[urlparam param=”First, MLSid” /] Your Listing is at Day 7
Almost every market has a certain amount of Pent-Up-Demand. Those first 3-5 buyers, perhaps 5-7 buyers are the most motivated. Those are the buyers that often pay list price. Did that happen for you? If not, perhaps you have an offer coming, or possibly a price reduction is needed.
Is your seller in the READY ZONE? Meaning, were you able to set the expectation that if the buyers don’t make an offer, in a way they have voted. They voted that the “price does not match the features being offered on that property.”
Ideally when an agent takes a listing, they inform the seller of these factors
If we have 5-7 showings, we should have an offer.
Those buyers represent what is called "pent-up-demand."
Ideally we have those 5-7 showings in the first 10 days.
Low foot traffic and no offers, the "buyers made their vote."
If you set those expectations during the listing interview, 9 times out of 10 the seller is in what is called “The Ready Stage.” This means by day 10 they are receptive, they are ready for a price shift. In the absence of you setting these expectations, the seller may be quite a bit more reluctant to reduce the price.
If You Do Need A Price Reduction
Look at column H and I in your HomeZoop property report. It will provide you insight as to the frequency of price shifts for both the ACTIVES competing with you and the UNDER CONTRACT properties.
Possibly Email Your Client this note:
We are at day 7. By now I would have anticipated an offer. Please look at the attached report. It shows that 5 of the 11 (or whatever is on your report) other properties for sale have had a price shift. Plus it is interesting to note that once a price shift occurred, those properties went under contract in about 12 days.
Would you be available for 5-10 minutes on Thursday to do a Market Recap? I have a strategy to review with you that should positively affect the showings and create an offer.
Oh, if you can please click here to register if you desire to LAND PIPELINE ACCOUNTS THAT GENERATE $25,000 PER YEAR. And mark your calendar for this Wednesday morning 9 30 CST.
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