As the real estate market shifts from a hot seller's market to a neutral or buyer's market, creating urgency becomes essential for agents looking to close deals. However, how do you develop a sense of urgency when there isn't any real urgency? One strategy is to delay and stack showings, which can create a false sense of urgency. Here's how it works:
Let's say you put a home on the market on Thursday or Friday. In the agent remarks, you might say "no showings until next Friday afternoon" or "no showings until the following Monday," effectively delaying showings by seven to 10 days. However, you can also add a caveat: "If you have a relocation buyer or someone looking to buy a home in the next couple of days, reach out to me. I might be able to get you in the home."
Recently, a $1.7 million home was put on the market in the Midwest, and the same strategy was employed. No showings were allowed until the following Friday afternoon, but if a relocation buyer or someone looking to buy a home in the next couple of days came along, they would be granted access. The result? Two showings were booked before the official showing date, leading to more interest and potentially higher offers. A home in this price point may have received 2 showing requests in the first month.
Another way to create urgency is through open houses. Recently, an average-priced property was sold by hosting an open house that attracted over 20 people, resulting in three offers above the asking price. By setting a new record sale price of $329 per square foot, this strategy proved to be effective in creating urgency among potential buyers.
The key takeaway here is that delaying and/or stacking showings and hosting open houses are just a couple of ways to create a sense of urgency in real estate. By employing these strategies, agents can generate more interest in their properties, potentially leading to higher offers and quicker sales.
Remember, if you have any questions about creating urgency or the business of real estate in general, please feel free to reach out to me by phone or email. I would be happy to help you.