I was recently asked what tips/advice that REALTORS® could use in selling in the current marketplace.
Here was my response:
Just so my coaching clients do not think I have lost my mind, you must interview a seller until you find their core motivation and then build a picture of how achieving that goal (core motivation) will look and feel. Then let them know that the granddaddy of all motivators, price, will make that happen.
However, if you must know of other non-price motivating factors, here they are:
1. On whatever the sellers are buying, especially a new builder’s inventory, help them obtain concessions on their purchase and then match those concessions to the sale of the seller’s home.
2. Buying up in a down market makes the seller more money. Sell a $300,000 home at a 20% discount, loosing $60,000. Buy a $500,000 home at a 20% discount, gaining $100,000 for a $40,000 net gain.
3. Offer to pay a lender points to lower the start rate for a buyer on a new loan.
One of the items that I want all to be careful of is that it is all about price. If you want other non-price items, such as staging by a REALTOR®, you tend to raise a REALTOR’s® overhead rather than reduce prices. Who should take the hit in profitability — the seller or the agent?