What Do Sellers Really Want?

Re-Strategize and Adjust to Stay Relevant to Today’s Sellers

By Joeann Fossland

Arizona REALTOR® Magazine - June 2010

The availability of information online in the 21st century has radically changed many industries, including real estate. Travel agents and car dealers are finding their businesses impacted dramatically as consumers tap into online information that gives them power and choices, and makes proprietary information a thing of the past. In the real estate industry, the “one size fits all” model has quickly become antiquated. Consumers want choice. They want more control. They are more educated and feel more empowered.

The good news is that our business is more complicated than buying a trip or a car. You and I both know much of the information available online is not accurate or useful, the volume of information is staggering and valuations shift quickly based on market demand. So, our ability as professionals to interpret the information and bring value and sense to it all is still vitally necessary to a consumer wanting to make good decisions.

How have you changed your business model? During the ‘80s and ‘90s, most agents and companies offered a single way of doing business, usually with a fixed percentage of the sales price as compensation. As flat fee models, limited service companies and brokerages offering menus of service became more common, consumers have begun to question what is their best choice to obtain their goals. Traditionally, the seller’s objective has been to sell their home for the most amount of money in the least amount of time. This is still the case most of the time. Many consumers feel hiring a full-time, full-service professional is the best and easiest choice to achieve that result. Yet many others are questioning that premise.

With greater access to more information and exposure to different models, today’s consumers now have lots of choices. This has necessitated change from the smart agents who previously offered just one model. They are expanding their thinking and strategizing for how best to serve and bring value to todays consumer. As the Gen Yers, 78 million strong, become a bigger segment of our markets, their love of self-sufficiency and autonomy will continue to mold expectations and expand the desire for multiple models and choices.

What Must You Do to Stay on the Short List of Most Wanted?

If you’d like to do some re-invention, the four questions below will give you a framework to brainstorm and re-strategize. Set aside a couple of hours to work on this. If you are part of a team, the synergy of masterminding with others is more powerful than solitary work. Or invite a few friends to do the work with you. Or come to the Seller Representative Specialist class in Phoenix in July! (See sidebar.)

Ask yourself:

1. Who are your clients? Know your target client/market in terms of their age (generation) and preferences. Define your present clientele and project what this will look like in one year and in five years. The easiest way to do this is to define your business by percentage of type (i.e. 35% Internet, 20% First-Time Buyers, 20% Referral, 25% Sphere of Influence).
   
   
2. What do they want or expect? For each category, list their preferred style, buying habits and needs.
   
   
3. Where are you right now? (Or look at last year.) Review your present business to determine:
   1. What segments generated business?
   2. Where did you generate leads that didn’t turn into business?
   3. What percentage of your business comes from buyers? Sellers?
   4. What choices are you giving consumers in regards to services? Commissions?
      
      
4. Where can you learn to increase your business?
   1. What objections are you hearing on listing appointments? Are you losing listings because of these objections?
   2. What new services can you offer and what would you charge? Look at each of your business segments (Internet, SOI, first-timers) and identify the services that are most wanted or important.

Most agents have found something interesting: While the clients call or are attracted to the agent because of the choice they have in how to work with them, over 80% will still choose full service in the traditional way. So while consumers like having a choice, an agent who has done their work in showing the value of all of the different marketing tools they use will create a compelling reason to choose them.

It should also be noted that about 15% of consumers make their choice on price and price alone. These clients are often higher maintenance and less respectful of what you do. These are the ones that will take an inordinate amount of time and energy. So we should be cheering for the fact they have models that fit their wants. And…if their homes don’t sell with a limited service model, because you have stood your ground with how you do business and the choices that involves, they may come back and give you the respect you deserve. “You want to be the first love, second wife and third REALTOR®!”

These are demanding times, and this is the new NORMAL. So even if your skills were honed and served you well in past years, to be successful in the coming years requires you to make some adjustments and reconnect with the needs of today’s (and tomorrow’s) sellers!

As chief evolution officer of Advantage Solutions Group, Joeann loves igniting joy, creativity and love in the people she connects with through coaching and speaking! Joeann’s coaching practice is focused on helping people design and live lives they love while maximizing their business results. She teaches GRI, PMN and SRS designation classes as well as being a certified e-PRO trainer. She makes technology understandable and fun in her training classes, webinars and coaching programs. Recently, she has been recognized as  one of the Top 25 Most Influential Women in Real Estate 2008 by Stefan Swanepoel and Real Estate’s Top 10 Woman Bloggers by Sellsius. Joeann’s mantra is, “Life is too short to perfect your weaknesses.”

 
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