Midori Is Asking...Seller's Please Answer!

By
Services for Real Estate Pros with Exit Beach Realty BK645709

 

How many times have you taken a listing for the seller to call you back to cancel you listing agreement

Or sit at the closing table waiting for the seller to show up and they never do? 

If either have happened, don't feel bad, I say "Welcome to Real Estate!"

(Boy, did I make mistakes early on in my career)  

Now let's take a step-back and review....

Seller + Prequalifying Questions = A saleable listing or Not!

As real estate professionals sometimes we are so hungry for listings, there are occassions we just take the listing and forget to ask the vital questions necessary to pre-qualify the seller. 

Yes just like a buyer, you should screen a seller. Even prequalifying a seller may not guarantee an easy time of it or a listing that will sell.  

Let's face it, increase your odds and ask those questions. 

If a seller does not have a need often times they are unrealistic. 

  • With pricing
  • With marketing
  • With You

Midori is asking.....seller's please answer.....

  • Is your property currently listed? 
  • What is your property address?
  • What do you think the property is worth?  How did you come up with that number?
  • Who is on title with you?
  • How long have you owned the property?
  • What features attracted you to the house?
  • When do you need to move by?
  • Why are you selling?
  • What are a few of the negatives about the property?  If any...
  • What happens if your house does not sell?
  • Have you sold a house before?  When?  Did you use a Realtor?
  • Are you relocating?  Where?  Would you like me to connect you with a Realtor in that area?
  • Do you have a mortgage? Balance?  2nd or equity line? Balance?  Are you current?  If not how many payments behind?
  • Any pre-payment penalties?
  • Are taxes and insurance included?  Flood Insurance?  Are you current?
  • Leins on the property?
  • Is there an HOA or Condo Association?  Any assessments?
  • What I would like to do is stop by your house, do a CMA, when would the best time to come by with all the decision makers present?
  • When I meet with you will you want to start marketing the property immediately?
  • What are you specifically looking for in an agent?
  • What are your expectations of an agent and your expectations of services?
  • Are you interviewing other agents?
  • Would you mind telling me who else you are interviewing?
  • If I answer all your questions to your satisfaction, would you want me to start marketing it immediately?
  • Is it possible to wait to make a decision before hiring an agent until you meet with you?
  • Will you be using an attorney to assist in the sale?
  • Is it possible to start rounding up documents such as POA, divorce decree, death certificate, Mortgage info, Title policy, Estate info? (if applicable)

 

One of the things about screening a seller, the more you ask, the more they will answer, it could evolve into another question that is not on the list. 

Keep that conversation flowing...listen...learn...Ask these questions...you decide...is the property marketable?

Will this seller have a chance to sell? 

Is the listing worth taking? 

Will I providing a true service if I take this listing and will all benefit? 

Now let's put it all together...and remember

 

Seller + Prequalifying Questions = A saleable listing or Not!

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Rainer
51,727
Diane Velikis
Coldwell & Banker Busch Real Estate - Luzerne, PA
Luzerne County Real Estate
Midori, There are many questions that I honestly would have never thought to ask! Thanks for sharing them!
Oct 06, 2007 01:49 PM #5
Rainmaker
399,769
Hugh Krone
Weichert Referral Associates - Hamburg, NJ
Realtor, Sussex County NJ

Midori,

 You  truly possess a wealth of valuable information. It is always relative to what we do on a daily basis.

  Thank you very much

Oct 06, 2007 01:55 PM #6
Rainmaker
1,025,780
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.
Excellent posting, Midori. I got over that take any listing attitude about year or so ago. Boy did waste a lot of time! We should always prequalify our sellers.....
Oct 06, 2007 02:09 PM #7
Ambassador
1,036,513
Celeste "SALLY" Cheeseman
Century 21 Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Another wonderful post for criteria ...this time for sellers...of course I bookmarked...thanks Midori!
Oct 06, 2007 02:31 PM #8
Rainmaker
1,091,448
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/REALTOR, Tutas Towne Realty, Inc
Very good Midori. I took 5 listings this week and turned down 2.  We have to decide whether or not we have a good chance of getting a property sold, if not, we have to politely turn them down. Taking a listing we can't sell for whatever reason is a huge disservice to the consumer and to us. Asking the right questions and getting the right answers before we list a property is imperative.  My sellers and I are a team. If we are not playing on the same field we will fail. It's simple.
Oct 06, 2007 02:35 PM #9
Ambassador
897,337
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Realtor - Ann Arbor Real Estate

Oh, I'm so glad you posted this. I have a listing coming up and the sellers are great. Already moved and I'm taking it over, they reduced 30K, taking a huge loss, but it is still going to a hard sale. Great house, but in a school district not as desirable as homes in that price range.

When home prices come down in districts that are exceptional, and buyers can afford to go there, they won't venture out because of a great house. Wish me luck, I'll post on it next week sometime. I do send out a questionairre before I meet with them and at least I know if they are bona-fide sellers. These people are.....

