From Listed to SOLD - How to Sell Those Listings You Work So Hard to Get!

On Wednesday evening, Loreena Yeo joined me in the SWS Studio to talk with me (and a few hundred of y'all*) about "Pricing it Right - Helping Your Seller See the Light!" Well, I graciously let Loreena go first, thinking I'd get *my* turn soon, but it wasn't to be. Not that Loreena was a microphone-hog or anything - not at all, but the audience clearly wanted to hear more from her than the time I'd allotted was going to allow.

So, being the primary decision-maker here in the SWS Studio, I made the executive decision to save my thoughts for a later day and let Loreena continue to wow the crowd for the entire 75 minute show.

(I just scheduled the follow-up show for August 7th. If you'd like to join us, go here to register: www.SellwithSoul.com/proper-pricing.)

As the title implies, the topic of the seminar was how to persuade a reluctant seller to price his or her home properly so that it will sell. Sure, KNOWING what that right price is is important, but being able to communicate it effectively might be even more so.

Loreena shared some great strategies and while I won't describe all of them here, here are some of my favorites.

1. Come in armed with your stats
Loreena's listings enjoy a way-below-average DOM, a higher-than-average list-to-sold price ratio and an extremely low fall-out rate (listings that don't sell). In her early conversations with a seller prospect, she shares her statistics with him or her, which accomplishes several things. First, it clearly demonstrates that whatever she's doing is working, which inspires sellers to want to know more. Second, it lends credibility to her CMA and pricing recommendation and third, it helps her turn down overpriced listings because she can respectfully say that her record is important to her and she's not willing to risk it taking a listing she knows she can't sell.

Of course, using this strategy requires that you have a good track record! (And we're going to talk about that at the next SWS Teleseminar, How to Be the Best Thing to Ever Happen to Your Seller. Details here: www.sellwithsoul.com/best-thing.)

2. Spend quality (and quantity) time preparing your CMA
Being oh-so-efficient is way over-rated. Loreena spends several hours poring over her CMA reports so that she is intimately familiar with exactly what those facts and figures are telling her. When she is in front of a seller, she knows her stuff and it's obvious to the seller that she knows her stuff. This gives her tremendous personal power when talking about price.

Conversely, if you wing it, a seller can easily fluster you with his protests that: "The house down the street sold for way more than THAT!" or "The other agent we talked to gave us a much higher price than THAT!"

3. Don't try to be "listing specialist"
I've been singing this song for years. If you work with buyers, you'll be a far better listing agent. After all, who buys listings? Buyers, right?! If you don't hang out with them (buyers) on a regular basis, how will you know how they think, what they want and how much value they place on certain amenities over others?

4. And my favorite from the evening... After you've presented your data, sit back and smile sweetly
Loreena described how she comes armed with lots of paper - charts, graphs, lists, reports, summaries, etc... which she spreads out on the table for the seller to review. Once she's delivered her analysis of all this paper, she sits back and smiles sweetly, and lets the seller take it from there. Numbers don't lie and she just presented a lot of non-lying numbers. With her body language, she subtly forces the seller to acknowledge them.

Oh, there was so much more, but I'm outta time for today ... THANKS Loreena for sharing your wisdom. Can't wait to do it again!

* As you may know, Loreena is Chinese and English is not her first language. She speaks English exceptionally well, but she does have a charming accent. Anyway, during the show she used the word "y'all" in her cute Chinese accent which cracked me up (good thing I had my phone on mute). Must be the Texas influence...

Pricing it Right - Helping Your Seller See the Light! (A free teleseminar at Sell with Soul)

REGISTER FOR THE SHOW HERE

Pricing is tough enough in today's market (well, any market really), but sometimes the most difficult part of getting a listing priced right is convincing your seller you know what you're talking about!

Many real estate trainers advise you to use condescending scripts and dialogues to persuade a reluctant seller to price his home to sell. Hmmmm...the last time I checked, insulting the intelligence of your audience is a lousy way to build the trust and rapport you'll need to have a successful professional relationship!

There are alternatives to beating your seller prospects over the head with your facts, figures, opinions and dire warnings. Alternatives that won't only win you the listing, but will win you that listing at a price you can sell.

Join me and Loreena Yeo this Wednesday afternoon/evening in the SWS Virtual Studio for a discussion of intelligent and respectful methods to help your seller see the light.

