvements, or we can proceed with listing it as is, adjusting the price accordingly to account for any necessary updates. This way, we accommodate both scenarios.
Hopefully, you found this story helpful. If you have any questions, please call or email me. I am always willing to help.