YOU CAN FOOL SOME OF THE BUYERS ALL OF THE TIME…
March 4, 2017 | Richard Sites
I have been selling local real estate for 14 year and during that time I have seen several ideas designed to promote the sale of homes. Most of these, I believe, do not result in a quick sale since they do not address the basic premise of sales which is value to the buyer.
People make buying decisions when the value proposition for them is great, not when the value proposition to the agent is great. Let me give you a couple of examples.
Incentives for the Agent
One thing that shows up in the MLS often is a bonus for the selling agent (the agent representing the buyer). Usually this takes the form of cash if the deal is completed by a date certain.
Offering cash to the agent does nothing to enhance the value proposition to the buyer so why make the offer?
How much money are we talking about? I have seen the figure as high as $100,000 but it is usually around $10,000.
Why not just offer the buyer the money? Actually, cash in hand is easier to appreciate than lowering the sale price. I think buyers would like to leave the closing table with a large check in hand. Diluting the effect by burying it in the closing statement will cause it to lose it’s desired reaction. A bird in the hand…
I have seen laptops offered to selling agents and one real estate team even offers Caribbean vacation cruises to agents who bring in the successful deal within the allotted time frame.
The “New Listing”
Automated searches, whether coming from our MLS or another site, pick up “new” listings and send them to buyers.
Our current MLS produces a daily list of “new” listings and displays them on our dashboard.
So, one trick listing agents employ is to freshen up the home by cancelling the listing and putting it in immediately as a “new listing”.
Does the increase the value proposition to the buyer? I think not.
Buyers who are seriously thinking of making a purchase will already have seen this house, so trying to trick them by making it appear as a new listing will have no effect.
It was Lincoln who said “You can fool all the people some of the time and some of the people all of the time but you can’t fool all of the people all of the time”.
The same goes for real estate. If you want to sell quickly increase the value proposition, don’t try tricks or gimmicks.
And remember to address the emotional side of the sale, not the facts and figures.
If you would like to have a conversation about getting your house sold quickly, contact me at 561.7672.4073.