When meeting with potential sellers, it is very easy for the real estate professional to land into the slippery slope of identifying their client’s motivation. Are they truly interested in selling or are they unrealistic in their expectations? Sometimes that difference is not as easy to detect as you might think. Let’s take a look at what I mean.
Mr. & Mrs. Jones are ready to sell their home in Atlanta and retire to Florida. They know the real estate market is still slowly recovering from the economic downturn, but the timing is right and they are ready to start the next phase of their lives. When meeting with them to discuss the potential sale we provide them with comparable sales of similar homes in their particular neighborhood and surrounding areas. They take this information and use it, along with our recommendations, to decide if they will be happy with a similar outcome for their property to meet their desired goal. They decide the price range is acceptable and allow us to move forward with an online bidding event for their property. In the meantime, they use the expected sales price information to start planning for their new home purchase in Florida. Mr. & Mrs. Jones are motivated sellers.
Mrs. Smith is also ready to sell her home in Atlanta. She is downsizing and moving closer to one of her children. The main goal of selling her home is to start her estate planning. She has four children and wants to be able to leave each of them a certain sum of money. We present her with the same comparable sale information in order for her to anticipate an expected sale price. She reviews the information, but the sales history does not meet her expectations of the funds she needs for her estate planning. She is adamant that she will not sell for a penny less than her figure, even if sales history shows that achievement to be unlikely. Mrs. Smith wants to sell and has a plan to sell, but with wishful thinking. Mrs. Smith is an unrealistic property owner.
When a property is placed on the market with unrealistic expectations, it might as well not be on the market at all. Potential buyers will overlook the property, because they have done their homework too, knowing the market value of similar properties. Hagen Realty Group works hard to assess a seller’s motivation for selling up front to insure their expectations can and will be met, and by doing so buyers can know they are not wasting time when looking at a Hagen Realty Group property.
So if you are ready to make the decision to sell your property, don’t be like Mrs. Smith. Be like Mr. & Mrs. Jones and be prepared to look at the facts and history to make a logical decision about the sale to insure it becomes a SOLD property!