Price reductions are a critical part of the business if you’re a listing agent. I carry anywhere from 40-60 listings on any given time in most market conditions, and in order to get them sold it’s a must to have a price reduction campaign of sorts in place.
One thing I’ve found to be super helpful when talking with my sellers is to not refer to it as a price reduction but rather a price adjustment. Whenever we as consumers think of reductions it feels like we’re losing something. When we think of the word adjust it feels as if we’re making something better, and of course we naturally want to focus on making things better and not losing something, right?
Don’t allow your mind to play games with you and have you assume your sellers don’t want to adjust the price or won’t. I can tell you from experience time and again, they’re simply waiting for you as their professional to advise them of when and what to adjust the price to.
I work with a lot of expired listings and I can’t tell you how many times the sellers are more than willing to adjust the price when we go on the listing appointment and tell us they thought they needed to adjust the price but their agent never mentioned it or what’s worse, they never heard from their agent after listing the home with them.
The key to price adjustments is educating your seller on market conditions and revealing to them [...]
I’ve worked with thousands of real estate agents at all levels over the past 30 years.
Two of the most common problems I see with coaching clients, and for that matter the biggest reasons for failure in this industry, are…The notion that somehow working harder will make up for working smarter. Fear of asking for what one is worth and deserves.
Here’s a few of my favorite strategies to overcome both of these obstacles, set you apart from the average agent, and lead you to greater profitability…
1. Raise it.
Before the listing appointment, fill out all paperwork with your new rate (7% maybe?) and make it business as usual. Scared? Well, make a great listing presentation, don’t leave until you get the objection, and learn how to overcome the objection. If you have to, drop it back down to your old retail rate but only after much hesitation.
2. Email new listings.
Send new listings to your database immediately, hours before it hits the MLS. This is a two-fer:
#1 – It keeps your database informed with “secret” pre-listing information, but with your “permission” they can forward this hot info on to their sphere.
#2 – You make more double ends with new people.
3. Institute a cancellation fee.
Many agents allow sellers to cancel listings with a guarantee stating they can [...]
In this post I’m going to expand on the common A-I-D-A formula and delve into real world examples of successful ads from a few top agents.
A-I-D-A is an acronym for…Attention Interest Desire Action
Attention – In our media-filled world, you need to be quick and direct to grab people’s attention. Use powerful words, or a picture that will catch the reader’s eye and make them stop and read what you have to say next.
Interest – This is one of the most challenging stages in the AIDA model: You’ve got the attention of your target audience, but can you engage with them so they’ll want to spend their precious time understanding your message in more detail?
Gaining the reader’s interest is a deeper process than grabbing their attention. They will give you a little more time to do it, but you must stay focused on their needs. This means helping them to pick out the messages that are relevant to them quickly. So use bullets and subheadings, and break up the text to make your points stand out.
Desire – The Interest and Desire parts of the AIDA model go hand-in-hand: As you’re building the reader’s interest, you also need to help them understand how what you’re offering can help them in a real way. The main way of doing this is by appealing to their personal needs and wants.
In preparation for an upcoming speaking engagement I spoke with some of the top brokers I coach to find out their favorite listing techniques.
If you’re not already, try using a few of these tips at your next sales call…Broker #1
Use professional photography. One broker said he shows clients the visual difference between his listings and competition (that doesn’t use professional photographers). He’ll even ask the seller to pick a house they know is for sale in the MLS and compare its listing to his; he makes sure that his listing beats the competition in the virtual tours.
Explain the system of regular communication. He guarantees every seller communication between 10 and 12 once a week. That’s because having a regular talk with clients is the biggest complaint that sellers have about agents.
Take off your shoes when you enter the house. No matter what condition the house is in. I’m surprised at how many people actually do take their shoes off, but it shows a respect for the house, casts a good impression, and helps the clients feel more respect for the real estate. One of our coaching clients even buys booties from a hardware store for prospective buyers to use when entering a home.
Be prepared with and know the comparables. Get comparables for all of the houses in the neighborhood. Having them printed or in notes that you use to answer the seller show that you’re very aware of the same data as [...]
Dead beat buyers! Ugh!
They can be like a vampire sucking the life out of you. So why are you holding on to these people? You know you should let them go but you don’t.
Don’t worry my friend. I’ve got your back… In this article I will help you get free of Dead-Beat Buyers and reclaim your dignity, joy and personal power. Sound good? Let’s do this.
To start, let’s do a little ‘be-honest’. You already know what you need to do. You need to drop them. But you don’t. Why? Maybe you’re addicted to suffering. Maybe you’re codependent. Maybe you are starry-eyed and optimistic. I don’t know.
What I do know is that if you are reading this article, then you realize you have a problem. You realize you’re pretending like they are going to buy any day now, right? “Matthew, I just have to show them one more house. I can’t let them go! What if they buy from someone else? I’ve put in so much work.”
The list of reasons goes on and on. And, I know… It’s okay. It happens to the best of us. But it’s time for a change. Let’s get your power back starting now.
The first step to solving any problem is the awareness of the cause. In my Mindset Methodology I call this ‘The Game Changer Process’. Awareness of a problem instantly makes you more flexible because you don’t want to keep [...]