May 5, 2022
In today’s episode, Matt and Garrett discuss the value of setting sellers’ expectations. This topic is inspired by things Garrett has heard his agents talking about, which is that there’s been a recent shift in the market. Where, up until the last month or so, homes were being scooped up very quickly, often with multiple offers (even above-asking) coming in, now homes are sitting for longer or are only getting one (maybe lowball) offer.
Matt and Garrett encourage Ninjas to pay attention to what’s going on in their markets today, and to set their sellers’ expectations by talking to them about all the things that could happen when their house is listed. They offer suggestions for how to do this well, so feel free to set your expectations very high for today's episode – you won't be disappointed!
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Episode Highlights:
- How to be a good listing agent
- Show sellers the market
- Tomorrow will not be the same as today
- How setting expectations helps sellers
- What is the market saying right now?
- Make homes easy for people to write contracts on
- Managing expectations in a referral-based business
- Setting and managing expectations is a process
Quotes:
“In this marketplace right now, as a good listing agent, one of the best things we can do is just take a step back for a second and kind of go, ‘Here’s all the things that could happen…’.”
“I think most of this comes because a lot of agents aren’t taking the time to show sellers the marketplace.”
“It may not be everybody just running over asking. It might be that we get a nice, solid offer, with even some contingencies attached to it. Like, we’re starting to see that in the marketplace right now.”
“Let’s remember, the seller is in control of the price. They decide what that price is; you get to decide whether you want to take the listing or not.”
“If the expectations are clear, …it’s going to be easier to have a conversation about a price reduction, about a repositioning, about maybe doing some staging in the house.”
“What are we setting ourselves up for as we put these homes on the market for right now? And are we giving all the options of what could potentially happen?”
“You know what your buyers are saying, you know what they’re feeling in this market. That is knowledge for you to share with your sellers.”
“When you’re trying to build a referral-based business, if you want people to go and rave about you to all their friends, …the more you manage expectations, the more comfortable they’re going to be referring you in the future.”
“If you goad somebody into listing their house because they’re going to get “X” out of it, don’t be surprised when they cancel on you because it’s not happening.”
“Set the expectations… it’s not hard to do, either. It’s actually really easy. And it feels really good because then you have a process that’s repeatable and predictable, which is going to lead to more business for you and to happier sellers.”
Links:
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Garrett
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Matt
@matthewjbonelli