When you present the market research to the sellers, always be at the kitchen
table sitting down ACROSS from the seller.
Whenever possible you never want to discuss price or terms of the listing
in the living room. This is not a decision making place and it’s highly possible that they won’t hear and actually absorb much of what you’re saying. Kindly ask them if you can sit at the table so you can go over everything with them.
Sitting at the table ACROSS from them puts you in a more powerful place which
Automatically gives you more confidence. You are the professional so present
and act like it. Before I get into presenting the market analysis and talking about the right price with the seller, let’s quickly talk about your
Presentation and how you show up for the seller.
In many cases if your schedule is anything like a normal Realtor, you’re running around like a chicken with your head cut off. Put this fire out, check voice mail, return calls, pick up the kids, get them fed and to their practices and games, and in between you’re texting at stoplights and checking emails from your Blackberries.
In most cases you probably pull up to the house, shove it in park, grab your paperwork and off you go to the door. But wait, guys while you’re in the middle of your normal chaotic routine, remember, this happens to be the seller’s largest single investment in most cases. And they don’t do this every day!
Take a few moments to slow down, clear your mind, pull over on the side of the road before you go in. Review the pre qualifying questions to remember who these folks are, what their situation and plans are. Look over the market analysis so you’re ready to powerfully present it.
I know you’re already dressed at your best, right? I mean we all know first impressions are everything so be sure you show up with nice pressed clothes, a clean hair cut or style, ladies makeup on, car clean, shoes shined, fresh breath. All these should be a given and yet sometimes we forget the small stuff that can make a big difference. You never get a second chance to make your first impression so make it great!
When they open the door, stand tall smile and thank them for having you over.
Tell them you’re excited about talking with them and supporting them with
selling their home and that you really appreciate the opportunity to interview with them.
Business exists in communication so communicate. It’s important that you ask
lots of questions and that you are intently listening. Repeat what they say and agree with them to let them know you actually hear what they’re saying.
For instance.. they say, “We’re not gonna give it away”, so you repeat, you’re not gonna give it away, of course you’re not and I’m not gonna let you give it away. Let’s look at the market analysis together and see how much you can expect to walk away with in today’s market, okay!? Or, “I’m not paying a full commission”, you repeat, you’re not paying a full commission, I know.. You wanna get the most money possible, don’t you?
It’s called a level shift, one of the NLP language patterns I use and teach.
You’re shifting the clients focus from one thing to another, something that’s
better for both of you to talk about and leading them toward making a decision. Both you and the seller would prefer to talk about what they’re walking away with than what commission you charge right?
Go through the market analysis by actually letting them see it with you vs you telling them what the numbers show. Let them see what homes they’re in competition with and those that have sold. Make sure your research reflects a summary revealing the average list price, sales price, days on market and list to sales price ratio. These are imperative numbers to know to help them determine the right price.
Once you go over it together with them ask them, after reviewing the numbers what price do you feel it should be at in order to sell vs sit on the market? Be quiet and let them talk so you can pull out their thoughts, feelings, and objections.
If you know the market well, are previewing property, and doing your homework properly ahead of time, as the professional you should know what price range the home needs to be at in order to sell. Be prepared to share that number with them confidently.
Tell them you want to get them as much as possible because the more they make the more you make as well. At the same time you want the home to actually sell vs sit on the market so they can get where they want to go. Tell them many agents will simply tell them what they want to hear so they can take another listing and have something to advertise and a sign in their yard to make their phone ring so they can pick up more leads for themselves. You’re not looking to do that, you’re looking to tell them honestly what it will take to SELL the home which is what they’re hiring you for.
If they want to start out high and come down later explain to them that you can do it that way however you never get a second chance to make the first impression on the market and in most cases you get the most interest and activity during the first 30-45 days a home is on the market. After that it will slow and it’s better to come in priced more aggressively to gain maximum exposure and be more firm on price than to come on at a price that won’t even compel buyers to look at it, much less make an offer.
If you agree to take it at a little higher price have them agree now to a price adjustment in 30 days and go ahead and have them sign it. Explain the worse thing they can do is sit on the market month after month at a price that won’t cause the home to sell. The longer it’s on the market the harder it is to sell.
I hope this is helpful to you. If you need more support with pricing, commission, and listing objections you may receive, please purchase a copy of our objection handler book, Now What Do I Say?, which offers over 400 answers to more than 70 of the most common questions and objections you receive. There is an entire chapter on pricing. You can purchase this on Amazon.com or on our website at www.yourethedifference.com
If you are looking to take your business to the next level I would love to support you with that. Call or email me to discuss the personal coaching I offer where I teach you everything I’ve learned over the last 22 years to sell as much 140 homes in one year or as little as 39. I sold 39 my first year in the business in a brand new town where I didn’t know a soul. My second year I sold 75 then 83 then 114, 127, 140, and then decided to scale my business back and keep it at 75-100 a year while coaching. I can help you take your business to whatever level you want to be at and truly have a passion for sharing.
“Christy Crouch is the co-founder of You’re The Difference Sales & Life Coaching, co-author of the highly acclaimed real estate objection handler book, Now What Do I Say? a collection of more than 400 answers to over 70 of the most common questions and objections faced in the real estate industry. She is still an active agent in Virginia, has participated in closing thousands of transactions in her career, was inducted in the RE/MAX Hall of Fame for her production. Christy is in the top 2.3% of her marketplace. Her goal is to share what she’s learned with other agents to support them in having a highly successful real estate sales business while having a happy and balanced life. To learn more about her coaching and products please email her at email@example.com or visit her website at www.yourethedifference.com”