Establishing Proper Expectations with Sellers

Trickle, Flow, Flood - Establishing Proper Expectations with Sellers

Scenario – You just got the listing agreement signed, and you want to now establish expectations, so the seller knows what to expect is going take place over the next few weeks.

Why is this so important?

1. It promotes excellent customer service.

This shows you have everything under control and are highly competent. We’re the expert and as the RE professional, we are here to take the seller through the process and provide direction and demonstrate our leadership. We may do this on a daily basis and in most cases the average seller may go through this process 4-5 maybe up to 6-7 times over their life time.

2. It reduces the seller’s anxiety and their mind from wandering and making stuff up.

Exactly, we don’t want our sellers to be graduates of MSU – Making stuff up.

It’s only normal for a seller to “wonder” what is going to happen next.  By telling them what to expect, you’re not only helping them be more comfortable with the process, they are going to have more confidence they made the right decision to hire you and build trust at the same time.

When you leave something to the imagination – as human beings, we can’t help but to go there.  Our minds are always seeking what this or that means, even if it’s not accurate or even exists.

3. Allows you to head off any seller remorse and doubt that may show up.

If you haven’t had this happen yet, it will. You do a great job positioning the home to sell promptly, for top dollar, you get a full price offer day one, and the seller feels they priced the home too low and were leaving money on the table. I believe it’s our responsibility to counsel the seller and bring them peace they haven’t left money on the table, nor would the market allow that to happen.  Having this conversation will help this

4. Direct the focus of the results, or lack thereof on the property, market and price. 

It’s not you, it’s not the seller, it’s simply the way the market is either responding or reacting to the property, its features, price and location. 

5. Sets up a much easier conversation should the price need to be adjusted later.

It’s a fact that more/longer our mind has been exposed to an idea, the more receptive we can be to accepting the information. When you set this up from day one, you have set the bar for what the showings that have/haven’t taken place are suggesting.  This is the feedback (positive or negative) the market has responded with and will easily open conversation for you to adjust the price if necessary. When you set this up correctly, it will be great leverage for you.