Sunday, November 19, 2017

From 21 Ways to Get Your Listing Priced Right in Any Market

By Julie Escobar

Ever have a seller who wants to WAIT to price the listing right?

Here’s a strategy that I call ‘The Waiting Game’ – see if it will work for you… 

Try this dialogue when a seller wants to wait to lower the price:  “Let me ask you, what do you think happens to an overpriced home that doesn’t sell right away? Do you think it eventually sells?  I’m afraid, more often than not, the answer to that is no.   Listings get the most traction in terms of buyer traffic, agent attention and offers in the first 2-4 weeks after coming on the market. If you wait, you’ll lose that traction. 

Worse than that, the longer it sits on the market, the more buyers will begin to wonder if there are more serious problems than price in terms of why it hasn’t sold yet.  Think about it…what’s the first question you would ask when you look at a new house? How long has it been on the market – right?  Long time on market = problem in the eyes of a buyer. In this market, or any market – that’s not a position that can give you any kind of leverage. Let’s price it right and get it sold.”

Agents and managers both –– One of the best ways to really fine tune your negotiation and objection handling skills is to get together once a month with respected colleagues and role play.  (I have the old Sweathog mantra in my head – “practice, drill, rehearse…”) Have everyone bring their best objection to the table. Then collectively come up with some dynamite dialogues, strategies and visuals for overcoming and handling those objections together.

If you’d like to learn more price objection handlers – check out 21 Ways to Price Your Listing Right in Any Market (Despite the Seller’s Best Objections!) at www.prospectsplus.com/21Ways.

Got questions?  Call us today!  Need help building your sphere or consistently marketing to your customer base?  Call our inside account management team at 866.405.3638 today!  They’re WONDERFUL!  Tell them I said hi!

For more great ideas and fun tips  – be sure to follow us on Facebook at www.facebook.com/prospectsplus — we’d love to have you in on the conversation!

And When Should You Put it Into Overdrive

By Julie Escobar

We are asked weekly by agents all over North America to offer sound real estate advice, and the one that often surprises us is, “When should I stop marketing?”  The answer?  When you leave the business.  Up until then, if you want to do do what’s right for your sellers, business, and bottom line — you’ve got to stay in the game.  Perhaps at different levels during spells of your career – but staying in consistent touch with your sphere and farm is right up there with prospecting, presenting, and closing in terms of generating income and referrals.

“But I’ve sent two mailings and haven’t gotten a call.”  We get it. We’ve even been there.  There are a lot of us on the team that have walked in your shoes listing and selling homes.  Here’s what we know, and what statistics and history tell us –it takes more than that.  One mailing. One phone call. One email — won’t ever get you the results you are looking for. What will?   Staying the course.  With mailings, and phone calls, and emails, and door knocking, and community involvement.  Statistics tell us it takes at LEAST three impressions for a consumer to recognize your name, seven to associate your name with your business, and twenty seven for them to like you, know you, trust you enough to do business with them.  But you know? Most agents stop after three tries, and most transactions or calls happen after five-seven.

So here’s a plan – this month, every month:  Take your targeted message, use direct response offers, stagger your direct mail with your email and CALL your prospects to follow up.  Check out our Master Marketing Schedule for fun “reasons” to call, or stop by every 3-6 months as well and you are well on your way to branding yourself as THEIR real estate professional.

What to send? Here are four ideas to get you started:

Holiday Cards: Every month you can add a seasonal touch to your marketing. Add a greatmessage to the back with free offers for consumer reports, lists of homes, comparative market analysis – or invitation to an event.  Be sure you are following up every few months with a friendly, “anything I can do for you” call.

Call to Action Cards:  These are a great direct response piece to send with free offers and the ability to share timely market-specific content.

Content Cards:  These powerful, content-rich cards have timely topics with the kind of consumer-friendly information that both gives people what they want and sets you up to be a knowledgeable resource in your market.call to action

Scale back or push forward?  As we head into holidays many agents will slow their marketing way down as social obligations gear up.  When that happens, it’s always a good idea to be the agent who takes the opposite approach.  That way, you’ll stay top of mind without any lag in exposure and hit the ground running come January when other agents are just getting restarted.

While it makes sense to look at your business as a whole and carefully measure your return and the necessity of each line item on your budget, what doesn’t 4 ways contentmake sense is to slip into anonymity by eliminating your marketing dollars.  In fact, Billionaire Bill Bartmann, and author of Eight Ways to Recession Proof Your Business recommends quite the opposite.  Slash expenses, indeed.  Take the waste and the “fat” out of your monthly and annual expenditures wherever and however possible.  With one exception:  Marketing.  Bill’s advice is to dramatically expand your marketing plan.  Why?  Simple – the time is now to swiftly capture the market share being left on the table by every other industry salesperson that has gone into conservation mode to the point where they no longer have a viable, VISIBLE presence in your market area.  Keeping expenses lean in every other area of your business will allow you to SURVIVE the storms.  Expanding your budget and actions in the arena of marketing will ensure you THRIVE not just today, but be the front-runner when the market does indeed take the turn for the better.

