Vendors will bring their homes onto the market maybe three - or if they move frequently, four - times or so in their life. It isn't often. Therefore when it does come to selling, they will look at agents to give them direction and information. Here are some of the key pointers you can impart on your vendors in order to have them thinking about selling property in the way you look at it.
Explain the impact of the time on market and the need for a transaction
It is important that the vendor looks at the deal the same way as you - as a transaction. Once you have removed the emotional shadows that are standing over them, having the vendor realise the cost of a campaign and the fact that a property needs to be sold when it goes to market is essential. One way to do this is to have the property on the market at slightly lower than what the vendor wants. Explain to your vendor that this will do a few things, it will drive a bidding war if multiple parties are interested and it will sell your house, which is what you want done.
Explain relative terms and factors of now, not the future.
A lot of vendors get caught up in the future, have them think like an agent in the 'present' - explaining to vendors the market value, and what it will buy in this market is essential. A lot of sellers tend to down-talk their potential and say if we sell for this now and buy in a year or two we will need more money. The reality is, they need to look at the current market, and compare oranges with oranges. Explain the need to capture this active market and get it sold now, also explain how this sits in position to your other listings.
Explain everything rationally, and only touch occasionally on the emotional aspect.
A lot of vendors look at the sale of a house as an emotional process. You need to educate your vendor to look at it like you do, as a business deal. Whilst the sale of a home will be a very enduring and emotional process, you need to try and have the vendor look at this as a transaction, much like selling a t-shirt or something at a shop. The reason being is that vendors will put an understandably invaluable amount on their experience in the home, and unfortunately new purchasers aren't willing to pay for those experiences. Explain in rational terms that the sale of this home could buy them what they are looking for, with memories made there also priceless.
Having your vendors understand the process from an agent's point of view can be an invaluable approach to getting a deal across the line. Explain how homes are an asset that appreciate in value but are also always available at the right price. Also touch on case studies where similar cases have happened with vendors and the outcome of how they have changed their life for the better.
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ABOUT THE AUTHOR
Rocky Bartolotto is the national sales director for homely.com.au. Rocky's extensive experience in introducing new product offerings to the market and client management abilities makes him one of the most knowledgeable property specialists in the country. In addition to his time working in the online space, Rocky is also one of Sydney’s top auctioneers, with over 4,000 auctions performed through his business. He is the director and chief auctioneer at Property Auction Services.