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

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?

Thanks to those who are sticking thru this series with me! While I think that the process of properly pricing homes is fascinating stuff, I know it's not nearly as sexy as other topics! (Although SELLING your properly priced listing is very sexy, indeed.)

In the previous installments...

Introduction
Step One - Before you price, prepare!
Step Two - Preview, preview, preview
Step Three - Play detective

...we talked about how to effectively preview the competition to figure out where your potential listing falls into the scheme of things.  So, what about the SOLDs?

The problem with using SOLDs in your market analysis is, unless you've been a previewing mad(wo)man over the last eight months, you probably haven't seen the inside of the properties, and now it's too late. So you have to go off the MLS description - a very risky proposition!

But we'll do our best.

Print off all the SOLDs that seem to be comparable, even if they're much higher or lower than your assumption of the market value of "your" listing. Drive by all of them! Pay special attention to the outliers - the ones that seem to have sold way out of whack to the rest of the market, or whose Days on Market statistic is unusually low or high.

There's a good chance your drive-by will reveal the reason for the out-of-line price or DOM. Perhaps there's a commercial building next door, behind or across the street. Or, common in Denver, a corner lot that doesn't have a private back yard, or any back yard at all. Maybe it's a pop-top done wrong and doesn't fit in with the neighborhood. Busy street with a bus stop in the front yard?  

Or conversely, you might see that it has a stellar location with an extra-large lot, a mountain view, or around the corner (at a suitable distance) from a popular coffee shop.

If the reason for the outlying price and/or DOM isn't obvious from your drive-by, go line-by line through the MLS listing. Is it missing a garage in a market that expects garages? No basement? One bathroom? Obviously, if the interior photos show that it needs work, that's relevant. Check the showing instructions to see if there are any obvious limitations on access.

If all else fails, and you really feel a particular house is a good comparable, call the listing agent. Hopefully they'll be helpful in helping you understand why the house sold at the price it did. Or, maybe not. But give it a try.

It really is the outliers that give you the most grief when looking at the SOLDs. There probably are some sold listings that fall right in line with what you're thinking the price of your listing ought to be, but the ones that don't give you fits. The more research you do on these outliers will not only make your CMA stronger, but will give you an air of confidence when going through your CMA with a seller.

Next Time - Putting it All Together

Here's the third, well, kinda the fourth (if you count the introductory teaser) installment in my series "Pricing Historic Homes in Urban Neighborhoods." You can read the rest of the series here:

Introduction
Step One - Before you price, prepare!
Step Two - Preview, preview, preview

I've had a few comments come in to the tune of "Wow - that's a lot of work - is it really necessary to spend so much time pricing a home?" Well, I say - YES! It is necessary! After all, our product is property, and our sellers pay us darn good money to know our product and move THEIR product off the shelf... so I believe with all my heart that we owe it to our future adoring fans to do our homework and make the most knowledgeable recommendations we're capable of.

Although... we'll never be perfect. Sigh.

Back to Pricing.

In the last installment, I talked about how important it is to preview preview preview. The more competing listings you preview, the better sense you'll have of where your listing falls into the mix.

Remember, the houses you're previewing are 1) the competition for your listing and 2) houses that haven't sold.

Why is it important to check out the active listings? Some agents don't preview because they don't think the active listings are relevant. "All that matters is SOLD." Eh, I disagree. First, what's SOLD is not competing with your upcoming listing, and when you're dealing with older homes, buyers don't always have a lot of options that meet their criteria. In many cases, the buyer will only find one or two homes that even come close, so knowing what they're comparing your listing to is critical.

Second, it's important to know WHY that active competition hasn't sold. Especially if it appears to be "priced well." You'll never know for sure why a house hasn't sold by looking at the MLS, although you may have your suspicions. It's not as if the listing agent is going to tell you that the house reeks of cat urine or point out that there's no bathroom on the main floor.

So, when you're previewing, ask yourself...

• WHY hasn't this house sold?
• WHAT makes it superior (or inferior) to "my" listing?
• HOW could the listing agent do a better job marketing this home?
• WHO is the ideal buyer for this property and is it the same ideal buyer as "mine" will attract?
  (I can't think of a "when" or a "where," so I'll move on).

Training yourself to ask these questions at every house you preview makes you a better previewer, and therefore, a better pricer. It also helps you to remember each house so you can speak intelligently about the competition with your seller when discussing pricing, as well as down the road when that homes' status changes (sells, withdraws or reduces the price), you'll be able to nod and say to yourself, "Hmmmm, I thought so!"

Speaking of down the road... this is another important reason to preview. When or if the competition sells, you'll be familiar with it in case appraisal problems come up on YOUR property and the appraiser wants to use comparables that aren't appropriate. If you've been IN all the comparables, it's much easier to make a compelling case!

Okay, ‘nuff about previewing. Next time, we'll talk about how to evaluate the SOLDs in your CMA to help you price your historic home in your urban neighborhood!

Just another installment in the series: Pricing Historic Homes in Urban Markets...

Introduction
Step One

In the last installment, I recommended that you always, always, always drive by your subject property before doing anything else. If you can get inside, so much the better...