We all know it’s harder and MUCH more expensive to attract NEW customers than it is to keep and nurture our current book of business.  In fact, according to Gary Keller’s books, Millionaire Real Estate Agent, you can expect to do business with one out of ever twelve customers in your sphere of influence per year if you stay in touch with them consistently!  So, what are you waiting for?  Start making a great impression today, then do it again next week, next month, all year around!  Your business – and your bottom line – will thank you for it.

Want to learn more about how to generate the right leads for your business, thrive in ANY economy and make a wonderful first, second and twenty-seventh impression?  Visit Master Marketing Schedule today. It’s filled with new, innovative and outside the box ideas each and every month!  Need help?  Our marketing team is top of the line at 866.405.3638 and ready to answer your questions or help you create the marketing piece that’s perfect for your market.  

With inventory in high demand, and buyers eager for deals, sometimes it takes a little objection handling skill and myth-busting to turn these sellers into happy clients.  

So, let’s put on our “Myth-busters” hat for a moment and take a look at some common misconceptions:

1.  All FSBOs are hard to work with. Really – all of them?  In truth, most sellers who are trying to fly solo to get their homes sold are eager to save money, not well-informed as to what it takes to price right in today’s market and usually fairly motivated.  Are they distrustful of agents?  Sure, many are — but that doesn’t make them difficult – it makes them human beings.  It’s YOUR job to earn their trust, treat them with respect, develop a relationship and make them raving fans.

How do you help develop that relationship? Consistent communication, professional real estate fsbo marketing postcardspresentation tools and a can-do attitude.  Try the “7 touch” series of our real estate FSBO marketing postcards – they’re perfect for getting your foot in the door and raising those questions (and answering them) in the minds of the sellers that get them to then call you for help.

Or our FSBO door hangers are very popular (and perfect for keeping a stash in the car for a quick leave-behind every time you see a For Sale By fsbo door hangers Owner! Many of our direct response tools, and any time you are reaching out to get in the door of a potential listing, especially a FSBO, be sure to offer something of value.  A fair trade item.  A reason to contact you. (And a reason for you to contact them!)  Great ideas for this are free reports, market information, list of resources, our Pricing Pyramid.  You can find lots of fair trade items in our RESOURCE section of our site!

Click here or on the video box below to see how easy it is to order these door hangers!

2.  All FSBOs Are Overpriced. Don’t you just love sweeping generalities?  In truth, (again) – many probably are.  But surprisingly, with all of the internet information out there, and the fact that it is a buyer’s market — many for sale by owner sellers DO get pricing a property right. But more often than not, they don’t get that they can get MORE for their home, statistically, using a real estate professional so it’s your job to help them understand that!  

 

Many time sellers think, “how hard can it be?” Especially when they want to tack your commission onto the top of what you’ve already determined to be Fair Market Value so they can get every penny possible from their investment. When you say no to the higher price point, you’ll often get hit with the “I can just sell it myself and not have to pay anyone” response.

Here’s a technique to try:
“Mr. and Mrs. Seller, I can appreciate your thought. Many homeowners weigh out that option when they decide to sell their home.  The top priority for most home sellers is getting the highest amount possible from their home. Is that your top priority as well?  What I can share with you with you is a study conducted by the National Association of Realtors every year called the annual Profile of Home Buyers and Sellers.
It shows that in the last year, the average FSBO home sold for *$185,000 compared to $240,000 for agent-assisted home sales. So, you can see that even with paying a commission, I can still get you a higher dollar amount for your home than you could selling it on your own.

Would you like to know why? The biggest reason is the exposure I can create for your property as opposed to what you can do on your own. With an agent, the property is entered into the MLS where it is broadcast marketed to not only consumers via the paper, home guides, and a wide range of internet sites, but to the ______ agents in our area as well. By creating greater exposure for your property we create greater buyer competition which leads to a higher selling price.

That, and as a real estate professional with ___ years of experience and because I’m a third party, I’m better able to negotiate on your behalf, getting you the best deal for your home. You have to remember that a buyer working with a For Sale By Owner knows that you aren’t paying a commission, and more often than not, they’re well versed in the price of the comparables in your market, so they are already in “bargain hunting” mode.

When you take all of that into consideration, as well as how much of your own valuable time will be taken up with trying to do your regular job plus take on showing the property, trying to negotiate, searching for the necessary legal documentation and trying to qualify buyers, can you see how you could be saving more by using a licensed agent?”