THE DETAILS
Date: Wednesday, July 28th, 2010
Time: 4:00pm Pacific / 5:00 pm Mountain / 6:00 pm Central / 7:00 pm Eastern
Duration: 60 - 90 minutes
Equipment Needed: Nothing fancy - just a phone and/or computer
Price: Freeeee, but you have to register, below

REGISTER FOR THE SHOW HERE

In early June, we (expired-listings-god Borino and I) held a teleseminar in the SWS Virtual Studio about Soulfully Prospecting to Expired Listings. Our goal was to assure agents who Sell with Soul that they can, indeed, succeed with expireds without resorting to pushy, cheesy or silly tactics and pitches.

But so many questions came in during the show ABOUT the nuts and bolts of an effective expired listing strategy that we realized it made sense to DO a nuts and bolts show about an effective expired listing strategy.

So, that's what we're doing. (And no, it is not an infomercial for his or my products; promise).

In this follow-up show, we'll talk about...

• The 3 most effective ways to contact expireds
• What to say (and NOT to say on the phone)
• What to bring with you when meeting them in person
• How to set up an effective mail campaign
• Three things you can do to instantly stand out from the rest of the crowd
• What if they say: "We don't know what we gonna do" or "We're not ready."
  

If you're considering adding expired listings to your prospecting plan, or hoping to improve the plan you're already using, please join us! And invite your friends!

THE DETAILS
Date: Wednesday, July 14th, 2010
Time: 4:00pm Pacific / 5:00 pm Mountain / 6:00 pm Central / 7:00 pm Eastern
Duration: 60 - 90 minutes
Equipment Needed: Nothing fancy - just a phone and/or computer
Price: *Freeeee, but you have to register HERE.

REGISTER FOR THE FREE SHOW HERE

The program will be recorded, but not distributed publicly. You can attend the live show free, or purchase a recording of it afterwards for $3.99 here. Or, you can join Club SWS for $10/month and receive all recordings of all SWS shows and a bunch of other stuff.

One of the toughest conversations for a real estate agent is the one where we talk to our seller prospects about how we're paid. Oh, some of us are more comfortable with it than others, but even the most experienced, seemingly confident agents struggle with the topic at times. And newer agents almost always dread that part of the listing interview.

And there are perfectly good reasons it can be a tough conversation! After all, real estate commissions are usually the most significant expense in selling a home and many sellers are understandably a bit cynical that those high fees are warranted. Sellers also wonder how we can claim to represent their best interests when our paycheck is contingent upon and determined by the outcome of the transaction.

Some agents question their own value, or at least, don't know quite how to communicate their value to a seller. Many find themselves competing with discounters and minimum servicers, and wonder how to prove that "you get what you pay for." Or, conversely, maybe you're a discounter or minimum servicer (and there's nothing wrong with that) and you're tired of being dismissed by the "full-price" crowd as the scourge of the industry.

And how about when your friends and family ask for a discount? How should you handle that? Should you explain to your seller how little of the total commission you actually end up with? Is it a good idea to offer a menu of services, or to charge for your services on an a la carte basis?

On Saturday morning, June 19th, Mollie Wasserman (author of "Ripping the Roof Off Real Estate") and I will answer as many of these questions as we can. And our answers might surprise you; in fact, I'm certain they will. But I'm also certain that you'll come away from this very special show with a much better grasp on your value as a real estate agent, and feel much more confident the next time you're sitting across from a seller prospect talking about your fee.

Hope you'll join us!

THE DETAILS

Date & Time: Saturday, June 19th at 11:30 am Eastern / 8:30 am Pacific
Duration: 60 - 90 minutes
Format: Teleseminar - you just need a computer and/or a telephone
Cost: *Freeeeeeeeee!

REGISTRATION
www.SellwithSoul.com/commissions

* It's free to attend the live show, but a recording will not be released publicly. You can purchase it after the show in my bookstore, or join Club SWS for $10/month.

I used to lump the pursuit of expired listings (and for that matter, FSBO's) into the same category as cold-calling, door-knocking and farming. As in (and I quote from the introduction of Sell with Soul):

"For those of you who shudder at the thought of chasing down your prey, this book is for you. First, I'll help you build your business using respectful, non‑invasive techniques. No farming, cold-calling or door-knocking. You won't have to hunt down For Sale by Owners (FSBO's) or Expired listings if you don't want to."

