YOUR EBOOK TITLE THE NEW CMA: COMPETITIVE NOT COMPARATIVE
One of the greatest ways we can do this is to help convey the home’s value to buyers by doing the exact same thing we did with sellers, show them the graphs. We can show them the visuals and we can help walk them through the Competitive Positioning Process so that they can arrive at the understanding and knowledge that this listing is at the right price. One very easy way we do this is by having counter displays that show the graphs and show what they mean. We will show the Odds of Selling , the Time to Close, Buying Pattern and the Pricing Scattergram graph we used earlier. This shows them this is the correct value for this house based on sales. Then we will use the same counter displays to show why this might be a better value than the price even is. We’ll do this with a counter display of what we call a USP list (unique selling properties) list, of the home. Have your sellers type up a summary of all the awesome things they’ve done to the house or love about it. Any upgrades or special amenities in their neighborhood that you can’t find anywhere else should be listed here. This list will be a little push over the top showing that the house is priced at the right value.
The reason that this connects and the reason that these counter displays work is because they tap into the five main fears that we can either leverage or alleviate to create buyers to put in offers.
The first fear is the fear of losing the property that they love. When a buyer walks through a property, if they love it, the first actual fear they have is that they just found their dream home but what if there’s possibility that they don’t get it? We can tap into this by showing that it’s the right value and help them understand that we’re probably going to be having other people look at, and love the home, and be putting in offers. What that means is that buyer, if they really want that house, they’re going to need to put an offer in soon. This induces that feeling of urgency that we can really rely on to help sell the house. The second fear that buyers tend to feel when they walk through the house and they love it, is that there might be something better out there. This is the fear of committing to one thing and missing out on a gem. Now using our counter displays and really using the information we can present to them, we can show the current competition that’s available and show those other homes are not the kind of value that you have here. If you love this house, guess what, you need to take action on it. If they want to keep looking and look at the competition, which they may already have scheduled, they might miss out on a great value for a home they love. The third fear is that they might be paying more for the house than it’s worth. By using these simple counter displays and really showing the pricing, not being secretive about it, they will understand that they won’t be paying more than the house is worth. Alleviating that fear allows them to take action and allows them to put in that offer. The fourth fear that a buyer feels is they get committed to the house, they love it, they take action, they’re under contract, and now something is wrong. There’s some hidden issue with the house or issue with the property that they’re not prepared for. Now this fear is easy to alleviate because we can show the value of the house priced correctly for the market. This fear really starts to take effect when a home sits on the market for awhile, because buyers tend to start thinking there must be something wrong otherwise it would be selling. So if we price it at the right price and convey that we’re priced correctly to sell we can show that we’re not trying to make up for anything. We’re not trying to price it at too much of a discount that could induce that fear.
The fifth fear that buyers face tends to come down to just pure monetary understanding of this is a
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