When looking for a realtor, it is important to ensure that they are the right fit for your home and your family.
James and Denny share the three most valuable questions you should ask a realtor before listing your home:
1. How will you market my property?
2. How do you manage showings?
3. How will you handle multiple offers?
This episode will focus on maximizing exposure on social media, the importance of preparing and promoting advertising materials before listing a property, the advantage of allowing buyers to perform pre-inspections to promote confident offers, and the benefits of proactive communication between realtors during multiple offer situations.
NOTES FROM THE EPISODE:
Single-family homes are hot right now, and some homeowners are thinking of selling their property to benefit from this trend. It is a great idea to hire a Realtor to help you with this significant decision; but, how can you be sure that they are the right one for you?
We have broken down the three most important questions to ask your Realtor before listing with them:
Question #1: HOW WILL YOU MARKET MY PROPERTY?
Marketing is an important part of listing your home. This is especially the case in the current real estate climate when houses are selling relatively quickly.
Posting your home on MLS is a great place to start. Many buyers visit this website to see what is available. However, with homes selling so quickly, some potential buyers may not see the listing in time and miss the opportunity to make an offer.
In addition to MLS, other platforms can help to maximize your home’s exposure. Social media is a popular marketing outlet with a broader reach to get more property views.
Social Media and Real Estate Marketing
In 2016, homes were selling quickly in a very similar type of market as what we see today. James remembers receiving calls from interested buyers regarding a house that they had already sold. To prevent this disappointment, the G+D Realtors started doing a social media push with photos and videos one week before listing. This strategy would increase the amount of interest around the property and have buyers counting down the days until they could learn more about it! G+D continues to use this marketing approach today and has seen a lot of success with it.
In the 2021 market, the range of price possibilities for a listing is quite broad. In a lot of cases, the prices have gone up by 20% from last year. If you launch a listing, the sale price range could swing either way by an arguable 10% (or approximately $100,000). This number can depend heavily on the timing and marketing leading up to the offer presentation. In most cases, you only have one chance to create interest and hype around your property, so it is essential to advertise it properly.
Ultimately, the main goal of real estate marketing is to make sure that you are not missing a buyer. More marketing means more exposure and eyes on the listing, leading to more interest and showings. This point leads us to our next important question:
Question #2: HOW DO YOU MANAGE SHOWINGS?
Showings are an excellent opportunity for potential buyers to see the home and imagine themselves living in it. It also gives the listing realtor a chance to address any concerns or questions that a buyer may have.
For a maximized sale, the listing realtors should try their best to ensure that all interested buyers have an opportunity to see the home and make an offer. You never know who could make the best offer; it could be the first person or the last person to walk through the home. If you have a lot of interest, a strong strategy for the seller is to hold off viewing the offers until all buyers have had a chance to see the property and make a bid.
Trying to get the best offer possible
In some cases, Realtors are getting 50 – 70 showing requests for one listing. The COVID-19 pandemic has increased the number of restrictions surrounding showings, but protocols and safety measures can be put in place to keep everyone protected. It is common to see showings spaced approximately 15 minutes apart, and hand sanitizer has become a new staple item. If the home is larger and offers multiple floors, buyers can be spaced out and still safely view the property. Ask your Realtor how they plan to show your space and overcome any issues that may arise.
Another aspect that helps with buyer’s confidence is allowing them to carry out a pre-inspection. The hope with showings is that interested buyers can see the home, carry out their due diligence, and feel secure in writing competitive and subject-free offers. Jamie shares that as of March 2021, 87.4% of potential buyers are making offers without any subjects. To stay competitive, buyers feel the pressure to make subject-free offers, which is a large commitment with a substantial amount of money. Conclusively, offering buyers the opportunity to carry out pre-inspections can increase the seller’s probability of receiving a better offer.
Allowing enough time for everyone to see the property can increase the number of offers and chances for a highly successful sale. This takes us to our next question:
Question #3: HOW WILL YOU HANDLE MULTIPLE OFFERS?
Multiple offer situations are common for many listings in the Metro Vancouver area. If handled properly, this situation can result in more money for the seller.
Buyers’ agents need more guidance than ever in the current real estate climate. Unfortunately, many Realtors are guessing within a certain range what the offer price should be. As the listing agent, you can provide feedback and guidance on where the buyer stands and if they need to make a more aggressive effort.
It can be highly frustrating for homebuyers to put in an offer and then not hear anything back from the seller. Some single family home listings are receiving upwards of 20 bids. The majority of the time, only a few of those offers are competitive. Try to be courteous to the individuals who made a low offer and let them know if their bid is out of the running. You never know who could increase their offer if given a chance.
Furthermore, there is an opportunity for the seller when the top two or three offers are close. By letting the potential buyers know where they stand, they may increase their bid in hopes of winning out over the other interested parties. Proactive communication (instead of reactive communication, or even worse, no communication) in multiple offer situations can significantly influence a sale’s outcome.
Maximizing the Sale of Your Home
The Realtor you choose to sell your home can make the difference between maximizing the sale to its full potential and leaving money on the table. In some communities, market value has gone up 20-30% since last fall. Hire a realtor who knows the value of your home and understands how to get the best offer for you.
Are you still looking for more resources on this topic? Listen to our G+D Real Estate Podcast episode Strategic Marketing for Success in Real Estate for the benefits behind a strong marketing strategy.
Interested in learning what your home is worth? Please contact us with any questions you may have, we would love to hear from you!