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The “5-Star Listing System” for Making 5 Transactions from Every Listing You Take

        

What if from every listing you take, you received five transactional sides? Imagine you take 10 listings in the next 12 months. And that leads to 50 transactional sides.

Is it possible? Absolutely.

And more importantly, we have to look at what we've done the last 12 months — how many listings did we take and how many sides did we create? If we are leaving money on the table, it's probably coming from the activities that we're not doing when it comes to our listings and those opportunities are so massive.

We have a system which I call the "5 Star Listing System" and it identifies the five easy transactions we can secure from every single listing we take.

1. We're going to sell the listing that we take

Now, that sounds simple in today's market. 95% of listings are selling as soon as they hit the market. But as the market transitions, as the market shifts, believe me, we're going to need to be able to refine our presentations and make sure we get sellable listings again. Because some sellers are starting to outrun the market. They're overpricing their properties, real danger in our current market. So we need to have this conversation.

So we're going to say: "Hey, because 95% of buyers are now connected to a portal, what that means is when we put your house in the market within 24 hours, basically every buyer in the market is going to turn and look at your listing. Because people are connected to realtor.com, zillow.com, and my or my company's website. So everybody gets emails as new listings at the market. And when they see a listing that hits the market, they're going to turn to look at it. So within the first 24 hours, everybody takes a hard look at your listing and they decide as a collective group, is it priced right? Or is it overpriced?

And if the market believes it's overpriced, everybody's going to turn away from you and wait for the next listing to come online. If they believe it's priced right, you're going to get a surge of showings and probably offers. So the lesson here is we don't get a second bite at the apple. We have one shot at a first impression.

So really what we have to do today is decide: Do we want to list the property or do we want to sell the property? It's a whole different conversation when we decide which route we're headed. Now there is a neighbor of yours that we drive by every morning. And that a neighbor of yours has had their home in the market for over 30 days. I can tell you right now, they listed it but they didn't want to sell it because it's vastly overpriced. Have you noticed that?"

And then get into conversation about that.

So the first part of this is just selling that first property.

2. Obtaining a trigger listing

A trigger listing is when a listing sign goes up in a neighborhood and the homeowners around that listing notice the new sign. They're going to start to talk about it with their spouse or significant other and see what it's listed for.

This triggers them to start having a conversation about selling. This is why more signs will often go up in that neighborhood. My neighborhood, has had 7 or 8 signs go up in the last year or two from all kinds of different agents as these listings have been triggered. The same has probably happened in your neighborhood too.

Now what's interesting, when you look at that is it's often not with the same listing agents. It's often with different agents that are listing these homes. Why? Because the first agent who took a listing didn't use the trigger effect. They didn't canvas the neighborhood after they took the listing.

Every time we take a listing, we should be doing a boost in social media, geographically around the listing. We should be making calls, sending texts, doing mailings, doing in-person conversations, doing open houses in those neighborhoods. And making sure that people know if they want to talk about real estate, they should talk to us. So that obtaining a trigger listing.

3. and 4. Converting a buyer and/or a seller

Here's what's happening in our current market:

When agents get calls on the listing, they're jaded about buyers. They forget 72% of buyer calls are sellers in disguise. People that still need to sell their house. So every single call that we get, we're always going to ask the question, "Hey, while I got you on the phone, can I ask you: what's your housing situation now?"

Always find out if they own or rent. And then figure out your script. In order to get better at converting buyers and sellers on the phone, we should be using a script until it's memorized. We should be tracking our results and we should be measuring our performance. See how many calls per appointments that we average.

The other thing is we have to get really good at scripting. So we might say, "Hey, well, thanks for reaching out about this listing. What clicked with you about this particular house?" Or, "Hey, do you have a specific area in mind?" Or, "Hey, how many bedrooms and bathrooms feels right for you now? Do you need a big yard, small yard? What are you looking for? What are you thinking about square footage? Hey, do you own a home now?"

You see I'm going to memorize those scripts and get into conversations with people.

5. Turning a seller into a buyer

When people sell the house, they got to move. What are they moving to? This is where agents fall apart. A lot of agents will take a listing and get excited to get the client to sign. They bring an offer and they get into escrow. Then they call the seller a couple of weeks later and the seller already found another home.

That's where agents fall apart because we didn't treat them as a buyer. The first thing we should do when we start talking to sellers is treat them as buyers.

So my conversation is, "Hey, before we talk about this home that we're going to sell. Let's talk about your next home you're going to buy."

I treat them as a buyer from day one. Because your most motivated seller in the world is somebody that knows where they're going. The least motivated seller in the world is a person who has no idea where they're going.

We've got to solve that. Take control of it. Even if they're relocating to another area, we should be referring them to another agent.

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