Sunday, July 23, 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!

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Technique (And Practice) Can Make All the Difference!

By Julie Escobar

As the market continues to heat up, there’s no better time to sharpen your negotiating skills and polish your
pricing techniques.  You know that old Floyd Wickman saying, “Worse than no listing is a listing that won’t sell.”  Make sure yours are priced to move and you’ll not only be a hero to your sellers, you’ll set yourself up as the agent to call in your marketplace.

Here are three of my favorites:

#1:  Helping the Competition:  Overpricing your home in today’s market can actually help sell other listings.

Put yourself in the shoes of the buyer.  They’ve got an agent and they’re looking at listings that are priced at market value, show well and have motivated sellers.

If they look at your home and a comparable home and all things being relatively equal, in other words, both are 4 bedroom, 3 bath, 2600 sq. ft. homes and both show well but yours is $50,000+ above market value, which home is going to look more attractive to them when it comes to a bottom line decision for their family?

In fact, when it comes to choosing their property, if your home is overpriced, you’ve just made the lesser priced home look perfect by comparison.  They can feel good about their decision of getting the same sized home for less!

You can also pull comparables from your MLS to show real world applications of this. 

Another point to make here with the sellers is to share with them the absolute fact that most people start their search for homes online and we’re a web-savvy nation of consumers.

That means that if they overprice their home today and it goes online via the MLS and your multiple w21Wayseb listing portals, their home won’t even have the benefit of SHOWING up when consumers are searching by price in your market area. 

They’ve just priced themselves right off the internet search – eliminating the possibility of that 85+% of consumers who start their search there.  Definitely food for thought!

#2:  The Four Sales:  A great Floyd Wickman strategy – they don’t call him the “Duke of Dialogues” for nothing! Here’s the dialogue:

You know we’ve covered the comparables – the research that I showed you with the prices of the other homes like yours that have sold recently in this area.

And I know you want to list it at the higher price.

I’ve put a lot of thought into it, and you know if we went ahead and put it on the market at your price – and I was the only one that had to be sold on that price – well I guess that would be fine.

But in reality, there are actually four sales that have to be made in order to sell your home at that price.

First…I have to be sold and I’ve gotta tell you – all I can go by is the CMA facts and figures that I showed you.

Secondly…the other agents have to be sold on showing your property at that price – otherwise they’re simply not going to show it to their buyers.  Unfortunately, they get their numbers the same way I do – from what’s recently sold in the area and those same CMA numbers.

Thirdly…and this is a big one – the buyers.  Let’s just pretend we sold the agents on it.  Now we’ve got to convince the buyers to pay a higher price for a property when there are other homes like it that are selling
for less.

Unfortunately in today’s world and with the internet, buyers have access to the same information that we have here.  They know what homes are going for in this area.  So that’s going to be a tough sale, don’t you think?

Now let’s just say everything lines up and somehow we even sell a buyer on paying more for your property than we know its worth in this market.

We still have one more sale.

Fourth…there’s the lender.  Lenders use exactly the same formulas we do to determine Fair Market Value for a property before they’ll write a loan.

Are you familiar with Fall-Throughs? 

Yeah, fall-throughs are what happens when people who were thinking just the way you were thinking and the sale can’t go through because the property won’t appraise for what you’re asking for it.

And that’s not what you want right?21 ways tools

#3:  Empathy vs. Reality Close:  This one comes from our friend, Coach Gord Gerrie:

I understand how you feel Mr. and Mrs. Seller and there is no doubt, many others have felt exactly the same way you do right now.

However, what they found was that once they had sold their house and focused their attention on their new home, they understood that the reality of accepting the offered price really only amounted to a few dollars more per month on their next home.

Again in reality, by accepting this offer today, you will know that your house is sold and that the difference between what you had hoped for and what you will receive will amount to less than $X per day in your new home.

Would you let $X per day stand between you and the home of your dreams?

These are just three powerful closes to help you get the right price for your listings the first time around.  Find 18 more in our eBook 21 Ways to Get Your Listings Priced Right (Despite the Sellers Best Objections! Want to learn more ways to grow your business?  Join us on our Facebook page or Google+ page today – we’d love to hear from you.  

 

Dialogues to Help Get Your Listing Priced Right the First Time

by Julie Escobar

Getting past what the seller THINKS their home is worth to what the market will bear is sometimes a little tap dance in sales skill for agents. To help the cause, I pulled a few excerpts from our 21 Ways to Get Your Listing Priced Right eBook, and tapped a few friends for some powerful dialogues and strategies that can help you get sellers to sign on the dotted line.

