October 22nd, 2008 5:25 PM by Lehel Szucs
Albert E.N. Grey once said in The Common Denominator Of Success that, "The secret of success of every man who has been successful lies in the fact that he formed the habit of doing things that failures don't like to do". The same quote applies to home sellers.
Unsuccessful sellers (called
Successful sellers don't enjoy doing the items above, but their motivation mandates that they focus on the goal of selling as compared to micromanaging the marketing. Successful sellers 'respond proactively' to no showings, no offers, low offers, or elevated inventories.
Unsuccessful sellers 'react emotionally', defend their egos, and are quick to shoot the messengers. Warren Buffet said, "Price is something we pay when we buy. Value is what we receive when we sell". Some sellers fail to realize there is a difference between cost and value.
Recently, I visited an expired listing. They wanted to move from Arizona to Missouri since their relatives relocated to that destination. Their house was free and clear. They didn't want to reduce their price. They were unsure why their brightly colored, overpriced, property that backed to a busy street was rejected by the local market.
M/M Expired had located a bank owned property in Missouri that was 100k below market. A smart seller would discount their price to affect a sale in Arizona so they could recapture the loss and buying bonanza in Missouri. A stubborn seller would 'step over dollars in order to pick up dimes'. A stubborn seller would wait for the market to change. A stubborn seller would miss those priceless moments with their relocated relatives.
The secret of selling houses in this market is to retain an aggressive agent, lead the field with a competitive price, remain patient yet proactive, and a realize a protracted time on the market is not a favorable ally.
By: Paul Pastore