When a market changes and starts to decline the challenge that each of us faces is… getting our listings sold and satisfying the needs of our sellers. As we all know during the past five to seven years getting a listing sold required “taking a listing”. Nearly every listing that we took in spite of the condition, location, terms, or the price sold quickly. We also know that prices went up quickly and in most market places there were multiple offers and list prices we bid up during the negotiating process. That has virtually stopped in almost all markets through-out North America.
The challenge I face in a normal market while coaching great agents like yourself is getting you to recognize the conditions of the market today versus five years ago…then remaining positive…then remaining mentally strong…and taking positive steps to getting your listing sold and keep your business growing. The following is a very strong and very detailed list of the activities, strategies, and techniques that you can use today to get your listing sold.
I want each of you to identify one or two listings that you need to have sold now! Then select the two or three specific things from this list that you could use to make this happen. This is a time for you to be strong, specific, and even in some cases demanding if you are going to meet the needs of the sellers that you have listed. Let’s begin.
1.Price it right the day you take the listing… ask yourself . . . how many times have I allowed the seller to convince me that the property will sell at their price when I really knew that it wouldn’t?
2.Put a price reduction form in your pre-listing package… this will get them use to seeing the form so when you call them back to sign it they are familiar with the document, this will reduce some of their apprehension.
3.During your listing presentation… re-introduce the price reduction form and ask them to consider signing one that would go into effect 30 days out with the price reduction filled in and completed.
4.Become an expert at market statistics and use them on every listing presentation. Also, update the statistics every two weeks and bring them back to the seller to keep them informed on the market.
5.If your listing hasn’t sold in 14 -21 days make the following presentation to the seller, as long as there motivation is still strong “To be the #1 OR #2 home for sale among your competition, we have to be at least 5% below all of our competitors. Will you drop your price an additional 5% so you can hold the #1 or #2 positions?”
6.Work on extraordinary Customer Service on every listing. By this I mean strong…weekly…truthful…upfront communication between you and the seller, regarding everything.
7.Thirty days into every listing go back and re-qualify the seller in terms of their motivation, if their motivation has dropped, consider giving the listing back.
8.If your property has been shown to a motivated buyer consider having your sellers write offers to potential buyers to see if they would consider purchasing the home, this will cause the listing to sell.
9.Through email, voicemail, or fax notify the top 25-30 agents in your area about any new listings you take with a brief note as to why they should show it and sell it today.
10. Follow-up on every showing to get the buyers concerns and remarks, and tell them to the seller, don’t hold back.
11. Ask every seller to pay a 7-8% commission with 4-5% going to the showing agent… explain the advantages versus the cost.
12. Future pace the seller to what the market could be like in 4 to 6 months if they don’t make adjustments today regarding price.
13.Treat all cooperating agents as potential customers, because they can be your greatest asset.
14.Be sure to use comparable sales outside your listings subdivision or neighborhood because that’s who the competition really is… so expand your CMA.
15.Remember to always tell the sellers the truth because they have to learn to deal with the reality of the market.
My suggestion…is that you consider re-reading this list 3 or 4 times immediately and then you and your manager decide which you are going to use 1st , 2nd, and 3rd on specific listings you have.
This is an exciting time to be in Real Estate because most agents are panicking, withdrawing, becoming more negative, and not working. Remember, this is your time to be a professional to stand up and meet the market head on and do the job that you’ve been hired to do.
You can call me personally at the office, send me an email, or spend whatever time necessary to get these ideas in place. Keep up the good work!