Every industry is guilty of doing business using “old school” practices because it’s worked for so long. Unfortunately, doing business in 2009, particularly in the real estate industry, is going to take even more than just “thinking outside of the box”. With the shift in the economic landscape, ongoing technological advances, and the “jaded” attitudes in both home buyers and home sellers, to “survive” is barely a bottom rung aspiration. Getting homes SOLD and sold quickly requires strategy, flexibility and standing firm and leading with your experience.
All real estate professionals have experienced the penalties of taking a hasty approach to putting a house on the market. You stand the chance of losing time, money and undermining your own credibility and the success you worked so hard to create.
This article is here to save you from making credibility crushing decisions you will live to regret.
In a nutshell: A seller hires you as the Real Estate expert to represent them during the home selling process. If you don’t claim that role and educate your clients about what you know is in their best interest, your professional reputation will be compromised.
Is that what you want as your calling card?
Didn’t think so…
Read on to learn about the “3 Credibility-Crushing Mistakes even Veteran Real Estate Professionals Make”.
Mistake #1 – Not clearly positioning yourself as the Real Estate Expert in your relationship with clients
When you have a serious illness and you go see a medical specialist, do you tell them how to diagnose and treat your illness? Of course not! Well, why would you allow your clients to call the shots in your area of expertise? You’ve compiled the CMA and comparables, yet you allow your sellers to decide what the listing price will be…because that’s the price they want and need?
You know what features sell a property in their neighborhood and yet, you let them tell you that they “need” to keep their home office in the dining room.
You know that their house will not sell in the condition that it’s currently in, but you’re not firm in your communications that in order for both of you to achieve a successful sale, they need to put some effort into packing, cleaning, upgrading and staging their property to make it market ready.
It’s not about being the bad guy, it’s about taking charge and being the professional they hired to represent them.
Mistake #2 – Allowing sellers to believe that putting “Lipstick on the Pig” will sell their houses for TOP DOLLAR.
$20 worth of flowers and a couple of cans of paint from your local home improvement store is not going to gain your sellers an extra $10,000 in sales price. It’s time to get real about what needs to be done. Most homeowners don’t know how to take care of their homes or how to upgrade their properties to achieve maximum return on their investments. It’s up to you as the real estate expert to educate them on just that.
Ask yourself, what are buyer expectations in their neighborhood, in their price range and what does the competition offer that they don’t? These are all important considerations in the home selling process. I know you know that, but I’ve seen even veteran real estate professionals get sucked into the “client pleasing” vortex and throw all sensibility to the wind.
Guess what? Nobody wins! Your listing doesn’t sell, your clients are unhappy and your reputation is at stake. And the worst part is, you DON’T GET PAID for being a “client pleaser”.
Mistake #3 – Doing what you’ve always done or what everybody else is doing and expecting different results
Have you heard the saying, “More of the same creates more of the same”. Let’s face it, the rules have changed. Old school real estate practices are not working in today’s market. Just posting your listing on MLS, putting a sign in the yard with a couple of fliers, and expecting buyers to show up is just cluttering up the streets with yard signs. It doesn’t work!
I love Einstein’s definition of Insanity: doing the same thing over and over again and expecting different results. Are you guilty of this? Or are you a practitioner of the hope and pray method? There is a proverb called “Pray and Move Your Feet” that I’ve heard many times. I’m not sure of it’s origin but it applies aptly today. It basically is a CALL TO ACTION. And there’s no time like the present. Seriously – please, STOP talking about what’s not working and do something about it!
It’s time to incorporate more cutting edge methods to get a house noticed and sold. There are new and improved marketing efforts that will increase the visibility of your listings. If you’re not prepared, you could turn off potential buyers and lose business to real estate professionals who are embracing the new business strategies. Avoid being left out in the cold by being resistant to change.