The cost of a listing that doesn’t sell can be as much as $10,000 due to cost of the agent’s time, maintenance of the listing and lost gross commission income. Mark Spain of The Spain Team in Atlanta, Ga., showed Family Reunion attendees what they need to do to make sure another listing doesn’t go unsold.
Spain had 1,172 closings last year, $217 million sales volume and $5.7 million GCI. It's clear that this second-generation real estate agent knows a thing or two about how to get listings sold. "I am just like you," Spain assured the crowd. " I might have a slight edge because of my parents' experience, but my business didn't really change until I joined Keller Williams." Here is what Spain says you should do to ensure every listing gets sold:
1. Price the home right. "This is the most important element," Spain said. According to the National Association of REALTORS®, when priced correctly, you should get one offer for every 10 showings and 1-2 showings each week.
2. Make sure the home is in good condition. Spain says that even if you can't afford staging, there are things you can do to help make the house more attractive." To help you sell the home faster, before you list the house, look at it from the buyer’s perspective and ask yourself these questions:
How does it look outside? Remember, when a buyer comes to look at your house, the first thing they see is your front door.
Is it clean inside? The emotions you’re trying to stimulate are triggered by sensory experiences. Aim for the senses, especially smell and sight. Clean, fresh-smelling homes sell faster!
Are there any small repairs we can easily make? Get all those minor flaws fixed since they detract from the home’s value. Don’t make major changes, except for new carpeting and new paint (in a neutral color).
Once the house is ready to show, you can market the home. "Yard signs, agents and the internet are the main ways a buyer finds a home," Spain said.
3. Make sure that you have a marketing plan that provides maximum exposure for the listing!
Spain told the audience they are selling emotions when they are listing a home. On the complete list of things Spain urged the crowd to do when marketing a property, he included making sure their MLS entries are correct and using high-quality photos (no iPhone photos!).
4. Give feedback because communication is KING! Make sure to track your showings, collect feedback and update your sellers weekly via a phone call. "Learn to read between the lines and decode what the buyer really wants," Spain said . And then use that information to help you sell the listing.
When you have done all of this correctly, you will get the listing sold.
At the conclusion of the presentation, Spain asked if there was anyone in the audience who had a listing they couldn't sell. One gentleman stood up and described the property he was having trouble selling. He told Spain that he had two price reductions and it still wouldn't sell. Spain looked at the gentleman and simply said, "It is overpriced!"
You can view the presentation slides on the Family Reunion website.