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Managing Seller Expectations

Keep your listing clients happy by managing their expectations as you guide them through the process of selling their home.

Last week we offered simple ideas for managing buyer expectations in order to cultivate successful relationships that lead to life-long clients and the referrals that come with them. This week, the focus is on sellers.

 Manage Price Expectations

  •  Have good documentation on other comparable listings in your clients’ area with tangible items for them to compare against.  Base the recommended sales price on features that buyers care about, such as cost per sq foot, condition of the home, landscaping, size of lot, garage size,  high-end fixtures, wood floors vs. carpet, staged vs. non-staged, painted vs. not-painted, etc. Some of these things can be addressed before going to market. Others may not be worth the expense. Having a frank discussion about these factors goes a long way in establishing trust with your seller.
  •  Set-up potential price reductions in advance: For example, after X weeks at X price, we should consider an X percentage reduction. This way, when and if you need to cut the price, your seller is well prepared and on board.

 Make Your Role Clear

  • Develop a marketing and sales plan. Just as with buyers, each seller presents individual needs and challenges, but as an expert, you know how to organize a plan of attack that works. Provide your client with a visual representation of the process. Then, as you work through the stages, provide clients with an update after each activity.
  • Be visible.  Call or visit listings regularly, provide an updated market analysis every 2 – 3 weeks, solicit feedback from agents who have visited the home and provide it to your clients. Update them on any activity on their home.
  • Be supportive and understanding, but also be the expert. Be prepared to support your assertions with market data.
  • Surround yourself with other experts as well who may be needed during the process: home inspectors, lenders, contractors, roofers, plumbers—the more people who can provide help during the process, the better. This network also provides you with referrals in return for your business.

Make the Relationship Last

Ultimately, you want not only this deal, but all future business from these clients.  Ask for referrals throughout the process. Follow up after the transaction with occasional postcards, holiday greetings, phone calls, etc. This way, you make these sellers clients for life.

If a referral from one of these clients is outside of your preferred price point or property type, give ReferralExchange a try.  We’ll match the prospect with 3 great agents, and you’ll get paid a 25% referral fee once the deal closes.