Everyone learns from their mistakes but hopefully you can learn from the one I made recently that led to me losing a $1.3 million listing.
I know I talk a lot about how I’ve been successful but I have made lots of mistakes and clearly still continue to make them… BUT, I’m always learning and failure is part of the business. The more business you do, the more business you’re going to lose.
I was communicating with this client and they told me that they were interested in listing their home and having me be their listing agent. I did what I always do, which is send them a property valuation report and my monthly market report and then I talked to them a couple of times on the phone.
Here is where I messed up, where I failed… I didn’t do a good job communicating with the client.
I gave them the value of their home relative to the price range that the home was fitting in, relative to asking price and selling price based on the market. But they perceived that as being my OPINION.
They responded by saying, “Thanks for your efforts but it seems like your perception of the value of our home and our perception of the value of our home are too far apart. We think you aren’t going to properly represent our home and so we’re going to move on to a different real estate agent.”
I was disappointed in myself that I had not communicated clearly that this is what the market was saying about their home. So that it isn’t perceived as my personal opinion or judgement.
Sellers can get very emotional relative to the value of their home and so you have to be very clear in communicating with them. Something I failed to do this particular time. I hope you will take this to heart and learn from it so you don’t lose any listings because of the way you are communicating the market value of a home.
The lesson is, it’s so important when you are going through this process to explain to the seller that this is the value of their home based on the market.
This is also another way of me emphasizing why a detailed property valuation report and market report are so important! Do a good job of creating this detailed property valuation report and market report so that you have facts to back you up, and explain your goal is to sell their home for the “highest possible price in the shortest amount of time” – this is what I normally tell every client but in this situation that was unclear.
To conclude, in your real estate business make sure you are communicating the market value of a home, instead of your opinion on the value of their home, so that this does not happen to you! I hope you will take this to heart and learn from my mistake.
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