Advice about how to set the right expectations with sellers.
The real estate market is changing, and the expectations of our sellers are changing as well. What are you doing to ensure you’re setting the right expectations with your sellers? Today Anthony Savini, a real estate salesperson at the Miranda Real Estate Group, Inc. is joining me to discuss this topic and share some advice.
We’re seeing more and more sellers getting extremely surprised when their home doesn’t sell in minutes, or they don’t get multiple offers. That’s because the market is changing, so we need to alter the expectations we set with sellers so they’re prepared. In the last year, sellers have been seeing 20 showings in a weekend and getting over asking price, so current sellers are wondering why their house isn’t selling that way.
Recently, a seller client of Anthony’s received a great offer not long after listing, but they said they wanted to get more showings and offers before making a decision. However, no other showings or offers happened, so the seller said they wanted to take that first offer. Unfortunately, by then, that buyer had moved forward with another property, so the seller ended up losing out on $10,000 to $15,000.
Keep your clients positive; it’s still a seller’s market, and their home will sell. Give them feedback from showings so you can make changes accordingly. We need to educate clients on the market changes, and explain that this isn’t the same market we had in February and March. More inventory is coming onto the market, and buyers are a little more educated now and are wary of overpaying.
Heading into the autumn market, the main thing to do to set the right expectations with sellers, motivate them, keep them positive, and don’t let them get discouraged. Share what’s happening in the moment and explain that there are still motivated buyers out there. If you don’t set the right expectations, you’ll have an incredibly unhappy seller weeks into the transaction.
If you have any questions about setting expectations with sellers or real estate in general, leave a comment below or call us. We would love to be your real estate resource.