The 4-P's Of Selling In Today's Market
There's no doubt about it. Selling today is a lot more complex than it was six to eight years ago. Sellers need to take a little different view of the process and practice what I like to call the 4-P's of successful selling.
1. Positive. Selling a home can be a stressful undertaking often complicated by life changing events. The best way to get through such a situation is to keep a positive mental outlook about the sale and the underlying reasons for the sale. In other words, if there is a silver lining to be found in the situation, find it and keep it uppermost in your mind throughout the selling process.
2. Pro-Active. This is just my view of things, but I believe sellers and their listing agents need to be pro-active in the marketing and sale of the property. You can't just put a sign in the yard, an ad in the newspaper, drop it in the local MLS and expect somebody to come along and buy the property. Sellers and agents need to actively market the property, they need to follow-up with agents and buyers after showings, and they need to negotiate every offer to find a win-win situation if one can be found. You can't do this sitting on the couch watching the afternoon soaps.
3. Patience. Listen to the evening news or read the daily newspaper. You will quickly learn that the country is in a deep and prolonged recession and the recovery is coming very slowly. Many people are unemployed or under-employed. Mortgages, once easily obtained, now appear to be much more difficult to secure. In this kind of economic environment, fewer people can qualify to buy a home. So, given this set of circumstances, sellers need to recognize that selling a property will likely take longer than it has in the past. This means that sellers will need to be more patient with the selling process and their agent's efforts on their behalf.
4. Price. Today's buyers are looking for bargains. Period. If your property does not carry a bargain price, it is unlikely that it will sell. If you really want to sell the property you have to price it at an appealing price for today's bargain-hunting buyers. Moreover, if the property has been on the market for more than 60 days (some would argue even less time) and you have not received an offer, that is the market talking to you. It is saying that they are not interested in your property at that price. So, you need to adjust your price downward until it becomes a bargain. In this effort, time is not on the seller's side. In an economy where real estate prices continue to fall, the longer the property remains on the market the less it will eventually sell for. Just keep that in mind when your agent suggests a price adjustment.
There you have it. Positive attitude. Pro-active undertakings. Patience. Price. As I see it, these are the 4-P's to success in today's market for sellers.
-30-
1. Positive. Selling a home can be a stressful undertaking often complicated by life changing events. The best way to get through such a situation is to keep a positive mental outlook about the sale and the underlying reasons for the sale. In other words, if there is a silver lining to be found in the situation, find it and keep it uppermost in your mind throughout the selling process.
2. Pro-Active. This is just my view of things, but I believe sellers and their listing agents need to be pro-active in the marketing and sale of the property. You can't just put a sign in the yard, an ad in the newspaper, drop it in the local MLS and expect somebody to come along and buy the property. Sellers and agents need to actively market the property, they need to follow-up with agents and buyers after showings, and they need to negotiate every offer to find a win-win situation if one can be found. You can't do this sitting on the couch watching the afternoon soaps.
3. Patience. Listen to the evening news or read the daily newspaper. You will quickly learn that the country is in a deep and prolonged recession and the recovery is coming very slowly. Many people are unemployed or under-employed. Mortgages, once easily obtained, now appear to be much more difficult to secure. In this kind of economic environment, fewer people can qualify to buy a home. So, given this set of circumstances, sellers need to recognize that selling a property will likely take longer than it has in the past. This means that sellers will need to be more patient with the selling process and their agent's efforts on their behalf.
4. Price. Today's buyers are looking for bargains. Period. If your property does not carry a bargain price, it is unlikely that it will sell. If you really want to sell the property you have to price it at an appealing price for today's bargain-hunting buyers. Moreover, if the property has been on the market for more than 60 days (some would argue even less time) and you have not received an offer, that is the market talking to you. It is saying that they are not interested in your property at that price. So, you need to adjust your price downward until it becomes a bargain. In this effort, time is not on the seller's side. In an economy where real estate prices continue to fall, the longer the property remains on the market the less it will eventually sell for. Just keep that in mind when your agent suggests a price adjustment.
There you have it. Positive attitude. Pro-active undertakings. Patience. Price. As I see it, these are the 4-P's to success in today's market for sellers.
-30-
posted by Terry Ward at 3:34 AM
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