Posts Tagged ‘Current Market’

Safari is Just Around the Corner!

May 24, 2011

Don’t let the amazing event pass you by!

We’ll be looking at:

  • Where you are in your business.
  • What the last two years have brought … and what the next two years could bring.
  • Your natural work and behavioral styles, and how they dramatically impact your success.
  • The ten essentials for a successful business.
  • How to create an action plan that takes you where you want to be.

Think this is just another real estate seminar?  Think again!  We guarantee you’ve never attended an event quite like this.

Here’s what one agent had to say after our last event:

“This was the most personal and insightful seminar I have ever attended.  Denise has a great gift, and this could be the key to my personal and professional success.”

If you’re ready to take action, enroll in Safari while seats still remain!

Put on Your Thinking Cap … and Find the Right House to Hold Open!

May 12, 2011

This week, I want to discuss why it’s so important for you to choose the right house for your open house. It’s not just a matter holding an open house because one of your sellers wants you to. I want you to avoid doing that!  Instead of letting the house choose you, you need to choose the house!  And I’m going to tell you exactly how to do that.

First and foremost, not all houses are great candidates for an open house. If a house is in a rural area, or in a physical location that presents challenges, you’ll spend a lot of money on marketing and a lot of wasted time sitting by yourself waiting for buyers to find you. That is not the best use of your resources.

However, when you pick the right house – for the right reasons – you’ll find that your success rate in generating new prospects and clients will increase substantially.

Here are the categories for houses that are great candidates for your next open:

  1. New listings: New listings attract lots of traffic! People love to see what’s new on the market, and they love to be the first one through so they’ve got ‘insider information’ to share with their friends and family. You’ll also get a lot of neighbors who will come by … not only are they just curious about the house, they may be secretly interviewing agents prior to putting their house on the market.
  2. Well-priced listings: You will be amazed at the traffic you will generate when you hold open a well-priced listing. Buyers are amazingly savvy today, and they’re very aware of what constitutes good value. Well-priced listings can bring them out of the woodwork! Savvy buyers will not take the time to visit open houses where the listing price is out of line with the market. (Note: If you have listings that are overpriced, this is a terrific reason to have a serious ‘price-reduction’ conversation with your overly-optimistic sellers.)
  3. Easy-to find-listings: These listings offer a wonderful way to market yourself – and your name – by giving you lots of opportunities for signage. Imagine the marketing impact you’ll have when you place your personalized open house signs in numerous strategic locations. There’s a cumulative benefit to this when you hold open houses on a regular basis, and those houses are on well-traveled routes.
  4. In-demand listings: Do you know what style and price of house is the hottest seller in your market? You will if you search your MLS and track the most recent pendings. One of my coaching clients recently did this and then called me up the next day to say, “I thought I knew my market, Denise. But I clearly didn’t. What I thought was selling well now was actually selling well 6 months ago. But it’s not now! In my market – right now – one-level homes in the $279,000-$299,000 price range are hot. I had no idea!”  It’s critically important that you do your research. Find out what’s in demand right now – and take advantage of that knowledge.
  5. Well-advertised listings: It goes without saying that listings that are advertised well will attract buyers. But listings that are really advertised well — online, in print, and with targeted print mailing — are great candidates for an open house. There is already a buzz about them, so take advantage of that.
  6. Listings with great curb appeal: I call this the “irresistible factor. Who can’t help but want to go into a house that looks absolutely wonderful from the outside? Yes, we’re agents and we’re predisposed to appreciating fabulous curb appeal. But everyone else appreciates it too! When you’re doing research on the right kinds of homes to hold open, do not forget listings that are intriguing from the outside. When a house has ‘wow-factor’ curb appeal, you’ll generate significantly more traffic – which in turn can generate more potential clients.
  7. ‘Where fish are biting’ listings: These homes are the fastest-selling homes in you market. How do you determine this? Again – by doing some targeted MLS research. Find out what the days-on-market statistics are for a particular neighborhood, or within your community. Is there a correlation between a low days-on-market number and a particular price point or style of house? When you can connect these dots, you’ll have a very good idea of which homes are getting buyers to get off the fence and into the market.

