A Buyer Is Born
How long will it take you to find a buyer? This is one of the most common questions asked by sellers these days. And yet it's one of the most difficult questions to answer. In order to appreciate why it's so difficult to answer, one needs to appreciate where buyers come from and how the buying decision is made. A listing of mine once sold within 12 days of listing date. Needless to say, that was very exciting considering that the average market time in the neighborhood was 67 days. Not every property is a hot property! The interesting question is: Had we not sold it to this one specific party, how long would it have taken before the next buyer came along? Would the wait have been two weeks or six months? Would the price have been more, or would it have been less? Would more open houses have lessened the wait time? Would a better social media campaign have made the difference? Would a targeted financial demographic e-blast have been the answer? Would print media in a national magazine have brought the right buyer? Truth be told, there is no answer. Every listing is different. Sometimes if the property appeals to a very specific buyer, it can just take time, and sometimes there may be six buyers ready to pull the trigger even before a Sunday open house.
Visualize a buyer being born. The birth process might, for example, take a total of 11 months. In one specific case, it began with our buyers selecting a neighborhood that they really fell in love with. Expecting to be able to buy quickly, just as soon as they were able to sell their existing home, they promptly listed their Hollywood Hills home. Within the six-month listing period, they had not received a single offer. Not discouraged, they signed up again. With no sign of a buyer after another four months, our clients began shifting their plans to just calling it quits and adding on another room. Suddenly, just three weeks before the termination of their listing, a buyer showed up, qualified and able but insisting on closing the escrow in six weeks' time. Spellbound by the idea of receiving a reasonable offer, they accepted it with no other home secured. I was at the right place and the right time. My listing was bright, clean, freshly painted and priced to sell. My owner was educated and recognized the way in which this buyer was born. With very little negotiation, a meeting of the minds was reached, and the rest was happily ever after. The seller understood that his might be their only great opportunity until the next buyer was born, and that when that might happen is often out of everyone's control.
Buyers who are out on the street just casually looking with no motivation may be looking for the impossible, and heaven knows what it might take to get them to be serious. These days, a motivated seller needs to meet up with a motivated buyer and then make a transaction. If you are serious about selling, when that buyer who is ready to pay market value shows up, you need to be receptive and understand that the market has spoken.
For more information, please call Ron Wynn at 310-963-9944, or email him at Ron@RonWynn.com. To find out more about Ron and read his past columns, please visit the Creators Syndicate webpage at www.creators.com.
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