Top Tips for Selling in a Hot Market!

Top Tips for Selling in a Hot Market!

by Scott Erickson, Owner/Broker/President, Century 21 Action, Inc.

The current real estate market is Red Hot and taking advantage of this opportunity is something that most people have at least considered.  With over 50 years in the local real estate market at Century 21 Action, we have some advice to share for these market conditions.

FIRST OFFERS:

The first offers, over the first day or first couple weeks, are typically the best offers.  Waiting for a better offer is often a mistake and can cost both time and money.  Today’s buyers are hot to trot and are not keen on waiting around.  The internet has changed the marketplace over the last decade and the buyer’s that are ready to pull the trigger immediately are pouncing on new listings as soon as they hit the market.  There are typically people waiting for properties like yours to hit the market, and they’ve been patient.  But waiting to see what else comes in could mean waiting for others to match your property’s characteristics which could take some time.  Meanwhile the hungry buyers have moved on or found (bought) something else.

LISTING LAUNCH:

When the property goes live to the marketplace (via the MLS, Internet Real Estate Websites, Company and Agent Marketing, Etc) it’s extremely important that it’s READY to go.  Meaning the property is immediately ready for showings, you have waited for quality pictures on pretty days with a top photographer, all the support materials that buyers might request is ready for them.  When it hits the Internet and MLS it is extremely important that a quality presentation is made from the start, because all of those buyers that were patiently waiting for a property like yours will form their opinion as soon as they see it.  Fixing something later often means you’ve lost your chance with that first round of buyers; they’ve already formed their opinion and changing their opinions can be nearly impossible.  The old saying rings true…First Impressions are extremely important.  Property website views drop drastically after the initial launch.  And most potential buyers will not look at it online a second time because they primarily focus on new listings…because the other good listings are selling so quickly.

MARKET POSITIONING:

What is market positioning?  Setting the Listing Price.  Positioning helps to think about the price of the property in a more realistic mindset.  Every seller wants more “price”, who doesn’t?  But thinking about the price in terms of “positioning” helps to remember the importance of it all.  Today’s buyer’s are extremely savvy.  They have likely viewed hundreds of properties on the internet before coming across yours.  If it’s overpriced, they are going to KNOW it, and they will move on and you have missed your chance with them.  At the same time, we are finding that properties that are positioned correctly are selling for better overall terms, including price; often with multiple offers (bidding wars) for more than the listed price.

HIRE THE RIGHT AGENT:

In southeastern North Carolina it often joked that there are more real estate agents than grains of sand on the beach.  Picking the right agent is not an easy task, especially considering that about 20% of the agents conduct about 80% of the business.  When selecting a Listing Agent for you and your property ensure the following:

• How much experience do they, and their firm, have your property type and location.
• Do they, and their firm, have extensive local knowledge and experience in your specific market area to help you avoid any legal pitfalls or disclosure issues.
• Does the agent have good expertise working the listing side of transactions (versus the buyer side).
• Education, Qualifications, Awards, and ongoing training are important in this quickly changing industry.

In today’s market it is becoming less and less common that a single agent handles both “sides” of the transaction.  Buyer’s enlist a Buyer’s Agent representing their unique needs and Seller’s hire a Listing Agent to represent their unique needs.  Although many agents are experienced and properly trained for handling either side of the transaction, but when a single agent handles both sides of the same transaction, both parties lose that agent’s negotiation skills on their behalf because they can’t legally negotiate for both.  Because of this, it’s extremely likely that the listing agent will not be the one that brings the buyer to the table, but they will be your marketing pro and in your corner through  negotiations.

EXPERIENCE MATTERS:

With a hot market, an experienced real agent is even more important than ever.  Experience = Knowledge, Expertise, Integrity, Cool Head, Consulting, Honesty, Education and Training beyond a license course.  A well trained local agent can save their clients countless headaches, thousands of dollars, and lots of frustration that could have been avoided.  At Century 21 Action we are known as the training and education firm, we are known for our quality agents, we are known for our Top Producers.

Would you like an idea about your current property value?  Use our free and easy tool.  Property Valuation

About the Author: Scott Erickson is the Owner, Broker In Charge, and President of Century 21 Action, Inc.  Scott has been practicing in real estate for over 26 years with extensive experience in all form and types of real estate sales, real estate training and consulting, vacation rental management, property management, and seminar speaker and panelist.  He has earned the following professional designations, Certified Real Estate Brokerage Manager, Certified Residential Specialist, Accredited Buyer Representative, Accredited Buyer Representative Manager, Recreational and Resort Specialist, Resort Rating Specialist, e-Pro, and REALTOR.  He graduated from the University of North Carolina in 1997 with a double major in Marketing and Management.  Century 21 Action, Inc. has been a multi-year Quality Service Award winning office.