Monthly Archives: February 2019

Interpreting Buyer Feedback From Showings

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The first thing a seller wants to know is the feedback from the buyer after a showing.  Some sellers are patient, and others want it 5 minutes after the showing concludes.  We’d like to share some thoughts for sellers on interpreting buyer feedback from showings in hopes of explaining the process, so it makes better sense to sellers.

Interpreting Buyer Feedback From Showings

First, to all the agents showing properties out there, please provide feedback to the listing agent.  Sellers always want to know.  We know you are busy, and you might be showing 10 homes, so it’s hard to get back to each listing agent.  That’s why we make it easy for buyer agents to respond.

The Ellis Team uses a showing service to setup all showing appointments.  After the appointment has concluded, it emails each showing agent and asks them for feedback.  Here is an example of one of our surveys.  It is survey 7.

Interpreting Buyer Feedback From Showings
Buyer Feedback Survey

Showing Feedback Reports

These showing feedback reports get sent directly to our sellers.  Obviously, the best feed back is an offer.  We used to ask what the agent/buyer’s opinion was of the price.  Obviously, if they’re not making an offer, they didn’t like the price.  When a home is priced in a buyer’s wheelhouse, offers generally occur.  When the buyer feels a home is over-priced, they move on to better value homes.  There is no better feedback than the presence or absence of offers.

We no longer ask the buyer or agent’s opinion.  Many times, they would respond it is priced correctly, but no offer would come.  Perhaps they didn’t want to offend the seller.  Or they didn’t feel it was their job to educate the seller on pricing.  Either way, there was no offer, and the seller was left wondering.

One of the things a seller can appreciate is the buyer’s perception of the condition of the property.  Sometimes buyers will object to flooring, or the appliances, or maybe even the choice of paint colors.  If a seller sees a pattern developing, perhaps a change to the property is in order.  If I’s not something the sellers is prepared to tackle, a price change may be in order.

Showings are Like Dates

A home showing is a lot like a date.  The seller wants to know how it went, and if they were liked.  Sometimes the buyer will be honest and tell the seller, and sometimes they don’t want to hurt their feelings, so they stay silent.  Obviously, if you went on 10 dates and everybody objected to your haircut, you’d consider doing something different with your hair. Therefore, as agents we try to obtain feedback from the agent so the seller can assess the situation.  Surely the guy with the bad haircut would rather know why he’s being rejected rather than repeating the date over and over again like the movie Groundhog Day.

The Ellis Team has a form we share with our sellers.  It’s called Interpreting Feedback.  We have a list of the top 10 things buyers say about homes and explain what they really mean.  Do you think men and women hear things the same way?  When a man and woman are having a heated discussion and the woman answers, that’s fine, he might be in trouble.  And yet, he may have heard, that’s fine, she agrees with my position, and the argument is over.  He’ll find out later if it really was fine.

Similarly, when a buyer says, “They liked the house but bought another.”  What they really meant was “They found another home that was a better value or fit.”   When you learn the language of real estate, decisions become much easier.  It’s taken us over 4,000 successful transactions in Lee County to learn this language, and we’re ready to share it with you.

Shifting Market

In a shifting market, sellers and buyers need to learn to communicate better with each other.  Buyers want to buy, and sellers want to sell, and each side has fears about the process.  An experienced agent can make all the difference interpreting what the other is saying and help you to a successful closing.

Always call the Ellis Team at Keller Williams Realty. 239-489-4042  Ask for Sande for Brett Ext 4 if you’d like to sell.  Please visit www.LeeCountyOnline.com to search the MLS like a pro.  It’s Free, and you’ll love it.

Welcome to the Southwest Florida Real Estate Opera

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The past few weeks we’ve talked about rising inventory and a shifting real estate market.  Are you ready for some good news? The SW Florida real estate market is in full swing this season.  We still have rising inventory levels.  New listings are outpacing new pending sales this past week, but we see signs of encouragement.  Welcome to the Southwest Florida real estate opera.

Season is like an opera with several acts and a crescendo near the end.  Season builds.  The first act is the arrival of the listings.  Then comes the showings in the second act, followed by new pending sales in act 3, and lastly the closings in act 4.  We’re in act 2 right now, and we’re seeing great activity.

Showings are Up

Southwest Florida Real Estate Opera

We pull up showing reports for the MLS to compare how our listings are doing against all activity in certain price ranges.  If one of our listings is receiving less activity than the average, we know the market may be rejecting the price and it’s time for an adjustment.  The average showings per listing in February is 2 in the $195,000-$445,000 price range.  We can adjust the report by zip code and price.  So if we have a $300,000 home in the 33919 zip code, we can run a showing report for that zip code and the $275,000-$325,000 range and see how we’re doing.

When inventory is increasing it’s important to size up your competition, so you don’t get left further behind.  In addition to proper pricing, aggressive marketing becomes more important than ever as well.

The good news is act 2 is a good one.  Showings are up 100% versus the end of the year and about 50% since the beginning of the year.  Lookers are here and they’re interested.

Ellis Team Website Visitors by State

Ellis Team Website Statistics Visitors by State February 2019

Analyzing our website statistics confirms this as well.  We’re getting a lot of visitors from New York, Illinois, Ohio, and Michigan.  It’s no small coincidence that high tax states have visitors moving to Florida, and our website reaches them well.  The cold weather up North doesn’t hurt either.

