- More than 50 percent of Devin Doherty's listings come from referrals and repeat clients, which is key because his business is built on trust.
- To use an aggressive pricing strategy like Doherty's, you have to know that there are enough buyers in the area who are interested in that specific type of property.
- Doherty only allows six to 10 buyers in an open house at a time with others waiting in line for their turn.
Could you use a real estate strategy to help you sell listings faster for more money? When it comes to selling real estate listings faster and getting sellers a higher sales price at closing, Devin Doherty is definitely an expert.
And lucky for listeners, Doherty went into detail on exactly how you can take his strategy and sell your listings faster for more money.
Let’s take a look at how he does it:
Sell listings faster with repeat clients and referrals
During his real estate podcast interview, Doherty told Hiban one of the keys to his success was that more than 50 percent of his listings come from referrals and repeat clients. Why is the vital to his listing strategy?
Well, it all starts with trust. Because Doherty uses a strategy to sell listings that is different than most other agents and one which requires sellers to be willing to take some risk, there needs to be a high level of trust.
Aggressive pricing strategy to sell listings for more money
Doherty starts the buying frenzy with an aggressive pricing strategy for listings. This strategy requires clients to accept risk for a big reward. To best explain how this works, he shared the following example from a recent sale.
For this listing client, Doherty and his seller came to an agreement to list the home around $100,000 below market price.
Doing so, created a bidding war that quickly brought in over 60 offers. This drove the price up $70,000 over what the client was expecting when first meeting with Doherty on the listing appointment.
Here’s a look at the numbers: The home listed for $429,000 with a seller sales price goal of $480,000 to $500,000 and the final selling price was $550,000 to cash buyer.
Know your local real estate market to sell listings faster
Not every local market is set up with the right conditions to use the aggressive listing price strategy shared above. Within each local market, present conditions and even the house you are listing must fit certain criteria to work with this strategy.
For example, you must know there are enough buyers in the market from the prior 30 days, and there must be a pool of buyers interested in the specific property type.
Make sure to listen to Doherty’s real estate podcast interview with Hiban for more details on how to make sure you can use this aggressive pricing strategy for selling your listings.
Other steps to sell listings faster for more money
Along with his aggressive listing price strategy, Doherty also uses other tactics to create a buyer frenzy and drive up the sales price on listings. One of these is his open house strategy.
His sellers’ open houses have limited hours to create a sense of scarcity and a frenzy of activity. He only allows six to 10 buyers in at a time with others waiting in line for their turn. He places a whiteboard outside the home explaining the process and uses a software to sign buyers in (those who won’t sign in aren’t allowed in).
As mentioned above, the key to success is building trust with your sellers. There must also be plenty of communication with buyers and their agents to explain the auction-type atmosphere that ensues.
We’ve really only touched on the tip of this listing strategy. Listen to Devin Doherty’s podcast interview here to hear how to sell listings faster for more money in complete detail.
Pat Hiban is the author of NYT best selling book “6 steps to 7 figures – A Real Estate Professional’s Guide to Building Wealth and Creating Your Destiny” and the host of Pat Hiban Interviews Real Estate Rockstars an Agent to Agent Real Estate Radio Podcast with Hiban Digital in Baltimore, Maryland. Follow him onInstagram or Twitter.