The Mother of all Lists (Listings) – Part 1

Admittedly this list is long overdue…but I guarantee it will have been worth the wait. Many thanks first of all go to Tom Dougherty for ensuring that my feet stayed continually and uncomfortably close to the fire until this was published. More importantly, MASSIVE thanks go to the dozens of Keller Williams agents whose willingness to share is the reason this list exists.

Okay, back on topic now. This list will be published as a multi-part series, mostly because it’s insanely long. As a group, we wanted to catalog as many possible ideas as we could muster up of “things” that could possibly be part of your listing value proposition. As you will soon see, it’s not humanly possible to include all of these. If you ask me, it’s barely possible to blog about them all, much less implement them all. Rather, think of this list as the Home Depot of listing ideas. Cruise down the aisled with your shopping cart and pick the ones that are a best fit for you and your business. So, without further adieu, here’s the long-awaited, mother-of-all-lists:

1. MLS – Big shocker here…I know. Just bare with us. Remember, this is an All-Inclusive list. Didn’t want to leave anything out.
2. Strategic Comps – Not just your run-of-the-mill MLS printouts. We’re referring to truly flexing your market knowledge muscles. Well thought-out and properly explained, this is a formidable weapon.
3. Home Magazine Advertisements – Everyone likes to see their house in glossy magazines. Homes and Land, The Real Estate Book and others fill this want very well. When combined with other ideas like #9, this can be a great lead generation source and a very impressive tool to sellers.
4. KWLS + Syndication – Just because you get it for free doesn’t make it any less impactful. For you Keller Williams agents out there, emphasize all the different websites that their listing will be showcased on as a result of the Keller Williams Listing System.
5. Craigslist – Who would have ever thought that a free service with no flashy banner ads would ever evolve to become as effective a tool as Craigslist is. If you aren’t on it, you better GET on it.
6. Facebook – No, I don’t mean just “writing on the wall”…we’re talking about leveraging the networking aspect of Facebook to get the word out about listings.
7. Open Houses – Again, we don’t mean just watching the ball game and sneaking snacks from the seller’s pantry without asking. We’re talking proactive planning, advertising, canvassing the neighborhood, inviting prospects, and making good use of every minute you spend on-property. Trust me, neighbors talk about this stuff and there are few easier ways to stand out as the purple cow.
8. Flyers – Okay, maybe not the most innovative idea in and of itself, but leverage the most out of it. Add a call-capture number and a compelling call-to-action reason for pr0spects to call it. If used creatively, you can make the phone ring off the hook. 
9. 800# IVR – As mentioned above, this tool is most effective when used strategically in combination with lots of other ideas in this list. Give that sucker out as though you get paid every time you do so…because in effect, you do.
10. Single-Property Website – Your sellers will think you hired some young gun, hotshot programmer to custom-craft their website “just for them”. Just take the url (sorry, I mean the gobbledy gook after the http:// at the top of your computer) for a virtual tour or syndicated listing and pair it with #11 below.
11. Custom Property Domain Name – GoDaddy, Google, and others will be all too happy to sell you a custom domain name for $10. Used properly, it’s money VERY well spent. This is another one that needs to go EVERYWHERE once you’ve decided to use it.
12. Virtual Tour – As mentioned in #10, this can have multiple uses. Most importantly though, make sure your Virtual Tour is linked to as many of the syndicated websites as you possibly can. If you ever took the time to really observe how buyers look for property, you’ll see them scouring the internet for multiple photos and virtual tours. IMO this should be standard procedure in every agent’s toolbox. Here’s my favorite tour provider.
13. Professional Photos – I don’t mean that you have to have Nigel Barker take the pictures (yes, I’m embarrassed to admit that I know who he is…even more embarrassed where I learned of him). But do take the house photography seriously. We’ve all seen the difference between lame-o, point-and-shoot, into-the-sun pics and properly exposed, properly list, and well-framed images. What a difference! My favorite camera (I know it’s not cheap, but holy Toledo what a difference a real camera makes).
14. IDX Data Share – Emphasize the fact that “through your disciplined and diligent efforts”, their listing will be fed to dozens upon dozens of feeder websites. One of my favorite scripts at this point in the listing presentation is to say that “I’ll challenge any buyer looking for a home like yours to not find it. If they look anywhere on the internet for it, they will find it.”  And since I employed #12 and #13 religiously, those buyers will be quite pleased with the visual information when they do find it.
15. Reverse Prospecting – If you are fortunate enough to have a PHENOMENAL MLS like we have here in Charleston, SC then take advantage of the “reverse prospecting” features it offers and make a point of it in your listing presentation. Reverse prospecting is an MLS feature that will essentially give you the names of other agents in your MLS who have saved searches (presumably for buyers) whose search criteria match the home you just listed. You now have a much more targeted list of agents to promote the seller’s home to.

