5_real_estate_shortfalls

5 Real Estate Shortfalls and how to Avoid Them

Any real estate agent will tell you that time is money. And mistakes can be costly. By avoiding shortfalls, such as an unimpressive pricing presentation or inadequate marketing strategy, agents can significantly increase their chances of kicking that ball across the goal line.

Here’s how to easily avoid those shortfalls with simple tips and tools from Realtors Property Resource® (RPR®).

1 | Not … having your pricing game down.

Shortfall: Coming in with a list price above value, while it may be attractive to the client, may lead to a stale listing in the end. Coming in below fair market value, on the other hand, might not be enticing enough to land the listing.

Solution: Hit the bull’s eye on perfect pricing with RPR’s comp analysis tool. This step-by-step wizard walks users through the process of validating basic facts about a subject property, selecting comps and adjusting those comps to yield a customized and flexible pricing strategy.

2 | Not … marketing your listing properly.

Shortfall: Online ads, photos, postcards … oh my! Today’s buyer starts online, and depending on the agent’s marketing effort, will then visit an open house or reach out to the agent.

Solution: Get a jumpstart on your marketing with RPR’s One-page Property Flyer. This simple, comprehensive one-page flyer is perfect for direct mailers and posting around your geographic farming area. Also, don’t forget to incorporate market data from RPR into your postcards and other marketing pieces. When you’re ready for your open house, the Mini Property Report and Neighborhood Report make the perfect prospect takeaways.

3 | Not … acting on that FSBO down the street.

Shortfall: You’re on a showing with a buyer who spots a FSBO in a highly desirable neighborhood. Naturally, they want to know more, yet without listing information, you have little to offer.

Solution: RPR Mobile™ leverages the power of your smartphone or tablet with the strength of RPR. By downloading the free app, you can instantly view nearby properties; and get listings, owner info, sales, valuations, tax, mortgage, school stats and market trends. So, while “at the curb,” simply activate your RPR app. Your GPS will instantly pinpoint where you are and all you have to do is select and view the FSBO property to get the information that your client is looking for.

4 | Not … making minor repair recommendations to your client.

Shortfall: First impressions count. If a property has a loose banister or debris in the front yard, potential buyers will notice, likely making it more difficult to find a buyer.

Solution: At the time of your listing appointment, make sure to offer recommendations for small repairs or home upgrade jobs that the homeowners can do with your consultation. Staging the home is a critical part of the job, and could result in a higher valuation for your clients.

5 | Not … preparing your clients.

Shortfall: Your clients just had their kitchen remodeled, including having custom appliances installed that they plan to take when they move. By keeping the kitchen as is, potential buyers may end up loving all of the enhancements as much as your sellers; becoming a point of contention for a seemingly easy transaction.

Solution: Have your seller replace new appliances with generic ones that can be sold with the home. This way, buyers won’t become attached and use these fixtures as leverage during the home selling process.

And there you have it. Did we miss something? Let us know down in the comments section.

Just getting started with RPR? Make sure you check out our Grow as you go series on the blog.

11 replies
    • Aaron Flatt
      Aaron Flatt says:

      Hi Ronnie,

      Great question, it really depends on the MLS if the AWC listings are mapped to appear as on or off market, and active or pending. For Realtor Association of Sarasota and Manatee, their Active with Contract listings are mapped to an active status. So when viewing those listings they will display For Sale, then with grey text next to the flag ‘Active With Contract’. Hope this helps.

      Thanks,
      Aaron

      Reply
  1. f
    f says:

    My older sister is about to become a real estate agent and so I am sure that these five shortfalls are going to be things that she will want to avoid, especially the one about marketing. However, I’m not too sure how an online ad could be a pitfall. Could something really be a pitfall if it is online and where the buyers are?

    Reply
    • Aaron Flatt
      Aaron Flatt says:

      Hi there,

      How exciting for your older sister! We wish her all the best as she gets started in her new career as a real estate agent. To get to your question, while it’s not a complete pitfall to use online advertising, we are simply suggesting to take advantage of and to include RPR’s market data with the advertising to build credibility and to stand out in the market.

      Hope this helps, let us know if you or your sister have any questions about RPR as she gets started. We’re here 24/7 at (877) 977-7576.

      Thanks,
      Aaron

      Reply
  2. Jackie Oliver
    Jackie Oliver says:

    My husband and I are moving so that I can go get my masters degree. We need to sell our home, and we want to make sure we do it correctly from the beginning. I’ll be sure to clean up my house and yard, and make sure there isn’t any sort of debris or mess laying around. I really think that will help give a good first impression on our house to a potential buyer/

    Reply
  3. jresquival
    jresquival says:

    I didn’t think higher prices attracted potential buyers. I’ll have to keep that in mind if I ever need to sell. I guess the higher price makes the house look more valuable.

    Reply
  4. john Mahoney
    john Mahoney says:

    I agree that replacing appliances with generic ones before the house is put on the market can help solving any potential problems. I can understand how people would look at the appliances you have taken pictures of and think that they will get them as they buy your house. It is important to make sure that potential buyers know what they are getting and not have any mistakes that could ruin the deal. I will make sure to start this before I put my house on the market. Thank you for the advice.

    Reply
  5. Luke Smith
    Luke Smith says:

    I never would have thought of the possibility of a beautifully remodeled kitchen ending up being a point of contention in a transaction, so I can see how important it would be for a real estate agent to think of things like that for their clients. As the adviser with experience in selling and buying homes, I feel like a good agent would be able to spot and trouble shoot any potential issue like this before it becomes a fully fledged issue. Foresight like that is definitely a quality I would look for in a real estate agent.

    Reply
  6. Burt Silver
    Burt Silver says:

    Thanks for mentioning that suggesting minor repairs to your client is an important part of being a real estate agent. My wife and I have been looking for an agent to help us sell our home. We have had a hard time finding one. These qualities seem like they would be really beneficial for a real estate agent to have. We will look for them.

    Reply

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