So after you have a good visual of your subject property, it's time to go check out the competition - otherwise known as "previewing." (If your market frowns on previewing, and many do, please share with the audience how on earth you properly price homes!).

When I interview to list a property, I often find myself bonding with the home, to the point where it's almost as hard for me to be objective about it as it is for the sellers. I really have to fight the temptation to be overly critical of "my" listing's competition, while excusing "my" listing's challenges and flaws. Sometimes I'll take another agent with me on my previewing tour to help keep me objective.

SELECTING THE HOMES TO PREVIEW
Which homes should you preview? In a word (okay, a phrase) - as many as you can. Even if they aren't exactly comparable. With every house you tour, you gain a little better grasp on the up-to-the-minute marketplace, which makes it much easier to pinpoint the proper price range to recommend. It just happens naturally. As you look at the competition, you'll start to get a feeling for where your listing falls in the scheme of things, and the more you look at, the more confident you'll be in that feeling.

I try to preview at least 10 houses when I'm pricing a home. Sometimes I'll get lazy and only hit five - and I always regret it. It seems that it's right around the sixth or seventh house that I start to trust my gut about pricing. And that gut feeling is further confirmed on the eighth, ninth and tenth.

Depending on my price range, I'll preview all comparable houses within $50,000 (on each side) of where I think my listing will fall. By "comparable," I mean homes that offer similar square footage for the money. I probably won't preview a 1,000 sqft Bungalow if I'm listing a 2,000 sqft Victorian; they just won't attract the same buyer, even though they may very well be priced similarly. I always preview any homes within one block of my seller's property, even if they aren't comparable at all. It's just good practice in case the seller asks you about it.

Always preview the low outliers. A "low outlier" is a house that looks good on paper, but seems to be a screaming deal. You need to know why it's priced so well... but hasn't sold. There probably is a good reason. If there isn't, then this is the listing to beat. But we'll talk about that later.

How about the high outliers? The houses that are priced way above the rest, which are probably getting your seller all excited? Look at those, too. Chances are that they're just grossly overpriced (and the more houses you look at, the more sure you'll be of this). If they aren't overpriced, there's something really fabulous about them, and you need to know what it is.

As you're setting your previews, note if any homes are difficult to show. That will definitely affect market value. And frankly, if they are, I'll skip them. Lazy? Maybe, but on the other hand, a difficult-to-show home is not going to be comparable to MY listing because I don't take difficult-to-show listings!

Effective previewing in an urban market entails a lot more than just looking at a bunch of homes. Sure, that's what you're going to do (look at a bunch of homes), but in order to really evaluate the information you're gathering, you need to go in with the heart & mind of a detective.

We'll talk about that next time.

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  

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

What's the Number One Thing "they" say that homesellers complain about?

All together now...

Communication (or lack thereof) from their agent. And, having been on the other side of the For Sale sign a time or two, I can certainly second that emotion. But "communication" isn't just about calling every week to say "Hi, how're doin'?" No, it's also about keeping the seller informed on local market activity. On providing feedback from showings. On notifying him of new competing listings and recently closed sales. And, frankly, on making sure the seller knows exactly what his agent's been up to to promote his home!

If the only time a listing agent contacts a seller is to ask for a price reduction or a listing extension, well, I can pretty much guarantee that seller is less than tickled with his agent. And that agent deserves every bit of his seller's discontent! Oh, the seller may not complain to his agent, but I'll bet he's not keeping quiet around the coffee machine!

The good news is that keeping a seller happy isn't that hard. They just wanna know what's going on and that their agent cares. Is that too much to ask?

Here are sixteen things you can do to keep your seller happy with you. And a happy-with-you seller just might be a great source of future business!

1. Notify him as soon as the listing hits the MLS and send him a copy of the listing
2. Send him links to all your online advertising (Realtor.com, Craigslist, Postlets, Active Rain, your own blog, etc.)
3. Send him a copy of the home brochure before it goes to print and ask for feedback
4. Make sure he knows when home brochures will be delivered
5. Schedule an open house right away (yes, you must do an open house)
6. Call after the first showing(s) to see if he has any questions about the process
7. Pursue and deliver feedback, especially in the first month
8. If you do any print advertising, send the seller copies (including Just Listed cards)
9. Send him a "state of the market" report showing all the competing listings. Update this report every two or three weeks
10. Call periodically to find out if he's running low on brochures (if it's impractical to keep the box full, just remove it.)
11. Be sure to provide feedback after open houses (if someone else does your open houses for you, be sure to follow up with them afterwards)
12. Schedule an appointment to review the latest market activity
13. Preview any new competition and provide feedback to your seller
14. Refresh your Craigslist ads and send the seller a link
15. Ensure that your photos are in season
16. Ask for feedback on how you're doing

How many of these items do you already do? If you do at least 50% of them, you're blowing away your competition. Sad, isn't it? The last few times I've had my own properties listed, my agents did ZERO of these activities. ZERO... Zero.

A happy seller is a cooperative seller. An unhappy seller is not, and will likely become more and more uncooperative as time goes by. You pick!

RELATED BLOG: Get Good... or Get OUT!

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