That’s just the tip of the iceberg folks. We’ve got over 100 ideas on the list. Check back soon for more. If Tom D. has anything to say about it, it’ll be much sooner rather than later.

Read Full Post »

Defying the Market

Our very own Productivity Coaching stars, Mark and Patricia Fuchs of our Keller Williams Island Realty office on the Isle of Palms have been recognized by Hobbes Herder for their ability to have thrived in this vastly shifted market.

Click here to read a wonderful writeup of how Mark and Patricia stay focused on what’s important in their business and why that focus has resulted in ongoing successes.

Way to go Mark and Patricia!!!!

Read Full Post »

Great FSBO Scripts

In a few of our recent Productivity Coaching sessions, we discussed what holds many of us back from aggressively pursuing FSBO sellers. In almost all cases, what most agents fear is not knowing what to say when sellers serve up one of several different objections.

We therefore set about to tackle these knee-knocking situations head-on. Our operating premise was that if we could confront these objections during our preparation and role play/practice time, we would be infinetely better equipped to handle these objections. Here are the biggest, scariest objections we could come up with and the appropriate responses that we came up with:

1) “I can’t afford to pay a commission”

You might run into this one either on the phone or during an appointment. Our groups agreed that the best strategy is to help the seller to think in terms of the net proceeds from the sale.

Response: “Mr. and Mrs. Seller, would it be fair to say that as far as the financial aspect of selling your home goes, what you net is wha’t’s really most important you? And would it also be fair to say that if you knew that you would net more money by having a talented agent manage the promotion and negotiation of your home, that discussing strategy with such an agent would be time well spent?”

2) “You are going to make more money than me in this deal”

We felt that in this case, it’s important to direct conversation away from the fact that as agents we are compensated for the value we bring. We need to guide the discussion back to the fact that it’s the net proceeds from the sale that really matters to the seller…even if that’s an amount of money the seller has to bring to closing.

Response: “Ms. Seller, I definietly understand what you’re feeling. May I ask you this though? If you knew the surest path to netting the absolute maximum from your home that the market will support, you would take that path, right? And if you knew with confidence that that path meant having a talented agent working on your behalf in the promotion and negotiation of your home, you’d at least consider that option, wouldn’t you?”

Alternate response: “Mr. Seller…you mentioned a few moments ago that the reason you are selling your home is because you start work at a new job out of state in 6 weeks. Is it fair then to say that whatever method nets you the most money for your home in the shortest amount of time would be the smartest course of action?”

3) “Will you take a reduced commission”

After discussing this objection in our Productivity Coaching sessions, we all felt that this objection stems usually from an emotional and not a logical reaction in the minds of sellers. Too often sellers do the quick math in their heads of what they think their home is worth times 6% and mentally they create an image of their listing agent going to the bank to deposit a check for this amount.

We felt that if we could remind our sellers that we run a relatively low margin business and that as far as commissions go, we only look to maintain a modest profit margin. We felt that it might help to be mindful of the costs of doing business so that sellers understand that we have expenses and in most cases, net far less than the gross commission.

Response: “Mr. and Mrs. Seller. I understand what you are asking and I know full well that there are lots of agents, particularly those who are struggling, who are offering to cut their commissions. I run a business though and I know my operating costs and my cost of sale and I know that if I discount commissions like some other agents offer to do, I know that I don’t have any margin left to deliver the service and promotion that my sellers deserve. You might ask yourself why you don’t ever see agents who advertise discount commissions survive in the business very long. My business philosophy is to reinvest in what works for my clients in order to net my seller top dollar. I feel that cutting my services to save a buck and to work for less money is a lose-lose all the way around.”

