SELLERS SINGING OLD TUNE WITH NEW MEANING: “I can’t get no ….Satisfaction…” November 6, 2006
Posted by Sue in Ask The Broker, Real Estate.trackback
It’s like listening to the old Keith Richards song in brokers’ offices all over town these days. Certainly this comes as no surprise to most of us, but sellers are UNHAPPY! They’re developing DSS, Dissatisfied Seller Syndrome, and Brokers’ phones are ringing off their hooks.
“What’s my agent doing! There have been no showings, no open houses, no ads in the newspaper, no calls, no nothing! I want OUT of this listing agreement,” …laments a seller. Another seller says, “I know my agent has made an attempt and I’m not faulting them, but we need a change, new blood, something and someone different.”
Be Realistic about Market Conditions and Prevent DSS
How do we prevent an epidemic of DSS? It’s about expectations and re-aligning if necessary with reality. Tucson sellers may have been told the average “Days on Market” is 50 days. Here are the statistics from the most recent TAR/MLS report, September 2006: Click here for full report
Average Days on Market Increased 66.67% from 30 days in September 2005 to 50 days in September 2006 Pending Contracts (not yet closed in escrow) Decreased 60.20% from 1,877 in September 2005 to 747 in September 2006 Active Listings Increased 93.53% from 4,804 in September 2005 to 9,297 in September 2006
What they may not have been told is that many properties have been listed previously, or re-listed, adding significantly to the overall DOM, which is closer to 121 days on average by some calculations. They may not have been told they have an abundance of competition and they need to build serious strategies with their listing agent to make things happen in a very competitive framework.
To avoid DSS, sellers must partner with listing agents with a high level of expertise who will arm them with timely information and help them gain insight into today’s market. Sellers must understand how the listing will be managed and marketed to create the goal of a sold property.
A Lack of Trust will lead to DSS
Even with the best of realistic expectations, sellers are not immune to catching DSS if they are exposed to broken promises. General discussions about how the property will be presented to the marketplace through print or internet advertising, holding open houses, flyer distribution, tours, signs, showings and so on, should lead to agreement about what will be done, and when.
Creating a written plan with the seller’s participation, allows both the seller and the listing agent to agree exactly how the property is to be positioned and exposed in the marketplace. And they both should agree how often to expect communications and updates to be given to the seller from the listing agent (no less than once a week!).
Preventive Medicine Against DSS
All said, sellers must know, and feel, that their listing agent is On Their Side. They need to believe there is a team effort going on and that they are “in the loop” about what is happening. Good communication, having a solid plan, and making adjustments going forward as necessary, will assure the result the seller is after: Placing that SOLD sign on the property at close of escrow, leading for a change in tune to something much more pleasing to hum … “Don’t Worry – Be Happy”.
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[...] Be Realistic about Market Conditions [...]
Of course right now homes are staying on the market longer. Why shoudln’t they. There are so many to choose from and buyers really need to get their interest up to pick YOUR listing above otheres.
There are many sellers singing that “… no satisfaction…” song. I have had several myself. Until I recently found a marketing tool that is getting some great responses from prospective buyers as well as the sellers who are reaping the benefits. Go to:
http://www.smartstreets.net
See what they have to offer. Right now they are offering a free trial. Can’t get much better than that? I have had two closings and another property ready to go into escrow. It is not the greatest answer in the world but it sure is helping me.
Remember that the industry has just come off record-consecutive years and 2006 will be the third best, ever. When watching national media doing stories about a slumping Real Estate market, keep in mind they are not in your backyard but doing driveby video of homes in NJ, NY, VA,FL and CA.
For Buyers, you are in a drivers seat especially if this is your first home purchase. Get yourself pre-qualifed, approved and have your letter in the hands of a Buyers Agent who can help you.
For Sellers, consider why a Real Estate firm such as Realty Executives Southern Arizona is a solid consideration to Market Your Home. Full Service companies, Market Homes, not list them. Anyone can list a home and this is where the difference comes in.
Reach a local and global market quickly in working with Full Service Realtors like gotucson.com.
Remember, let your Agent set the price so eyeballs will visit, not ignore.
Dwayne
Co-Owner
RainMakers Marketing
“RainMakers” Dwayne:
Your point is well taken. A local market is not necessarily reflected in media portrayals of national market conditions. It’s an easy “story” for local media to pick up.
And yes, marketing is … well … KEY. Thanks BTW for the kind words about the savvy marketing experts at Realty Executives Southern Arizona.
I received a private email about this post from an agent who had recently moved to San Francisco. She reports that even with a vast experience in real estate, she and her husband were highly influenced by attractive marketing techniques, and actually made their final decision on their personal home purchase because of an attractive package of “home and big screen tv”!