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

Earlier this week (or maybe last week?) I promised to do a little series with tips on how to properly price historic homes in urban markets. Here's where I promised that - you might want to read it first.

Got distracted by conversations ‘bout Real Estate Reality Shows, but here I am again, back to the more mundane issues of our daily grind... pricing homes to sell. Yawn. (I say that a little sarcastically; I totally love this stuff).

Pricing historic homes in urban markets is a bit (a lot?) more time-consuming than pricing newer homes in planned developments. But, at least to my way of thinking, it's a whole lot more fun! Hope you think so, too...

Step One is to Drive by the Home. Never, ever, ever begin the pricing process until you've at least driven by the subject property. You need to have an accurate mental picture of the home and its general location on the planet in order to take the next step. When you drive by, be sure to look for any locational challenges such as nearby railroad tracks, overhead high-tension power lines, undesirable neighbors (either commercial or residential) or obvious parking issues. If the home has an alley, drive through it to see what the back of the house overlooks.

Very few older urban homes are in a perfect location; almost all have some locational "amenity" that buyers will object to. You need to be aware of any such objections upfront. On the other hand, if the subject property IS in a perfect location, that's something you need to know as well, because most of the comparables you'll be using won't be.

While we're on the topic, it's far better if you can get inside the house before you prepare your CMA. I usually handle this by doing a 2-step listing presentation - the first being an information-gathering/rapport-building meeting and the second focusing on the current market - i.e. pricing. (Actually, I do a three-step listing presentation, but I'll talk about that later).

That said, whether you do a one-step, two-step or even three-step listing presentation, never meet face2face with a seller without first, driving by the house, and second, perusing the relevant market data online. You need to be at least conversational about the local market, even if you haven't done your detailed research yet. Remember, the general public thinks all we do all day is drive around and look at houses, so if you stutter, stammer and hedge when the seller asks you about his neighborhood's market activity during your first meeting, he'll certainly doubt your professionalism and expertise.  Being able to casually toss out a few neighborhood statistics or hyper-local market factoids will do wonders for your confidence and credibility.

If there are any homes for sale or any that have recently sold within one block of the seller's home, know the details of the listings or sales, even if they aren't comparable. Your seller knows all about them and he'll expect you to as well.  

Homeowners in urban markets tend to be pretty enamored with their neighborhood and will expect their real estate agent to be, too. So, be as prepared as you can, as early as you can.

Next Time - Step Two - Gentlemen (and ladies), Start Your Research!

The 2009-2010 Winter of Soul Kicks off November 18th! Click here to read more  

Now that the listing agreement is signed and your FOR SALE sign is in the yard, you're done, right? Onto the next victim prospect to WOW with your fancy listing presentation and 132-point marketing plan! Of course, most of those 132 points are pretty much fluff & nonsense, but by the time you've overwhelmed the seller with your promises of Exceptional Service and Total Commitment, he probably won't notice.

No, he probably WON'T notice at the time, but he'll certainly notice later. The good news is that by then it's too late! He's committed to stuck with you! And you'll be damned if you'll let him out of your listing agreement after you've spent ALL THAT MONEY and ALL THAT TIME on his listing! Besides, he probably won't have the guts to even ask (whew!).

Want to Show Your Seller How Much You (Don't) Care?

It's easy! Just follow these simple steps...

1.  Don't send your seller a copy of the MLS listing entry to get his feedback.

2.  Don't let him know when his house officially goes "on the market."

3.  Don't offer to do an open house, and be sure to argue with him if he asks you to.

4.  Don't call the seller after your open house with feedback.

5.  Don't call the seller after you show his house with feedback.

6.  Don't call after the first few showings just to check in.

7.  Don't monitor showings, but the next time you talk, ask "Have you had any showings lately?"

8.  Put up a brochure box, but never fill it (or let it stay empty after the first batch is gone).

9.  Don't send the seller copies of your advertising.

10.  Don't contact the seller at all until it's time to ask for price reduction or to extend the listing.

If you follow these simple instructions for each and every one of your listings, you will be assured a long, glorious career of prospecting, prospecting, prospecting to keep that pipeline filled! You'll never have to worry about repeat or referral business distracting you from your all-important prospecting schedule...

RELATED BLOGS
Sixteen Ways to Keep Your Seller Happy with You
I'm the Best Listing Agent I Know
Y'think Your Clients Are Talking About Their Real Estate Agent?

And now a word from our sponsor...

The Winter of Soul Teleseminar Series kicks off on November 18th with a show about...ho hum...Creating Your 2010 Business Plan. Nah, it won't actually BE ho-hum, but I'll admit - it might not be the MOST exciting program in the series. But definitely worth tuning in for as our hearts and minds and bank accounts look toward the future...

The 2009-2010 Winter of Soul program is a 10-session series of teleseminars on topics of interest to the soulfully-inclined real estate community. They're scheduled throughout the winter season - from November to March - typically on Wednesday evenings or Saturday mornings. All are recorded, so if you can't make them live, you'll be able to listen in later at your leisure. The tentative schedule is below.

How much? $59. For over 800 minutes of soul!  

;-]    

Questions? Just ask!

The 2009-2010 Winter of Soul Tentative Schedule

Creating Your 2010 Business Plan - Everyone knows you're supposed to have a written plan. Have you done yours? No? Let's do it together in this kick-off to the 2009-2010 Winter of Soul. Wednesday afternoon/evening, November 18th

Alternatives to Referral-Begging - It's really not necessary to beg, bribe or even "remind" your friends to send you referrals. In fact, this behavior might actually be counterproductive to your goal of GETTING referrals from the people you know. I'll show you what to do instead. Saturday morning; January 16th

Open House Strategies - A panel discussion with four master open-housers on effective techniques to attract visitors, build rapport, get valid contact information (and permission to use it), and much more. Saturday morning, January 23rd

Why Isn't My Listing Selling? - ARGHGH! Why isn't my listing selling? I priced it right, made up a pretty brochure and I hold open houses every weekend! What else can I do? (And no, the answer isn't always "reduce the price."). Saturday morning, February 13th

Selling with Her Soul - For Ladies Only (and the men who love them) - A potentially politically INcorrect discussion on how there's nothing wrong with being feminine in today's gender-neutral world. No, you DON'T have to become a man to succeed; quite the opposite in fact! Mary Beth Bonacci joins me for what I promise will be a fascinating show. Date TBD

Social Media and Your Sphere of Influence - Don't spam your sphere! ...and other tips for effectively using social media in your sphere of influence business model. Saturday morning, February 20th

Rethinking the List(en)ing Presentation - Do you really need a formal listing presentation? Maybe... but maybe not. A panel discussion on various approaches to seller interviews. Saturday morning, January 9th

Don't Be Dorky, Be YOU! - Why is it that real estate agents, many of whom are otherwise fascinating creatures, insist on being dull as dirt in their written communications? You don't have to be a professional writer to create interesting letters, newsletters or online profiles that will make the reader smile... instead of yawn. Date TBD

B.R.A.N.D.'ing with Tom Gosche - Back by popular demand from the Summer of Soul, Tom Gosche, branding expert, joins us to share his unique perspective on personal branding that actually reflects who you are... and inspires you to become the best YOU you can be. It's good stuff. Wednesday afternoon/evening, December 2nd

Beyond Virtual Tours - Virtual Tours aren't just for listings anymore! So far, my friends at CPG Tours and I have come up with nearly 20 promotional uses for virtual tours outside of marketing your listings. Easy-as-pie to put together and a lot of fun to distribute. Saturday morning, March 6th  

Register for the Winter of Soul for $59