Worried that you sold too fast?

Sometimes a great Realtor can be a victim of their own accuracy.  (What the hell does she mean by that, you wonder?!)  Pricing a home for sale is part science based on fact, part experience, part developed skills and part intuition.  When a home is priced right on the money, right at the beginning of being on the market, showcased professionally and marketed aggressively, odds are good that an offer will come in sooner rather than later.  Sometimes when this happens, the seller can wonder if the Realtor priced it too low.  And, further, it seemed so effortless...is the Realtor charging too much?

The best comparison I've come up with so far is to think about being in the dentist's chair.  Imagine your dentist has your mouth forced open with one of those delightful rubber dams wedged in.  At this point, would you feel you got more value if they took a long time getting the job done?  Maybe you'd really think you got your money's worth if they had to give you another injection of freezing because it was taking so long?  Of course not, the more painlessly and quickly they can remedy the situation the better you like it!  Imagine the increased delight if they even let you know what they were doing?!

With something as important as your oral health, you'd place your trust in the doctor with the best skills wouldn't you?  In matters of great health and financial importance you need the best skillset, not the most drawn out process or the cheapest practitioner.

I'm not comparing Realtors to dentists, but simply making the point that if you have a Realtor with deft enough skills to get your home sold with little fuss and quickly you have picked a great Realtor!  Don't hold it against them!  A great Realtor is always interested in long term retention of clients and would never be so foolish as to deliberately underprice your home!

There are many ingredients to successfully marketing your home!  A top professional makes it look easy.  It looks easy because that person knows what they're doing, knows people, knows local market conditions, has a sense of timing, understands encouraging cooperating Realtors, knows how to showcase your home professionally and price accurately.  The development of these skills takes time and experience.

Developing a trusted bond with a trustworthy and effective Realtor will be one of the greatest relationships you ever maintain!  Not only will your real estate transactions be as lucrative as possible, you will always have an advocate with an eye open for timely offerings that would benefit you!  And, imagine your increased delight when they even let you know what they are doing?!

Say what you mean and mean what you say.

For crying out loud....say what you mean and mean what you say!  It is so refreshingly rich to have someone promise and deliver on great service.  And, so sadly disappointing to have someone promise to follow through with some action only to find out that it never happened.

Today I'm working on a domino set of transactions involving 2 lawyers and a Notary.  A couple of days ago I contacted the person working on the first file to let them know that all expediency was very appreciated as moves were waiting for sales to register.  At 1:30 this afternoon the middle lawyer still hadn't received proceeds from the first file holder.  I called to find that the person working on the first file was at lunch....and hadn't let anyone know time was of the essence....and the funds were already there but just hadn't been sent over yet.  Guess how impressed I was?

Genetically I've been blessed to have very little gray hair.  Today a crop was added!  Why?  Because someone was casual about delivering on their promised action.  By dropping the ball, several other people were stressed and inconvenienced.

If you're not going to do something; don't say you will.  If you promise you'll do something, come hell or high water you'd best find a way to do it.  It's not only your reputation professionally and personally on the line -- it's your own self confidence and pride of workmanship.

The only way to become trusted is to have proven consistently over a period of time that you're trustworthy!  And all trust can disappear in a New York Second as soon as any of us drop the ball.  (A New York Second, by the way, is the length of time between the stop light turning green and the sound of the first blaring horn!)

Ending on a happy note, I contacted the Blackfin Restaurant in Comox last night to arrange for a gift card for a client that lives there.  I was called back within 30 minutes and the card was sent within the hour.  The service was impeccable.  And, guess what?  I'm going to tell everyone I know to dine at the Blackfin in Comox!  This based on the quality of 2 minutes on the phone, 2 e-mails and priceless follow through (and the preliminary recommendation of a local!)

Where's your pride?

Regardless of what anyone does for a living, one thing that shines through is their pride in their efforts.  Maybe that shows in the proprietor sweeping their walk or the receptionist going the extra mile to connect you with the best person for your needs.  There are no "stupid" jobs.  There are no jobs that don't deserve your best effort.  Why?  Well, how you do one thing is how you do everything.  If you have no pride in workmanship when you are doing repetative day to day things or menial tasks, you can't suddenly be proud of your work when you decide you're doing something "important." 

One of my greatest delights is in coming across anyone excelling in attitude and skill at what they do.  Please take the time to compliment these folks; the cashiers who really keep the line flowing and smile at the ready; the hardware store clerk who really knows their products and lines you up with the best value; the mechanic who gives you a fix to meet your budget; the vet who really likes your dog....I could go on and on.

