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Real Estate Training & Coaching School

Are Your Listings Not Selling? 12 Step Action Plan

Real Estate Training & Coaching School

Real Estate Training & Coaching School

Business, Careers

4.7669 Ratings

🗓️ 24 May 2023

⏱️ 32 minutes

🧾️ Download transcript

Summary

Fact: Not all listings sell immediately with multiple offers. If you're sitting on any listing that isn't getting consistent showings, isn't getting offers, and seems way too quiet, you may need to implement these strategies to get it sold before it expires on you! Yes, even in a mostly hot seller's market, some listings will sit on the market longer than you or your seller want. Real estate agents: Do you know all of the unexpected ways to sell your listings faster? Your mission is to make your listings stand out among the competition. Why would a buyer choose your listing versus the one that's for sale down the street? Why would a buyer's agent choose yours to show today when there are 5 other choices? Why buy your listing when there's a new construction home with builder incentives? 12 Ways to sell your listing fast! Instead of / or in addition to a price adjustment, do any or all of the following: 1. Seller to contribute $10,000 (or $5,000) toward buyer's closing costs. This can help a buyer buy down the interest rate and lock it in at a potentially far lower rate than the going mortgage rate. This is paid at settlement and flows through the title agency or attorney closing the transaction. This can actually impact the buyer's payment more than the price. 2. Seller to pay for 1 year (or 2) of buyer's homeowner's association dues. Again, paid from the seller's proceeds at closing. If the monthly HOA is $300, then maybe a $3600 HOA credit from the seller would be better than a $5000 price reduction; it would at least make your listing stand out in the MLS. Perhaps do both instead of a $10,000 reduction. 3. The seller must pay 1 year of property taxes for the buyer. Paid at closing by the seller. Similar concept to the previous point, but it depends on how much we're talking about. If it's too much, perhaps a 6-month tax credit would work. 4. If the house has condition issues, consider a 'decorating allowance' to be escrowed at closing by the seller, for the buyer. Always get feedback. If a buyer loves the house but just can't live with that carpet, the seller can give a carpet allotment, for example, and get that buyer to buy!  5. Pay for 2 years of a home warranty for the buyer. Make sure this is included in the comments. This is a pretty inexpensive perk, costing about $450 for one year of coverage. In many markets, it's not offered by the seller, and for years, it wasn't even asked for by the buyer, lest they lose the bidding war. Make sure you put it in the MLS comments if you offer this incentive. 6. Add a $1000 commission bonus to a buyer's agent if it's pending by a certain date. Again, be sure to list this in the MLS comments. *Always do a new seller's net sheet when you're adding any of these sellers' concessions to the transaction. Make sure the seller knows how their bottom line will be impacted. Many of these concessions will cost less than a price reduction, or make the price reduction a smaller one when combined with the concession. 7. The seller does not require inspections to be waived. Again, a new concept that replaces the old market's 'as-is' requirements.   8. Advertise payments instead of prices. Rates are still historically low and rents are historically high. Help buyers know what they can afford by purchasing a house versus renting.   9. Have your favorite lender create a rate sheet to give away at showings and open houses. The rate sheet should show 3 different ways of purchasing the home. 30-year fixed, adjustable, or something else with the lowest payment. 10. Find out if your seller has an assumable mortgage. What's the rate, and what are the requirements? Advertise this in your MLS description as well as your home brochures! Note: All FHA, VA, and USDA mortgages are assumable, and some other loans are as well.

Transcript

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0:00.0

Welcome to Real Estate Coaching Radio starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.

0:10.2

This is the number one daily radio show for realtors looking for a no BS authentic real-time coaching experience.

0:18.2

What's really working in today's market, how to generate more leads,

0:21.8

make more money, and have more time for what you love in your life. And now your host,

0:27.8

Tim and Julie Harris. Welcome back. We have a really fun show for all of you today. Now, before we get to the topic,

0:41.2

there are some breaking news. Should we have some breaking news sound effect?

0:46.6

All right. So here's some breaking news. I have, Julie and I have been battlingly against

0:51.2

these clickbait Mickey Mouse articles that are floating around online

0:56.6

that's saying, and this is always how I've seen this on YouTube videos, I've seen people, frankly,

1:02.0

that should know better, are saying this misinformation. And here's what it is. Ready?

1:07.8

NAR said the total number of agents is going to drop by 30% in 2023. I bet you guys

1:14.7

have read that too. So when you read headlines like that, that sounds pretty bad, right?

1:18.5

I mean, that sounds like why the heck would you want to be in the real estate business?

1:21.2

Everybody's getting out. Right. So someone started basically, Julie and I researched the

1:26.2

genealogy of this, you know, Mickey Mouse.

1:28.7

And we found out that it was said by somebody who was ill-informed making up something about,

1:34.8

you know, basically clickbait. And by the way, Anman did an article with a similar title,

1:40.8

which was also obviously clickbait. NAR's membership is now shrinking for the first

1:44.8

time in years, doom and gloom. So we're going to give you guys some facts, and then we're going to

1:48.7

get today's show. And so why are we telling you this? Because we want you to understand that it is

1:54.3

easy to manipulate people using fear. And for whatever reason, there's a lot of people out there that

1:59.8

are trying to freak you out

...

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