How many times have you taken a listing for the seller to call you back to cancel you listing agreement?
Or sit at the closing table waiting for the seller to show up and they never do?
If either have happened, don't feel bad, I say "Welcome to Real Estate!"
(Boy, did I make mistakes early on in my career)
Now let's take a step-back and review....
Seller + Prequalifying Questions = A saleable listing or Not!
As real estate professionals sometimes we are so hungry for listings, there are occassions we just take the listing and forget to ask the vital questions necessary to pre-qualify the seller.
Yes just like a buyer, you should screen a seller. Even prequalifying a seller may not guarantee an easy time of it or a listing that will sell.
Let's face it, increase your odds and ask those questions.
If a seller does not have a need often times they are unrealistic.
- With pricing
- With marketing
- With You
Midori is asking.....seller's please answer.....
- Is your property currently listed?
- What is your property address?
- What do you think the property is worth? How did you come up with that number?
- Who is on title with you?
- How long have you owned the property?
- What features attracted you to the house?
- When do you need to move by?
- Why are you selling?
- What are a few of the negatives about the property? If any...
- What happens if your house does not sell?
- Have you sold a house before? When? Did you use a Realtor?
- Are you relocating? Where? Would you like me to connect you with a Realtor in that area?
- Do you have a mortgage? Balance? 2nd or equity line? Balance? Are you current? If not how many payments behind?
- Any pre-payment penalties?
- Are taxes and insurance included? Flood Insurance? Are you current?
- Leins on the property?
- Is there an HOA or Condo Association? Any assessments?
- What I would like to do is stop by your house, do a CMA, when would the best time to come by with all the decision makers present?
- When I meet with you will you want to start marketing the property immediately?
- What are you specifically looking for in an agent?
- What are your expectations of an agent and your expectations of services?
- Are you interviewing other agents?
- Would you mind telling me who else you are interviewing?
- If I answer all your questions to your satisfaction, would you want me to start marketing it immediately?
- Is it possible to wait to make a decision before hiring an agent until you meet with you?
- Will you be using an attorney to assist in the sale?
- Is it possible to start rounding up documents such as POA, divorce decree, death certificate, Mortgage info, Title policy, Estate info? (if applicable)
One of the things about screening a seller, the more you ask, the more they will answer, it could evolve into another question that is not on the list.
Keep that conversation flowing...listen...learn...Ask these questions...you decide...is the property marketable?
Will this seller have a chance to sell?
Is the listing worth taking?
Will I providing a true service if I take this listing and will all benefit?
Now let's put it all together...and remember
Seller + Prequalifying Questions = A saleable listing or Not!
Midori,
Thank you for your post! It is good information real estate professionals needs to know. I hope the AR community gets to read your post.
I have been in Real Estate many years and I always live by the saying. It's not closed until it closes! Good post and Thanks for the reminder.
Midori,
You would think the honorable thing to do, is the right thing, But! it still continues to happen. I don't envy your Job, I know it's not easy!!
Tom Weiss
Midori,
You truly possess a wealth of valuable information. It is always relative to what we do on a daily basis.
Thank you very much
Oh, I'm so glad you posted this. I have a listing coming up and the sellers are great. Already moved and I'm taking it over, they reduced 30K, taking a huge loss, but it is still going to a hard sale. Great house, but in a school district not as desirable as homes in that price range.
When home prices come down in districts that are exceptional, and buyers can afford to go there, they won't venture out because of a great house. Wish me luck, I'll post on it next week sometime. I do send out a questionairre before I meet with them and at least I know if they are bona-fide sellers. These people are.....
Midori, what a great list! I'll have to use it when training in my office.
My favorite question..."How did you come up with that number?" It's so fun to hear their answers on this one!
Nowadays you have to really scrutinize listings. We've been burned in the past because we weren't stringent about prequalifying sellers and now we firmly believe in being choosy about listings. Thanks for another great post.
Midori - You nailed the questions! Yes, we do need to pre-qualify our sellers just like our buyers. Thanks for sharing your valuable list of questions.
Ernie-thank you....hope it is useful
Richard-You are right....it aint closed until it's closed with check in hand
Mana-Good....hope they help
Tom-I'd rather have my job anyday than yours! No mortgages for me!
Diane-my pleasure....
Sally-enjoy and hope it helps
Hugh-Thank you for your kind words....thats why I love being the Daytona Real Estate Trainer......
Gary-I agree
Bryant-you said it best you and the sellers are a team!
Missy-lots of luck and hugs....going your way!
Monika-Quite flattering coming from you....yes I am a huge fan!
Christopher-Thank you...yes I have always been interested to find out their source of worth.....
Sharon-I agree sometimes we just have to walk away
Joy-You go girl! Thank you...
Adam-Thank you...I agree
That is weird Chris but it doesn't suprise me! I think sometimes people are afraid to admit they need help from anyone. I think I might have reacted the same way and cancelled the appointment.
Dionne-You got it!