I've noticed a common practice among the top performers in the country, and it's what I like to call an "Easy Exit Listing Guarantee."
The question for you is, do you have one, and are you effectively marketing it? And what exactly is an Easy Exit Listing Guarantee?
It's pretty straightforward: It means that if a seller feels you're not meeting their expectations, if they're unsatisfied with your service or marketing, they can exit the listing and hire another REALTOR.
Now, there are a couple of conditions to consider.
First, they need to give you a 48-hour window to address the issue. Some may prefer 24 hours or 72 hours, but there should be a timeline for addressing any perceived problems.
Second, they can't exit the listing if it's pending or close to closing.
Those are the two key caveats.
So when you're in a listing appointment, you can say, "I want my clients to feel completely satisfied with my service, so I offer an...
I wanna give you two questions you should ask every buyer to test whether they're actually ready and willing to move forward in the process.
Your time is your most valuable asset. You don't wanna be spending it with people that are not ready to pull the trigger. So one question you can ask is this:
“Hey, you know what? The way I work is very low key. I never wanna pressure anyone. But I do have a quick question for you: If we find you the right house, the one that really clicks all the boxes for you, is there anything holding you back from moving forward?”
Now, that's a great kind of pre-close question that you can ask in advance before you go out and start looking at homes.
And here's another one:
“One question I ask everybody I start working with before we start looking at homes is, what's your biggest hesitation? What's your biggest fear about this home buying process? I wanna make sure I...
In a study of 10,000 sales calls, two different scripts were tested to set appointments with sales professionals.
I'll share those scripts with you, and I want you to think about which one you believe was more effective.
Script one: "I'd love to talk to you about a game-changing idea I just came across."
Script two: "I'd love to get your opinion on something."
Now, which script do you think had a higher success rate? Well, script two, where we asked for their opinion, outperformed the other script by a staggering 700%.
People love giving their opinion. It's irresistible. We see it on social media all the time. So when we use this language in our sales approach, it engages and opens up the conversation.
Try incorporating it when selling homes, talking to buyers, or engaging with sellers.
For example, ask Mr. and Mrs. Buyer, "I've found a few homes that could be a good fit. Can you tell me your opinion? Which...
Guys, you've probably heard about the class-action lawsuits targeting realtor organizations, MLS groups, and large franchises.
The plaintiffs claim that they were unaware they were paying both their own fees and the buyer's fees. The lawsuits aim to either eliminate seller-paid brokerage fees or ensure transparent disclosure of these fees. While similar lawsuits have been filed in the past, these recent cases are gaining traction, resulting in settlements.
For instance, a New England MLS paid a 3 million settlement to resolve the issue.
This poses a significant challenge to our industry's business model, which has operated on the basis of sellers covering the REALTOR fees for decades. We may face a future where we have to approach buyers and inform them that they must pay their fees at closing and make a choice regarding representation. If they want me to represent them, we'll have a conversation, sign a document,...
As a real estate professional, I often get asked about the biggest demographic group that's currently buying homes.
Well, the answer might surprise you:
In fact, they make up the vast majority of buyers on the market. So, if I want to get these potential buyers off the fence and into homeownership, I need to focus on their motivations, not just on getting more business.
Here are the top three reasons why millennials are buying homes.
1. Millennials want to build equity in their own home instead of building someone else's equity through rent payments.
This is a powerful message that needs to be a part of our marketing campaigns. Have you ever stopped to think that every time you make a rent payment, you're helping someone else build their wealth? What if you could start building wealth for yourself and your family by owning your own home? Homeownership is within everyone's capability, and I can help...
Did you know that more people in America have pets than children? It's true!
20 years ago, 48% of American families had kids at home. Today, that number is down to 40%.
On the other hand, the number of Americans with pets has increased dramatically, from 56% in 1988 to 70% today.
As REALTORS, this information is valuable to us because it affects our conversations with buyers. When talking to potential buyers, we should ask if they have pets and if their pet will impact their home buying decision. Many people will engage in conversation about their pet's needs and how important they are to the family.
But what if we took it a step further and specialized in working with families that have pets or selling homes with pet-friendly features?
This could be a complete differentiator in the market, as it's not a common focus for REALTORS. Sometimes we need to think outside the box to stand out.
If you want more ideas like this that help you...
I want you to think about how many homes you sold last year that were your listings. So let's assume you sold 10 listings or five listings. What if I told you that you could take that 10 in times by five and have 50 transactions as a result of those 10 listings? Or if you took five listings, you times out by five and you could have 25 transactions. Does it sound impossible? It's not impossible. It's totally doable. You just gotta rethink how you're approaching your listings.
What smart, wise, savvy agents do, superstars do is they say, "Hey, I've got one listing and I can turn this into five transactional sides. Now how can we do that?"
I'm gonna walk you through it right now.
What are the five transactional sides that we create?
We are in a different marketplace, aren't we? The market totally rolled over into a buyer's market in a lot of price categories. And because of that, we need to hone our negotiation skills. So today I'm gonna give you 10 strategies to help you be a better negotiator. Because we know if a buyer feels good about the negotiation, they're gonna often be excited, and tell their friends and family to use use to purchase their next property.
Remember, it's all about referrals and doing an amazing job.
1. Discovering the motivation
It's simple, but it's interesting how many agents haven't done that. We just had an offer come into my office over $2 million and guess what? It was electronically sent without a phone call to the other agent. Very frustrating experience for the listing agent. But this is the example of a lot of buyer's agents that don't have any training. They're not calling the other listing agent and asking simple...
Hey guys, we've got some good news regarding the real estate market, and that is Fannie Mae does a study, it's a purchase sentiment study. They do it every single month. And finally it's broken the downward trend.
All the way since back in February of 2022, there's just been this downward trend with sentiment among buyers and sellers about the market, about buying, about selling. And it really hit a low point here in the last couple months, but it's broken. Now it's starting to come back up.
Buyers and sellers are now seeing a little bit of a rainbow at the end of the tunnel here. They're saying the worst is behind us, and it's starting to look a little bit better.
So this is good news for us. We're gonna combine that with another piece of good news, which is affordability.
So affordability over the last couple of months has gotten way better. We had an interest rate peak, and now it's come down, down, down, down, down, and it's...
A number that we should be concerned with right now in the market is 16.1%.
So what does 16.1% represent?
It represents the number of transactions that were canceled last month. The last time we saw a number that high was at the beginning of COVID when buyers really didn't know what was gonna happen. March, April, when COVID really went into full effect in our country in 2020. That's when you saw this same level of cancellations. And that's what we're seeing again right now.
So how do we tighten down offers so that sellers have some clarity that they know they're gonna get to closing?
I'm gonna give you several things to think about. You might have a few more. But one of the things is getting the disclosure statement signed as quickly as you can.
Most states require a disclosure statement. This is where we're the seller's gonna disclose everything they know about the house to a buyer. But not waiting around, not delaying getting that...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...