Here are a few:

  1. The Waiting Game: Use when a seller wants to wait to lower the price:  Dialogue: “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?  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.”
  2. Pick a Price: This is a good strategy to use when a seller says another agent would take it at an over inflated price.  “Mr. and Mrs. Seller, I appreciate that you want to get the most from your home, and I know the other agent told you he’s list it at that higher price.  Now, what I don’t know is how he/she could have gotten that number.  You know as agents, it’s not like we can really just ‘pick a price.’ When I brought you what I felt was the right asking price for your property it was based on many facts and factors such as what other similar homes in this area have sold for, the age and condition of your property, the location, etc.  So, it’s not a guess – it’s based on real market value. So, what I’m saying is as a Realtor who has your best interests at heart, I’m not going to pick a price out of thin air, and I can’t in good conscience just tell you the figure you want to hear in order to take the listing.  I will tell you that if you really want to get your home sold quickly, get the most money possible in this market with the least amount of headaches – we should ‘pick’ a price that’s based on those facts and figures.  Agreed?”  Have your comparables there to illustrate how you arrived at your suggested list price.
  3. The Dollar Bill Close from our friend Darryl Davis: When faced with this classic: “My home is special – I did all of these improvements myself, so it’s worth much more than what others are listed for! I would say, “Mr. and Mrs. Seller, I certainly understand how you feel. But let me ask you something. If I were to give you one hundred $1 bills that were crisp, clean, beautiful, and hot off the presses – and I sent you to the mall and asked you to sell them for 95 cents you’d probably sell them pretty quick wouldn’t you? And if I asked you to sell them at 85 cents even quicker – right? Now, what if I asked you to sell each for $1.10? You probably wouldn’t sell any – am I right? The point is that no matter how crisp clean and beautiful your house is, you can’t sell a dollar for $1.10. Now let’s say there are only two dollar bills – one crisp clean beautiful and one that’s ratty, old, stained and dirty. If you had a choice which would you choose first? The clean one right? So, what I can tell you is that while all the wonderful improvements you’ve made won’t mean it will sell for more, it does normally mean it will sell before the others.”
  4. Reduce the Price or Cancel (A favorite from Floyd Wickman.) Sometimes a good way to get a price reduction is by offering to cancel the listing. This is from Floyd’s 101 Dialogues.  “Mr. & Mrs. Seller, the reason I asked to come by tonight is that we had a meeting concerning your home in our office.  And I think in attendance we had collectively, about 70 years of real estate experience and we all agreed that if we were to keep your home on the market at the current price, well, it would be like not having it on the market at all. So, the reason I wanted to come by is that I brought over two forms for you to look at.  The first form I brought with me is what we call a Price Change Form.  It was collectively agreed that if you want to get your home sold, this is the price we have to adjust it to.  Now it’s not easy for me to say that after I’ve had the house on the market for a couple of months, but 70 years of experience agreed that this is the price your home will sell for. But before you say anything, I wanted to tell you that second form I brought over is a complete cancellation of the listing form.  Now, if you can see your way clear to signing this (price reduction) tonight then I’ll be able to get your house sold and get you into the new house relatively fast.  If you decide to sign this cancellation and assuming my broker will, this will free you up to list with someone who – well – maybe doesn’t care.  So, the reason I wanted to stop by is rather than keep you tied up the way we are I wanted to stop by and have you ‘OK’ one of these tonight.  Fair enough?” Be sure you have a copy of both forms with you and stick to your guns!  This technique is not for the meek!  You may want to practice the dialogue a few times until you’re comfortable.

Pricing dialogues and negotiation skills take practice, drill and rehearsing.  One of the most powerful things you can do as an agent is to know your market inside and out, know the numbers and practice the closing skills that will help you take more SALABLE listings each month. As Floyd would say, “Worse than no listing is a listing that won’t sell.” Don’t find yourself in that category.

To learn more pricing skills head over to read more about our eBook at 21 Ways to Get Your Listings Priced Right (Despite the Sellers Best Objections!  In it you’ll find bonus objection handling visuals and tips from industry experts.

Need more marketing help? Contact our team at 866.405.3638!

Mastering the Merchandising Review

By Julie Escobar

In recent weeks, we’ve showcased the power of visuals when giving presentations and effectively Merchandising Reviewcommunicating with your client or customers.  They lend an extra layer of authority to the conversation, appeal to the both the “listener” in the room and the “visual” person in the room (and if there’s a husband and wife or more than one person who is a decision maker – there’s usually one of each!), and it help you and your ‘audience’ to stay ON TRACK.

