This summer’s sellers are a different breed. If you engage them the right way, this could be one of your hottest summers ever in real estate. If you don’t, you’ll miss out on the many higher-dollar commissions to be made from working with consumers looking to move-up or move on.
Here are five seller confessions taken from NAR’s Annual Buyer and Seller Profile to help you counsel these important clients in a potentially tough selling environment and generate your next commission while you’re hard at work.
1) I purchased near the peak
Price isn’t what it used to be and research from the National Association of Realtors shows today’s average seller purchased there home in 2004 near the housing peak.
Today, many of your seller-clients may be facing a loss or barely breaking even. That means, for most, their motivation to sell is much stronger than their need to make or save a dollar.
As an agent, you need to identify the primary motivation or life goal attached to the sale. Use that focal point to periodically remind them that they are reaching ahead to the next phase of life and not losing out to a merciless market when things get tough.
2) I need help pricing
The research showed the second most popular area where sellers expect help from their agent is pricing.
Today one of a seller agent’s largest responsibilities is to offer sound pricing advice. At the end of the day, your comparables are your best resource for pricing, but you need to sell that price to your clients. Market data from Trulia Local and other reliable resources that show context can make your job easier when giving sellers the pricing education they need.
3) I want a larger home
In all of the humdrum news about the market, the silver lining for some sellers is that this market is the perfect opportunity for an upgrade. The same NAR report showed 46 percent of sellers were getting rid of their home to trade up to a larger space and today’s housing affordability is the major motivator for almost 25 percent of today’s sellers.
As an agent, you need to remember that there’s a difference between larger and better. When you’re talking with your seller, be sure to find out both the selling points and dislikes are related to their current home. Knowing your clients’ dislikes puts you in the perfect position to be their agent for the next deal. After all, you’ll already know what they’re looking for.
4) I’m a little wiser
Today’s sellers are more experienced than in times past. The data showed average sellers were a bit older by about four years and for 68 percent of them, this wasn’t they’re first real estate transaction.
For agents looking to work with these clients, your reputation is going to mean more than ever. Make sure your real estate resume is up-to-date on your Trulia Profile to catch the attention of these clients. They will look you up online and the information they find could make or break you when they’re ready to select an agent.
5) I’m shopping for two
More and more consumers are not only buying, but also selling in pairs. In fact, 77 percent of today’s sellers are married. That means you, as an agent, need to be prepared to deal with multiple opinions.
While this can seem like additional pressure, it could result in additional leads.
Remember that clients of today are the recommendations and referrals of tomorrow. Don’t forget to follow-up after you’ve closed escrow to ask each or your clients to write and share a positive business review after the deal is done, in order to grow your network.
These are a few things we learned about today’s sellers from the NAR’s research. What are you learning about today’s sellers from your day-to-day experience?