If you have a listing that's been lingering on the market, I like to have a âpositional pricingâ conversation with my seller.
What does that mean? That's for a seller who's not quite ready to do a full price reduction, but they would definitely look at an offer.
So my conversation looks like this. I'll say:
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"Hey Mr. or Mrs. Seller, I know you're not quite ready to do a full-blown price adjustment yet, but can I give you an idea?
And my idea is this: when we have the next showing or we do the next open house and we have attendees, what I like to do is, with your permission, call that buyer or that buyer's agent and say, âhey, my seller's gearing up to do a price adjustment soon. Not quite yet, but we wanted to give you some advance notice, so we are going to make you an offer on this home that is going to be reflective of the price that we're going to be going to in MLS, but that's going to be a little bit off, a ways off.
So here's our price for you:â
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So what are we doing...
Did you know that half the listings in America arenât selling? Yesâhalf.
That takes us back to the old-school days. When I first started in real estate with Century 21, I proudly wore the gold coat. I had to buy it myself, so it was a big accomplishment. Back then, I attended a class called the Two-to-One Class. The theory was simple: for every two listings you took, only one would sell. A 50% sales rate.
Now, imagine meeting with a seller and saying:
âGood newsâIâll do my best to get your home sold. Bad newsâIâm only successful about half the time.â
How do you think theyâd respond? Probably not too excited. I realized quickly I didnât want a 50% failure rateâI wanted 100% success. That meant changing the conversation.
Hereâs the script I used:
âMr. Seller, you may not realize this, but in todayâs market only about 50% of listings are selling. Thatâs unacceptable to me. I want to sell 100% of the listings I take. But that requires us to have a different kind of conversation. I ca...
Weâve all heard of a listing presentation and a buyer presentation. Hopefully, youâre already doing those. But let me give you another spin on thatâwhat I call a success portfolio.
Think about when you hire a photographer, architect, or wedding planner. They always have a portfolio to show their previous work. A photographer might showcase wedding or graduation photos. A wedding planner highlights past events. An architect shows their plans and finished projects.
Why not do the same thing as a REALTOR? Every year, go back 12 months and highlight your successes. Showcase the buyers and sellers you worked with, the marketing strategies you used, and the testimonials you received.
For example:
That beco...
Hey guys, we're coming up on the end of summer. That means itâs time to have a specific conversation with one key group of clients: sellers.
If their home hasnât sold yet, it may be time to repriceâbecause fewer and fewer buyers are entering the market. Many buyers want to be settled before the school year starts. Not all, but a large percentage.
We know the bulk of real estate activity happens in spring and summer. But once we hit late summerâAugust and Septemberâthe market begins to slow down dramatically.
So, what do we say to our sellers?
Hereâs how Iâd frame it:
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"Mr. and Mrs. Seller, weâre entering September, which means weâre approaching the end of summer. Buyer activity is beginning to taper off, and thereâs a lot of competition right now. Many other sellers like you are working to attract a smaller pool of remaining buyers.
"What we typically see this time of year is a wave of repositioning. Sellers begin to get more competitiveâespecially with price and buyer incen...
When we're talking to our sellers and giving them feedback each week about what's happening in the market, it's really important that we educate them on a few things that often get missed.
One of those is the power of virtual showings.
So whatâs a virtual showing? A virtual showing is when someone visits your listing online. They may or may not come see it in person, but that initial view online is still a strong signal. It means your marketing is workingâit's attracting people to look at the listing on Zillow, Realtor.com, your own website, or the MLS.
From there, the buyer decides: Is the listing priced right? Does it look like itâs in great condition? Is it staged properly? A number of other factors come into play once they arrive at the listing pageâbut your job is to get them there.
And when youâre talking to our sellers every weekâand this is how you earn price adjustments, by the wayâyou need to bring up virtual showings.
Right now, price adjustments are on the rise. About ...
