Fundamentals in Real Estate Series Part – 4 Working with Sellers
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FUNDAMENTALS IN REAL ESTATE SERIES PART 4 WORKING WITH SELLERS
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The appointment with a buyer or seller is something you need to prepare for and what many Sales Associates take for granted. If you are not closing at least 50% of your appointments you need to re-evaluate your presentation. If you have done a good job with your presentation, the customer should enter into a contract with you. Presentations must be the same every time to develop a selling system that can produce predictable results.
Transcript of Fundamentals in Real Estate Series Part – 4 Working with Sellers
FUNDAMENTALS IN REAL ESTATE
SERIES PART 4
WORKING WITH SELLERS
RE/MAX Mumbai Gujarat Maharashtra
RECAP
Part 1 - Getting Started
o Nature of the work
o Market trends
o Become the Sales Associate of choice
o Four reasons why Sales Associates fail
o Sales Associate mission statements
o Goals
o Marketing plan
RE/MAX Mumbai Gujarat Maharashtra
RECAP
Part 2 - Marketing
o Needs and wants of consumers are changing
o The brand
o Marketing a service
o Building relationships
o Marketing rules
o Personal promotion
o Specialize
o Elements for your marketing plan
RE/MAX Mumbai Gujarat Maharashtra
RECAP
Part 3 - Prospecting
o Repetition
o Seek opportunities for leverage
o Six steps to getting started
o Farming
o Direct response marketing
o Expired listings
o For Sale by Owner
o Ad/sign call system
o Open houses
RE/MAX Mumbai Gujarat Maharashtra
TODAY’S AGENDA
Presentation to a seller
Pre-listing package
Listing package
Presentation steps
Pricing
Negotiating with sellers
Cutting commissions
Follow-up system
After closing
How to avoid the eight biggest selling
mistakes
PRESENTATION TO A SELLER
RE/MAX Mumbai Gujarat Maharashtra
QUESTIONS TO ASK SELLER
Are you planning to interview more than
one Sales Associate?
Where are you moving to?
When do you have to be there?
Will you describe the property in as much
detail as possible?
What improvements have been made to
the property?
RE/MAX Mumbai Gujarat Maharashtra
LISTING PROCESS
Two step listing process
One step listing process
PRE-LISTING PACKAGE
RE/MAX Mumbai Gujarat Maharashtra
PRE-LISTING PACKAGE INCLUDES
Introductory letter
Testimonials/references
Performance history - Yours, RE/MAX office, market,
competition
o Market share graph
o Sales to list ratio
o Time on market
o Sales volume
Dangers of overpricing
Promo pieces on you and/or RE/MAX
Sample marketing pieces
Listing agreement
LISTING PACKAGE
RE/MAX Mumbai Gujarat Maharashtra
Letter to client from you
Listing agreement
Disclosure forms
Comparative Market Analysis (CMA)
Company brochure
Personal brochure or resume
Sample property brochures, feature
sheets, flyers
Testimonials/letters of reference
RE/MAX Mumbai Gujarat Maharashtra
Information pieces
Why use a Sales Associate?
Remodel or sell?
Dangers of overpricing
Market statistics
Your marketing plan
Service guarantee
Performance history (use office numbers if
you are a new Agent).
Professional designations, education
courses and certificates received.
RE/MAX Mumbai Gujarat Maharashtra
Seller’s Guide - May include information described
above plus:
Steps in the selling process
Preparing your home for sale
The agency relationship
Pricing
Seller’s Checklist - items you need to market home
Showing information
Open House procedure information
Lawyers
Cost of Selling
Deducting your move (tax information)
PRESENTATION STEPS
RE/MAX Mumbai Gujarat Maharashtra
Preparation and research
Call and confirm appointment
Establish seller’s objectives
Presentation
Sales Associate selection
Confirm asking price
Explain & sign the listing agreement
RE/MAX Mumbai Gujarat Maharashtra
Establish trust
Determine the seller’s motivation
Experience and expectations
Length of your presentation
Seller questions
Sell your credentials and marketing
plan
Listing or marketing plan
PRICING
RE/MAX Mumbai Gujarat Maharashtra
CURRENT MARKET CONDITIONS
Buyer’s market
Balanced market
Seller’s market
Sale to List Price
Average Sale Price Trend
Total Homes Listed Versus Sold
Seasonality
RE/MAX Mumbai Gujarat Maharashtra
CONDITION OF THE PROPERTY
Staging
Other Factors in Pricing – Location, Size
and Amenities
Initial Impression
Taking Overpriced Listings
Dangers of Overpriced Listings
NEGOTIATING WITH SELLERS
RE/MAX Mumbai Gujarat Maharashtra
Overcoming Objections
Seller Objections
Cutting Commissions
Commission Objections
FOLLOW-UP SYSTEM
RE/MAX Mumbai Gujarat Maharashtra
Set up a weekly or bi-weekly market
report for your active listings.
Set up an aggressive price reduction
campaign
AFTER CLOSING
RE/MAX Mumbai Gujarat Maharashtra
Customer Satisfaction
Handling Complaints
HOW TO AVOID THE 8 BIGGEST
SELLING MISTAKES
RE/MAX Mumbai Gujarat Maharashtra
1. Wrong Price
2. As-Is Condition
3. No Curb Appeal
4. Not Making Your Home “Fit to Sell”
5. Lavishly Over Improving
6. Not Using a Professional
7. Not Disclosing Defects
8. Play Hardball
RE/MAX Mumbai Gujarat Maharashtra
THANK YOU
