In this 2023 property market, compared to 2022, the one big change is the time between listing and selling a property has increased from a few weeks to nearly a couple of months
So if you've got a market where the time it takes has at least doubled and nearly tripled to find a buyer, then you're going to have an increasing cost while you're marketing.
So therefore, getting to your seller quicker to get an adjustment in price and using the secret weapon of ‘property market stats’ as your ammunition to educate your seller, the more successful you will be
If you can get the property into that ‘sell price zone’ faster, you'll find a buyer and therefore the faster you'll help your vendor move and get paid your commission which is what we need to be doing.
You do not want sticky stock
(Sticky Stock - Properties on the market that are sitting on the market not getting viewings and offers)
You need to educate your sellers of the properties you list in the appraisal process about the need for decent pricing
You need to be more honest, using statistics on your local market, to educate homeowners about what is lying ahead
… and if you do agree to list a property at a certain ‘higher’ price, make sure you're agreeing that with a trade-off which is you know you will agree to put a load of marketing behind this at the ‘vendor’ price but you need to agree at the listing, that when you have done that (that marketing which will take about ten days / two weeks to fully investigate the market), you agree upfront to adjust
Book in the diary a Zoom Call for Days 10 to 14 of listing (when you measure up and get the sole agency agreement signed)
Prepare the vendors and tell them if by Day 10 to 14 it hasn't got an offer, at that zoom call, you will be looking to get an adjustment in the asking price
Vendor management is absolutely critical
The 🔑 to success in 2023 in Estate Agency is the realisation of Estate Agents that Vendor Management is the number one priority on whether 2023 will be 😊 or 😔
You should be having meaningful once-a-week vendor contact chat
Note I say a meaningful chat, and a chat from the person who put the house on the market. Your valuers and listers need to take personal responsibility for the properties they list
Christopher
(words lifted from the "UK Property Statistics Show - Week 5... released on Friday, 10th February 2023 on Property Industry Eye https://lnkd.in/eHrUFC9uand YouTube https://lnkd.in/eJbqq6wu with Bryan Mansell and myself).
So if you've got a market where the time it takes has at least doubled and nearly tripled to find a buyer, then you're going to have an increasing cost while you're marketing.
So therefore, getting to your seller quicker to get an adjustment in price and using the secret weapon of ‘property market stats’ as your ammunition to educate your seller, the more successful you will be
If you can get the property into that ‘sell price zone’ faster, you'll find a buyer and therefore the faster you'll help your vendor move and get paid your commission which is what we need to be doing.
You do not want sticky stock
(Sticky Stock - Properties on the market that are sitting on the market not getting viewings and offers)
You need to educate your sellers of the properties you list in the appraisal process about the need for decent pricing
You need to be more honest, using statistics on your local market, to educate homeowners about what is lying ahead
… and if you do agree to list a property at a certain ‘higher’ price, make sure you're agreeing that with a trade-off which is you know you will agree to put a load of marketing behind this at the ‘vendor’ price but you need to agree at the listing, that when you have done that (that marketing which will take about ten days / two weeks to fully investigate the market), you agree upfront to adjust
Book in the diary a Zoom Call for Days 10 to 14 of listing (when you measure up and get the sole agency agreement signed)
Prepare the vendors and tell them if by Day 10 to 14 it hasn't got an offer, at that zoom call, you will be looking to get an adjustment in the asking price
Vendor management is absolutely critical
The 🔑 to success in 2023 in Estate Agency is the realisation of Estate Agents that Vendor Management is the number one priority on whether 2023 will be 😊 or 😔
You should be having meaningful once-a-week vendor contact chat
Note I say a meaningful chat, and a chat from the person who put the house on the market. Your valuers and listers need to take personal responsibility for the properties they list
Christopher
(words lifted from the "UK Property Statistics Show - Week 5... released on Friday, 10th February 2023 on Property Industry Eye https://lnkd.in/eHrUFC9uand YouTube https://lnkd.in/eJbqq6wu with Bryan Mansell and myself).