This is the season of open houses. We should be doing more open houses than ever. When youâre hosting them, think about incorporating curiosity questions into your conversational strategy. Curiosity questions can unlock the door to continuing a relationship after someone leaves your open house.
Let me give you an example. What if I said, "Hey, feel free to walk around the house. Iâll answer any questions you have and point out some unique features. But one quick question for youâ the seller has authorized me to give anyone whoâd like a copy of the CMA we used to price the property. The comparative market analysisâit's almost like an appraisal. Would you like a copy of that?"
This is catnip to most buyers. They usually canât resist wanting it. Often, theyâll say yes. Iâll respond, âGreat! I can text it to you or email it to youâwhat would you prefer?â
Now Iâve gotten permission to continue the relationship.
Of course, before I make this approach, I wouldâve cleared it with the selle...
Hey, guys. When you're sitting with a seller and you've taken the listing, it's important to have what I call the "red flag conversation."
Here's how it goes: I say, "Hey, Mr. and Mrs. Seller, now that we've listed your home, I want to explain the next steps. We're going to get your property into the MLS, turn on my marketing engineâyes, I call it a marketing engineâand your home will be exposed to every buyer in the market. In the first couple of weeks, all those buyers will take a look, and one of three things will happen."
Scenario A: We get a ton of showings, which is great. That means buyers in large numbers accept the price and want to see the home.
Scenario B: The buyers look, but there are very few showingsâa small trickle. That's a red flag, signaling that buyers don't think we got the price right. If that happens, I'll reach out to you in the first five days because I'll be monitoring the showing reports in real time. If I don't see significant activity, we'll discuss this...
Hey guys, I want to give you a strategy as we head into the busiest season of the year for listingsâFebruary, March, April, and May. This is when the most homes hit the market, so itâs the perfect time to ramp up your efforts.
Iâve got two strategies that can help.
1. Create a Real Estate Resume
A real estate resume highlights your background, skills, education, and successes. Keep it simpleâjust a one-page document. You can use Canva, where you'll find plenty of great resume templates. Pick one, customize it, and build out your real estate resume.
Once it's ready, send it out to your entire database with a cover letter. The letter should say something like:
"As we enter the busiest season of the year, I wanted to share my real estate resume in case you know any buyers or sellers looking for an agent. Iâd love to interview for the job of helping them buy or sell their home."
This positions you as a professional and keeps you top of mind with potential clients.
2. Build & Share Y...
Other than your direct sphere of influence, whatâs the second-best source of business for REALTORS? Let me share my perspective and see if it aligns with yours.
We know 70â80% of our business comes from our sphere. So, what should we focus on to generate the remaining 20â30%? In my 35 years of coaching, I believe the biggest opportunity lies in your buyer pool.
Buyers are the ultimate magnet for sellers. The question is, are you using your buyers effectively as a lure? I call this strategy In Search Of (ISO) ads. Hereâs how it works:
Think of yourself as a fisherman. The lure on the end of your line could be a free CMA or tips on getting top dollar for a home. But the best lure is a live buyer ready to purchase.
For example, if I have a buyer interested in a specific neighborhood, Iâll let the neighborhood know:
A question you should ask every seller when youâre about to list a property is: "Do you have an FHA, USDA, or VA loan?"
These loans are often assumable, making the property highly valuable. If they have an interest rate below 5%, the house can fetch a premium price.
For example, if current interest rates are at 7% and a buyer can assume a 4.5% loan, it's a fantastic opportunity. There are some caveats, though. Be cautious about locking up veterans' benefits, preventing them from using those benefits elsewhere. If the seller is retiring or doesn't plan to own another home, they might be okay with someone assuming their loan.
For USDA and FHA loans, the buyer must qualify. They can't be a deadbeat; they need to qualify for the loan. Most buyers in a position to assume these low-interest loans will be thrilled, and your sellers can get a premium price.
Start asking sellers, "Do you have an FHA, USDA, or VA loan, and would you be okay with it being assumed?" There are many opportunitie...
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