Chris Scullin (Lystr CEO) and Dinah — the first people to purchase real estate using Lystr. Photo: Lystr.
Selling your home is probably the biggest financial decision you’ll ever make, but it can be a complicated and scary process.
From pressure tactics to opaque pricing to inauthentic “buyer urgency,” traditional real estate strategies can leave sellers feeling like passengers in their own sale.
But real estate industry disruptors say there’s a way around these age-old techniques.
Chris Scullin is the CEO and Founder of Lystr, an innovative platform that gives sellers complete visibility and control during the sales process, with the support of their agents and complete transparency.
Chris says that not all real estate agents are untrustworthy, but Lystr isn’t there for good real estate agents.
“There are some tactics that less scrupulous distributors employ,” he says. “Regardless of whether you have a good agent or not, Lystr is there to make it a point of contention. These tactics cannot thrive in transparency.”
If you go the traditional route, you can increase transparency with specific questions your agent initiates when trying to win a sale.
“When you have multiple agents valuing you, you are theoretically working from the same market data, but you may notice variations,” says Chris.
“Some agents will inflate the appraised price. Before you commit to a 90-day contract, be sure to provide a comparative market analysis and supporting evidence. Unlike Lystr, once you get there, you’re a hooked customer.”
Lystr licensee Kirsty Bohane advises asking sellers about expected delivery times.
“Ask for an estimate of the number of days it will be on market before appraised value is achieved,” she said. “Market forecasts change. In what time frame is that price achievable?”
There are also questionable tactics on the other side, with agents sometimes fabricating other potential buyers to put pressure on them.
“It may seem great to the seller, but as top real estate coach Tom Panos says, if the seller is ready to lie for you, they’re ready to lie for you,” says Chris.
Lystr’s latest results speak volumes about the ability of owners to oversee the sale of their properties. Image: Lystr.
Chris also advises to be wary of agents who push you into auctions.
first, Recent activity data We see that Canberra’s auction success rate is just under 70%. but evidence Not all agents report auctions that are “passed” or “withdrawn” (i.e. sold but did not reach reserve), indicating that clear rates may be inflated relative to actual market performance.
Evidence suggests that properties listed without price (a common occurrence in auction campaigns) Engagement drops significantly than those whose prices are clear.
And while the typical four-week auction is touted as an intensive, short-term strategy designed to create a sense of urgency and maximize competition, Chris challenges that wisdom.
“If market time is 60 days, does four weeks really cover the property well and give the market enough time to identify the true value of the property?” he says.
“In my experience, auctions are good for agents, not necessarily sellers. Agents can be in and out within 30 days and collect commissions in four weeks of work.”
Financial incentives for agents may also not match seller outcomes.
“If an agent working at a 2.2% commission returns half of the principal, every $10,000 added to a sale puts just $100 in their pocket,” he said.
“$10,000 may be a big win for the seller, but $100 does little to motivate an agent. It’s better to sell quickly and move on.”
Since its launch, Lystr has already guided sellers through the process with transparent fixed-price packages that allow them to take on as much of the sales process as they wish and customize it as needed.
Some outperformed the appraised price, and all paid a fraction of a traditional agent’s commission.
Chris says this challenges the assumption that professional agents will always negotiate high sales prices.
“The jury is out on whether that’s true, and when you factor in commissions, the final outcome of professional versus personal sales is even more uncertain,” he says.
“The truth is, no one can tell a real estate story better than you, given the opportunity to do so with the right guidance.”
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