Now that you know which houses are the best candidates for an open house, you need to determine how to attract potential buyers (and future sellers) to your open house.

Here are my “Top 5 Traffic Generators

  • Online marketing: The key here is consistency. To build strong traffic, your open house needs to be posted anywhere that open houses in your market are posted – including your personal website and your company website. Additionally, spread your social media net as wide as possible through Facebook and other social media sites. Remember to confirm with your sellers that they are comfortable having you advertise your open houses via social media.
  • Offline marketing: While many agents turn their noses up at print marketing these days, I do not. This can be a very effective method of building open house traffic. There are lots of options based on your market, including newspapers, magazines, trade publications, and community or neighborhood newsletters.
  • Immediate neighbors marketing: You’re missing a real opportunity if you’re not targeting the neighbors! If you normally hold your open house from 1pm-4pm, invite the neighbors over at 12:15pm for a special “neighbors-only” open house. Create an invitation that provides a reason for them to stop by. These could include getting current information on their neighborhood’s 10-year appreciation rate, or perhaps sales ratios and days-on-market statistics. For the neighbors, it’s not about the house as much as it’s about providing them with market knowledge. It’s about articulating your expertise.
  • Move-up buyer ‘radius’ marketing: This is a great way to generate traffic. Choose neighborhoods where the homeowners’ next move up (or down!) would likely be in the price range of your open house.
  • Database marketing: Never forget the value of the people who already know you and trust you – and support your career. List your open houses in your monthly newsletters. Send out an open house schedule via email, with a link to your website’s open house page. (Don’t forget to update this page each week!)

Lastly, I want you to think about open house options – those “outside the box” option that can generate additional traffic.

  1. Saturday versus Sunday open houses: For many people, Sunday is their ‘stay-at-home’ day. They have family activities, laundry, and yard work as priorities. Saturdays often will provide you with much better traffic, since people are already out and about doing errands. With ample signage you can attract a lot of traffic! Try this idea – test it for two or three months to see if that’s the case in your market.
  2. Condensed open houses:  Consider holding two homes open on the same day. It could look like this: House #1 (123 A St) is open from 9am-10am and then again from 1pm-2pm. House #2 (123 B St) is open from 11am-noon and then again from 3pm-4pm. Essentially, you’re increasing your opportunities to get a lot of people through in a short amount of time.
  3. Multi-property open house tour: Pick several houses that meet a particular niche and hold each one open for one hour. You could pick first-time buyer homes. Or waterfront homes. Or equestrian properties. Done strategically, you’ll quickly establish yourself as an expert in that particular niche.
  4. Multi-agent or entire office open house blitz: There’s power in numbers! Gather together a group of agents – or your whole office – and build an open house event.
  5. After-work weekday open house: This is a terrific idea for homes that are on commuter routes, or in neighborhoods that are close to bus stops. Hold an open house at approximately the same time as these folks are headed home. You’d be surprised at how many will stop in for a few minutes.

I’ve just given you a lot of ideas — and things to think about. What I want you to do now is toss your preconceived notions about open houses out the window and start thinking outside the box. Open houses can be an amazingly successful strategy for you — if you pick the right houses, determine how to build traffic, and schedule them to maximize your reach.

Are you a real estate agent working in Washington State?

If so, we want to invite you to attend our “Unforgettable Open House” event on Tuesday, May 24th.

We’ll teach you how to design and conduct a truly unforgettable open house experience. You’ll learn the secret “props” needed for success, and how to captivate open house visitors. Discover the art of truly showing a home, rather than simply standing in the kitchen while potential clients walk in (and out!) the door. Hear the simple secret to capturing client contact information, without seeming like a pushy salesperson, “man talk” versus “woman talk”, and much, much more!

We’re offering this amazing opportunity in support of the Washington REALTORS® and National Association of REALTORS® Open House Weekend, which will be held June 4th and 5th this year. Master all of the insider secrets to a successful open house … then participate in the Open House Weekend by holding your best open house ever!  Public awareness of open houses will be high, and their expectations will be as well. You need to be ready to deliver!