However, upon further reflection, I'm realizing that there is something truly "soulful" about helping sellers whose (who's? I can never keep it straight) homes failed to sell (I balk at calling a real person an "expired"). In fact, I'm pretty darn sure that the soulful crowd might just be the best thing that could ever happen to a Seller Whose (who's?) Home Failed to Sell.

But... the problem remains of how to get in front of those Sellers Whose (who's?) Homes Failed to Sell so that we can get a shot at being the best thing to ever happen to them. Oh, and preferably without resorting to all those ridiculous, cheesy, patronizing tactics so celebrated in our industry.

That's the subject of this Saturday's SWS Teleseminar - how to Soulfully Prospect to Expired Listings! I'm going to interview my good friend Borino of Expired Plus (www.expiredplus.com), asking him all sorts of questions I've asked myself, and had asked of me through the years about approaching these sellers without making a fool of yourself.

Questions like...

• Do I really HAVE to call or stop by? Can't I just send a letter?
• How often should I expect to be rudely rejected?
• Does it get easier? How long til I'm not nervous?
• Should I pursue listings I don't really want?
• How much research should I do ahead of time?
• How do I compete with all the other agents going after expireds?
• How do agents get an expired listing within hours of it expiring? ("going behind the sign")

Do you have questions you'd like us to answer? Just ask!

The show starts at 8:30 am (Pacific) / 11:30 am (Eastern) sharp on Saturday, June 5th. It's a freebie show if you attend live ($10 for the recording which includes lots of other goodies).

Here's where you register: http://www.sellwithsoul.com/sws-expired

See you Saturday?

Got a question yesterday from an agent who was referred to a potential seller by an acquaintance.  However, the acquaintance warned the agent (let's call him Sam) that the seller has a "friend who will list the house really cheap," so Sam may not have a chance at procuring the listing.

Sam asked me how I would approach the situation - how would I respond if the topic of commission comes up in their initial phone conversation? And how would I go about persuading the seller that I'm worth my "full" fee and that the "friend" may not even be worth her discounted one?

Wanna know what I told him? Okay, twist my arm.

First, I always recommend that we be upfront about what we charge if asked. I don't believe in deflecting the issue because it puts us in the position of being a salesperson instead of the professional advisor I feel we are. So, if Mr. Seller were to say "Sam, what do you charge to sell a home?" I'd advise Sam to answer the question without hesitation. No hemming, no hawing, no creative avoidance. Just get it out there on the table.

"My fee is X% to sell a home, which includes the buyer agent's fee of Y%"

If the seller responds with "Well, I have a friend who will do it for X-minus-2%..." Sam can say: "That's great - and that might be the best deal for you. But I'd still be happy to get together and talk about your situation, so you can be sure you're making the right decision. No pressure, I promise. And I'll respect whatever decision you make."

Reverse psychology ("that may be the best deal for you") works great here!

If the seller agrees to meet with you, that means he's probably open to paying your fee, if you can prove you're worth it.

And as you probably know if you read much of my stuff, that's a BIG DEAL to me - actually being WORTH the fee you charge... and knowing you're worth that fee. Getting the point of being and knowing you're worth it might take some time and soul-searching, but it's well-worth every minute.

(And by the way, BEING worth your fee has nothing to do with how much you NEED that fee).

Anyway, I digress.  Next question - once you're face to face with the seller - should you address the issue of your competition's lower fee head-on?

Whatcha' think? (I'll share my thoughts tomorrow.)

I read a featured blog the other day written by an agent who was regretting not insisting on a buyer agency agreement and was subsequently ditched by the buyers she was working with. She was disappointed, and in her blog, reconfirmed her commitment to always get that agreement in place before investing much time in a new buyer client.

Fair enough. I disagree with the agent's conclusion that the solution to being ditched by a buyer is a written contract, but that's okay. To each his own.

But one of the many comments on the blog caught my eye. It was something about how now that we're in a new decade; it's a perfect time to set new priorities. In this case, the commenter meant that he or she intended to be even more committed to getting those agreements signed before working "for free."

Again, fair enough.

But it occurs to me (yep, here comes a soapbox) that it would do us and our industry far more good if we set our priorities a little higher. If we set them based on what the customer wants and needs, rather than on what we want and need. Don't get me wrong, I'm all about looking out for #1, but when you put your customers first, my experience has been that Your Favorite Real Estate Agent benefits right alongside!

