Step 12: Your First Week's Home Selling Stats

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The first week your home is on the market, there are two very important metrics which we keep a close eye on:

Number of Showings

The goal is to have between 5 – 10 showings the first week your home is on the market. If we don’t have at least 5 showings we have a problem and there could be a number of issues that can be at play including pricing. If this occurs we need to have honest feedback about what needs to be adjusted.  

After the first week, the goal is to have 3 – 4 showings per subsequent week.  Depending on the feedback we’re receiving, we may need to talk about reducing the price if we don’t have an offer after the first 2 weeks. I'll be quite honest with you if the demand versus the price set, via the supply of the market, does not fit your goal. 

MLS Stats

The other metric we keep a close eye on is the MLS stats.  We will send you these every few days the first week we are on the market.  Our goal is to have at least 200 people receive your listing via the MLS.  This means your home matches the search criteria they are looking for in a property.  Anything less means not enough people are looking for a home like yours and the potential buyer pool might be small.  

If this is the case, we need to figure out how we can expand the number of people who might be interested in your home.  Most people’s search in the MLS are based on eight main criteria, considered deal breakers:  

1) location (which we can’t change)

2) number of bedrooms, number of bathrooms

3) close to transportation and(or) has ample parking

4) whether the property has central AC

5) whether the property has in-unit laundry

6) and price.  

For example, if your home doesn’t have a parking space, is there an affordable parking garage nearby we can rent per month so we can say parking is available?  Can we add in-unit laundry to make it more attractive? Can we create an additional bedroom?

In addition to looking at the number of people receiving your search, we also look at the number of people who have favorited your property, as well as the number of people who have wish-listed your property as a Maybe. Our goal is to have 20 Favorites and 20 Wish-lists at the end of the first week.  Generally that’s a good indication that your property will sell in the first 30 days it’s on the market.


What happens if our metrics are less than desirable?

First, don’t get discouraged; This process doesn’t happen overnight. It takes time, but eventually we will find the right buyer for your home. 

Second, keep your home tidied and approve as many showing requests as possible when they do come in.  The more eyeballs we have on the home, the better the odds are of getting an offer.

Third, we need to take a serious look at what we can do to improve the chances of your property selling.  There are four important parts to the selling process: 

Location 

Condition 

Marketing

Price.

  1. We can’t change the location, but we can control the other variables that are related to demand and location. See below.
  2. What can we do to spruce up the condition of the home cost-effectively? Ask yourself if there is anything you can do to improve the the home to make it more attractive to potential buyers.  If the staging or condition is as good as it can possibly be then we need to look at the marketing or photography.
  3. How do the photos look? What about the copy? If we can modify any of these and see how it might bring demand to the property, the better the odds. 
  4. If the above three items are near-perfect, then the only thing we can change is the price. Buyers tend to search in $25K increments; So to hit the next biggest group of buyers we need to be below the next $25K threshold.  For example, your home is listed at $499,995 we should drop the price to $474,995 to try and hit the next buyer group.  $2,000 and $3,000 price reductions aren’t enough.  Price reductions need to be substantial (at least $5K – $10K) to make any difference.

Fourth, we can provide incentives to encourage buyers to put an offer in on your home. We can offer a closing cost credit if the property is under contract by a certain date. Believe it or not concessions do really work with buyers so long as they are meticulously explained to on the benefits of how these add up. 

I've given you a lot of information, but that is not the extent to my knowledge with regards to negotiation tactics and strategies! You know where to contact me if you wanted to have a discussion.


Step 12: Your First Week's Home Selling Stats Step 12: Your First Week's Home Selling Stats Reviewed by Alex Sung on October 17, 2020 Rating: 5

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