Should Sellers Price High to Leave Room to Negotiate?
Agents in Action
This is a very common misconception sellers have when listing their home for sale. Time on the market is the #1 enemy for a seller. Historically, we know the longer a home sits on the market for sale, the softer the price becomes. In this episode, I want to share one approach that's worked well for me in these situations. Should you decide to incorporate this into your business or not, the main purpose of discussing this is to be sure you have your go to script, plan... whatever you prefer to call it. Our ability to effectively deliver our responses to common objections such as this can be the...
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Three Lies Robbing Your Productivity
Agents in Action
I am noticing a pattern that keeps showing up lately during conversations I am having with many agents. Since this seems to be so prevalent, I thought we could talk about it today as it’s likely something many of our great agents in action are experiencing. Even though a simple, and even a common topic, it’s one that is (in many cases) costing you $10,000’s and even $100’000’s in lost income opportunity. Ultimately, this shows up in our lives many ways. Sometimes, it’s having more month than money left at the end of each month...day to day lifestyle choices,...
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Four Ways to Boost Confidence When Pricing Properties
Agents in Action
Four Ways To Boost Confidence When Pricing Property Typically, when preparing for a listing appointment, most agents will leave their pricing research to a desk review over their computer. If you want to outperform your competition and at the same time...dramatically boost your confidence, go the extra mile and consider implementing these steps to maximize your confidence and accuracy. 1. Preview property every 10-14 days to give yourself a stronger knowledge of your local market, and it will give you more confidence in pricing during the listing presentation. The more real estate you...
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Personality Styles 101
Agents in Action
Personality Styles 101 - Today we’re going to discuss the D.I.S.C personality styles and how to use this system to have more influence with anyone you are speaking with, resulting in a higher level of communication and ultimately, developing these skills will be an asset to close more business or, increase your overall effectiveness when putting deals together. It’s was something I learned early in my career...probably 20+ years ago now. What’s interesting is I use what I have learned probably on a daily basis, if not several times a week. Knowing first who we are and then, to...
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The Top 5 Ways Money is Leaking Out of Your Business
Agents in Action
Most Realtor's suffer from the same money leaks in their business and do not even know it. This episode of Agents in Action recap of the most common money leaks or “gaps” I noticed among the agents I have been coaching or met at speaking events this year. It was interesting to me to see these same patterns repeating themselves across the board. It was so consistent, that I wanted to go through these with you so you can take a look at what you’re currently doing in your business. If you can, grab a pen and paper so you can write a few things down as we go through a few...
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Part 2 of 2 - Mastering FSBO Preview Appointments
Agents in Action
At The Preview Appointment - Objective - Gain access, establish a relationship with & continue to qualify the seller. The Tour: While walking through the property, take notes on the home’s features and benefits. In a casual, yet deliberate manner, ask questions to determine what the situation is with this particular lead. Greeting: Introduce yourself, hand them a business card and thank them for having you over to take a look at the house. (Notice, I say house a lot, not home. Why? Home is emotional, a house is not). Also, assure them you won’t be...
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Part 1 of 2 - The $40,000 For Sale By Owner System
Agents in Action
A Behind The Scenes Look At The $40,000 For Sale By Owner System. 89 percent of sellers sold with the assistance of a real estate agent, up slightly from 88 percent the last three years, and only 8 percent (down from 9 percent) were FSBO sales. The share is the lowest since this data collection started in 1981. Did not want to pay commission fee: 48% Sold it to a relative / friend / neighbor: 21% Buyers contacted seller directly: 18% Did not want to deal with an agent: 6% Agent was unable to sell home: 5% Seller has real estate license: 1% Could not find agent to handle...
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Managing Your Time in Real Estate
Agents in Action
Managing your time in the real estate business. First, this is something people struggle with in general, not just Realtors. However, in the world of real estate sales, it appears to be magnified even more as it’s a commission only business. If you’re being paid hourly or salary and mismanage time, for the most part, it's become accepted. Of course, it’s a contributing factor to the lack of productivity, yet, for the most part, things go forward. As a Realtor, you have a much shorter fuse before you find yourself out of time, money or both. As a...
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Five Statistics Every Realtor Should Know
Agents in Action
How important it is to know your market statistics and position yourself as the goto expert and trusted resource in your marketplace?Fact: I would venture to say 97-98% (or even more) of the Fact: I would venture to say 97-98% (or even more) of the agent's industry-wide DO NOT know the market #s. Have you ever had someone ask you “how’s the market”? What do you say? How effective is your response? What message does it convey about you, your knowledge and professionalism/expertise? Typically, when someone asks this type of question, as a whole, many of us respond in 1 of 100...
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If You Don't Ask, You Don't Get
Agents in Action
Whenever we get together for an episode of Agents In Action, I often ask myself “what is it I should share this time?” I have been devouring several books these past few weeks, and one of them jumped out as the obvious answer for this conversation. I realized, without one’s ability to do this effectively...especially someone in sales...it can be a long uphill climb that leads to endless frustration. It’s a great book by Mark Victor Hansen & Jack Canfield called “The Aladdin Factor” The book focuses on a skill that arguably, is the absolute foundation for the...
info_outlineA Behind The Scenes Look At The $40,000 For Sale By Owner System.
89 percent of sellers sold with the assistance of a real estate agent, up slightly from 88 percent the last three years, and only 8 percent (down from 9 percent) were FSBO sales. The share is the lowest since this data collection started in 1981.
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Did not want to pay commission fee: 48%
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Sold it to a relative / friend / neighbor: 21%
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Buyers contacted seller directly: 18%
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Did not want to deal with an agent: 6%
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Agent was unable to sell home: 5%
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Seller has real estate license: 1%
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Could not find agent to handle transaction: 1%
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Other: * less than 1%
Source: 2015 Profile of Home Buyers & Sellers, (National Association of REALTORS® - Research, 2015).
The Success Formula
Meet 2 by owners every 30 days = 24 year
50% don’t work out for one of many reasons; this leaves 12 you eventually make a presentation to.
Of the 12 remaining, convert 60% - which is 7 of the 12.
Of the 7, six close. Let’s even plan for one falling through; it can happen.
$250,000 x 3% = $7500
$7500 x 6 = $45,000 Gross Commission Income (GCI) (This is one stream of income) This is in addition of your other streams of income.
Places to find by owners
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Driving around - showing property, going on listing appointments, previewing property. These are all opportunities to find by owner opportunities as you’re out in the streets.
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Friends that are driving through neighborhood jot down addresses and phone numbers.
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Online - Craigslist, FSBO specific websites. Research your local publications.