Strategies for Servicing Listings

Happy couple real estateIn order to be successful in real estate in the long run, it’s important to learn strategies for servicing listings well. In an active market, and when your listings are priced right for that market, you won’t spend much time servicing listings because they’ll sell quickly. You’ll spend more time monitoring transactions through to completion.

But we aren’t always in an active market. And, in any market, there are properties that appeal to only a small percentage of the available buyers. So you’ll need to know how to service listings over a period of time until the right buyers are found.

The Champion sets the sellers up for a smooth running relationship at the time the listing is taken. He tells them what to expect, what the market is doing, and how prospective buyers and the agents working with those buyers will operate. Then the Champion stays in regular contact with those sellers until the listing sells.

During the first week, he contacts them every three days to tell them what he’s done behind the scenes. This might include:

  • Getting the listing in the MLS (Multiple Listing Service)
  • Telling other agents in his office, and other offices, about the newly available property
  • Informing buyers the agent is currently working with
  • Telling the sellers whether or not an open house is scheduled and when

He never lets a week go by without phoning, never lets three weeks slip by without stopping for a personal visit. This is the minimum program. Some sellers may require more attention. What should the Champion communicate to them?

  • How the market for housing is behaving.
  • Changes in the interest rates.
  • Competing properties newly on the market.
  • Comments from people who have seen the house.
  • Similar properties that have sold. (Sellers hate to discover for themselves that a house like theirs just sold two blocks away. They want to hear it from the real estate expert they’ve employed.)
  • Plans for additional selling efforts.
  • And reminders, as required, of how the process works.

An important part, perhaps the most important part, of this communication process is listening. The sellers are living in a changing world. Their emotions can be volatile. Many sellers feel that they have plenty of time to move when they list. However, the act of listing punctures the balloon of security that their home had given them. Keep them talking to you about their feelings.

When they start looking for a new home to make them feel secure again, their nonchalance about timing can vanish. Maybe they can’t find the home they really want. Maybe they have doubts arise about making a move at all. The relaxed, confident sellers become the tense, worried buyers of another house. The tabby becomes a tiger. Every day that goes by feels like a week. Listening to their needs and their fears will allow you to reassure them that they’re normal in having those feelings. You will be the calming voice in the upheaval they’ve created in their lives by putting their biggest security up for sale.

Copyright Tom Hopkins International, Inc.

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