There is no charge for the class; however, if you wish to participate for clock hours a fee of $35 ($40 at the door) will apply.

If you want to create an unforgettable open house experience – one that will generate income for you – you must attend this memorable class.

Powerful Home Presentation Tools

April 28, 2011

This is the sixth article in my series on powerful listing presentations. So far we’ve covered pricing, communication, technology, and marketing. This week’s topic is home presentation & photography.

Humans, by nature, are visual creatures. What we see with our eyes is what tugs at the strings of our heart, and engages us emotionally. Because of this, visual cues are extremely important in real estate – it’s the way we first connect buyers to homes, and it’s the way those buyers ultimately move beyond simply looking at homes, to mentally creating new memories in that home … before they even live there.

When you have fabulous home marketing materials to showcase at your listing presentation (remember — these are your “props”), you’re not only reinforcing the positive way the sellers feel about their home, you’re also visually showing the importance of reaching to the emotional side of buyers through home preparation, beautiful photography, and engaging video.

Sellers tell us over and over that home presentation is critically important to them. It’s one of the reasons they choose one agent over another. If your home presentation tools aren’t up to snuff, you’re going to lose business!

When you have “props” that show potential sellers what your home presentation tools look like, your ability to “wow” the sellers and get the listing goes up very quickly. This is especially true if sellers are comparing you to agents who have either poor quality – or very few – tools.

If you know you need to step up your game, but aren’t sure where to start, here are some ideas to get you started. None of these ideas are terribly expensive. But they will give you a huge return on your investment in building a long-term and sustainable relationship with your sellers, and in attracting potential buyers to every one of your listings.

Photos, photo galleries, and video: I’ve talked about these three items in previous Zebra Reports, including a recent Zebra Report titled Powerful Marketing – the Signature Virtual Tour, but I’m going to say it again. Unless you are also a professional photographer or videographer, hire professionals who specialize in showcasing homes. Your home presentation tools should include incredible photography that draws buyers in from the first time they pull up the listing. When you show sellers what kind of photography you invest in, they’ll instantly understand the value you bring to the table.

The Home Photo Book

This is different than what I call the “home book” (a book where you include items such as home care and warranty records, the most current inspection report, tax and appraisal records, and neighborhood and community information). The home photo book is a photographic tour of the home that draws the buyer in and allows them to envision living there. This is where you tell the story of the home!

Here’s how to build the home photo book:

  • Start with amazing photos. These photos must be very high resolution and print-quality. They should be so good that when you print them at 8”x10” they look even more amazing.
  • Many agents use an online company like Shutterfly to build their home photo book. For about $30, and just a little time, you can create something quite stunning. All you do is pick your style, pick your cover and upload your photos.
  • Other agents buy what I call the ‘wedding album’ book. You can find these at any craft or photo store. If you buy the version with the die-cut front cover, you can insert a beautiful exterior home photo for the cover. Print out high-quality photos on glossy photo paper and mount them to the pages. If you’re making this version, remember to keep it in great shape – it will get worn out as you show it to more and more potential sellers.

When you’re showing your sample home photo book to your sellers, be sure to let them know that you’ll be creating a book similar to this for their home. That book would be prominently displayed in the home (perhaps next to the flyer stand) for buyers to look at when they’re touring.  And don’t just make one of these books!  When you create the book, order (or make) two!  After closing, one can stay in the home for the buyers, and you can give the second copy to the sellers at closing. They will love having this beautiful book to remind them of their former home.

Home Staging

Be careful here, because sometimes sellers think that when you offer to stage their home you are actually going to change their home so much that you make it unlivable for them. Or, when you say you stage a home, you are offering to spend hundreds of dollars to get their home ready for the market. Make sure you are clear in what you are going to do, so your expectations of service will match your seller’s. Some agents are now calling this service “home merchandising” rather than “staging”.

Here’s how it might sound as you talk to sellers: “One of the things we need to consider is how to merchandise your home properly to engage potential buyers. I know you might have visions of us drastically changing your home. Don’t worry!  We don’t need to change the way you live – we just need to help buyers see how they might live in your home.”