So, what does it take to get lookers off the fence and convert them to purchasing?  This is where seasoned pros come in.  Obviously, a looker must have some interest.  Chances are they’ve been thinking about this awhile, perhaps years.  A good agent paints the picture for them.  People don’t change until the pain of remaining the same is greater than the pain of change.  That’s a mouthful, but it’s true.

People get tired of high taxes, cold winters, and dark grey skies.  They’re depressing, and Florida is always fun!  It’s warm, bright, sunny, and cheery.  It’s hard to not have a good time while playing golf, enjoying the beaches, and a cocktail at sunset in your shorts.

Drunk Monkey

Then that drunk monkey sets in.  The drunk monkey is that alter-ego that sits on your shoulder and tells you why you can’t do something.  We can’t leave the family behind.  All our friends are up North.  What about the grand kids?  The list goes on, and year after year they take no action, yet resent that they’re not living the good life like some of their friends.

Those that take action find a way.  Perhaps they purchase and live here seasonally.  Many times, the family follows them down. And if they have a spare bedroom, they might see their friends down in Florida more than they do up North.  This is so true that quite often people downsize after several years so they lose those spare bedrooms.

Whatever the case, a seasoned agent can help a looker through the pros and cons of purchasing.  We’ve seen and heard a lot, and buyers take comfort in finding out how others before them made their dream a reality.

If you’re thinking of living the Florida dream, always call the Ellis Team at Keller Williams Realty. 239-489-4042  If you’d like to search for your slice of paradise, check out www.LeeCountyOnline.com  And if you’re considering selling, call us and ask for Sande or Brett Ellis Ext 4.

Ellis Team Weekend Open Houses

Saturday 12-3 PM

17673 Acacia Dr

3809 26th St SW

Sunday 12-3 PM

13076 Sail Away St

13 High Point Cir N #302

908 SE 21st PL

Southwest Florida Real Estate Inventory Rises in January 2019

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Last week we reported early signs point to a Southwest Florida real estate market shift.  The article went on to state that we’re noticing changes in the market, but nothing alarming.  It’s not alarming because real estate markets are constantly in a state of change. Southwest Florida real estate inventory rises in January.

7 Day Market Watch 2-1-19 Southwest Florida Real Estate Inventory Rises in January

One definition of a balanced market is 5.5 months’ supply of inventory.  We’ve seen others that state 6-7 months is the standard.  If we go with the Florida Realtors standard of 5.5 months, then officially we just transitioned over to a buyer’s market, but just barely.  Last month in December we had a 5.43-month supply.  In January it stands at 5.98 months.

Southwest Florida Real Estate Inventory Rises in January Months Supply of Inventory

Lee County available listings shot up to 6,542 in January, up from 6,004 in December.  That’s a 9% rise in just one month.  That’s typical in January as more people put their homes on the market in January than December.  The difference this year is that more people than usual also put their home on the market in November and December.

Home sales are picking back up again.  This past week the Ellis Team put 4 of our homes under contract in one day.  In fact, 314 homes went under contract this past week in the MLS.  We tell people sales usually pick up after the middle of January, and they have.

If 5.5 months supply of homes is the cut-off between a buyer’s market and a seller’s market, we’d say we’re fairly balanced at 5.98 months.  However, the market is moving and if you’re selling a home you need to know the trend.  This trend could change back again by end of season as homes start flying off the shelves and new listings taper off.

In any event, hiring a real estate professional who understands the market, and brings significant experience in all kinds of markets is critical.  You don’t want to hire an agent to sell your home who has never experienced a shifting market.  This is the quickest way to becoming an expired listing, and the process isn’t quick.  Why wait to sell your home when you could have just sold it correctly the first time?

We don’t have a bubble market like we did back in 2006.  If we did though, you sure wouldn’t want to hire the wrong agent and get caught chasing the market down.  There’s an old adage that says, “If you don’t have the time to do it right the first time, when in the world are you going to find the time to do it right the next time?”

There’s another adage that says, “If you think hiring a professional is expensive, just wait until you hire an amateur!”   Most people want to hire the least expensive agent they think they can get away with.  The thinking goes, if I pay less, I’ll probably net more in my pocket at closing.  That stands to reason, except for the fact that it isn’t true.  Sometimes you get what you pay for, and in some cases, you get much more than you pay for.

The Ellis Team at Keller Williams Realty has a history of selling homes faster and for More Money! The agent you select really makes a difference.  We hope you find our market updates informative. We believe knowing the market is helpful to make the best financial decisions for you and your family.  Knowing that your agent cares about you, knows what’s important to you, and knows how to get you there is key as well.

If you’d like to chat about selling your home, always call Brett or Sande Ellis 239-489-4042 Ext 4 Get your home’s value for Free at www.SWFLhomevalues.com If you’re looking to buy, you can call us too, or feel free to search the MLS like a pro at www.LeeCountyOnline.com

Good luck and Happy Selling!

Ellis Team Weekend Open Houses

Open Houses Saturday 12-3 PM

15212 Palm Isle Dr    Parker Lakes

17673 Acacia Dr         Sabal Springs Golf and Racquet Club

Open Houses Sunday 12-3 PM

1742 Ardmore Rd                     Edison park Historic District

9291 Central Park Dr #104    South Fort Myers Condo

 

Ellis Team Featured Property of the Week