Albert E.N. Grey once said in The
Common Denominator Of Success that, "The secret of success of
every man who has been successful lies in the fact that he formed
the habit of doing things that failures don't like to do". The
same quote applies to home sellers.
Unsuccessful sellers (called
expired listings) have formed bad habits such as: not
listening to their agent's advice, not pricing the property
aggressively, not making cosmetic changes, and not periodically
reducing the listing price.
Successful sellers don't enjoy doing
the items above, but their motivation mandates that they focus on
the goal of selling as compared to micromanaging the marketing.
Successful sellers 'respond proactively' to no showings, no
offers, low offers, or elevated inventories.
Unsuccessful sellers 'react
emotionally', defend their egos, and are quick to shoot the
messengers. Warren Buffet said, "Price is something we pay when we
buy. Value is what we receive when we sell". Some sellers fail to
realize there is a difference between cost and value.
Recently, I visited an expired
listing. They wanted to move from Arizona to Missouri since their
relatives relocated to that destination. Their house was free and
clear. They didn't want to reduce their price. They were unsure
why their brightly colored, overpriced, property that backed to a
busy street was rejected by the local market.
M/M Expired had located a bank owned
property in Missouri that was 100k below market. A smart seller
would discount their price to affect a sale in Arizona so they
could recapture the loss and buying bonanza in Missouri. A
stubborn seller would 'step over dollars in order to pick up
dimes'. A stubborn seller would wait for the market to change. A
stubborn seller would miss those priceless moments with their
The secret of selling houses in this
market is to retain an aggressive agent, lead the field with a
competitive price, remain patient yet proactive, and a realize a
protracted time on the market is not a favorable ally.
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