How To Win More Listings
What is the difference between winning a highly desirable listing and taking one because you believe, “what do I have to lose?” The answer is “everything”. Buyers shop for properties and desirable listings attract high quality buyers. Winning those listings legitimizes your brand and if you price it right, it will drive momentum to your business.
So how do you win desirable listings? Assuming you have qualified the seller’s motivation and have all the decision makers present, here are six keys.
1. Preparation: perform preliminary research regarding the property. You can find everything you need on the public internet to become informed about the property. Drive by the property and take pictures from the street (and take pictures of the inside of the property when previewing with the potential seller). Use this information to create a prelisting package. Your prelisting package should contain:
a. Step by step marketing plan
b. Comparable marketing analysis
c. Role during the sales process
d. Value and explanation of proper pricing
e. Sample marketing
f. Sold properties and/or testimonials
Proper preparation will allow you to present confidently. Educate the prospect on the home selling process—from agreement, pricing, MLS listing, marketing feedback, agreed price reductions if necessary and the close. This process naturally substantiates your pre-listing package; show visuals and be succinct.
2. Confidence: Proper preparation will allow you to present confidently. Educate the prospect on the home selling process—from agreement, pricing, MLS listing, marketing feedback, agreed price reductions if necessary and the close. This process naturally substantiates your pre-listing package; show visuals and be succinct.
3. Competence: you have two jobs: a fiduciary responsibility to advise, consult, educate and guide. This is where you explain what you do control, what the seller controls and what you both do not control. What the seller does control is the price and how the property shows, its condition and availability. What you do not control is the market conditions, competition and what the market is willing to pay for the home. You second job is a functionary role to lead generate, build value, sell, negotiate, maintain compliancy and ensure the close.
4. Pricing: No marketing strategy or technology will ever produce results as effectively as pricing the property to sell. Convey to the seller that it does not matter what they paid, need, or want; 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.
5. Execution: This is how we perform the home selling process; what tools we use and what separates ourselves from our competitors. Points of differentiation is the most important step of the process. Some tools 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 every lead receives a follow up call from you or a member of your team.
• Mobile Marketing – The internet provides prospects ease of access to properties for sale and the internet has gone mobile. Do you have a real mobile strategy? If not, we have two for you to consider: RoamHomes and TextHomes. Both services enable you to capture and track potential prospects that are searching for home on the MLS from a mobile device.
• Single Property Site- a personal touch that conveys to sellers, “your property is special enough for it’s own website”. Do you really want this listing? Buy the property address before you go on the listing and create a site: for a sample see www.211bartonsprings.com. .
• Virtual Flyer- Create a mock-up of the property brochure and add it to your pre-listing package. Make sure and include the single property website and Call Capture number so they can visit them afterwards and make sure to 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 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.
1. Be understanding. They may be upside down or have lost equity.
2. Explain how you are taking the risk. The seller is in complete control of accepting or declining offers and you don’t get paid unless the property is sold at an acceptable price.
3. Explain costs associated with your marketing plan.
4. Explain costs associated with keeping the deal on track to close.
5. If they insist on a discount, 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, your services are inexpensive.