Pride in workmanship is something no one can take away from you, and it always stands out and helps to make someones day to be a part of.

Whether you drive a old Chevy or a new BMW, whether you live in a mobile or a penthouse, whether you are the boss or on the assembly line, the pride you take in how you care for your world shines through.

So it is with great Realtors who treat their profession as a service industry that deals in sales.  Pride is demonstrated in follow through, communication, ingenuity, persistence, courage and kindness.  The sale of a humble home is treated with the same respect as a multi-million dollar transaction. 

Hats off to all of you out there who show day in and day out what you're made of and how you care for your world!

Does "something gotta go wrong?"

"Something's gotta go wrong, cause I'm feelin way too damn good..."  These words from a Nickelback song popped into my head today.

Why is there the lurking sense of "waiting for the other shoe to drop" when things are going well?  I witness new buyers or sellers on pins and needles often expecting their transaction to fall apart or something happening to foil their joy in their purchase.

Sometimes we humans have a hard time staying in the moment of joy and excitement and knowing that everything is working out just fine!  A friend of mine has a term for when you imagine scenarios that could arise to thwart your joy:  "Awfulizing!"

Awfulizing is a terrible condition which can render people helpless and frozen; unable to move forward for fear of the unknown.  Or once they've taken the step of having an offer accepted on a home purchase they start to imagine all the faults that will be revealed in their home inspection!

Home inspectors working on behalf of my clients have all endured "the talk" from me about how they communicate their findings.  i.e.  The inspector says, "the tub and sink in the ensuite need to have new caulking."  The client hears, "your ensuite is falling apart and needs immediate repair."  So, the inspector might need to phrase it, "you'll need to spend about ten dollars on some caulking around the sink and tub when you have a few minutes."  Then the client can relax!

Of course, we want to know about a home and how it works and what it might need.  But, bearing in mind the tendency often to expect the worst under stress, communication is everything!

Likewise with lenders, lawyers, Realtors and everyone associated with a real estate transaction -- communication is the key!  99% of clients will NOT assume that no news is good news.  They are likely to be awfulizing worst case scenarios!

When you're in the business it is easy for some to discount how urgently clients are waiting to hear news.  Consider this, how casual would you be waiting to hear news back on your blood test?  Don't leave people waiting.  Don't leave my clients waiting unless you want me breathing down your neck!

The vast majority of real estate transactions, when handled by a professional, go exceedingly well.  However, the vast amount of air travel does too -- this does not prevent nervous flyers from being nervous!

A little reassurance goes a long way.  And, timely communication is crucial to stress management!  Make sure you have a strong advocate in your corner!

"Change is good, Donkey!"

"Change is good, Donkey."  We can all hear the voice of Shrek parcelling out this wisdom.  And while change is good, it is also usually stressful!  I was thinking of a stress-busting kit for my clients in the midst of moves.  Here goes:

1.   Keep your humour intact as much as possible.
2.   Don't be shy about asking for help packing and organizing.
3.   Have a cleaning party on your move out day then take everyone out for lunch!
4.   If in doubt, clear it out!
5.   Ask your Realtor for a list of places accepting household items.
6.   Talk to an antique buyer for appraising old items.
7.   Have a garage/moving sale with your neighbours -- the bigger the sale the more buyers!
8.   Consider using a professional mover.
9.   Talk to your mover about storing items in the month leading up to the big day.
10.  Ask your most organized friend or relative to do all the utility/mail/delivery switch overs!
11.  Ask another friend to organize a sandwich tray for the new home!
12.  Keep all your bedding in a separate tub and make your beds first thing!  (Once you know you
       can always go to bed in the new place you're far less stressed!)
13.  Buy enough recyclable paper plates and cups to last for a few days.
14.  Ask your friends to bring over a couple of frozen casseroles!
15.  Don't sweat the petty stuff and don't pet the sweaty stuff!
16.  The day of the move, drop your pets off with a friend so they're not stressing and underfoot.
17.  If you need to move livestock, see if you can make arrangements to do it the day after your main
       house move.
20.  Make sure there is lots of water to sip on as you go!

You will see a theme about asking for help here!  The help you ask for doesn't have to be a burden, keep it light and fun!  And, know you can always count on your Realtor for suggestions, connections and moral support!

