
NOT ALL HOMES SUCCESSFULLY SELL IN NORTHERN VIRGINIA
Sellers are shocked to learn there are typically over 10,000 MLS Listings in Northern Virginia that fail to sell each year. This is even the case in a low inventory, seller advantaged market like 2021. Most failed home sales fall into one of three categories, either (i) Expired - the Listing Agreement expires prior to the Listing Agent securing a contract for the seller, (ii) Canceled - the Seller is unhappy with Listing Agent performance and cancels the Listing Agreement before reaching the expiration date, or (iii) Withdrawn - the Seller withdraws the listing, taking the home off the market.
Each example is a failed sale, producing a terrible outcome for the seller. While the home may eventually sell under the direction of another Listing Agent, it can come at a significant cost to the seller. The failed sale remains in the public domain for all buyers to see. The home can no longer reclaim "brand new to market" positioning and buyers almost always will attack the previous listing weakness.
TOP 5 WAYS FOR SELLERS TO AVOID A FAILED SALE
- Select the Right Agent & Agent Business Model: Select the agent who demonstrates executive skill, knowledge, and one who is personally invested in your success and specific desired outcome. Fully understand the agent's business model. There is a distinct difference between hiring an agent who is fully committed and available to manage the sale of your home and one who manages employees or team members. Selecting the wrong agent can set the path to a failed sale.
- Examine the Agent's Overall Experience & Home Selling Process: Select an agent who is process-driven, planned and executed, highly intentional about achieving your highest and best outcome. The most capable agents operate proactively instead of reactively and they are very effective communicators. A seller's greatest asset is an agent who can properly examine current market data, statistics and comparable sales to honestly and accurately estimate home value. Setting the right price is absolutely crucial to generating the type of buyer interest that leverages multiple offers, producing maximum seller proceeds and the most favorable contract terms. The wrong price can often set the path to a failed sale.
- Examine the Agent's Marketing & Technology Plan: Delivering a seller's highest and best outcome requires an agent going deeper and wider than other agents to find the ideal buyer. The home must be professionally positioned in photography, videography, floor plans, virtual tours, in writing and online. For example, I have a 5-Part Home Showcasing Plan and a 5-Part Buyer-Agent Targeting Plan. I invest heavily in social marketing, digital and print advertising. I leverage the most effective tools and strategies available to benefit my sellers. Poor marketing can set the path to a failed sale.
- Know Exactly What Makes the Agent Different & Unique: There are over 16,000 real estate agents in Northern Virginia alone. Agents are not created equal. They vary in skill, competence and the ability to deliver exceptional outcomes. For example, my work as a Listing Agent always centers around what I call my Seller Success Quotient. Every one of my actions involves producing Maximum Gains, at the Lowest Risk and Superior Contract Protection for my seller. I've built a selling process that shields my sellers from a failed sale.
- Know the Agent's Full & Compelling Value Proposition: The most traveled road to a failed sale is usually led by discount fee and transaction-driven agents-brokers. There is no shortage of low-fee agents-brokers who secure listings with the simple promise of saving a seller money. However, there is likewise no shortage of the same agents-brokers who squander the savings and often much more seller equity by mishandling the selling and contract processes. Another risk for sellers can be high transaction, volume-oriented agent teams. While these teams command relatively high production and transaction volume that can impress sellers, teams risk losing command of a seller's unique and individual needs. Real estate is not like mass producing a product. Scaling volume and transactions typically conflict with being available to provide undivided seller attention. It can be dilutive to a seller's outcome.
Client Testimonial -
"Tim is the most knowledgeable and professional real estate agent we've had the pleasure to work with! There are not enough good things to say about Tim. A friend recommended us to him after our home failed to sell with another agent. We were extremely disappointed and very worried about the way forward. Tim's calm, professional demeanor put me and my husband instantly at ease and we knew we were in capable hands. Tim did everything differently and sold our house in just 2 days! Tim's process and level of communication were extraordinary. We highly recommend him!" - Satty Gosal & Santokh Singh