Cheryl Fairbanks’ Real Estate Tips

David from Alabama recently purchased the SMA(tm) software and used it to save a sale for another Realtor in another state on a property he never saw! Read his story:

“Recently I was in a civic board meeting, and the topic came up what to do about the house of a new member of the staff who had been for sale in another  market for a year. Each member agreed it was a tough market and that was causing the house not to sell, but the monthly payout by the employer could not continue. The house needed to sell.  I stated the reason the house had not sold was because it was priced incorrectly, and said that I had a computer program that would give the price range the house would sell in. The seller gave me the name of his agent in the other town whom I called and requested new comps from, using Cheryl’s comp selection guidelines. I determined what needed to be done using the SMA Solution ™ software and reported back to the board.  

The house had been priced $30,000.over market value, had had few showings and no offers. I then made some suggestions based on the results of Cheryl’s SMA, giving the range the house would sell in.  The information was used, and the house had an offer in two weeks, a signed contract one week later, and closed two weeks later.

One board member stated this needed to have been done a year earlier and would have saved everyone a lot of money and inconvenience.”

Check out the details on the SMA(tm) audio CDs and software @ cherylfairbanks.com. If David can cause a house to sell in a slow market in another state using this solution, don’t you think you ought to see what it does?

I’d like to hear from you! What is your biggest pricing nightmare story? What is your best pricing success story? What is your most unique pricing situation? What has stumped you on pricing?

 The Pricing Pro welcomes your most challenging pricing stories. I love to show Realtors how it’s possible to solve any situation when it comes to pricing residential real estate. Let me know your stories by e-mailing me at cheryl@cherylfairbanks.com. I’d like to use your name, city & state, so include that in the e-mail.

You’ve decided to “get real” about your list prices. You’ve conducted an SMA and see that the market has moved away from the original asking price. Next step?

Call the seller and firmly request a face-to-face meeting, at your office if at all possible. Tell them you’ll have your records available there. When they ask why you’re meeting (so you don’t mislead them thinking they’ve received an offer), tell them, “I found out why the house hasn’t sold. How soon can we get together to discuss our next step?”

This is not a conversation for the phone…..or e-mail. The majority of communication is non-verbal and you need to SEE THEM.

Review the price results, then look them in the eye and say, “I have two pieces of paper here. Whichever one you want to sign is fine with me. I want to do what’s best for you (and your family, if applicable.) This piece authorizes a price adjustment to where your buyers are. This page is a release from the listing. Whichever one you sign is fine with me.” Then hush and wait for their reaction.

As Dr. Phil says, “Get real.”

So you followed my advice and asked them why they needed to sell and they said…..”I don’t have to sell!”

 What now?

2 Choices:  (a) Offer to do a quicky CMA on your MLS computer, maybe even while you’re on the phone with them, if they’re genuinely curious about their current market value and give them a ballpark range “as a courtesy.” (Then when you hang up, stop offering FREE CMA’s!)

(b) Ask them, “Do you mind sharing that magic number you had in mind with me?” Explain to them that you have an approach to pricing that’s very similar to the one appraisers use, however, it can take you 3-6 hours to do the research. If they tell you an unrealistic number, simply respond, “I’m going to update the latest sales in your area and if I see that our market is still a year or two away from that figure, I’ll call you right back. How does that sound?”

Practice these two tips and your professionalism and confidence will take a giant leap!

Stay Inspired,

Cheryl 

Always, always, always - make sure you’re talking to sellers who have to sell. Another word for that is that they’re motivated!

Unmotivated sellers have a classic answer when we ask them why they need to sell:

“Well, I didn’t say I NEED to sell. I just thought if I could get what I want, fine. If not, I’ll just stay here……because I’m not going to give it away!!!”

 Are you currently representing unmotivated sellers? If so, set up appointments with them today. Meet face-to-face with your updated SMA Solution price report on their property. Do one of two things: adjust the price to the updated market value or release the listing.

Nature abhors a vacuum, so create a vacuum in your listing inventory. Motivated sellers will replace the unmotivated ones and your business will improve immediately.

Pricing real estate is everything! Licensed since 1978 in Texas, I’ve sold in hot markets, depressed markets, up and down markets. I’ve sold rural acreage and tract homes, luxury upper end and new construction.  My website will give you more information on my programs and solutions.

I WANT TO HEAR FROM YOU! Let me know the tips you need in pricing and check back frequently to see the answers posted.

Stay Inspired,

Cheryl Fairbanks, CRB, CRS, e-Pro, GRI, LTG

Texas