If you have ever worked with our company when selling a home, you will already know that we continue to market homes under contract all the way up to the day that they close.
Do you want to why?
Why Realtors Market Homes Under Contract
We often get buyer calls and contacts for listings of homes under contract, and sometimes they get frustrated wondering why we are working so hard to promote a home that somebody is already in line to buy.
The short and simple answer is because I have pledged to do so on behalf of our sellers.
They have not hired my Tallahassee Real Estate Company to get their home under contract, they have hired us to get their home sold.
And at first blush you might think that I am splitting hairs, but data from the Tallahassee MLS supports the need for continuous, daily marketing of homes from the time they are listed until the time the new owners take control of the keys.
Only 36% Of Homes Under Contract Make It To Closing
It's hard to believe, but just over 1 in 3 homes under contract in the Tallahassee MLS actually make it to the closing table.
There are many reasons for the fallout, like the growth in the supply of short sales which create a terrible lag in the real estate closing process. But the reality is that our industry has always maintained a poor conversion rate for homes under contract.
Industry standards for training are very low, so many real estate agents are working with buyers who have no chance of closing. But that won't stop some of them from bringing you an offer on your home!
If you want to ensure that you have a great chance of closing your home under contract, make sure you work with an aggressive real estate company that is going to qualify every buyer offer that they present to you. Demand that they include a letter of qualification from a reputable, local lender too.
There is no way to guarantee that all homes under contract will make it to closing, but working with a seasoned, highly trained real estate agent is going to give you the best odds of succeeding.
Joe Manausa, MBA is a 27 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.