Here we go. Part 2. If you're a Dave Ramsey fan you know already he is passionate about Real Estate. He has built a fortune (twice) by buying and selling property; and he has 10 hard-hitting questions that every Realtor should be able to answer. These are my answers. Some are long, some are short, but they are all 100% the way I do things. So, let's jump right in with Question #6.... (Missed the answers to the first 5 questions? View them here.)
6. On average, when your listings sell, how close is the selling price to the asking price?
For this year (2014), my average Sales Price is 99.29% of Listing Price. My biggest discrepancy on a listing was receiving 96% of Listing Price, and some of my listings receive ABOVE asking price. This is the sweet spot we want to be in.
Homes that are over-priced stay on the market longer, and have to come down in price to find a Buyer. As such, our most serious Buyers have already seen the house and passed on it by the time we start entertaining lower offers (or drop the price), and having exhausted those previous Buyers already we will assuredly receive a lower offer at this point than if he had it priced properly to start with. Price is everything. That's precisely why a Realtor must--MUST!--know the market he/she is working in. Remember this, my Sales Price to Listing Price ratio is incredible because I price homes right the first time. I don't want my yard sign out in front of a property for months and months with an un-realistic asking price, and you don't want to miss our most serious buyers. We price it right, we get it sold. And that leads into Dave's next question...
7. On average, how long does it take for your listings to sell?
First, let's define what it means for a home to be taken "off the market". My goal will all of my clients is to have their home UNDER CONTRACT IN 30 DAYS. That, is "off the market" in this scenario. It means we have reached a contractual agreement to pursue things further: to begin, we start walking through the home inspection and home appraisal process. This year (2014), my average amount of time for a home to be ON the market was 10 days. TEN DAYS! This year was crazy. Reality is, this Spring I expect we will see the exact same thing as last year: homes flying off the market. But don't forget, we have to price it right, market it right, and walk through the home-inspection negotiations process together. That, is where a Realtor comes in.
8. How many buyers are you currently working with?
Don't worry: If I don't have time to take on more clients, I'll be letting you know. If I can't help, I'll direct you to somebody who can.
9. Do you have a reference list of clients I could contact?
Yes, all of my clients of the previous year.
10. What happens if I'm not happy with the job you are doing to get my home sold?
The first thing I would want to do is learn where the communication breakdown is happening. It ALWAYS comes down to communication. You want/need something, and I'm not getting the message; OR, I'm failing to keep you in the loop about where things are at...etc. I've never lost a client, and I don't intend to. I've never had an unsatisfied client, and I don't intend to. When we first start working together I like to have a little coaching session with my client to learn how you like to be communicated with--this goes a long way.
But, hypothetically, if you don't think I'm the best fit for you once we've gotten things rolling--just let me know. A contract is just a piece of paper. If you're not happy, I'm not happy. Let's tear the dang thing apart and I'll help you find someone you think you'd work really well with.