These Seller Myths Are Still Alive and Well
While most home sellers are ready to take your advice, there are still some myths about pricing and the sale process you may need to address. These are still going strong in today's market.
Never Accept the First Offer. While a seller may think that their first offer isn't the best, it probably is, and here's why. Today's buyers have done their homework. They know just what they want and are prepared to offer a fair price to close the deal. This is why new listings get the most views during their first week on the market.
If a seller decides to wait for a better offer, this often backfires. If their property remains on the market for weeks or months, many potential buyers will often assume there's something wrong with the property, or that it's overpriced.
"My home will sell itself." This may have been true during 2020 and 2021, but not anymore. Today's serious buyers are studying every new listing, so your seller needs to understand that pre-sale preparation is especially important. Suggest that they view the transaction as similar to selling a vehicle online. They wouldn't post a single photograph of a car or truck that needs detailing, as they know this wouldn't draw as many buyers as a shiny vehicle with an immaculate interior.
Major renovations pay for themselves. While the sellers probably love their new kitchen or open-plan living area, these may not mean a lot to potential buyers. Every buyer has their own taste and may not be as impressed by updates as the seller expects. Minor exterior renovations are the few exceptions to this rule. For example, a new garage door or updated landscaping will probably pay for itself.
"I don't need another mortgage yet." In today's market, successful buyers have already negotiated financing before they view a home. Also, your sellers may become buyers faster than they anticipate. As always, feel free to refer these clients to me for a quick, informal review of their financing options.1
Five Rules for Professional Emails
While our society doesn't emphasize the value of skilled letter-writing, your business emails should always be professionally composed. Here are some common mistakes that you've probably seen before, together with tips for success.
Overly formal composition. If you're sending an email to a company instead of an individual, don't use terms like "To Who It May Concern". Instead, call the company and ask for your recipient's name and address.
Confusing subject lines. If you're about to email details of a brand-new listing to your buyers, make sure the subject line tells them this. While it's tempting to be witty with subject lines like "Get ready to pack", a busy buyer may not realize it's from you and assume it's a vacation offer.
Addressing group announcements incorrectly. Have you ever received an email with dozens of visible email addresses in the header? This destroys confidentiality and may alienate some recipients. Instead, learn how to tell others about an upcoming event without sharing everyone's address with everyone else.
Forgetting details. Have you ever received an invitation to an appealing event, only to realize that the invitation doesn't include the start time or venue address? Before you send email invitations to an open house or event, find someone to proofread it for you.
Unprofessional signatures. By now, you should have created a business signature with your contact numbers, links to your social media and your headshot. If you haven't, take the time to create and store one or more. You can even add a link to your listings within one signature and use it when sending emails to prospective buyers.2
Small talk is important. Here's how to improve your skills.
Discussing your listings and business events is relatively easy—but have you ever been lost for words at other times? Since you may run into a potential client almost anywhere, from a networking event to the grocery store, becoming confident with your communications skills can make a big difference.
Author Charles Duhigg studied the habits of people who were more than good at small talk...they made others feel truly understood. Here are some findings from Duhigg's book Supercommunicators: How to Unlock the Secret Language of Connection.
Superior conversationalists aren't scared to open up and share information about their own experiences and feelings. They also ask up to 20 times more questions than the average person. Here are some strategies to remember and use when the time's right.
Study people so you can make educated guesses regarding their wants or needs. This is called the "matching principle", and helps you bring strangers closer. This can be as simple as complementing someone's outfit, hair, or work presentation, especially if you think they put added effort into them.
Small talk that moves past the surface of a topic is useful. For example, ask others how they feel about a recent event. This can be anything from a concert to a business presentation. Be sure not to interrupt them.
Headed to a luncheon, dinner or party? Think of some conversational topics ahead of time. This can help you avoid being initially tongue-tied and can help you lead others to talk about their wants or needs.
Do more than listen. Pay attention to the other person, pick up on topics that interest them, and steer the conversation accordingly. If you're interrupted, this means the other person isn't finished telling you what's on their minds.3
"Go West, young man." Maybe Not.
While our nation's overall air quality has improved over the decades, not all metro areas have been so lucky. Around 1 million people (about the population of Delaware) moved from areas with poor air quality in 2021 and 2022, while low-risk, healthier cities welcomed an additional million people.
Healthy doesn't always mean more expensive; in fact, it's often the opposite. Many of those who moved from polluted areas did so as they were priced out of the housing or rental market. On average, home prices in these high-risk metro areas are 65% higher than low-risk areas.
There are 13 major metro areas where over 85% of homes are battling poor air quality. All are in the West, with nine in California and the rest in Washington, Oregon and Idaho. Over two-thirds of those metros saw more people move out during 2023 than during 2021-2022. However, only 3% of homes for sale within those metros during 2023 were affordable for the typical homebuyer.
While wildfires have been a major source of pollutants, putting high amounts of particulate matter (PM2.5), into the air, an excess of ozone (O3) is also causing problems. For example, Los Angeles County is expecting three weeks (21 days) of orange+ air quality this year due to O3—the third highest in the U.S.—and 27 days by 2054.4
* The phrase "Go West, young man" is attributed to Horace Greeley (1811-1872), founder of the New York Tribune.
Women's History Month Begins Soon
Be sure to add the hashtag #NationalWomensHistoryMonth to your social media during March. Another way to celebrate is to learn more about the changes seen in our society over the decades, promoted by the pioneers featured in these books:
Hidden Figures by Margot Lee Shetterly. The account of three African American women who were NASA mathematicians during the 1960s, helping to put astronaut John Glenn into orbit. You may also enjoy the acclaimed 2016 film inspired by this book.
Women in Science: 50 Fearless Pioneers Who Changed the World by Rachel Ignotofsky. Featuring notable women in the science, technology, engineering, and mathematics (STEM) fields from ancient to modern times.
My Own Words by Ruth Bader Ginsburg. This autobiography is the story of the Notorious R.B.G. (a nickname she embraced!) from her Brooklyn childhood to her appointment to the Supreme Court.5
Sources: 1theclose.com, 2blog.hubspot.com, 3theguardian.com, 4redfin.com, 5daysoftheyear.com
Recent Comments