I never understood why other agents wanted to have a massive “inventory.”
They would beam with pride as they showed me their giant whiteboards full of listings, and I’d think to myself:
“What a nightmare.”
I’d have to resist blurting out, “Wow! That’s quite a list of failures!”
Even when I was selling over a hundred properties a year (as an individual agent), I very rarely had more than 5-6 listings at a time. Here’s why:
I did the work up-front to ensure every listing sold quickly, for the highest possible price, with the least amount of hassle.
Yes, I took advantage of the Flurry of Activity by pricing my listings correctly, as discussed last week in The Perception of Value.
But that’s not the ONLY thing I did. Not by a long shot.
The most important service I offered to every listing client was a complimentary home staging consultation with my Super-Star Staging Consultant - Angela.
Great REALTORS® understand Buyer Psychology.
The biggest, most motivated category of buyers for your new listing are ‘Current Buyers’, They’ve already viewed most or all of your competitors, but they’re not satisfied, for whatever reason. So, what are they doing?
They’re waiting for new listings.
As soon as you pull the trigger on your HOT new listing, notifications are going off all over town.
It’s not hard to understand why most of the activity on your listing always occurs at the very start, and why this ‘Flurry of Activity’ tends to die off, quickly.
Once the Current Buyers have come and gone, you’ll be left waiting for New Buyers to enter the market. But New Buyers are not as motivated as Current Buyers. They need more time to see more listings before they’ll be ready to write an offer.
Ideally, you want to take full advantage of the Flurry of Activity from the Current Buyers, and sell quickly for the highest...
“The house down the street is listed for $500,000, and it’s junk! So, our house should sell for at least $600,000!”
You concentrate hard to keep a straight face. Must. Not. Roll. Eyes.
You patiently explain that it’s the SOLD listings that determine a realistic list price.
The SOLDS are reality. The ACTIVES are fantasy!
You show them the SOLDS, but they’re still not convinced. Time to show them The Big Picture on The Competition.
What’s the Big Picture? It’s the opposite of The Small Picture (3-4 active listings in the same neighborhood).
How many active properties do you need to demonstrate the true scope of the competition?
Assuming you’re in a big city market, how about 50?
Wait! Don’t leave! Let me explain!
First, tell me I’m not 100% correct on these two points:
I started my Real Estate career just like you did, with zero clients, zero prospects, and not a clue what to do next.
Since I had nothing better to do, I decided to go out and preview listings. Why? Because I LIKED looking at houses. There was no master plan.
I chose properties that were close to my home. Why? Because it was easier.
After a while, I made a game out of it, and started taking notes: This is what I think buyers will like, what they won’t like, how much I believe it will sell for, etc.
Then I tracked how well I did at the “Guessing the Sale Price Game.”
Of course, I was terrible at first, but gradually my skills improved to a level I never would have dreamed of a few months before.
I could walk into a house, look at it, and write in my notes, “Price needs to come down $10K, then it will sell for this much.” And I was right. Not every time, but more often than not.
Then I started doing Open Houses. I didn’t have any listings, so I...
Sales are slow.
But they haven’t stopped! Homes are being sold EVERY day, all across North America, in EVERY market.
What about you? Are you getting your listings sold?
Or, are you feeling frustrated and unsure what to do?
If so, you’re not alone.
Here’s some practical advice to help you get your listings priced right and sold. There’s nothing like racking up a couple of sales to cheer you up!
At the very least, you’ll be providing your seller clients with some critical information that they need right now.
“The more information you provide to your clients, the greater their ability to make informed and intelligent decisions.” – Ted Greenhough
Here’s how I suggest you consider the current situation for every one of your listings:
Many agents are using the current downtime to reach out to their database, which is great!
However, do you communicate with every client in the same way? If so, you should probably stop that.
There are four distinctly different communication styles, and you need to communicate with them in the style that they prefer.
Analyticals may appreciate an email more than a phone call or a zoom call. As with anyone, you should start by checking in and asking how they’re doing, then give them some basic information about how the market is being affected. If you want to continue the conversation, ask them if they’re interested in receiving any further data on the market. If you then follow up with some fancy charts and graphs, the Analytical will think you’re the greatest!
Drivers probably do not need to hear from you unless you have something specific to discuss. If you do contact them, either an email or phone call is fine, but make sure you get...
To be persuasive, we must be believable. To be believable, we must be credible. To be credible, we must be truthful. — Edward R. Murrow
“Edward Roscoe Murrow (born Egbert Roscoe Murrow; April 25, 1908 – April 27, 1965) was an American broadcast journalist and war correspondent. He first gained prominence during World War II with a series of live radio broadcasts from Europe for the news division of CBS. During the war, he recruited and worked closely with a team of war correspondents who came to be known as the Murrow Boys.
A pioneer of radio and television news broadcasting, Murrow produced a series of reports on his television program "See It Now", which helped lead to the censure of Senator Joseph McCarthy. Fellow journalists Eric Sevareid, Ed Bliss, Bill Downs, Dan Rather, and Alexander Kenrick consider Murrow one of journalism's greatest figures, noting his honesty and...
Note: This is a small distraction from current events. You’re not likely to be listing a lot of properties right now, but it’s never a bad time to work on your skills.
Is determining the perfect list price the hardest part of your job?
I’ll let you in on a deep dark secret.
It’s the hardest part for all agents.
Either you agonize about pricing, or you’re terrible at it (and don’t even realize it). One or the other.
“Why the heck isn’t this house selling? I don’t get it!”
Oh, I dunno. Maybe cuz you’re $50K over? Or $100K over?
Yes, pricing is the most challenging part of being a great agent, and—as is often the case with difficult things—the most important.
You’ll make WAY more money by perfecting the science/art of pricing than you will with every other Real Estate skill combined.
You know the price adjustment methodology they taught you in “Real Estate School?”
Throw that in the...
When I was an active Real Estate agent, I always had an office in the brokerage.
I found it too distracting to work from home. Now, of course, I have no choice!
Working in an office can be distracting, too, what with other agents stopping by to chat.
But I thought of these interactions as one of the many benefits of working at the brokerage. It kept me in the loop, and I learned and became a better agent by listening to others.
Besides, when I needed to Get Stuff Done, I simply closed my office door, and everyone knew not to bug me.
I would often get asked, “What do you do in there all day, Ted? Prospecting?”
Ugh. Not a chance.
I made a cold call once, hung up the phone, and swore I’d never do it again.
“So, what do you do all day?”
“Um… I dunno. Mostly just take care of my clients.”
They would look at me in silence like they didn’t believe me.
Remember, I earned $590,000 in my second year. And, not long after that, I was...
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