Oct 06, 2007 04:27 PM #10
Rainmaker
315,770
Monika McGillicuddy
Prudential Verani Realty/Hampstead - Hampstead, NH
Southern NH & the Seacoast Area
Bookmarked. Excellent seller tips Midori and very timely for me as I'm teaching a 4 day class in two weeks. Thank you!
Oct 06, 2007 05:06 PM #11
Rainer
75,169
Christopher Myers
Orlando Property Group at Keller Williams - Lake Mary, FL
Lake Mary & Orlando Real Estate, Central Florida,

Midori, what a great list!  I'll have to use it when training in my office.

My favorite question..."How did you come up with that number?"  It's so fun to hear their answers on this one!

Oct 06, 2007 05:34 PM #12
Rainer
26,389
Sharon Filbig
Prudential California Realty - Escondido, CA
San Diego County Real Estate

Nowadays you have to really scrutinize listings.  We've been burned in the past because we weren't stringent about prequalifying sellers and now we firmly believe in being choosy about listings.  Thanks for another great post.

Oct 06, 2007 07:43 PM #13
Rainer
31,278
Joy & Shane Goushaw
Sandals Realty - Fort Myers, FL

Midori - You nailed the questions!  Yes, we do need to pre-qualify our sellers just like our buyers.  Thanks for sharing your valuable list of questions.

 

Oct 06, 2007 08:57 PM #14
Rainer
274,098
Adam Waldman
Westcott Group Real Estate Company - Hauppauge, NY
Realtor - Long Island
MIDORI:  Not much to say, but Wow!  That is quite a comprehensive list of questions.  I agree about qualifying a seller.  In this market, it's too expensive to just take listings for the sake of having them.  If a homeowner isn't willing to price it right, then I will have to pass on it.  If it is within a comfortable distance to what I think, then it's worth doing as long as the other qualifications are met.  Gave this a 5!
Oct 07, 2007 02:12 AM #15
Rainmaker
593,229
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Fl Real Estate
You gotta ask those questions. I recently had a call to list a home.  The caller stated that she was making the arrangements for her sister.  When I researched the deed.  It was the call that owned the home not the sister. I don't understand why she was lying.  I got scared i was going to end up a prisoner in a closet or something and cancelled that appt.
Oct 07, 2007 12:49 PM #16
Rainer
66,907
Dionne Morgan
Realty World Solano Realty - Vallejo, CA
Broker REALTOR ,GRI, e-PRO
Questions are key to determining if or how it will be a mutually beneficial relationship.
Oct 07, 2007 08:31 PM #17
Rainmaker
459,209
Midori Miller
Exit Beach Realty - Daytona Beach, FL
Digital Marketing Director

Ernie-thank you....hope it is useful

Richard-You are right....it aint closed until it's closed with check in hand

Mana-Good....hope they help

Tom-I'd rather have my job anyday than yours!  No mortgages for me!

Diane-my pleasure....

Sally-enjoy and hope it helps

Oct 08, 2007 09:41 AM #18
Rainmaker
459,209
Midori Miller
Exit Beach Realty - Daytona Beach, FL
Digital Marketing Director

Hugh-Thank you for your kind words....thats why I love being the Daytona Real Estate Trainer......

Gary-I agree

Bryant-you said it best you and the sellers are a team!

Missy-lots of luck and hugs....going your way!

Monika-Quite flattering coming from you....yes I am a huge fan!

 

Oct 08, 2007 09:45 AM #19
Rainmaker
459,209
Midori Miller
Exit Beach Realty - Daytona Beach, FL
Digital Marketing Director

Christopher-Thank you...yes I have always been interested to find out their source of worth.....

Sharon-I agree sometimes we just have to walk away

Joy-You go girl!  Thank you...

Adam-Thank you...I agree

Oct 08, 2007 10:09 AM #20
Rainmaker
459,209
Midori Miller
Exit Beach Realty - Daytona Beach, FL
Digital Marketing Director

That is weird Chris but it doesn't suprise me!  I think sometimes people are afraid to admit they need help from anyone.  I think I might have reacted the same way and cancelled the appointment.

Dionne-You got it!

Oct 08, 2007 10:26 AM #21
Rainmaker
223,104
Maria Couto
RE/MAX Premier - Berkeley Heights, NJ
Realtor with "Results That "MOVE" You'
Midori, another great post, I've done a form of qualifying sellers for years. I do turn some down. The thing that never concerns me is my competition, I only  ask if they have agents that are coming in that are family friends or relatives. I've lost my share to agents that are friends of the family. Sellers just wanted a second opinion.
Oct 08, 2007 12:09 PM #22
Rainmaker
459,209
Midori Miller
Exit Beach Realty - Daytona Beach, FL
Digital Marketing Director
Maria-thank you..yes I do believe sometimes people use your info to let some other agent market or correct their incorrect pricing.
Oct 09, 2007 02:52 PM #23
Rainmaker
76,038
Natalie Langford
Realty Negotiations - Winchester, VA
Winchester, VA Real Estate
Ah ha, now I see the list!  (I commented just now on Do you give good phone).  If I hadn't been clicking and then clicking and clicking again to all your great blog posts, I would have seen it right away!  Thank you! 
Oct 13, 2007 07:01 PM #24
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