Million-dollar Producers Present Top 5 Ways to Sell in Changing Times

It's time to be frank with sellers, experts say

By Beth McGuire

RISMEDIA, Jan. 11, 2007-If this is your first time facing a trend to a "buyers" market it's probably a bit shocking. Many agents unfortunately lose hope not because people aren't going to buy and not because there aren't any homes for sale, but because they feel personally ill-equipped on how to handle the unrealistic expectations of the seller concerning the selling price.

Rosemary West, a top producer and a member of the RE/MAX Hall of Fame, has seen it all before. "It is always a question of supply and demand," West says. "Today's sellers are facing the compounding problem of the tantalizing offers of the home builders who are fighting desperately to stay ahead of their collapsing revenue."

Here is a small potpourri of some creative ideas from West and others in dealing with the pricing crisis:

• Make arrangements for your seller to see their "competition" and take them through the active listings similar to their home.
• De-clutter, de-clutter, de-clutter…less is always more. With so many homes on the market the slightest reason to be negative makes every viewing vulnerable.
• "Repaint the ‘blood red' walls in the dining room…lay some tile and throw away the linoleum." Sellers always need to be told the hard truth for their own good.
• The ONLY difference between a 2-month and a 9-month listing is price.
• Explain to the seller the extreme importance of the home's first exposure on the market. Never again, no matter if you have an early price reduction, will there be as many people focusing on their home.

West and her husband consistently earn in excess of $1 million per year. She has chosen not to wait for the chaos to pass but rather view today's market as a bright future. "Frankly, this year will be no different," she says. "We just have to shift gears and face potential sellers with the naked truth." West is very excited about the next six months, she says. While on vacation for the seasonal holidays in Florida she still sold five homes back in Chicago.

Many agents, like Sean Brown, Realty Executives in Las Vegas, do extremely well in these conditions because they recognize a counter-intuitive opportunity. "Buyers are salivating at the reduced prices from just a few short months ago," Brown says. "It truly is a time mixed with both tragedy and joy. A large number of sellers refinanced and cashed out their equity over the last couple of years and are now facing the pain of home selling prices being below their mortgage positions."

He encourages them to be as dispassionate as possible and tells them, "While you are selling a home filled with memories, the buyers are simply buying a house"

David Compton, formerly the director of training for Colwell Banker Success in Phoenix and now an industry consultant and leader of The Real Estate Empowerment Conference, believes that, "the truth always has the ring of authenticity and I train my agents to inform the seller that the only thing you can guarantee them is integrity and hard work. You cannot guarantee them results."

It would seem that this is the time for the unvarnished truth in every aspect from the price, the staging and the expectations. It is likewise clear from the agent's point of view that this can also be a great market.

For more information about Rosemary West, e-mail rosemarywest@remax.net or visit www.rosemarywestteam.com. For more information about Sean Brown, visit www.seanbrownrealtor.com/. For more information about David Compton visit www.practicalresourses.net.

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