5 Important Characteristics of a Great Home Seller
May 10th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Reston Dirt
Yep, that’s what I said, characteristics of a seller. There is definitely more to being a seller than someone who thinks they want to sell their home. There are characteristics that as an agent, I look for on any listing appointment – and if I sense that one or more of these characteristics are missing, I have to seriously evaluate MY ability to have a successful outcome.
A seller must be REALISTIC
Some say this is the agent’s job - and to some extent it is. But c’mon, nobody’s under a rock, at least I don’t think they are. The news media has gone crazy over diminishing values, foreclosures, etc… for a seller to actually think they can price their home 10% over the last sale is completely unrealistic. Yes, it is most definitely our job as agents to provide as much information on recent sales, length of time on the market, structure of deals (e.g., are there subsidies in that neighborhood? or do most of the buyers have money for closing costs?), etc… but the seller must be realistic about their expectations!
A seller must be OPEN MINDED
What does that mean exactly? Hard to define, but when we put a home on the market we can look in excruciating detail at other sales, comps, patterns, our marketing, etc… but until an offer comes in, you just never know what to expect. So I look for sellers who are open minded – sellers who understand that the market is what the market is - there’s nothing we can do to change it and that there may be benefits to taking a slightly lower offer, such as a quick settlement or fewer contingencies that can help a seller feel more confident about that sale actually happening.
A seller must be FLEXIBLE
Someone might put forth an offer or a tradeoff that hadn’t even crossed our minds before. We might sit on the market for weeks and weeks, at which point we begin looking at options – price drop vs. other alterations that may have been suggested by feedback. The market is often a moving target, and if the seller is flexible enough to react to new information, there is a better chance of a positive outcome.
A seller must be PREPARED
Prepared to accept a lower offer; prepared to take a lower net; prepared to make repairs; prepared to make other concessions (convey that chandelier or butcher block or front porch furniture) in order to make the transaction happen. Sometimes it’s just a matter of knowing how much something might cost. If you are trying to sell your home and you have a cobalt blue dining room, it might behoove you to get a quote from a painter to re-paint that room. This way, you, the seller, are prepared and armed with the knowledge of how much that exposure really is and is in a better position to make an informed decision.
A seller must be AVAILABLE
Yep, available. Imagine being a buyer and asking a few questions… as the listing agent, I am encouraged that someone is taking the time to ask and alas, I cannot find my seller. They won’t return calls, emails or texts… what gives? We could easily lose that interested buyer because they are now making assumptions on how the entire transaction experience might be. When there are plenty of other properties to buy, it is imperative that sellers are available to answer questions, respond to offers, etc…
Now, having said all of this, please understand that I’m in no way suggesting that sellers need be raked over the coals. It may be a market that favors the buyer, but it’s in no way a solid buyer’s market, at least inside the beltway and in other close in locations. However, it is important to each side conduct itself with the seriousness and dedication that this process deserves.
I’d be delighted to talk with you about the sale of your property – or if you’re thinking of buying, we can handle that, too!
Happy Saturday and be thankful for this oh so brief reprieve from the rain!
Jennifer
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Great article. Mind if I remind the sellers of Bryan/College Station, Tx what we expect of THEM? I’ll be sure to give you credit!
I would agree with you that it has become a common phenomenon that sellers don`t turn to a real estate agent but try to get through the process on their own. However I`m being a Toronto realtor I think that the negotiation could be successful if the seller has proper knowledge about the scheme but they are some minor catches which are visible only to realtors. In conclusion if one takes risk to sell his own property without help should have next to flexibility wide knowledge about it.
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I have found in my search for first time buyer info that many sellers are indeed unrealistic in that they expect to sell their homes at high prices in the current market. Many sellers I have encountered aren’t will to compromise and be flexible with the offers they receive. I can empathize with home owners wanting to get the most out of their home but by being a bit more realistic would help move things along.
As a fellow Realtor it is always good to put into perspective that we should be applying for the job as Listing Agent, but also Interviewing for the job. I invest lots of time and money over the course of a listing, and it is a good reminder post that a good business decision is to be selective.
Sellers that listen to our knowledgable advice sell quickly and for fair values, the others just sit. Great post.