Be sure to use your home merchandising props – the before and after photos that show sellers exactly what you mean by merchandising, and the value that it brings to them. If you have statistics that show how your merchandising efforts lead to a shorter days-on-market number, or a higher sales price, use them in your props! Create a visual board that has some beautiful “before and after” photos, and a flyer that displays the statistics to back you up.

As a wrap-up to my six-part listing presentation series, let’s talk about where we started and where we are ending. I’ve talked about everything you need in your listening presentation – the powerful tools that will set you apart and really build your business. You need pricing tools. You need communication tools. You need technology, marketing and home presentation tools. The reality is that you need them all!

However, I don’t want you to feel so overwhelmed that you never get started creating your listing presentation props. So – start small if you need to, and create one or two pieces from each of the categories I’ve covered. Once you see the value (and I guarantee the value will be BIG), you will be ready to create more and more visual props that reinforce your professional skills as a listing agent. Your goal should be to have a very compelling, very professional presentation … one that is so impressive that sellers hire you on the spot.

Want to get hired every time you do a listing presentation? When you have powerful listing tools that’s exactly what will happen. 

Based on the feedback we’ve gotten from this series it sounds as though many of your really like a multi-part format. Well, here’s some good news!  Next week I’m beginning a brand-new four-part series, sort of a “how-to” on holding highly successful open houses.  In fact, I like to call it the “unforgettable open house”. Stay tuned – this is going to make you think about open houses in a whole new way!

Where Will Your Business Be Four Weeks From Now?

April 13, 2011

Without intervention, it will probably be exactly where it is today.

Now, if you’re exactly where you want to be … great!

But if you are searching for more success, or you need a jolt of inspiration, you need to join us on Safari to learn how to make business-building changes that will carry your forward.

Are you ready to set aside your belief that “the market” will dictate your success?  (Hint: we are coaching clients who are having their best year EVER!)   Do you love the synergy that comes from a room full of people focused on making a positive change in their business?  Is it just time to plan for a better business – one that you’ll love for years to come?

If you answered yes to any one of these questions, we want to see you at one of our upcoming Safari events.

Need more details?  Click here to learn more!

Powerful Client Communication Tools

April 7, 2011

This is the third article in my series on powerful listing presentations, where we’ll be covering pricing, communication, technology, marketing, and home presentation & photography.

This week I want to discuss powerful client communication tools and how they will enhance your listing presentation.

Many sellers say that one of their biggest frustrations and challenges is agent communication. In my company we often talk with seller focus groups, and communication issues come up over and over again. Here are some of the things that sellers tell us:

  • “Once I signed the listing agreement, I rarely heard from my agent.”
  • “I have no idea what I am paying my agent for – she doesn’t seem to be doing anything to get my house sold!”
  • “I canceled my listing because my agent promised a lot, but delivered very little.”
  • “My neighbor’s house sold and my agent never bothered to take the time to tell me why theirs sold and mine hadn’t even gotten an offer.”

I can’t tell you how many agents still don’t recognize the seriousness of this issue!  Agents lose a lot of business – especially repeat and referral business – simply because they don’t meet a seller’s communication expectations. And it saddens me to know that with just a little planning and effort, this doesn’t have to happen.

First and foremost, find out how your clients feel about communication. Ask what method will be the most comfortable for them. Remember – this is about their preferences, not yours. Just because you’d rather talk on the phone does not mean that everyone else would. Some people are happiest using email. Some prefer the phone. Some only want to talk to you face-to-face. And some want different communication methods, depending on the issue. As an example, I had a client once who didn’t mind phone calls for simple things like a buyer feedback report. But they expected to have face-to-face discussions for anything more serious, including market changes, price reductions, or the new listing down the street.

If you don’t ask how clients prefer to communicate, you are missing the mark. And when that happens, you’re going to lose business.

Beyond knowing how your clients want to communicate, you need to have a communication plan, and accompanying tools, which clearly shows them what you are doing to earn their business (and their trust!). You must show them exactly how you will keep them apprised of important issues like market changes, feedback from other agents and buyers, and what you’re doing to market their home.

