This is something that I have been thinking about for a while, but haven’t found the right ‘story’ to wrap into our ‘Best Fruit Theory’. Have you ever noticed the meticulous effort that people take when picking out fruit at the grocery store?
They look with their eyes; they evaluate ever angle of the fruit to make sure it is just right. Some people, they smell fruit. Some, I see knocking on fruit to listen to determine which is the best. Others, they like to feel and squeeze the fruit. It is amazing the meticulous effort by which people take in picking out fruit at the grocery store.
I do the same thing at the store, but then each morning when making breakfast I almost always have strawberries. Each morning I look at the strawberries and pick out the best 3-4. Then the next morning, same thing. Pick out the best 3-4. I repeat this process until there are no good strawberries left.
Think about this… The strawberries that are not good enough one day to get chosen as ‘the ones’ are good enough the next day to get chosen.
Why? Because of their competition.
This makes me think of our recent client Mr. Bhatti. I started a relationship with Mr. Bhatti over the phone when he reached out to me. He expressed his displeasure with the agent he was working with. No offers, very little activity and no feedback. (Mr. Bhatti was smart enough to now know that he had to make his fruit… I mean his house… look appealing to others on the market). I set up a meeting with Theresa, my interior designer, to go over why the home needed to be scientifically staged. Setting him apart from their competition is a crucial process to getting maximum value. Mr. Bhatti’s previous realtor didn’t see the value in having an interior designer, she didn’t have a documented Approach, she didn’t have a game-plan for success.
Mr. Bhatti had his property listed for $415,000. They had a few showings but no offers. The agent was not proactive in getting feedback and keeping in contact with them. That is the NUMBER 1 issue that I hear from clients and potential clients is lack of communication. After six months on the market they became frustrated as to why no one liked their home.
Meeting Is Scheduled
I met with Mr. Bhatti on a Tuesday evening. There was an immediate bond and understanding towards one another. He is a GREAT guy who had been given bad information. He was open to ideas… to our Documented Approach… I gave him a copy of our book before meeting with him, he LOVED how the process was laid out.
However, his agent wouldn’t let them out of his contract even though he was extremely unhappy. This is what ‘other’ agents do. They get their claws in you and let you go, you are taken hostage. Agents don’t care about their clients best interest…ONLY theirs. Finally, they received an offer SIGNIFICANTLY lower than their list price of $415,000.
So Mr. Bhatti let their listing expire and took it off for the winter. When we met in February, to discuss selling I’m thinking about our ‘Best Fruit Theory’. At $415k and then a price drop to $395k their buyer are one’s that probably only have a budget of $400k and their house is at the top of the market, so yes, they are being compared to lower priced homes, but at the TOP of someone’s budget they go through the house and nitpick everything.
After looking at their entire picture. We bring Theresa back in to Scientifically Stage. We give Mr. Bhatti a checklist to properly prepare their home (each client gets a customized game plan). Then we start thinking about pricing. We suggest starting above $400k. The reason ‘Best Fruit Theory.’ If we get them over $400k, then their buyer is probably looking $400-$450k. And being at the lower end of that market, they will stand out as GOOD VALUE. They will be the best fruit in their new price range.
Guess what? It worked. We secured a GREAT contract. $30,000 higher than they were previously offered… and in just 7 days!
So… Option A– No game plan. No Documented Approach. No Communication. 145 days on the market and 1 low ball offer
Option B– Documented Approach. Customized Game plan. Constant Communication. Unique – ‘Best Fruit Available Theory.’ 15 days on the market. GREAT Offer.
Choosing a Company to work with YOU could also use the Best Fruit Theory. Do your research. Touch. Feel. Smell. Do they have a ‘Documented Approach’ ie: a book like C. Steven Weirich’s The Value Driven Approach to Sell Real Estate to which they live by? If not, you get Option A.
Choose wisely my friends.