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

God Bless 'em, sellers just want to help. They have lots of opinions on how their homes should be marketed, advertised and promoted to agents and buyers, and they LUV sharing those opinions with us. And of course, they expect us to agree with their opinions and implement their ideas immediately!

And sometimes they're right. Hey, our sellers are intelligent human beings, and at times, they have great ideas we'd never thought of.

But sometimes, um, they don't. No disrespect to homesellers around the world, but we DO (or should) know more about selling houses than they do. We DO (or should) know what works and what doesn't work.

Now, truth be told, there are things we do simply because they make our sellers happy and there's nothing wrong with that. In fact, there's a lot right about it. And many of these things we do primarily promote ourselves more so than the property, and again, that's just fine. Open houses, color brochures, single-domain websites, Craigslist postings and virtual tours might fall under one or both of these categories.

But what about ineffective marketing that is expensive or time-consuming? How can you tell your seller "no" without sounding cheap, lazy or disrespectful?

Before I answer that burning question, here are some examples* of marketing I "refuse" to do:

• Enhanced Realtor.com listings
• Broker open houses
• Magazine advertising
• Newspaper advertising
• Talking House sign riders
• Flyer distribution to neighborhood
• Flyer distribution to real estate offices
• .... feel free to add your own

*If, in your market, any of these marketing approaches actually work, please do them - don't accept what I say as gospel. In some markets, broker opens are effective. In resort markets, magazine advertising might be worthwhile. Know your market and adjust my advice accordingly.

So, how do I respectfully say "Just Say No" to a seller's suggestion?

Ready?

"Well, Joe, here's the thing. I want to sell your house as much as you do, so if I thought a particular marketing venue would work, I'd be all over it."

Very simple. It reminds the seller that you're on the same team, with a common goal of getting the home sold. And it's true! If you believed that having an enhanced Realtor.com profile would sell the house, you'd do it, right? If you thought that advertising the listing in the newspaper would bring in buyers, you'd advertise in the newspaper all day long, wouldn't you?

Of course, you certainly may do any and all advertising suggested by your seller; nothing I'm saying here advises against it. Doing these activities certainly won't hurt the chances of the home selling, but if you want to say "no" and haven't figured out how, give this a try. If said calmly, confidently and non-defensively, the seller will usually understand and agree! 

Had an interesting email dialogue over the weekend with a SWS reader - I'll let him identify himself here if he likes - about the use of charts and graphs and data and statistics in a listing interview. He asked the question during my "Helping Your Seller See the Light" teleseminar on Saturday whether or not I use, or recommend using statistics like "absorption rate" and "days on market" and "average list-to-sold," and if so, what exactly IS the best use of these statistics?

Well, my superficial, off-the-top-‘o-my-head answer was that no, I don't use charts and graphs and statistics because my brain doesn't work that way. I'm not a numbers gal, so when I look at charts and graphs and statistics, they don't mean much to me. And I don't want to go into a listing interview armed with information I don't fully understand.

And I highly recommend that if you're like me, not a math-nerd (I say that with respect and affection for math-nerds), don't try to become one when talking to sellers. Provide the information in a format that makes sense to you, and that you can easily and conversationally explain.

But if you ARE a numbers guy or gal, and you love your charts and graphs and stats, how can you best use this data when talking with a seller prospect about pricing?

Veddy, veddy carefully.

Here's the thing. The problem with graphs and charts and numbers and statistics is that they give the impression that selling a house is a random event, governed by those numbers and statistics, and not influence-able (?) by the agent's or seller's efforts. To present a chart that shows an 8-month inventory, for example, implies that it takes 8 months to sell a home. To present a graph showing an average list-to-sell ratio of 92% implies that a seller should build a margin into his price to account for being negotiated 8% down.  

But is that REALLY what the numbers are saying? In most cases, NO. Not even close! And again, do you really want to give a seller prospect the impression that neither you nor he is capable of affecting the outcome of your home-sale adventure?

To me, that's what depending on the numbers says to a seller. That THESE are the cold hard facts and there ain't nothing we can do to change them. We, Mr. Seller, you and I, are at the mercy of the market.

AND THAT'S NOT TRUE.  

Because you know what? Whenever you come up with a statistic, that statistic is based on a range of outcomes. Some houses didn't take 8 months to sell. Some houses sold higher than 92% of list price. And were these better-than-average outcomes simply the result of chance? Luck? Random events?

Of course not.

"Okay, Ms. Smarty Pants, but that's not how I use my graphs and charts - I use them to demonstrate the reality of the market to my sellers to persuade them to price properly. If they see those cold, hard facts, they'll realize that they need to listen to me and my pricing recommendations if they want to have a hope of selling."

Fair enough, and I'm inclined in theory to agree with that strategy. But as I said earlier, it must be done veddy, veddy carefully.

You only have so much time in a listing interview to say everything you want to say. At some point, your seller's eyes are going to glaze over and they'll check out. I'd rather spend their valuable attention span talking about what WE (he and I together) can do to maximize the chance of sale, at an acceptable price.

Besides, you know what? If your seller prospect is interviewing other agents, they've probably gone overboard with all the doom & gloom and already handled that part of the conversation for you! If YOU come in, not with a bunch of dire warnings, but rather a plan and a smile, you'll be a breath of fresh air, won't you?

We're going to talk much more about what YOU CAN DO to beat the odds and deliver a better-than-average result to your sellers at Wednesday SWS Teleseminar
"How to Be The BEST Thing to Happen to Your Seller."
Details and Registration Here!

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...

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