So... how about instead of making it a higher priority to be more diligent about contractually obligating your buyers to you... you commit to making yourself indispensable to your buyers so that no contract is necessary?

How about instead of making it a higher priority to more efficiently beat the streets looking for more and more and more and more listings... you commit to figuring out how to sell the listings you already have?

If we shift our industry's priorities away from the face in the mirror and focus them on the consumer we're licensed, hired and well-paid to serve, I promise you we'll all benefit. Our buyers will buy and our listings will sell, so we'll attend more closings and see more repeats & referrals.

It really might be that simple!

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Your listing agreement is signed and you're heading out to install the lockbox and yard sign for your fabulous new listing! By this afternoon, the property will be entered into the MLS, and hopefully your fancy-schmantzy home brochures will be delivered by the end of the week.

Whew! You're done, right? Time to move onto the next listing prospect!

Well, that's up to you, but I don't recommend it.

Those first two weeks of a new listing provide a beautiful window of opportunity to knock the sox off your seller and cement your position as his or her all-time favorite real estate agent. Oh, and by knocking the sox off your new seller out of the gate, you'll buy yourself a little grace if, down the road, you unintentionally drop the ball (it happens)!

When you put a new listing on the market, strive to have contact with my seller every single day for the first week; and into the second week if possible. Remember, while listing another home may be just another day at the office for us, it's a monumental event for most home-sellers. They are watching your every move (or lack of movement) very closely - AND - commenting on those moves (or lack thereof) to their peers.

So, what can you do to knock some sox those precious first two weeks of a new listing?

• Send the sellers a copy of the MLS listing and ask for their blessing
• Send the sellers a draft of the home brochure and ask for their blessing
• Schedule the first open house
• Create and deliver your first State of the Market report
• Deliver feedback from showings, if any
• Send links to your online advertising (Your Virtual Tour, Craigslist, Postlets, Realtor.com, your blog, etc.).
• Ask seller to distribute the virtual tour to his social network.
• Drop off brochures
• Do your Open House
• Deliver feedback from Open House
• Ask sellers how they feel the process is going so far
• Preview any new competition and share your feedback
• Call to check on brochures - do we need more yet?
• Prepare a market report with the number of showings and virtual tour hits, along with an update on the status of the competition.

After the first two weeks, you can slow down your attention a bit, although of course, do continue to provide showing feedback and check on brochures and such. Every 2-3 weeks, send an updated market activity report, and at six weeks, prepare a full CMA and schedule a meeting with the sellers to discuss it.

If your seller feels you're being TOO attentive, he'll probably let you know, but I really doubt that will be a problem!

Any other ideas of reasons to contact a seller? Please share!

It's here, it's here! My new book - it's here! I mean that literally - it's EVERYWHERE in my house. Boxes and boxes of books, everywhere I look. Yeah, it's kinda cool. Strike that. It's so darn freakin' unbelievably cool. I do a little happy dance every time I trip over my boxes and boxes and boxes! (But check back in with me in two weeks as I'm moving all these boxes and boxes to my new place!)

Here's an excerpt from the first chapter of the book... enjoy!

"If You're Not Having Fun Selling Real Estate, You're Not Doing it Right!
by Jennifer Allan

Chapter One 
"What's Fun Got to Do with it?"

Selling real estate can be a blast. All day, every day? Uh, no. There will be days you long for the stability and security of a steady paycheck and regular hours. There will be nights you lie awake tossing and turning, unable to forget that scathing criticism you received from your unhappy seller. You'll have weeks - maybe even months - when you have no idea where your next mortgage payment is coming from. That's definitely not fun... and, unfortunately, something a lot of us can relate to in recent times.

But you'll also enjoy the euphoria of successfully negotiating a tough inspection. Of beating out five other agents for that primo listing without budging on your commission. Of picking up the phone to find a $1.5M buyer on the other end who found you as a result of your blog. Of hearing from your new referred client that your mutual friend said you were "the best." Of being too busy to breathe and then, when you finally come up for air, realizing that you just had a $50,000 month.

Making gobs and gobs of money is fun. Getting steady streams of referrals is fun. Being a master negotiator is fun. Solving problems is fun.

Being an exceptional real estate agent is fun.

This book is going to show you how to have more fun selling real estate by being exceptional at what you do and making lots of money doing it. Yes, you can mix business and pleasure... and have a heck of a time doing it.