This may be a good time too to introduce the Merchandising Review.  If you’ve never used it, give it a whirl – you’ll make it a part of your listing tool chest from now on!  It’s a great way to strategically walk sellers through ALL the components of salable listing and even helps to answer some questions (price at the top!) before they’re even raised.  Download your copy for free and start using it today.   By the way – here’s a little Merchandising Review dialogue you can use when contacting FSBOs.

As soon as you see that FSBO pop onto the market, you should contact them by telephone and attempt to use the Merchandising Review as a reason for them to set an appointment to talk with you.

“Hello, Mr./Mrs./Ms/Miss ____________, my name is _______, and I’m with ______.  The reason I’m calling is that I see you have put your home on the market and I’m sure you’re eager to get the best price for it – right? (Wait for their answer!)

Wonderful!  I wanted to offer you a very special tool that we use called a Merchandising Review Form…have you heard of it before?  It is what I use to make a comprehensive analysis of whether a home is salable in TODAY’S market and what you can do to guarantee that it will sell for a great price and terms.

What I’d like to do is set a time when we could sit down together and go over the Merchandising Review.  No cost or obligation – just something that can help you get your home sold.  It takes about 20 minutes. (Set a time.)

Walk them through each item and negotiate the issues that were might keep the property from selling.  Correct these issues, and ask if they would allow you to show them your marketing plan.

3.  FSBOS can just do this on their own. I love this one.  Truth is, statistically, most FSBOs do end up using an agent.  In recent statistics only 8% of the homes sold according to NAR were FSBOs. And of those – 31% don’t even market their properties. So, they NEED someone like you to lend them the expertise to not just get a great price, but to make the process as headache free as possible.

Most Difficult Tasks for FSBO Sellers:

  • Getting the right price . . . . . . . . . . . . . . . . . . . . . . . . . . .  18%
  • Preparing/fixing up home for sale: . . . . . . . . . . . . . . . . .  13%
  • Understanding and performing paperwork  . . . . . . . . .  12%
  • Helping buyer obtain financing: . . . . . . . . . . . . . . . . . . . .  6%
  • Selling within the planned length of time: 3%
  • Having enough time to devote to all aspects of the sale: 3%

FSBOs really are the “low hanging fruit” for many agents – why?  Because they’re usually still motivated to sell!  But the keys to success are that  you have to consistent (can’t show up just ONCE – remember MOST deals are sealed after the FIFTH contact), timely (most successful FSBO experts make reaching out to FSBOs a DAILY business practice – no half-stepping it!) Know your business and your market (practice, drill and rehearse your presentation and you’ll create a presence as the turn-to agent in your market for FSBOs.

So go ahead – time to CRUSH IT and start listing those FSBOs and start maneuvering, out-selling and out-smarting the competition in your market place!  And remember -we’re here if you need us.  Call our team today at 866.405.3638 to help choose the marketing materials you need to capture this market!

The Sum of Small Things

by Julie Escobar

The market is hot and competition is hotter.  One big secret to success is to stay top-of-mind with your book of business.  And while that doesn’t have to be a HARD process – it does need to be CONSISTENT.  That got me thinking about one of Floyd Wickman’s quotes, “Great results are the sum of small things, done well, repeatedly.”  Boy isn’t that the truth?  I once asked Floyd to expand on that a little for us – and here’s what he had to offer:  “That’s one of my favorite sayings too, and it’s so true.  In fact, nothing defines that more than a commissioned salesperson picking up the phone and making a simple call to folks in their book of business—even if for no other reason than to say hello.  There is no higher thing they can do to shift their results in this business than to create those conversations.  In fact, in our courses we teach agents that for every 12 conversations they have, they can expect a referral.  To me, that’s the number one way to stay top of mind AND build your business.”

Great advice.  Floyd also shared that you can’t ‘nurture’ everyone.  So every agent should have two lists – one which is their book of business – those folks you are building a relationship with over time.  Your second list should be your database. That’s a list of everyone who’s ever inquired, been on your mailings lists, or internet leads that you can send drip campaigns to until they are ready to make a move. Your database is your least expensive list to market to – but it also yields much lower results than your book of business.

So number one?  Take Floyd’s advice.  Pick up the phone to everyone in your book of business.  Decide how you want to break that up – 10 a day, 20 a day or as Floyd used to say, “Call until you get one.”  Block off that time just as critically as you would a listing appointment – because it IS that critical.

Number two?  Get out of stealth mode. I can’t tell you how many agents rarely leave the office or their homes but call us to say – how can I get more business?  Get OUT there in your community and get noticed!  Take part in charity drives, school events, and host Q & A sessions at the local library or coffee shop.  The more contentVISIBLE you are – the more likely people are going to say YOUR NAME when asked if they know anyone in real estate!

