Who’s Your Competition? ‘Best Fruit Theory’
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 for the boyz they 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 clients Rob and Becca. They were referred to us from one of our business partners, Shari. Rob and Becca sought Shari out to help them stage their home in preparation in the summer of 2016. (They were smart enough to know that they had to make their fruit… I mean their house… look appealing to others on the market). When Shari met with them, they already had another Realtor that they were going to work with. Meeting with Shari was their idea, Not their Realtor’s. The Realtor didn’t see the value, she didn’t have a documented Approach, she didn’t have a game-plan for success.
Rob and Becca they listed their house at $199k. Had a bunch of showings. The agent was not proactive in getting feedback and keeping in contact with Rob and Becca. That is the NUMBER 1 issue that I hear from client and potential clients is lack of communication. They didn’t get an offer after a month or so on the market, so they suggested to the agent a reduction to $194k. The agent agreed. More showings. No communication. They became frustrated and asked around about getting a new agent.
Shari recommended our services.
I met with Rob and Becca. There was immediate bond and affection towards one another. They are GREAT people. They were open to ideas… to our Documented Approach… I gave them a copy of our book before meeting with them, they LOVED our Approach.
However, their agent wouldn’t let them out of their contract even though they were extremely unhappy. This is what ‘other’ agents do. They get their claws in you and won’t strap you down, hold you hostage. Agents don’t care about their clients best interest…ONLY theirs. Finally they received an offer SIGNIFICANTLY lower than their list price of $194k
So Rob and Becca let their listing expire and took it off for the winter. When we meet in February with them to discuss selling I’m thinking about our ‘Best Fruit Theory’. At $199k and then $194k their buyer are one’s that probably only have a budget of $200k 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 Shari back in to Scientifically Stage. We give Rob and Becca a checklist to properly prepare their home (each client gets a customized gameplan). Then we start thinking about pricing. We suggest starting above $200k. The reason ‘Best Fruit Theory.’ If we get them over $200k, then their buyer is probably looking $200-$250k. 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. $35,000 higher than they were previously offered… and in just 11 days!
So… Option A– No gameplan. No Documented Approach. No Communication. 154 days on the market and 1 low ball offer
Option B– Documented Approach. Customized Gameplan. Constant Communication. Unique – ‘Best Fruit Available Theory.’ 11 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 Impact Maryland Real Estate does, ‘The Psychological Approach to Sell Real Estate’ to which they live by? If not, you get Option A. Choose wisely my friend.