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 [...]
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 [...]
How many times a week do you hear the classic question, “So… How’s the market?”
Pre-planned responses to common questions are a great way to make sure you don’t drop the ball when someone expresses interest in your work.
You want to be known as the source of positive, intelligent, and accurate real estate information for the people that know you, so watch the video below and set a goal for yourself to practice one of these points once or twice this week.
Recommended Resources: ★ Real Estate Grad School – Live coaching, webinars, online courses, workbooks and resource materials.
There are only two goals after you’ve qualified an expired listing lead:
#1 – To determine if there is still motivation to sell
#2 – To obtain an appointment for a listing appointment
Here’s a few ideas to help you handle the most common objections on that first call…
1. If the seller says they are considering re-listing with the same agent, congratulate them and ask if they’d like their home evaluated from a fresh perspective.
Tell them your evaluation will consist of new ideas they may not have considered that could even result in a higher net. You can tell the seller there’s no pressure and they can even share these ideas with their original agent should they choose to re-list.
The secondary effect of this appointment (which you should tell them) is the more you become educated on their property, the better the chance you have of explaining and selling it to your buyer database.
Once you meet with the seller, show them your plans and how you put their needs in front of yours — they may just consider not renewing with the prior agent and try the marketing process with a new enthusiasm through you.
2. If the seller says they would like to wait a while, remind them of their original motivation.
Typically, motivation does not reveal itself on the first question. For instance, [...]