Number three?  SEND them something tangible.  For all the obvious reasons, we’re fond of direct response mail postcards– because they are easy to order, quick to send and don’t take up a lot of your valuable face-to-face or voice-to-voice time with prospects and those in your book of business or sphere.  Monthly holiday cards, recipe cards, newsletters, or our content cards are a great ‘touch’ each month that are budget-friendly, can be ordered in minutes, and allow you to stay top of mind.  Keep things mixed up as well. Check out our Master Marketing Schedule if you haven’t already for some creative and way outside the box ways to get in front of your clients in ways that are sure to have you REMEMBERED!

Number four?  Be HYPER-LOCAL.  There’s a reason this term is all the buzz right now – it’s because it is
EXACTLY what consumers are looking for in their resources. Home buyers and sellers need to know what is happening right there in YOUR market – rather than just get sucked into the national news of what’s happening nationwide or even globally.  What are prices doing in their neighborhoods?  What’s happening in the schools in your area?  What new businesses are coming in or closing?  Who are the trusted resources, business or service professionals in YOUR area that they can call.  Start being the one to consistently deliver THAT kind of information – and your name, brand, reputation and referrals will skyrocket.

Number five?  Expand your reach.  If you’re not saturating the neighborhood or market area you want to dominate, then turn to Every Door Direct Mail (which gets you literally into every mailbox).  Our Market Dominator System is becoming quite the differentiator for agents across the nation.  In fact, one agent just shared this experience with us, The monthly ordering process is easy. Some months I simply upload my photo and company logo and submit the already created newsletter. Other times I customize it. Either way, the newsletters are distributed to 527 of my neighbors. Over the 11 months since I started, the EDDM marketing pieces have resulted in 5 listing appointments. This month, I have a seller preparing their home to list with me and received a buyer referral from a neighbor who receives my newsletters. It’s great to see some fruit from the seeds I planted.” Our advice? Follow his lead and plant those seeds! 

Now, what are you waiting for?  Get out there and start getting your name, business and face recognized as the incredible real estate resource you are!  And if you need help – give our team a shout at 866.405.3638 for systems that can help you do all of that and more! 

Staying Top of Mind With Your Sphere

by Julie Escobar

Consistency is key when marketing, but agents call us every week to ask, “What should I send?” So, we put together three suggestions to get you started.

  1. Holiday Postcards:  This week’s Master Marketing Schedule tip is to send your St. Patrick’s Day postcards to your sphere of influence.  Agents love Holiday cards because they are timely, can be easily customized with a fun message, and the consistency (sending one per month) is just what the doctor ordered for staying top of mind.  Just be sure to order the first class option for speedier delivery. Our St. Patrick’s Day postcard and Daylight Savings postcards are perfect for reaching out to that top tier of customers on your list in March. 
  2. Animal II Series:  There’s a reason the internet is filled with puppies and kittens.  They make people smile. As our friend Darryl Davis talks about – that’s one BIG key to building rapport and making connections with people – giving them reasons to SMIILE! We’ve recently added this new series option to our offerings because of agent demand.  You can look for many additional cards to be added to this series over the next few months.
  3. Market Quote Series:  This series is growing as well and is an easy way to communicate some of what’s going on in the market right now, and have a little fun!

To get the most from your postcard campaign follow these steps: 

  • Pick a postcard.
  • Choose a size.
  • Choose first-class delivery for holiday postcards, and your choice of delivery options for non-time sensitive postcards.
  • Choose the pre-written copy – or better yet, customize the back of the card with a message of your own. You can offer an item of value, invite customers to an event such as a home buying or selling workshop, or just send them well wishes.
  • Upload your sphere of influence list:  those who know you, like you and trust you. This list is usually compiled from your friends, family, acquaintances and past customers.  Statistically, if you stay in touch with these folks every month, one in twelve should produce a listing, sale or referral to you per year! If you need a list of the 250 people who should be in your sphere, head over to our resources page and dowload our BusinessBASE.
  • Use a promo code to save 10%! Here are the top postcard promo codes for the current month:
    • VAL10S – standard size, mailed First-Class
    • VAL10J – jumbo size, mailed First-Class
    • VAL10P – panoramic size, mailed First-Class
    • VAL10JSC – jumbo size, mailed Standard-Class
    • VAL10PSC – panoramic size, mailed Standard-Class

Next, a fun tip to help you have more fun with your sphere and farm:  Be sure to check in weekly to our Master Marketing Schedule. In the next few weeks you’ll see Pistachio Day, Dentist Day, Salesperson Day, Doctor Day, Pi Day and more. What do these all have in common?  Each includes interesting and fun ways to connect with the folks in your market and differentiate yourself from your competitors! Find out how! 

Need more help? Call our team at 866.405.3638! They’re happy to assist!