Remember when we spoke about “props” in the previous Zebra Report?  In case you need a reminder, props are visual tools that help you articulate your services – and your value!  Props help show your clients that you do take your communication plan seriously, and that you have the tools needed to follow through as promised.

So, what kinds of visual tools do you need?

1. A broker open or office tour report. Many agents have some sort of a comment form that they ask other agents to fill out about a new listing. But very few agents turn those comments into a visual report for their sellers. Sellers want to have something to look at. They won’t remember what you told them on the phone. And if you need to reduce the price or recommend staging in a few weeks, you’ll have data from your colleagues to back you up when talking to your sellers.

2. An ongoing feedback report. This report is based on buyer feedback – which is even more critical than agent feedback. Typically an agent will call a seller if there is feedback on their home. If that feedback is negative feedback, agents will ‘duck’ this discussion altogether. Tell your sellers that having a feedback report for them – based on unedited comments from buyers – will provide both of you with important and relevant information about what buyers are seeing and experiencing, regardless of whether you receive good, bad, or neutral feedback.

3. A pending-to-closing calendar. You must visually reinforce the organizational skills you provide once there is an offer on your seller’s home. Too often agents believe that sellers know what happens from day-to-day or week-to-week during the pending and closing process. However, sellers tell us that is not the case! They do not remember all of the steps even if they’ve sold several homes in the past. Show them what your calendar looks like, and tell them what to expect.

4. A marketing calendar. From writing and placing ads, to posting online, to building flyers or brochures and creating photo galleries and videos – selling a home takes extensive marketing. Do your sellers know exactly what you do, and when you do it? Do you explain to them what needs to happen and in what order it should take place? Providing a calendar (not simply a checklist) reassures them that you are doing everything you can to market their home effectively.

5. A marketing activity report. Even though you provide your sellers with a marketing calendar, you should also provide weekly updates on what you are doing. If you have ever had a seller say, “…you don’t seem to be doing anything to get my house sold…” providing weekly activity reports will answer that concern in a very powerful way. It takes a lot of work to sell a home – let your sellers know that you are working for them.

6. Samples of all of your marketing tools. It goes without saying that sellers expect to see samples of high-quality, professional marketing materials. You must have samples of your flyers and brochure, your open house materials, and your online marketing – including your photo gallery or a video home tour and how your listings appear on websites. You should have a visual representation of every website where you post their listing.

If you create “just listed” postcards, have a sample. If you send out a client newsletter that features your listings, let them see exactly what that looks like.  Consider creating a notebook that includes not only sample newsletters, but a printed copy of your database. When you explain the power of your database in marketing their home, you add another important layer to your listing presentation.

7. An annual client review. Even though your potential sellers won’t receive an annual client review on a home they are selling, they will understand the value when you say “I want to show you my Annual Client Review. Because I am very good at staying in touch with my past clients, they call me at the very beginning of their home search – which means I often have an ongoing list of potential buyers who may find your home the perfect fit.”

8. A homeowner’s book. Here’s a great way to discuss the homeowner’s book with potential sellers: “Imagine you are a buyer who has fallen in love this house. And on the kitchen counter is a notebook that includes all the details – and answers all the questions that you have. Details like home care and warranty records, the most current inspection report, tax and appraisal records. Neighborhood and community information. A homeowner’s book calms their concerns, so that instead of walking away with more questions, they are excited about writing an offer.”

If you find this list daunting, start by simply creating one tool at a time. Before long, you will have an entire set of communication tools at your fingertips … and a much more powerful listing presentation.

When you visually engage sellers with a systematic communication plan, the opportunity to leave the appointment with a listing contract in hand increases dramatically. And when you follow through with your communication plan, you will have solidified a client relationship that will bring you business for many years to come.

Next week I’ll be covering the role technology plays in the listing presentation.  You won’t want to miss it!

Ask Denise: Sharing the Good News

April 7, 2011

Q: We’re starting to see some positive signs in my local market and I want to do something to share the good news with my clients.  Is it better to call, post something online, or send something in the mail?

