Need More Qualified Buyers? Win More Desirable Listings...
What is the difference between winning a highly desirable listing and taking a listing because you believe, “what do I have to lose?” The answer is “everything.” Buyers do not shop agents, brands or information. They shop for properties and in turn, desirable listings attract high quality buyers. Winning those listings legitimizes you and drives momentum to your business. Conversely, a listing taken because you felt you had nothing to lose often results in regret because of the money and time it cost you.
So how do you win desirable listings? Here are six simple but fundamental keys. For the purpose of this post, we are going to assume you have already qualified the seller’s motivation prior to the listing appointment and have all the decision makers present.
The Six Keys
1. Preparation - Perform preliminary research regarding the property. It’s all out there: tax records, Zillow, Google, and your MLS. You can find everything you need to sound informed about the property. Drive by the property and take pictures from the street. Use this information to create a prelisting package:
- step-by-step marketing plan
- comparable marketing analysis
- role during the sales process
- value and explanation of proper pricing
- sample marketing
- sold properties and/or testimonials
2. Confidence - Knowledge builds confidence. Proper preparation will allow you to present confidently, but you must also earn the prospect’s confidence. You accomplish this by educating them on the home-selling process - from agreement, pricing, MLS listing, marketing feedback, agreed price reductions if necessary, to the close. Show visuals and be succinct. This process naturally substantiates your prelisting package. For information on the best ways to present to different personalities, read our previous post.
3. Competence - You have two jobs. The first is a fiduciary responsibility to advise, consult, educate and guide. This is where you explain what you control, what the seller controls, and what neither of you controls. The seller controls the price and how the property shows, its condition and availability. Neither of you can control the market conditions, competition, nor what the market is willing to pay for the home. Your second job is a functionary role to lead generate, build value, sell, negotiate, maintain compliancy and ensure the close.
4. Pricing: The truth is that no tactic… no guru’s bullet proof promise, no genius coach’s script, and no secret marketing system will ever produce results as effectively as simply pricing the property correctly. To accomplish correct pricing, you must be able to properly convey to the seller that it does not matter what they paid, or need, or want; it does not matter what another agent says. All that matters is what the buyer universe will pay for their property. To receive the highest possible price for their property, timing is everything. If you initially list too high, you may never have an opportunity to reach that universe of buyers that would have paid a premium for your property. If you list too high in a descending market—this will most definitely cost you money.
For more information on pricing properties correctly please view our “Pricing Listings Right the First Time”.
5. Execution - This is how we perform the home selling process: the tools we use and what separates us from our competitors. This is the most important step of the process. Do you really want this listing? Then show the prospect some unique tools. Some to consider are:
- Call-Capture IVR- Take the information that you learned about the property and create a sample recording, upload the pictures you took of the outside of the property, and add the text descriptions. Take a sample sign rider with you and have the seller call it; show them the call detail of how you capture every lead. Emphasize that every lead receives a follow-up call from you or a member of your team. Sellers want to sell their home for the highest possible price and this is accomplished by following up with every lead.
- Single Property Site- a personal touch that conveys to sellers, “your property is special enough for its own website.” Buy the property address before you go on the listing presentation and create a site: see www.211bartonsprings.com. Don’t just type in the URL, Google it to demonstrate your online marketing expertise.
- Virtual Flyer- Create a mock-up of the property brochure and add it to your pre-listing package. Make sure to include the single property website and Call Capture number so they can visit them afterwards, and email them another copy immediately after leaving.
6. Commission - Nine times out of ten you will have to address your commission. Your full brokerage commission is under pressure and you will have to deal with it, so be prepared. If you properly completed the first five steps you will have created significant value in the eyes of the seller, so overcoming this should be easier.
- Be understanding. They may be upside down or at the very least have lost equity.
- Explain how you are taking the risk. They are in complete control of accepting or declining offers and you don’t get paid unless the property is sold at an acceptable price.
- Explain costs associated with your marketing plan.
- Explain costs associated with keeping the deal on track to close.
- Explain all these processes have costs associated with them. Ask them which of the processes (prospecting, marketing, systems, managing, negotiating) would it make sense to eliminate? The truth is, in today’s real estate market, if you perform the services as stated above, six percent is cheap.
Arch Agent 210 Barton Springs Road, Austin, TX 78704
www.archagent.com 800-882-9155 firstname.lastname@example.org