Posted on 31. October 2011 03:40 by qmiskini

 

 

The phone call began with this ominous statement:  “You’re going to die when you hear this… I know I almost did!”  WOW!  A pretty strong opening to a business conversation; but it says a lot about the kind of frustration Realtors as well as their clients feel when transactions fail.  However, sometimes changes that impact a hoped for sale are outside of our control and then we must remember that we cannot control everything in real estate (or in life for that matter,) so do not fret or obsess about things that are out of our control.  With that said, it takes both empathy and a clear plan for getting a disappointed Buyer back into the car to re-start the search after a hoped-for-sale fails.

Here’s the circumstances.  One of our Team’s most experienced Buyer’s Realtors helped her Client find a home that fit nearly all her wishes, wants and needs.  The home was a large, well maintained Georgian Traditional in the sought-after Chatsworth community.  It was within the Buyer’s budget, located in Roswell, but on the Cobb County side of town so that it was in the Lassiter High School district.  Property taxes would be paid in Cobb County vs. Fulton County – which offered a considerable savings in yearly costs.  The Seller was relocating to another state because of a job transfer.  The Seller’s relo company had already completed nearly all the repairs that would be asked for after the Buyer’s inspection.  The Buyer’s offer was on target and acceptable to the Seller and the relo company.  So what could go wrong?

This home had been on the market for several weeks.  It was somewhat overpriced at the start, but after a series of price reductions it reached a price that was within 1% - 3% of fair market value.  The offer to purchase was a 97% offer which was right on target.  The Buyer was pre-approved for an amount exceeding the selling price and was putting down 50%.  And the Buyer was prepared to close within 30 days of binding agreement.  All parties expected the home to correctly appraise at or above the sale price.  All parties expected there to be few or no issues to be negotiated following the home inspection.  So what could go wrong?

After weeks of marketing, price reductions and strategizing the Buyer’s very fair and workable offer was a welcome event.  The Listing Realtor was pleased; the Seller was agreeable; the relo company was agreeable.  All that was now required was for the relo company to sign off on the offer and relo addendums and the transaction was on its way to close.  But not so fast.  On the day the Buyer expected to receive the bound agreement the Listing Realtor called to say the Seller was withdrawing the home from the market.  He was only 6 months away from early retirement and if he took the transfer he’d have to re-up for another two years.  So he decided to work out the last 6 months, move to Florida and rent out the house until after he retires.  Yikes!  Listing Realtor crushed… Buyer frustrated and disappointed… Buyer’s Realtor back on the hunt for the next “perfect home.”

There was about 15 minutes of frustrated venting by the Buyer.  And about 15 minutes of empathetic listening by their Realtor.  “I’m so frustrated.  Maybe we’ll just stay where we are.  But I have to move!  I HATE THIS PROCESS!!!” 

“Yes, I know how you feel.  If I were in your shoes I’d probably feel just the same way.  But guess what… I searched out eight more homes that are very similar to the one we just lost… and spoke with a Realtor who is about to list a home in Chatsworth that may be even nicer than the one you were about to buy.  I know this process can be tough… but we make a good team!  You know what you want, and I’ll help you find it.  Let’s look again on Sunday.”  So they did.  And they found two great choices.  So often the job of a Realtor and their Team is all about managing expectations.

Remember… selling or buying a home is a process and a journey, not an event; you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 

 


Posted on 5. October 2011 04:06 by qmiskini

 

What do sellers want?  Buyers!  Pretty simple, right?  No, not so simple. 

First, a few tough but true facts. In the Atlanta Metro Area, the high water mark for residential detached home sale prices peaked in June 2007 at about $275,000.  By the end of July 2011 the average sale price had declined 29.82% to about $193,000.  Interestingly, the number of home sales rose between 2010 and 2011, adding some hope and energy to the residential home sales market.  But that was sparked by a decline in home values overall of 13.96% between July 2010 and July 2011. 

The Atlanta Metro Area is a huge market area, divided into many different Areas where everything from the quality of schools to zoning impact home values in those Areas.  In Area 13 which includes a portion of Alpharetta as well as Roswell and Mountain Park, the average sale price for the months including January through July 2007 was $459,317.  The average original list price to sold/closed sale price was 95.69% of the original List price.  A home run for sellers! 

In the same period this year, the average sale price was $389,859, a decline in home values of 15.12%.  The good news is, in Area 13 the decline is only half the Atlanta Metro Market decline.  The bad news is that unrealistic expectations and pricing showed the overpriced original list price average of $441,924 vs. the final sold/closed sale price average of $386,859, just 88.22% of the original list price.  A home run for Buyers!

If all this sounds very technical, actually it’s pretty basic and very, very important.  Your Realtor and Team must know the numbers, the specific numbers for your Area and your sub division and street, in order to help you accurately price your home for fast sale at full market value.  But price, although a major component of attracting qualified, interested Buyers is only one part of the equation. 

