Communication/ or a lack of it

Why hasn't my house sold yet? What are you doing to get my house sold? These and many other complaints like them are being heard all over the St. Louis area. In the recent past ( 2-6 years ago) homes sold relatively quick and for prices we can only dream about now. Sellers are getting worried that their homes aren't being given the special attention they believe they deserve. This is also a time when these same home sellers change realtors when (and sometimes before!) the listing agreement expires. What happened?

Many of these unhappy, overwrought sellers need an agent that is communicating to their sellers exactly what is going on in their individual market areas. In many cases, the price needs to be adjusted down. This isn't something most home sellers want to hear. "My house is the best on the block--has the biggest yard--has more and better updates" etc. These may or may not be true, but one thing is definitely true-- THE MARKET WE ARE IN NOW HAS FEWER BUYERS!
This means nearly seller is competing for a much smaller pool of qualified buyers.

As my title suggests, communication is sometimes lacking between sellers and their agents. Sometimes the agent isn't keeping their clients up to date with the current activity in their area. Sometimes, the sellers aren't listening to their agents. Communication requires both speaking skills and, just as important, listening skills, for both sellers and agents. A case in point. One agent has a condo in the Lindbergh school district. It seems to be priced well, has been held open on many Sundays, is receiveing coverage on multiple web sites, print ads and just about everything the agent can do short of full page color ads in national publications. Why hasn't it sold yet? The agent invited his client to come to his office and find out what the problem is. Turns out no condos in the clients price range ($135-150,000) and area ( Lindbergh schools) has sold in the past 6-7 months. Not One! Some attached villas and town homes ( all above $200,000) have sold in the past 6-7 months. Some lower priced condos ( below $100,000) have also sold recently.

This opened the eyes of the seller! She suspected she just wasn't getting the service she was promised. Now she knows the truth. If she hopes to get her condo sold any time soon, she is going to have to price her unit below all other condos similar in price, area, and style. At least 5% and preferably 10% below. Had the agent not showen his seller what was happening, she would have made some unreasonable demands, been unsatisfied and probably switched agents only to have the same thing happen again and maybe again. Both agent and client communicated with the result that the seller now has a better idea what it will take to get a sale and the agent retained his seller. Communication is key to success in everything we undertake, be it a business activity, social or personal relations, we must all work at the art of communicating.

Anyone reading this or any other of my ruminations and in need of real estate help can contact me via e-mail at sparker@lkwood.com or call me at 314-420-4154.