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 [...]
by Denise Lones
Many real estate agents get stuck and stop making progress when they don’t see immediate results.
The key to mastering any business is to keep taking the action you need to improve.
However, if you focus on the action rather than the results, the results will come.Here are 10 ideas to jump start your business with action:
1. Send every one of your past clients something about the current real estate market. A mail piece or report that is well thought out and that educates your clients on what is going on in their local market is a great way to connect. Past clients are a wonderful source of referrals and past business, however, a small percentage of clients use their agents again due to a lack of “connection” (which is another way of saying that you forgot to keep in touch with them). This data base of clients is your “gold mine” and you need to take care of them. When you need to increase your business, put together a mailer which includes quality, relevant information. Follow up with them to make sure they received it and to see if they have any questions.
2. Focus on connecting with people and being present in public. Real estate is a people business where success depends greatly on your ability to make connections with people. As an agent you need to stay in the forefront so potential clients can see you and get to know you before they hire you. Make a plan for the year [...]
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.