It never fails. Each week we receive multiple emails commending our flat fee service and thanking us for the quick sale of the clients home. At the same time, there is always someone on the opposite end of the spectrum. They want to know why they aren’t getting phone calls, showings, etc… The truth is that we use the same platform and techniques for each property. We constantly are marking properties under contract and/or sold each week. So why do so many properties sell through our system and some do not?
The property itself is the # 1 factor. Certain markets are hotter than others. However, let’s dive deeper into this and look at a few mistakes that a seller wants to avoid.
- Overpricing the property from the start. Understandably, a seller might overprice the property at the start with the idea that they can always come down on price later. The problem with this is that historically, you will get the highest price and best terms for your property within the first 3 weeks of listing. By overpricing your property, you are potentially losing out on your best possible foot traffic.
- Offering a lower buyer agent commission at the start of the listing with the intent of changing it later if needed. The problem with this is simple. To see the MLS stated commission, a buyer’s agent has to physically go into your listing and view the details. Once they have done this, there is no guarantee they will go back into your listing in the future to see if the commission was changed.
- Photos – I have seen it all when it comes to photos. I have seen a seller change photos weekly to a seller uploading over 100 photos, etc… When it comes to photos, nothing shocks me. A few notes to consider. Buyer’s often look for a reason to say “no”. As a seller, you want to have a solid # of high quality attractive photos, however, too many photos can work against you. In addition, you don’t want to constantly change your photos. There are many reasons why but one reason is that you wind up confusing 3rd party sites like Zillow. This can lead to duplicates, missing photos, etc.. on 3rd party platforms. Photo size is also important. You really want bright, clear photos. Submitting photos that are too small can appear grainy and distorted. Lastly, keep pets and people out of photos.
- Not being available to show. Lockboxes are your friend. The easier you make a property to show, the more likely it will be shown. I can’t tell you how many times a seller has told me that they “are always home”… and don’t need a lockbox. It is absolutely ok to not use a lockbox. You should only use a lockbox when you are comfortable with using a lockbox. However, there is a lot of evidence to support the idea that houses with lockboxes get shown more often than those without.
- Too many phone #’s in a listing. Don’t confuse buyer agents. Use your best phone # in the listing to contact you and leave it at that. I have seen listings with 4 different phone #’s listed and it caused extreme frustration for a buyer’s agent.
- Remarks – Your remarks should describe the highlights of the property and provide your best marketing pitch. You really really really don’t want to write a 3 page essay. Why? Because buyer’s simply won’t read it. Make your remarks short and sweet but impactful.
We will add to this list in the future to try and help any way that we can. In addition, I will examine a few properties that sold within a few weeks of publication and provide specific examples of what the seller did right in that instance and what factors contributed to the sale.