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Average Time to Sell a Home Reaches 10 Months

The average time of homes on the multiple listing system, waiting to be sold, has reached an all time high of 10.3 months says a new report. Of course that varies from region to region, but that has put thousands of homeowners in serious trouble.

Home sellers, especially those trying to sell their house themselves, are confused and don’t know what to do. These “For-Sale-By-Owners” are an important potential source of additional business for real estate agents, but only if they know how to approach them and address their concerns.

Here are some pointers taken from the Accredited Seller Representative (ASR) course that, based on the current market, seems to be one of the most appropriate and timely courses for agents to take.

There are several reasons why sellers choose to sell on their own. The predominant one is that they want to avoid paying a commission. Other reasons include a lack of equity which would restrict their ability to pay a commission. Often the seller doesn’t understand the intricacies of the transaction and feels that he/she can accomplish the tasks without assistance. Other times they may have decided to market their home for two or three weeks just to evaluate the market conditions. These are all opportunities if you know how to overcome objections and one of the surest ways is to accomplish that is to establish yourself as the market area specialist.

“Specialization’ requires much more than knowledge of effective prospecting. Specialization requires that you gain a higher level of knowledge such as: specific area demographics, school system, current listings, recent sales, FSBOs and knowledge of specific properties sold. Additionally, the “specialist” must know and understand the latest trends and techniques available to effectively position the seller’s property. For instance, full knowledge and understanding of the short sale process in today’s market is critical.
One of the most important characteristics of a market area specialist is detailed knowledge of the neighborhood. This includes:

• Neighborhood trends
• Personal knowledge of all listings and FSBOs in the neighborhood.
• Knowledge of not only the school district but the specific school.
• Not only average number of days on market but how it relates to the direct competition.
• First hand knowledge of all service facilities in the community.
• Ownership verses rental statistics for the neighborhood
• Average travel time.
• Age and composition of the community.
• SAT scores for the High School serving the property

Becoming a market area specialist doesn’t simply happen. Specialization in any field of endeavor requires commitment and perseverance. But just having this knowledge is not enough. As noted in the Accredited Seller Representative course, being able to effectively communicate that knowledge is critical. It’s far too common for the seller to comment that – “The last agent never kept us informed as to what if anything was being done to market our home.” Demonstrating effective communication in pursuit of the listing builds trust, and that trust is foundational to your success.

Becoming a specialist requires not only a higher level of knowledge but the ability to recognize and effectively implement the appropriate marketing approach that will achieve the individual seller’s objectives. The market area specialist identifies what works and then takes the implementation of these techniques to higher level of effectiveness.

To learn more about what it takes to become today’s market area specialist, explore the key to success … the Accredited Seller Representative (ASR) course now available online. For more information about this cutting edge course visit  this link.
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