A: Why not do all three?  Pick up the phone and call those people who have been sitting on the fence all winter.  Tell them what’s happening in your market right now and give them some quick statistics that will pique their interest in either selling their current home, or buying their first home.  Also, put the “proof” (your research) in a piece you can mail … or post it on your website or blog.  It only takes a little bit of good press from an “expert” to help others gain the confidence to get back into the market!

Does Your Business Deserve Some Attention?

April 5, 2011

Like a garden, your business will flourish only if you seed, feed, and water it.  And we believe the best way to do that is to step away from your business for a couple of days to really focus on where you’ve been … and where you want to go.

We also believe your business deserves a commitment to nourish it.  Today is the day to commit to spending two days with us to revitalize your business!

We want to see you at our next Safari event.  What is Safari?  Simply put, it’s a two-day revitalization plan for your business.  We’re going to look at where you’ve been, what you’ve brought on the journey, and where you want to go.  And then we’ll provide you with tools, tips, and techniques to help you get there.

You’re probably thinking five weeks is a long way off … and that you’ll decide in three or four weeks whether you’ll attend our Safari event.  But we believe your business deserves more of a commitment from you than that.  That’s why we encourage you to click here today – right here, right now – to enroll in our next Safari event.  Seating is always limited for this event, and we sell out each time we offer this opportunity.  Don’t hesitate – enroll today!

Powerful Pricing Tools

March 31, 2011

In last week’s Zebra Report I talked about the importance of having a powerful listing presentation that covers five critical areas: pricing, communication, technology, marketing, and home presentation & photography. This week I’m going to look at the first of those categories – pricing – to illustrate how powerful pricing tools can enhance your listing presentation.

What pricing tools do you take to your listing presentation? Most agents take a CMA … but I actually believe that a CMA doesn’t provide the right information for your clients to get a good idea of how to price their home. Successful listing agents understand – and provide to their sellers — data far beyond the CMA, including absorption rates, appreciation rates, list-to-sales price ratios, listing-to-pending ratios, and assessed value ratios. All of this data can help you predict a home’s sales price.

Not familiar with these terms, or why they are important when pricing? Let’s take a closer look:

  • Absorption rates: The absorption rate shows how many months of listing inventory exist in the market, based on how quickly listings are being purchased, or absorbed, by buyers. This is a key concept, and I’m going to talk more about it below.
  • Appreciation rates: Even if they knew how to calculate appreciation rates, most agents don’t like to talk about appreciation with sellers – especially when looking only at the short term. However, according to the National Association of REALTORS® 2010 Profile of Buyers and Sellers, even with several years of price declines, the typical seller who purchased a home eight years ago has experienced a 24% percent equity gain. Calculate local appreciation rates, and share this information with your clients.
  • List-to-sales price ratios: You need to know this number!  What is the ratio of asking-to-selling prices in your market area? Even more importantly, know your personal list-to-sales price ratio. If it’s higher than the market average, it’s easy to explain to sellers that you are more skilled than most agents at pricing homes closer to their selling price (which often also equates to a shorter days-on-market time).
  • Listing-to-pending ratios: Think of listing-to-pending ratios as a measure of demand. The higher the number, the more demand. In order to get a feel for when buyers are buying, and what price range(s) they are buying in, use listing-to-pending ratios. Tracking this number consistently will give you a strong case when determining the right time to put a home on the market, and what price will likely attract the most potential buyers.
  • Assessed value ratios: Some clients have a hard time digesting “market” numbers and believe their home’s market value is similar to the values provided by their local assessor. If you measure assessed values of recently sold homes in any given neighborhood to their sales prices, you will discover the ratio between the two – and you can apply that ratio to your client’s home based on their assessed value.
  • “Optimistic”, “realistic” and “now” pricing: We’ve all had sellers who were overly optimistic about their home’s value, and we’ve all had challenges with the price-reduction discussion. Using a graph that plots “optimistic”, “realistic” and “now” prices helps sellers see where the market truly is, versus where they would like it to be. Have this discussion at your original listing presentation, and the seller will be prepared to lower their price when faced with the reality of few showings and no offers.
  • Price-per-square-foot: This is a very good tool if you work in an area where there are a lot of comparable listings on the market, and enough sales to give you accurate data. It’s hard to argue price when it’s clear that buyers are buying based on a lower price per-square-foot. Your chart should show the per-square-foot prices of recent sales, active and pending listings, and expired listings.