4) “We’re not going to list our home right now”

This is a very common objection you’ll get when calling for a FSBO appointment. In our Productivity Coaching sessions, we agreed that you should mentally remind yourself that when a seller says this, what they are really saying is “We are going to list our home…we may just not want to list right this minute”.

Response: “Ms. Seller, I totally understand and I’d like to commit to you that when I stop by, I promise that I won’t ask you to list your home. The perfect scenario for me is if I could bring you a buyer who felt that your home was the perfect home for them. If I were able to do that, would that be ok for you?”

5) “Man, what is it with you Realtors…you are like the 20th call today”

Yes, the angry seller can strike fear into the hearts of even the most courageous and talented agents. It’s important to remember here that it’s emotion and not logic talking. In most cases, what the seller is saying is “Man, I thought this would be easy. But I’m getting barely any calls from ready, willing and able buyers. And those that do call don’t even want to come to the house to look at it. The only ones who are calling are Realtors. I don’t really like the fact that I’m floundering at this.” Be sensitive to what they are feeling and get on the same side of the table as the seller. Chris Heller’s demonstrated this response masterfully at Keller Williams’ Mega Agent Camp recently:

Response: “Boy do I know what you mean. You think you’ve got it bad? I have to work with all these Realtors all day long.”

More often that not, that will cause the seller to chuckle and let thier guard down just a little. Follow that with good questions to keep comfortable conversation flowing.

6) “We already have a friend who is a Realtor and we’ll probably use them if we hire an agent”

This is a great opportunity to detatch from the outcome and show the sellers that you are the real deal. The key to making this script work is speaking with total confidence but with complete sincerity at the same time.

Response: “That’s great Mr. Seller. Many of our past clients have friends who are agents as well and we have always given them this advice. If you interviewed my team for the job and if your friend offered all of the value and expertise that we do and were more qualified to bring you the top price that the market will support for your house, then without question, you should hire your friend. And by interviewing us, at least you’ll know that either way, you’ve made the right decision.”

Remember, there are just a small handful of objections that you are going to run into when talking to FSBO’s. I recommend that you write each objection down on a 4×6 index card and write your appropriate response down below it. Then PRACTICE, PRACTICE, PRACTICE them. Once you’ve internalized your responses, you can then listen and engage in the conversation with your heart and not with your brain. When you don’t have to think about the response, you can spend more of your conversational energy being a better listener and can better process when to pause, when to speak, and when to empathize.

Read Full Post »

Keller Center Research Report

As part of our Productivity Coaching sessions, we constantly strive to find information that is of immediate and high value for our agents. One such pool of information that is unknown to many agents comes from The Keller Center, the research group founded and funded by Gary Keller, Chairman of Keller Williams Realty International. The Keller Center’s sole focus is to better understand the factors that drive and influence the marketing and sales practices of the residential real estate industry.

The Keller Center has published an AMAZING research report on what works and what doesn’t work in the real estate business. Each of the mini-reports below is not just a summary of opinions. Rather, each is the result of emperical research and summarizes the key conclusions that are of relevance to us as practicing real estate professionals. Click on the ones that interest you below:

Brand Equity – What’s important about branding (elements, consistency, value, etc.)

Consumers and Commissions – How consumers view commissions and pricing

Lead Generation: What Works – A survey of succesful agents

Personal Strategies – 4 Lessons to get to the top

Referral Strategy – What they are and how to get more of them

Selling the Lean Way – How to focus only on what adds value (and ignore the rest)

What Consumers Value – How to focus on what consumers REALLY want and need

Insider: Clickstream Data – How to analyze web data trends

Insider: Marketing Mix – How to make the best use of your marketing budget

Insider: Web Advertising – Getting the most out of web advertising

Productivity Coaching is all about helping agents to stay focused on what matters most…and without question, these report cut right through to the key factors that really matter most in our sales businesses. If you want to be more productive, focus on what drives your economic engine and ignore the rest.

Read Full Post »