First, we'll revisit and expand upon the Sphere of Influence (SOI) business philosophy introduced in Sell with Soul, because having lots of friends is fun, even for introverts like me. Getting business and referrals from your friends is even more fun-more fun than cold-calling, door-knocking, mass-mailing and advertising combined! We'll discuss how the traditional Numbers Game is not much fun at all and how you can change the rules and beat ‘em at their own game.

Moving on, we'll jump into the car with your buyers and debunk most of the nonsense that real estate trainers have been pushing at us since time began. The way we've been trained to "manage" and "handle" and "protect ourselves from" our buyers is a bunch of hooey! Relax, enjoy your buyers, trust your buyers, respect your buyers and they'll be a joy to work with.

Next, we'll spend some time discussing some advanced strategies for marketing, selling and closing your listings, with a particular emphasis on pricing. Trust me, being an outrageously effective listing agent - that is, one who knows how to actually sell houses - is buckets of fun. Being good at turning your listings into paychecks gives you an intoxicating sense of power over your business.

We'll also discuss some of the finer points of being an exceptional real estate agent-covering topics such as win/win negotiating, the right use of systems and effective communication skills.

Finally, we'll wrap things up with some fresh ideas on time management, taking your career to the next level (or conversely, down a notch), firing your clients and much more.

.....................

Want one of your very own? You can buy it from me (numbered & autographed - www.swsstore.com) or at Amazon... I think the Kindle version is already available, or will be shortly.

You can also get one for free, sorta, if you participate in the book release party at my website - just go here for details.

Did I mention how darn cool it is to release a book?

After a week away (thank you Robin!), I'm back in the saddle, talking about turning Prospecting Cheese into Soul... Today's topic is the non-cheesy Open House.

First, allow me to pontificate for a moment that I believe the first priority of any open-house-giver is to attempt to sell that house. After all, someone owns that house and has hired you, or an associate of yours to care enough about his listing to try to sell it. And no matter what you tell a seller ahead of time, he really does expect the offers to start pouring in at 4:05. 

So, just remember that your primary obligation is to the seller, not yourself. Lecture over.

(For a discussion on whether or not to even hold open houses, click here for my series on the topic).

All that said, most of us do look at an open house as an opportunity to pick up buyers. Maybe even sellers. So, how can you do that without resorting to Old School Cheese? (That sound kinda gross, doesn't it?)

My best advice for figuring out what NOT to do is to spend a sunny Sunday visiting other agents' open houses. Egads, some of us are cheesy. Or, if not cheesy, just plain dumb, aka, unprepared. I visited an open house last winter and eavesdropped in as a visitor asked the agent how old the furnace was. The agent smiled brightly and said those magic words: "I don't know, but I'd be happy to find out for you!" This piqued my curiosity, so I actually went into the basement and, get this - LOOKED at the furnace. It was obviously brand new. I'd think that anyone who had ever seen a furnace could tell that. Of course, that would have meant that the agent would have had to have made that long journey down the stairs to see for herself - but clearly that was too much to ask.

I've also heard rumors of agents requiring ID before allowing visitors into the property. Okay, maybe in a multi-gazillion dollar home, but your run-of-the-mill listing? Puh-leeeeeaze.

Do I require sign-in? No, I don't. I just don't feel comfy doing it, but it's not something I advise against. When I hold an open house, I'm looking for quality over quantity. I'm hoping to connect with one or two visitors; someone I have a natural rapport with. When I find that rapport with a visitor, it's easy for me to draw them into a conversation about real estate and most of the time; they ask ME for my card. I like that. If I had people sign-in, I know I wouldn't follow-up unless I felt that rapport, so I just don't bother.

When you hold an open house, pretend that there's a hidden camera watching your every move (who knows?). Don't do anything the seller wouldn't approve of. Don't criticize the house (that guest you're talking to might know the seller and report back, or he might be a seller prospect himself and be less than impressed with your professionalism!), or aggressively direct visitors toward your fancy list of "other properties they might consider instead."  It's far less cheesy (and effective) to be able to simply discuss the market conversationally, rather than push a pre-prepared package on guests.

(If you're enrolled in the SWS Winter of Soul, we'll be doing a thorough discussion of Open House Strategies on January 23!)

Next up... non-cheesy greeting cards...