“89% of buyers purchased their home through a real estate agent or broker,” according to the 2012 Profile of Buyers and Sellers, a study conducted by The National Association of Realtors (NAR).
This necessitates selling the property not only to buyers but also to their real estate sales people first. Gaining the cooperation of the real estate community and buyers starts with competitive pricing of the home based on location, condition, amenities and market conditions.
To support and encourage the cooperation of buyers and their representatives, sellers and listing agents do the following:
- To attract more showings, they make the property accessible and easy to show,
- Have information about the property readily available, and
- Agree on the compensation to buyer reps to cultivate their cooperation in promoting the property.
Where does Cooperation Start?
First and foremost the seller understands that they are forming a partnership with their sales rep that requires mutual cooperation. Both have a role to play in marketing and working toward a successful sale. The following are some key seller responsibilities.
- As mentioned, price the home competitively with the salesperson’s assistance,
- Maintain the home in “show-ready” condition during the marketing period and right up to moving day as the buyer will want a final inspection just before closing.
- Make the property available for showings during reasonable hours and provide easy access. A lockbox can serve as a good solution.
- Leave the property during showings as buyers tend to feel more comfortable without the seller or their pets present.
- Promote the listing to friends, family and co-workers and notify the listing salesperson of any interest. In the listing agreement, the Seller agrees to advise the listing brokerage of all enquiries from any sourcewhatsoever. This includes anyone approaching the Seller directly.
- Notify the listing sales rep of any beneficial or unfavorable changes that may affect the property. A new furnace or roof might have been installed. Adversely, changes might include financing issues or a deficiency notice.
- Agree not to discuss price or offer terms directly with a buyer or co-op agent as this can negatively affect negotiations.
Lastly, MLS is a great cooperative marketing system. The spirit of cooperation is required, however, for it to work successfully for all ⇨ sellers, buyers and salespeople.