In a buyer’s market, if you miss the target, not only will the house not sell, the seller will get angry and frustrated, the agent will feel helpless and worthless, and the home will lose value daily. Even in a buyer’s market, with average 75 days on the market, if a home hasn’t sold in the first 21 days, the seller has lost their “honeymoon period.” That is the time where the limited number of buyers that are out there, looking for the right home at the right price, would have bought the house if it was priced right. After 21 days, the house loses the “new kid on the block” advantage.
During the first 21 days, and throughout the listing period, keep the seller informed of the market. Do a new CMA every 7-10 days. Be the first to call the seller when a new listing comes on the market around the corner, or when a property goes into escrow or closes escrow. Give the seller copies of news articles about the real estate market, keep them informed. Give copies of all of your marketing materials to the seller so they know what you are doing to sell their home.
