Last week I had Anne Miller on our Luxury Lunch & Learn, and she highlighted the fact that now more than ever we must make sure our seller clients feel comfortable during COVID-19—a no-brainer in principle, but harder to do given these circumstances. Have you made sure none of your sellers are at high-risk? Are you going the extra mile to create conditions in which they feel most at ease?
If your sellers are motivated, seizing this moment may be the right play.
If sellers are motivated and ready to get their home sold, there are some simple precautions you take, like making sure lights are on and switches are disinfected prior to showings; when a showing wraps up, you can help disinfect the premises promptly.
Some brokerages are providing peace of mind to their sellers by requiring a disclosure stating that the buyer and their agent haven’t been exposed to COVID-19 (to the best of their knowledge). There are plenty of creative and effective ways to assuage a seller’s concerns.
Let’s keep things real simple: If your home isn’t on the market, it has a 0% chance of selling. Though showings are down nationwide and the market is moving slower in general, we’re seeing showings steadily increase as we hit the middle of May. Will the markets rebound to levels we saw last May? Certainly not, but nevertheless, most markets are on the rise, which is great news.
There are plenty of creative and effective ways to assuage a seller’s concerns.
You have a 50% chance of selling if your home is on the market versus a 0% chance if you sit on the sidelines. It all boils down to the seller’s ‘why,’ as in, what’s their true motivation? How determined are they to sell? On a scale of one to 10—one being not that motivated and 10 being exceptionally motivated—where are your sellers? If they’re at a nine or a 10 because, say, they have to relocate, then remind them that even in this slower period they still have a 50% chance of selling.
Safety and security come first, and then every other duck should be in a row after that; get your photography down pat, and make sure you have your print collateral. Put everything on a silver platter so that when someone’s showing properties in the area they pick your listing over the competition.
You only have one shot at making a great first impression, so don’t rush to get the home on the market, either. Instead, focus on getting things done properly: staging, decluttering, depersonalization, exterior and interior deferred maintenance, etc.
Many agents are waiting until the dust settles to have their photographers take photos, but that means they’ll be three to four weeks out before they even go live on the internet. Don’t wait; get stunning photos up before your competition.
When more homes enter the market in the coming weeks, buyer demand will go down. When there are seven or more months of inventory, we call that a buyer’s market. When there are four months or less of inventory, that’s a seller’s market. Help your sellers take advantage of this current moment.
In the meantime, if you know someone who would be a great guest on our podcast, Luxury Listings Podcast (on Spotify and Apple Music), or our Luxury Lunch & Learn, shoot me a note. As always, reach out by phone or email with any questions or concerns. I’d love to hear your situation and help in any way I can.
Dont forget to tune in every Monday, Wednesday, and Friday to our new series “Luxury Lunch & Learn”. https://www.LuxuryLunchAndLearn.com