Oct 20, 2020
In order to control the market, real estate agents must know how to win more listings.
Price Rainer, CFO and managing partner of Berkshire Hathaway HomeServices Beach Properties of Florida, will help you maximize your listing opportunities using presentation, product, price, and people, as well as a plan of action.
Understanding the transaction
- Be armed with the facts for your presentation. What have prices done in the area you’re working in, and how many houses have sold? Drill down to sub-areas within the neighborhood to get a full understanding of the activity. Using this information, find four or five comparables in order to compare and contrast those with the subject property.
- Consider the people who will be involved in the transaction: Who are the potential buyers for this property? What kind of person is listing the house? What are the particulars of the transaction? Because of covid, many buyers who thought they were purchasing investment property became people looking to buy a primary home.
- Ask the buyers what made them love the house when they first bought it. It will help you identify who that house might appeal to.
- Understand that transactions are different: In cases where the seller is emotionally tied to the home, consider taking some time to develop the selling price. If the buyer is ready to go, advance the conversation by giving the price on the spot. Have the listing agreement ready for either possibility.
Current real estate market
- Evaluate the market when you’re deciding which listings to take. Supply, demand, and movements in price can change the landscape. If there aren’t a lot of prime homes coming to the market, buyers might spend more for a house that checks all the boxes for their needs.
- Prep your buyers for a pivot: if you haven’t had many showings or any offers within the first month, that’s the market screaming that you aren’t going to sell at that price. Discuss ahead of time the possibility that you’ll need to re-evaluate price.
Learning from lost listings
- Follow up with sellers to find out if there’s anything you could have done differently to win the listing. When you do, you’ll learn about how others are succeeding and how you can sharpen your own activities.
- Build a plan of action that helps you build rapport with your customers even as you work to earn their business.
- Lay out your plan of action so that your buyers will understand it as well as you do. Include marketing materials, dates, steps, and activities.
- Avoid the confusion that comes from failing to communicate. Confusion promotes indecision, but confidence increases the likelihood of moving forward.
“How to Win More Listings” episode resources
- Email Price at price@bpfla.com, or call him at (850) 259-8287.
- Connect with Jimmy Burgess on LinkedIn and Facebook, as well as his YouTube channel.
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