Give your head a shake; don't lose dollars catching dimes

How can I make this painfully clear?  Earlier this week a woman phoned me after a client of mine recommended me.  The client who recommended me is a professional banker and someone I've helped over the years complete 5 transactions on her own homes.  The caller was totally disheartened with her current listing company.  She had chosen a discount model to save some out of pocket money.  In the past 3 months she has not had one showing.

I explained to the woman that while she was under contract with someone else it would be unethical of me to discuss her listing.  She said she was in the process of "firing" her present firm and would be in touch.  The next question she asked was how much commission I charged.  (Which was rather funny after she'd ranted how dismally her "discounted commission" model was working for her.)  I should develop a more compelling answer...how about "I charge the right amount to get the job done and save you thousands of dollars."

It seems counter intuitive that you could charge more AND save the consumer more....but in investments the size of a home you want to invest in the best Realtor and the most enticing commission structure for the best return to you.  While some people are busy bending over to pick up dimes on the ground, the dollars are flying over their head and out the door.  Why?  Because if you don't have an extremely well educated, trained, creative thinking Realtor who is your advocate odds are good that your listing might be languishing at the wrong price, be inadequately represented on line, is missing great photos, never has an open house or Realtor tour, is not keeping someone awake at night thinking of ways to get the job done!

Not to mention the very obvious.  If your Realtor cannot negotiate their own commission (and more importantly understand that an attractive commission will entice cooperating Realtors) how effectively do you think they can negotiate selling prices on your behalf?  This is a simple yet very profound consideration!  The money sellers make and buyers save is in exact proportion to the skills, motivation and heart of their Realtor. 

Choose very, very carefully how you go about selling your home.  You owe it to yourself to include a top rate Realtor in your sights before thinking that saving a small percentage on commission will in the end serve you best.  It simply won't.  And, a little known fact, is that a great Realtor, knowing the cost of staying on the leading edge of their profession will ask for an increased commission from discounted listings.  Why?  Because we really are worth it, and to stay at the top of our game requires a great investment of time and money!  Many clients working with the best Realtors sign an Exclusive Buyer's Agency form agreeing that their Realtor will be paid a premium rate.  The buyers decide which homes to look at.  It is in your best interest for them to be motivated to see yours!  Many buyers will not look at For Sale By Owners or discounted listings.  You should know that.

Ask one simple question to any Realtor you are speaking with:  "How many of your listings do you successfully sell and for what percentage of the asking price?"  That, my friend, is where the true story is told.

The perils of "low ball" offers

Here's the thing.  There's a "modest" low offer and then there's stupid.  Nothing backfires quicker than a poorly executed "low ball" offer.  No reputation is harder to shake than being notorious for bringing stupidly low offers to the table.  If you really just want an exercise in writing offers, practice on your relatives.

Before putting pen to paper on a contract a great Realtor researches recent activity, solds, assessed price, recent price reductions and several other factors relevant to the transaction.  If a home just dropped their asking price 40,000 going in with an extremely low offer within a few days is not a recipe for happy campers.

Market value is simply this:  what a REASONABLE and willing seller and a REASONABLE and willing buyer will agree upon.  Are there any "steals" to be had?  Perhaps when circumstance forces someone into a quick liquidation or when sellers are not using the services of a great Realtor you will see a transaction well below market value.  The only other time you're likely to see an extremely low price succeeding is when a major problem has been uncovered or when a property is part of a larger trade.

By law, I have to inform my sellers of any offer.  Imagine that the seller has listened well to pricing strategy and has priced their home fairly; even slightly below market value.  Now, this quiz isn't rocket science:  what do you think happens when they hear of an offer that is 50,000 under a "more than fair" asking price?  If you guessed tell the buyers to pound sand you are correct.  With good coaching they will sometimes stop fuming long enough to counter the offer -- at or ABOVE list price.  It is just not a good way to try to save buyers money!

In auctions there is often a reserve bid so everyone knows not even to dream about bidding lower than that.  We don't have that in real estate -- we rely on professionals knowing their business. 

Better not to raise expectations and waste time promising an offer on a home only to produce an insulting offer with little chance for forward movement.  If your client insists on trying a "low ball wonder"...at the very least, a courtesy call to the listing Realtor could save everyone headache and heartache.  We can't reveal what our seller's bottom line is, but we can certainly indicate whether they would be receptive to a harshly low offer.

By using a great Realtor, the seller is never pressured into an under par offer.  Only the one hit wonder Realtors are more concerned with selling at any price.  Make sure you put your most precious possession into good care and keeping!