Presentation of a seller’s home – “pin-neat” and “move-in-ready” – elevates a property above the crowded field.  And innovative and aggressive marketing that targets the specific Buyers who would be searching for just this home separates the seller’s home from all those other homes in the price category.  Remember, the numbers are the harsh reality of today’s market.  Understanding what it takes to showcase a seller’s home so that the Buyers in search of the “perfect home” immediately and positively equate this home’s benefits with this home’s price, means the difference between bringing Buyers to the home and Buyers passing that home by without ever crossing the home’s threshold.

Everything about the marketing - from the quality of the photography and presentations showcasing the home, to the articulation of that home’s unique benefits, to understanding what Buyers shopping for a home like this want - must be carefully thought through when showcasing a home for sale.  Even the messages on the yard signs must be unique and enticing to Buyers. 

There is no “trick” to selling a home. There are plenty of Buyers looking for “deals.”  There is an over-supply of homes for sale.    Selling a home in today’s complex market means making sure your Realtor and Team have a firm and clear understanding of pricing and values, past trends as predictors of future pricing, and an aggressive and innovative system of marketing that can elevate your home above the really crowded field.

Remember… selling or buying a home is a process and a journey, not an event; you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net

 


Posted on 27. September 2011 02:09 by qmiskini

 

Realtors who represent a number of listings throughout the Atlanta Metro Area work hard to help sellers prepare their property to look its best for showings to prospective Buyers and their Buyer’s Realtors.  It makes no difference whether it’s an executive level home in Alpharetta or Roswell, or a once popular Contemporary design in Kennesaw or Marietta, or a 60’s 4-side-brick ranch in Acworth or Canton, putting your home into show quality condition helps sell homes more quickly than when a home is poorly presented.

It takes a partnership between the Seller and their Realtor and Team to sell any home.  They share common goals: sell the home for the best price in the shortest time with the least hassle.  Reaching those goals takes cooperation and, occasionally a few dings to one’s pride in order to get the job done.  If your Realtor and their Team is experienced and marketing savvy, they will advise you on what the best plan is for getting your home and property into show quality condition.  Sometimes the changes they may be suggesting won’t necessarily be a message you want to hear.  Why, you may wonder won’t a Buyer like your decorations, curtains, paint colors. Can’t they ignore cigarette odor, unwashed laundry on top of the washer, unmade beds, cat litter odor… the environment you have lived with for years and are used to.

Buyers are trying to imagine themselves living in your home. They often have difficulty looking past your art and decorating and sometimes unkempt yard or messy interior.  If that sounds a bit harsh, remember a property that has not been carefully prepared and maintained during the entire selling process will inevitably take longer to sell and often sells for less than it would have… indeed should have.  Most Sellers do understand the fiscal importance of preparing and maintaining their home for sale.  But some do not agree and therefore the importance of Buyer feedback.

Effective Realtors gather feedback several ways. In the Atlanta Metro area most Realtors utilize the Supra e-key system which sends showing notices to your Realtor and feedback request emails to the Buyer’s Realtors after each showing. Some Realtors also use 3rd party Feedback survey systems that send detailed Feedback surveys to Buyers’ Realtors.  Additionally your Realtor will call the showing Agent to get further details, especially if the survey feedback is negative.

Feedback information is like a window into the Buyer’s, and the Buyer’s Realtor’s minds.  Both positive and negative feedback regarding a property’s physical and aesthetic  condition, their estimate of its market value, details about what the Buyer did and did not like about the property – from the “kitchen is too small” to “the back yard is overgrown” on the negative side, to “a pleasure to show,” “well maintained inside and out” on the positive.  You want firsthand information about why a Buyer has not made an offer on your property. 

These feedback surveys are shared with the Sellers so they know within a day or two of each showing exactly what the Buyer thought of their home.  If you receive the same feedback from more than one Buyer – it’s is a sure sign you have an issue that needs to be corrected in order to effectively sell the property.  A Buyer’s Realtor who may be working with more than one Client won’t be back.  After a few weeks Buyers will just stop coming because Realtors know when a property is unlovable because it is unkempt and in disrepair.

If a Buyer does not like the floor plan you cannot change that.  But you may be able to stage furniture to help direct the flow.  If your home “feels dark” because of heavy draperies covering the windows, or a large tree close to your home that leans toward the home scares Buyers, you can remove these negatives from the equation.

Caution: Do not ignore Buyer Feedback.  Buyers are telling you what they like and don’t like about your home. And they are telling you how to correct the problems.  Often the off-putting problems are easy to correct.  When you eliminate the negatives and accentuate the positives your home will sell faster, for more money and with a lot less hassle.

Because selling or buying a home is a process and a journey, not an event, you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can CLICK HERE ==èSPECIAL E-MAIL SERIES REPORTS and ask for the free no obligation series of email reports to be sent to you regularly over the next few weeks.  Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. 

If you just want to see what other homes in your area are selling for by searching the MLS CLICK HERE =èSEARCH THE MLS FREE

Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net