Selling your house? Why are you making them wait?
July 15, 2015 | Richard Sites
The Psychology of Selling Your House
Selling your house, and the real estate industry in general, is interesting in that it is part economics and part psychology. There is the potential in a residential real estate transaction for emotions to dictate over the economic considerations.
I wrote about this recently in a blog post called, “They are just numbers, don’t get emotional“.
In residential real estate there is a tendency to ask buyers to wait before making a purchase, something not seen in any other industry. Let’s think about this for a minute.
It is not uncommon to see under the showing instructions in the MLS, “24 hour notice required” in order to show the property. Think about this in relation to sales of other products.
Suppose you went to a car dealer to buy a car. The salesman approaches, asks if he can help, you say you are looking for a car to buy and then he says, “We have some great cars but please come back in 24 hours to see them”.
Do you think you would return? I have a friend who literally had this happen, the salesman was in a sales meeting and couldn’t leave, so my friend crossed the street and bought another type of car.
Do you think the Rolex salesman would ask you to come back tomorrow to buy that watch? Urgency is a key element in a sale even among large, strategic sales.
So why are real estate agents putting this delay in the showing instructions? I suspect it is because the sellers tell them to do it or the agent, who may not have installed a lockbox on the house, doesn’t want his/her plans interrupted by last minute buyers.
Actually, there should be no last minute buyers if they were properly qualified, but more on that later. Buyers do however, adjust their interest in homes as they look so sometimes this can’t be avoided. This is one reason a lockbox is critical when selling.
So, prepare your house each day for buyers just as any other person with something to sell would do. Car dealers wash the inventory daily. In fact, the local Honda dealer has someone go through the showroom with a soft cloth and wipe last night’s dust off the cars. The Rolex salesperson makes sure the glass counter is clean of fingerprints.
And finally, never, never ask buyers to wait 24 hours before seeing your home.
If you would like to have a conversation about Jupiter luxury real estate you can reach me at 561-762-4073. Unlike most agents, I have lived here 25 years and know the market inside and out. And be sure to subscribe to this site for my daily real estate updates and to my You Tube channel where there are over 350 videos on this area.