I have a great idea for my fellow real estate agents out there.
It's called the Buyer's Eyes Strategy. Here's how it works:
When I have a client selling their house, I treat them as if they are a buyer in the market for a home in their price range. I put them in the MLS as if they are a real buyer, and they start receiving emails with new listings, price changes, and updates on pending or sold houses. This helps them stay informed, in real time, without having to wait for me to tell them what's going on.
I also get CC'd on the same emails, so I'm seeing what they're seeing. This allows us to have a productive conversation and make any necessary adjustments or changes to their selling strategy.
They start receiving these emails right away, and they'll get updates every day or every couple of days. This way, they become really familiar with the market and can make informed decisions about their own...
Use this script to have the "Red Flags" conversation with sellers before you list their house, so they value you as an agent (and don't shift the blame onto you):
"As your real estate agent, I want to discuss a crucial conversation with you, Mr. and Mrs. Seller. When we list your house, one of two things can happen. Either A) we have showings, which means the market is accepting our price. People are viewing the property, and this indicates they believe the price is fair.
Or B) we have very few or no showings, it could be an indication that the price is too high. If that's the case, I'll come to you immediately, and we'll have to make a quick adjustment. We don't want to be one of those listings that sit on the market without any action.
But there's also something else that can happen, a second red flag, other than price: We can have a lot of showings, but no one pulls the trigger and makes an...
Today I want to talk to you about the current state of the real estate market:
There's 67% more inventory on the market today than there was a year ago at the same time, which is more than before, but we still need way more inventory than we have today. When you start to see listings linger, you need to remember that there are two types of markets: listings that come into the market and sell instantly with multiple offers still happen today, but then you have another group of listings that hits the market but then just lingers.
When you're talking to sellers at a listing appointment, it's important to talk about being competitive or looking at comparable sales data. Comparative versus competitive sales data is a very important concept that most REALTORS never talk about with their seller clients.
A comparative market analysis, or CMA, is what most REALTORS use to determine a home's value compared to...
I have a concept called "anchor point pricing."
Here's what it means:
During a conversation about price with a seller, I bring up the neighbor down the road who listed their property but didn't really want to sell it. They overpriced their house and have been chasing the market down with four price reductions in the last 90 days. Their home has become stigmatized and people think there's something wrong with it, no matter how low they price it.
I never want that to be the case for my clients, and you shouldn't either.
In this market, first impressions are critical:
The longer a property is on the market, the less it gets.
That's why we use anchor point pricing. Every time potential buyers drive by the overpriced neighbor's listing, they're reminded that they don't want to end up like that person. This conversation can be powerful when someone is on the fence about overpricing their property.
Want more secrets like this that...
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...
Now, this is happening a lot:
Buyers are getting skittish about interest rates, especially when they're in the middle of a transaction and their interest rates floated up because they didn't lock in the beginning.
See, a lot of buyers are gamblers. And they're optimists. So when they come into the transaction, they don't necessarily lock right out of the gate and they're gambling that the interest rates will come back down or float back down. But that gamble has not been a good gamble for the last several months.
And so interest has climbed, climbed, climbed. But if you do have that situation where you have a buyer that's had an interest rate that went beyond what they were expecting, it can create a mid-transaction negotiation.
So what you can do is you can come back to the other side and say, "Hey, we have a buyer that was completely excited about buying your house. Unfortunately, interest rates have kind of gone...
Hey guys, you're gonna be taking a listing in the next couple weeks. And when you take that listing, what if I give you a tool that can help you market it in a way that will set you apart from all the competition and help you sell for top dollar—despite the interest rate issues that we're having in the marketplace right now?
Here's your golden ticket:
When you're sitting with the seller, I need you to ask them this question:
"Can I ask you, what kind of loan do you have on this home?"
If they answer that they have an FHA or a VA loan or a USDA loan, guess what? Those loans are potentially assumable. And if they have a loan interest rate of less than 5%—even less than 6% today—that could be very valuable to a buyer in the marketplace.
Now, there are some conditions and qualifications. Obviously if they're doing a VA loan, the buyer has to be a veteran themselves. But most of these just require that the...
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