What to do When the Home Sale Process Takes Longer than Expected
Sometimes it takes longer to sell a home than expected. This lengthy selling process can make some sellers nervous. Here’s how to keep your clients committed through a long selling process.
1. Don’t Let your Client’s Emotions take the Lead
Take the time to educate your clients on the idea that they are not giving up their beloved home, but instead they are taking a role in a business transaction. Taking the time to understand what their home is worth and working for the price that they believe is fair in an investment is important.
2. Help Get your Clients the Right Price
Setting the correct price for a home is key and it’s a step in the selling process that requires the skills you bring as a realtor. If the price is set too high the home will be overlooked in a busy market. If the price is set too low your clients are more likely to lose money in the deal.
3. Don’t Skimp on Marketing Extras
The buying market is almost completely online these days. Before a potential home buyer will come look at the home, they will have already researched it intensely online and may have even done a drive-by to make sure it’s still on the market. Unfortunately, some home sellers will try to cheap out on the extras like professional photographs, touch-ups, home warranties or professional staging. Don’t let your clients shoot themselves in the foot by saving a few bucks on the little things that might make all the difference in a home sale. Without these additional touches, the home could be overlooked and this mistake could lead to a longer selling process.
4. Educate Clients about “Normal” Closing Times
A typical closing time in the U.S. market isn’t dictated by the seller or their agent. The closing time is dependent on how long the mortgage process takes for a potential buyer. Getting a mortgage involves applying for a loan, multiple appraisals, complex underwriting steps and other complicated issues. While 30 to 45 day closings are typical in most urban and suburban areas, closings that take upwards of 60 days are not unusual. Don’t let your clients blow the deal or sour the sale by aggressively pursuing a short closing.
5. Watch out for Fickle Buyers
While most buyers will stop looking once they’re in the closing process, not everyone will. The longer the closing process takes, the more opportunity there is something to go wrong with the buyer’s personal situation. While it’s important to foster your clients through a long selling process, do what you can to minimize your risk in a home sale by properly vetting potential buyers.
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