When you’re putting in the hours, hustling, prospecting, and creating leverage, timing can be the key to making everything “click” into place. How does this year look to someone who’s worked his way to the top of the business over 13 years? Ben Bacal shares what’s trending in 2019 and how to make it work in your favor.
Plenty of sellers
The overarching theme with the market this year? Everyone wants to sell. That means plenty of opportunities to get listings. However, Bacal cautions, there is a catch--many sellers are setting overly-ambitious prices. As an agent, that can be good or bad news. Here’s what you need to know to avoid regret over taking a listing...
Sometimes it’s better to be 2nd
When the list price is above what’s reasonable, consider passing on it, or trying to get it for a lower price--just avoid being the first agent to get the listing as-is. It might sound counter-intuitive, but this’ll actually save you from spending a bunch of time and effort on a listing--only to lose it to another agent, who’ll close the sale for a less.
This isn’t a rare occurrence according to Bacal--he’s lost several listings in this manner, by $500K-$1M. It’s better to invest your time and efforts where they’ll payoff. However, there is an upside to this scenario: being the second agent or getting those listings for a lower price to close the sale.
A few closing tips...
The little things add up. That’s become a common sentiment, and one that holds true when you’re negotiating the terms to broker the sale. Bacal shares two little things that have gone a long way in his experience.
The same terms, framed two different ways, can produce two different reactions. Bacal never communicates his percentage point as a flat 5%. Instead, he provides a breakdown, such as “2.5% to the sell side...”, or 4% for double-ending the sale. This tends to land more favorably with sellers and buyers when they hear straight 5%.
Especially for high-end listings, negotiating half- and quarter-percentage points can be highly effective toward closing the deal--that’s something Bacal learned from one of his mentors when starting out. Decreasing from 2.5% to 2% (or from 4% to 3.5% for double-ending the sale) can get past any stalling and hesitation to finalize the sale. If that sale will open doors for you, it’s worth trying out.
With all that in mind, 2019 is full of opportunity. Be strategic, prospect, generate leads, build rapport, and see how far you can go...
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