Wednesday, November 14, 2012

Firing Sellers!

In the interests of preserving client assets, occasionally we have to fire a seller for their own good.

I never thought I would see the day that as real estate agents we actually have to stand up and be counted, we can no longer simply agree with our client – despite the enormous pressure we’re under to do so. This is the easy option but often totally the wrong option for them.  When it comes to professional advice, we need to walk the talk.

At the moment, inexperienced and weak agents simply agree with whatever a client says, and unfortunately, millions of dollars are being wiped off property values as properties become stale and overexposed on the market.  Property prices can plummet from overexposure.

You see... unless a property is priced correctly, marketed well and the sales person is switched on, houses sit on the market forever. With today's technology permanent public records (easily accessible) provide a graphic account of the sale process and there is nowhere to run and nowhere to hide. Properties on the market for more than a few months risk being labelled as "duds" and can become extremely hard to sell.  We call this “marketing fatigue.” Property prices tumble and some go into freefall selling way below their true value. The exception is the very high end of the market – this is in a category of its own, with different timeline expectations.

So what do you do?

The first step is to assess your situation. Is the issue YOU? Or is it that you have received poor advice? Did you skimp on the marketing, select the wrong agent or have you presented the property poorly? Has your sales person run out of puff and needs changing?

One strategy used with enormous success is giving a stale property a "marketing makeover."

What's a marketing makeover?

Essentially, it involves completely reviewing the buyer audience, and targeting with pinpoint accuracy a market segment which involves new property photos, new property description, new property title or name and invariably a new sales person. This can all be achieved within an existing sales agency, providing the agency knows what it's doing and why it's doing it.

It’s entirely possible to turn things around - it's not too late. You need to be serious though, this is not a market to be "flying the kite" to only sell if you get a boom result, your property "BRAND" will be tarnished, or destroyed.

All agents are not the same. So this is a time to really do your homework, a time to be very strategic. This is not the time to simply say, "Oh well, we’ll give it a go." Get the right agent, the right sales person and the right marketing behind your sale... again, this is not the time to be a cheapskate nor be complacent.

So here’s a Toop's Tip: conduct a self audit of your sale, and if the problem is not YOU, get stuck into making changes, and the sooner the better. A perfect refresher time is the Christmas break. So if you’ve been on the market for ages, you can use this once a year refresh to start again - to “re-boot” if you like.

Here’s the sell job... Remember, when it's time to get serious, it's time to get Team Toop.

So if we fire a client, it's US protecting YOUR investment.

Anthony Toop

Find us on Facebook - Toop & Toop Real Estate

   Follow me on Twitter @Anthony_Toop

No comments: