In the Greater Daytona Beach Area, real estate activity has improved. While sales have increased, so has our real estate inventory. For every one house that went under contract there are 30 active listings still on the market today, this information is pretty accurate due to the fact in January these were actual stat's based on MLS data.
You can't tell me that our market is the only one suffering, I know better, its in the news every day! Stop and think about this we have approximately 1740 members in ourDaytona Beach Association of Realtors, seems to me there are some starving Realtors out there especially since only 249 properties closed in January.
How can we get seller's who NEED to sell to their destination? Do you need a paycheck? Be a True Professional. Can you say......
That's right we are professionals, you don't see a doctor performing surgery without a patient consultation. Why would you even consider marketing a property without a proper consultation?
Take adequate time - Sit, listen and learn and base your marketing strategy on the seller's needs. Be upfront, be direct and be really honest but more than anything listen and probe!
Inform them - Of all the negative things that can happen, a true consultation is the good, the bad and the ugly. This way if anything bad should happen the seller will not be so surprised and you will already be prepared with your backup marketing plan! People tend to be more understanding, when they UNDERSTAND THE ENTIRE SELLING PROCESS! Warn the seller, be ready for a bumpy ride it's not over until they get their check!
Kill the stereotype - We are not just sales people we transform lives. We unite many people together with the same goal in mind and that is to buy, sell or lease real estate. Our profession is important to our country. Not only do we help buyers and sellers and landlords and tenants, we have always played a key role in society and the economy. We will continue to do so only if the public demands it. The only way to kill the stereotype, "Talk the talk and walk the walk, live by the "Code of Ethics!"
Demand total cooperation - It doesn't mean it has to be your way, everyone must do their part! We are dealing with people, understand that flexibility is a must. Your primary function is to market the property to everyone and anyone. Make sure your marketing efforts will not be wasted because of the seller's expectations.
If they do not need to sell, don't list it - Have the guts to walk away. Run from the overpriced listings. Imagine if each real estate professional in the country made a personal promise to themselves not to take overpriced listings and actually did it, how quickly our real estate inventory would dwindle down. We tend to commend people for not taking overpriced listings but the bottom line is "It's our job!"
Stick with what you know - If you do not specialize in the type of service that they need, refer it out! This is not the time to experiment on a seller, there are just too many properties on the market today. Put yourself in their shoes! How would you feel if I was your agent on your pre-foreclosure property and had no experience in doing so? Scary.
Do your homework and present the facts - Make a commitment to list a property based on the facts. I definitely do not want to be known as the "nice agent" who could not sell the house. I would rather be known as the Serious Marketing Expert, who got the job done.
Realize many seller's will not be happy - It's our job to remind them what their mission is, that means respect how they feel but keep them moving toward to their new destination.
Be highly involved throughout the selling process - Keep in touch. A transaction changes hour by hour, remember you're a team, so when someone drops the ball, pick it up and pass it to the next team-mate, that means get rid of the "It ain't my job man!" mentality. Your job is to get the seller where they need to be, that means, get over the lazy mortgage broker or that "bad, bad other real estate agent," do what needs to get done to get one step closer to another successful closing. The way you treat today's business will have a direct impact on your future business.
Remember that sellers are looking for leadership. "Walk the walk, talk the talk!" and lead by example. Remind them why they hired you in the first place.....
Lovely pointers! Our market here (Hawaii) is still pretty stable. More inventory but still selling. It's picked up a little although ALL THOSE OVERPRICED ones keeping the inventory high. Geez, if only they had an honest agent who told them it's no longer a bidding war market!
Celeste-while our market has picked up so has our inventory, it's almost embarrassing to see so many overpriced, unsalable listings on the market. You are right, we need agents to give a clearer picture to sellers.
Michele-Thanks for taking the time to comment and stopping by. So you will be in my part of town. How long will you be in town? The weather is beautiful today. Have a wonderful time.
Gary-Thank you for stopping by. We actually have 3 other boards in our local service area, I really don't know how people are making it, definitely not by real estate alone. I think its time we get real about our inventories.
Well, along with the increase in inventory here we finally had a severe drop in listings the past couple of months. All those overpriced listings that couldn't sell were withdrawn! So now our inventory is cut in half! Woo Hoo!
Celeste-That is awesome, I wish I could say the same, sometimes I see the same listings put back in the mls after expiring, same price with same comments and photo's just a new agent. Those sellers who truly need to sell are really suffering. Hopefully we will start to see the same trends this way. I checked out your MEME.......
Very well put young lady, and I agree with you, inventory here has not "loosened up"here is south florida, I wish it would...but we can only ride the wave.
Midori...great post. I am a firm believer in keeping sellers informed on a regular bases. I give them a new CMA and Absorption Rate every month. If we don't keep them informed we can't expect them to know what is going on. Many sellers complain they don't hear from their Realtors enough. You have written a great post. Have a great week.
Neal- Thank you, always a gentleman! Which board do you belong to? I have friends who share with me the market down there.
George-Yes I do believe communication is the key. Yes it seems that is the biggest complaint that seller's have with their agent. Thanks for stopping by and you have a great week as well!
Well written... great content... I do believe that some of the problems we have in the market place is still, agents "buy" listings. Put a price on the property that doesn't reflect a true value and each time that is done it effects EVERYONE...
Desiree-Thanks for stopping by. I believe this is important subject matter, yes it is agents, not the seller's, it pretty simple when it comes to overpriced listings, JUST SAY NO!
Judi-thanks for stopping by. Yes it was a real eye opener when I figured the stat's the way I did. Almost shocking.... Our market is picking up so hopefully March's stat's will look better.
As a buyer at times I have become frustrated by an agent who doesn't get back to me or keep me informed. Thank you for a wonderful post that would apply to almost any business.
Carole-Thanks for stoppin by. I agree its much better to be aware of what is going on rather than let a customer guess. I do believe it applies in all business.
Neal-Thanks for stopping by and will check out yours!!!
Hi Christy- Thanks for stopping by-today there were 191 listings that expired in our mls. For March our stat's for sold Residential was 248. We have to do something so that the people who truly need to sell gets the exposure that they need. Yes we too have tons of new listings.
Neal-Yes you have a new friend. As far as lunch, it's in writing, remember in the Its all about meme comments. Yes I saw it, read it and it is forever online......... Japanese custom, we go dutch! hehehe
Midori Miller-Daytona Beach Florida Real Estate Trainer
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Great, Great read! Thanks for the information.