Why 7 Out of 10 Sellers Won’t Take Your Advice & How to Change Their Mind
If you have been paying any attention to what is happening in the real estate market right now, you know that buyers do not want to buy a house that is in need of repairs or updates. In fact, our recent survey found that 77% of buyers won’t even consider a home that isn’t move-in ready.1 While this stat may be obvious to you, not every seller is privy to this information. Even if they are, they may not be willing to accept it.
Getting into the Seller’s Mentality
A house needing repairs or major updates is a big red flag for buyers, but many sellers are unaware of this fact. A lot of sellers are still in the mindset of the red-hot days of the pandemic. They believe they can sell their house as-is and still get it off the market quickly and for a high price. While this may have been the case a few years ago, you know that fixer-uppers are not flying off the market anymore. Making repairs at a minimum is now a requirement.
Even when you educate your sellers on the current state of the market and advise them on the necessity of fixing up their home before it is listed, not every seller is ready to listen to you. According to our survey, 90% of sellers don’t want to spend the time, money, and stress on home updates. That is a lot of factors keeping your clients from taking your advice. But which one is the biggest hang-up for them and how can you ease their fears to get them on board?
Their Biggest Hesitation
While it may be a combination of several factors, the biggest hesitation that is holding your clients back from making pre-sale repairs may be money. According to our survey, 69% of sellers said they do not want to front the money for home repairs before putting their home on the market.1 It is hard to blame them either. Depending on the work that is needed, these repairs could cost several thousand dollars to complete. A lot of the time, this high price tag is money that sellers simply do not have.
Besides not having the money to make these updates, many sellers also think that pre-sale repairs are counterintuitive. In some cases, they may have been putting off some of these repairs for several years. Considering they are about to sell, they don’t want to start the work now and never get to reap the rewards of the finished project. Consequently, getting your sellers to make pre-listing home repairs and helping them see the benefits of these repairs can be an uphill battle. Fortunately, we may be able to help you convince them.
How to Change Their Mind
When you are trying to get a listing off the market, you are often thinking about what the buyers are looking for in a house, but do not forget about sellers and what they are thinking. Before you can sell a modern and updated move-in ready home, you need to sell your clients on the idea of making repairs first.
The easiest way to get them on board is to offer them a solution that speaks to their hesitations. Since upfront cost is a major hurdle, you will want to take this out of the equation first. We can help. Our pay-at-closing price model eliminates the need for upfront payments and makes these home improvement projects more accessible to more sellers. We also manage the projects for them (and you), and we finish projects 50% faster than traditional general contractor work so stress and time are also no longer an issue.
On top of helping your clients get more money back, we can also help you and your business. As the agent’s number one contractor, we aim to make your life easier and to help your business grow. According to our findings, 77% of homeowners say they would choose an agent who offered a pay-at-closing solution. As a result, working with us could help you win listings and generate a steady stream of business. We also have a dedicated project manager for each listing, so you do not need to step in and oversee or coordinate any of the work. In the end, it is a win-win situation for you and your clients.
1. Curbio (2022). Preparing to Sell: 2022 Home Improvement Report