The “Incentive Trick” for Selling Your Homes In a Jiffy

At this time last year, 46% of sellers were offering some kind of incentive to buyers to encourage them to make an offer on their house over the competition.

Now, those incentives could have been anything from closing costs, down payment assistance, home warranties, pre-paying for services. There were lots of different incentives that could have been thrown into the mix.

But this year that number has dropped down to 26%. But this is still a very high number.

And you can describe this to sellers like this: 

"Hey, listen, it might be kind of surprising, but about one out of every four of sellers that we're competing with in the marketplace is actually offering an incentive to the buyer to encourage them to make an offer on their home. So it's something for us to consider. We got a great price, but maybe that would make our home stand out just a little bit more is thinking about an incentive.

Let me describe what could mean:

It could be in closing costs, down payment assistance, home warranties, and we go through the list of those things."

Now let me give you one more incentive that people often don't think of when it comes to encouraging more offers:

Increasing the buying side commission to incentivize not just the buyers, but the REALTORS to come out and show these homes more frequently.

When you do a commission survey around the new listing you're about to take. That's us going a half mile or a mile around the listing, looking at all the properties that have sold. Looking specifically at what commissions were being offered a buyer's agents, and then presenting that information to the seller. We might be able to say:

"Hey, listen: Of the 10 properties that have sold most recently around your home, eight of them offered a 2.75% commissions, a couple of 3% commissions and a couple offered 2.5% commissions.

One way we can incentivize more showings and get you to the top of the list is maybe considering going into the higher end of that spectrum. It's your call. I just want to present to you what's happening in the marketplace."

Consider that as a part of your overall strategy. See what works for you.

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