Remember I mentioned absorption rates above? Let’s talk about that a little more. This is by far one of the easiest pieces of research to do, and one of the strongest ways for you to illustrate the need for accurate pricing.

In order to calculate absorption rates, first determine how many active listings there are in a given price range. There’s no magic to the price ranges – you simply determine which ones best represent your marketplace. Next, count the number of pending sales there have been in the past month in each of those price ranges. Then simply divide the number of active listings by the number of pending listings … and you’ll have the absorption ratio! Here’s what it might look like:

You then round the ratio number up to the nearest “whole” number, to give your clients an idea of how long it will take their home to sell.  This rounded number is the absorption rate.

You can use the absorption rate to help manage sellers’ expectations for market time. It’s also a great tool to help sellers price for the ‘now’ market. If they need to sell quickly and there is an abundance of homes on the market in their price range, they need to be extremely competitive on price in order to attract a buyer. If they can wait a few months for inventory levels to reduce, they might be able to be a bit more optimistic in terms of price. However, waiting can quickly backfire!  If more listings come on the market than there are buyers who are buying, the seller may not be able to meet their timeframe of a quick sale.

When you use absorption ratios, you also need to explain to your seller that there is currently x number of month’s supply of homes on the market in their price range … and the absorption ratio assumes no new inventory coming on during the month. Additional homes coming on to the market in that price range will most definitely impact the ratio, which in turn impacts expected market times.

In order for you to provide the best possible service to your sellers, you absolutely must have a comprehensive listing presentation that includes the data that allows potential sellers a way to truly understand where the market is and how it affects their ability to sell. To provide the level of expertise sellers deserve from you, you must do your research and provide tools that will relate that information in a manner that the seller will understand. Having “props” (charts, graphs and visuals) allows you to clearly articulate what your research is telling you – and provides a way for sellers to understand what it means to them.

And of course, you know from my previous columns that all of your pricing research should be presented in an extremely professional manner. That means listing appointment materials that feature your personal brand consistently through the presentation, from agenda to research to marketing materials. You should continue to develop the sense of expertise that you’re creating through research with every document and detail of your presentation.

Regardless of whether you have the beginnings of a “pricing tool box” or you need to begin building your tools today, you’ll have a huge advantage when competing for listings when you can understand and articulate market data in a visually powerful manner.

Ask Denise: The Realities of Keeping a Listing on the Market

March 30, 2011

Q: I have a seller who has put her home on the market twice in the past 12 months, then cancelled it each time within 3 months of being listed because she wasn’t getting any offers – let alone a sale. How do I get her to keep her home on the market long enough to find viable buyers in today’s market?

A: First of all, you need to take the time to talk to your seller about the realities of your current market. If the days-on-market number is 6 months, and your seller expects her home to sell in 3 months, she isn’t being very realistic about how long this will take.

Secondly, you need to have a frank discussion about realistic pricing. Your seller’s home will have to be priced very competitively in order to ‘beat the odds’. In fact, she probably needs to be below the ‘now’ price in your market. If she’s not willing to price according to your market and her timeframe, you’re spending your time and energy on a listing that will likely not sell anytime soon.

Fresh From The Lones Group’s Instant Image Gallery: Investment Portfolio

March 29, 2011

“Investment Portfolio” is a great example of a “layered” look in a design.  The strong color palette features the prominent use of blue – a color that embodies a sense of trust and security.  If you’re looking to develop a powerful image, “Investment Portfolio” would be a great brand for you!  It’s just one of the many options available in our Instant Image portfolio of designs.

Whether you want to develop a completely custom brand, or select from one of the amazing designs in our “Instant Image” portfolio, we are here to help.

Interested in learning more about developing your custom branded image? We can help with that too! Please send an email to support@thelonesgroup.com or call us at 360-527-8904 to learn more.


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