Working with Expireds is almost always a great listing-generating activity. Granted, some are disillusioned, some worried and some flat out angry that they didn’t get the results they wanted the first time around.  But most of the time – they’re still motivated to sell.  One of the first things you have to do is to help them figure out the “WHY” for their dilemma.  Was it price?  (Many times!)  Was it condition?  (You can sell anything for the right PRICE.)  Was it the terms?

Whatever it was – the key to keeping that from happening again is to make sure your sellers are just as vested as you are in creating a successful end result – the sale of their home, preferably sooner rather than later.

Enter the Merchandising Review.  This handy dandy little form is great for walking sellers through the potential pitfalls that can happen  if you don’t follow a success track when listing a property.  It helps put some of the “monkey” if you will on their backs – not just that of the sales agent.  And truly – it should be – right?

The Merchandising Review is a great way to sit across from the seller and say, “Listen, selling a home in today’s market is challenging at times, there’s no doubt.  But I like a good challenge and when you have the right tools, the right price, the right plan and the right agent – we can get you to your goal of getting this home sold.  Let’s do this – let’s walk through what I call a Merchandising Review and take a look at some of the top reasons that a home will sell (or won’t) in our market – OK?  That way we can make whatever adjustments we need to get you and your family to the next chapter of your life.  Sound good?  Here, I brought two copies – let’s go through it…”

It’s easy to use and easy (and free) to get!  Click here to go to our Resource Page – scroll about half way down the page until you see “Merchandising Review” – then just click download!  Easy, breezy!  Then if you really start wanting to drive up your production and attract Expireds in your market – use our ‘7-Series for Expireds’ – the messages are perfect for entering the conversation that’s already going on in the minds of these disappointed sellers. (While you are there, download the 6 Pitfalls of Overpricing free report – it’s a must-have for today’s listing presentation!

At least twice a week, pull the Expireds in your market and send them a series of 3-5 postcards, mailing one every 5-7 days. Use the alternative back on the postcard to write a little more – and share that you have a very special tool that can help them first, determine what went wrong in the sale of their home and two, ensure that it doesn’t happen again and invite them to call your for a copy of their own.

It’s a great way in the door for these potential sellers.  Go for it!

Need help choosing the cards that are right for you?  Simply call our marketing specialists at 866-405-3638 today.  They’re smart, knowledgeable, friendly and just the folks you need on your side to ensure that your marketing is TIMELY and DONE!  Be sure to check out our SPECIALS page to grab this month’s promo code and save 10% off your order.   Good luck and go get those Expireds! Google

Listings (Priced Right) Are the Name of the Game6 pitfalls of overpricing

by Julie Escobar

Building a strong and SALABLE listing inventory is at the heart of every top agent’s success checklist, but we all know that getting them priced RIGHT isn’t always a cake-walk.  There are sometimes over-bearing, unrealistic sellers standing in their own way of getting their homes sold in today’s market and for those folks you’ve got a couple of choices:  Use powerful tools (and mad negotiating skills) to show them the true perils of overpricing and get them to agree on a fair market price,  take the listing and let it sit (damaging your reputation and making it more unsalable by the day), or walk away and focus on working with folks who will allow you to do the most professional job you can do for them as an agent INCLUDING taking your advice on a list price.

One of the things I learned long ago from industry icons like Floyd Wickman, Danielle Kennedy, and Judy LaDeur is that the right words, accompanied by a great VISUAL will ALWAYS get you further than the right words alone.  That’s one of the reasons we are always creating powerful collateral pieces and free reports for our customers so that when faced with unreasonable sellers, grouchy expireds, or prickly FSBOs- you’ve got terrific visuals and objection handlers that lend credibility and authority to your presentations and even your pre-listing presentations!

Take our free report Six Pitfalls to Overpricing Your Home – this is a powerful piece to add to your listing presentation and as an opt-in piece on your website. I’d even use one of the six tips per day on your facebook page as a content-rich and informative post- at the end of a week offer to send your followers a copy of all six via email.  It’s a dynamite way to build your social media following and your email database!

Many of our customers also use it in conjunction with our Fence Sitter Series of postcards and in our Expired and FSBO campaigns as a item of value that consumers can  get just for calling.  Or the Merchandising Review is another piece that’s perfect for putting the responsibility of ensuring that a listing is salable back on the sellers.  You can get both of these and many more visuals and free reports by clicking here to see our free resources.

And if you really want to master your mad pricing skills, be sure to check out my eBook 21 Ways to Get Your Listings Priced Right (Despite the Sellers Best Objections!) It’s filled with terrific dialogues from top trainers, objection handlers and techniques for getting even the most stubborn sellers to see reason!

Good luck out there!  And remember if you need us -just call us at 866.405.3638 and be sure to bookmark our SPECIALS page to see the latest in new marketing tools and terrific savings promo codes!