Notes from Keller Williams Realty Family Reunion, February 2009
Fear is a four letter word.
Call capture from signs.
Set up expectation so sellers don't feel like they are selling for too little or buyers paying too much. Talk about all the what ifs before they happen.
Scripts can keep you from saying too much. Ask, what do you fear most?
Buyers remorse - don't want to pay too much for it. Warn them - focus on the home, on the why. Buy on emotion, validate on logic. Resell them on the decision. Mark the moment of victory.
Foreclosures and short sales are included in appraisals.
Close asap.
Inspections and repairs - how many deals went to closing in 2008? Prepare for the worst but make the best happen. Parallel aplication for back-up lender. Advise buyers about keeping their finances in good shape.
Low appraisals - funding options
Additional down payment from buyer
Financial gift from parents
Second mortgage
Seller assisted options
Checklist for every file - talk to everybody every week.
Have the conversation with the seller about what happens if the appraisal comes back low.
Prepare script/system for back up financing.
Wednesday, March 4, 2009
Priced to Sell - CMAs
Notes from a panel discussion on pricing to sell in a buyer's market - Keller Williams Realty Family Reunion February, 2009
Some months the actives tell the story. Sometimes it is solds, or pendings, or expires.
Second-guess and double check all the time. Predict which one in the neighborhood will be the next to sell.
CMA - listen to the market, adjust quickly, watch the data. What are three houses that are current competition? What are 2-3 pendings, solds in last 30 days? What about days on market. Price to sell in 30 days - because it won't bring as much in 31 days.
Show the triple digit days on market - show the carrying costs.
Look at months of inventory. Profile the kind of buyer who will buy. Show what else that buyer will look at.
Break data into market niches - $50K price points - school districts.
Practice your CMA values before you present to your seller. Guess price point - $25K increments.
Never reduce price less than 5%.
Sellers respond to photos.
Excel spread sheet - what they paid, recent solds, % less, data re features, flaws.
Short sales and foreclosures - solds, actives - how did it show. Call buyer's agent and ask. You can sell at a higher price IF it is in substantially better condition.
Google Earth.
Pricing - what are the actives? Price below unless the seller's situation on comps is whacky. You have to show it is a declining market. Time is everything. Actives are the competition today. Highly competitive.
Reduce or release days every 30-45 days. If not sold within first two weekends, reduce price or release seller.
If you present data/analysis absorbtion rate with price recommendation, seller won't object. Competition - buyer urgency.
The price is based on what I can do for seller with my marketing plan. If seller tries to sell on his own for 30 days, he'll be costing himself a good chunk in a declining market. Wait no more than 2-3 weeks to reduce price if you're not getting showings - unless you want your seller to hurt himself.
Price it to create urgency.
Standard contract period is six months.
Some months the actives tell the story. Sometimes it is solds, or pendings, or expires.
Second-guess and double check all the time. Predict which one in the neighborhood will be the next to sell.
CMA - listen to the market, adjust quickly, watch the data. What are three houses that are current competition? What are 2-3 pendings, solds in last 30 days? What about days on market. Price to sell in 30 days - because it won't bring as much in 31 days.
Show the triple digit days on market - show the carrying costs.
Look at months of inventory. Profile the kind of buyer who will buy. Show what else that buyer will look at.
Break data into market niches - $50K price points - school districts.
Practice your CMA values before you present to your seller. Guess price point - $25K increments.
Never reduce price less than 5%.
Sellers respond to photos.
Excel spread sheet - what they paid, recent solds, % less, data re features, flaws.
Short sales and foreclosures - solds, actives - how did it show. Call buyer's agent and ask. You can sell at a higher price IF it is in substantially better condition.
Google Earth.
Pricing - what are the actives? Price below unless the seller's situation on comps is whacky. You have to show it is a declining market. Time is everything. Actives are the competition today. Highly competitive.
Reduce or release days every 30-45 days. If not sold within first two weekends, reduce price or release seller.
If you present data/analysis absorbtion rate with price recommendation, seller won't object. Competition - buyer urgency.
The price is based on what I can do for seller with my marketing plan. If seller tries to sell on his own for 30 days, he'll be costing himself a good chunk in a declining market. Wait no more than 2-3 weeks to reduce price if you're not getting showings - unless you want your seller to hurt himself.
Price it to create urgency.
Standard contract period is six months.
Tell Me Something Good!
Notes from Clint Swindall at Keller Williams Realty Family Reunion, February 2009
1. Keep an eye on the good stuff. Start your day with positives. "Tell me something good." Ask your team members to share one good thing each - at the beginning of a meeting.
2. Create a culture of celebration. Champagne. Ring a bell when you get an appointment ....
3. Stop being right all the time. You turn others into losers.
4. Be true to your character. Talk is cheap.
5. Keep it all in perspective.
1. Keep an eye on the good stuff. Start your day with positives. "Tell me something good." Ask your team members to share one good thing each - at the beginning of a meeting.
2. Create a culture of celebration. Champagne. Ring a bell when you get an appointment ....
3. Stop being right all the time. You turn others into losers.
4. Be true to your character. Talk is cheap.
5. Keep it all in perspective.
Tuesday, March 3, 2009
Objection Handling Scripts
Notes from Keller Williams Realty Family Reunion, February 2009 - panel discussion
Will you reduce your commission?
I'll charge nothing if the seller finds a buyer on their own, 1% if they want me to write the contract, 5% if they bring the buyer, 6% otherwise.
I demonstrate what commission reduction looks like by using six cards - one is marketing cost, one goes to my broker, one is to live on, three go to the buyer's agent.
Ask what the seller needs to net - and work backward.
Why should I come to your office?
Office policy - for security reasons - my value proposition - evaluate your wants and needs. Always need to understand whether the buyer is ready to purchase today - and to confirm that they want a good buy.
I want a steal.
Come in and we can look at the top five steals - and I'll have my preferred lender give you a call.
What do you say to a bank asset manager on a cold call?
Call locally owned banks in the community - smaller ones - do you have any foreclosures I might be interested in purchasing right now. How would I get on your preferred list of agents to list your houses.
Expired.
What kind of feedback were you getting from your agent. Three sentences about what I do, then ask a question.
Price reduction.
The market is dictating the price. What price will you not go below for you to sell at this time. If you want to sell any time in the next five years, the sooner you sell, the better. If you had a million dollars in the stock market six months ago, what would it be worth now. If interest rates go up, your opportunity to sell decreases. Sellers are eight months behind the market and buyers are eight months ahead. The market determines value, agents don't.
Zillo says property is only worth so much.
Most properties that sell are selling between 90-95% of list price. We won't know when the market hits bottom until it goes back up. When interest rates go up, your buying power goes down. When houses are priced right, they move. Are you willing to lose it?
Expired with loyalty to old agent.
What did your agent tell you they'd do differently next time? When 60% of your wealth is in your home, doesn't it make sense to have a conversation about listing with the right person. I won't force you to commit to anything, but I ought to see your home.
It takes five No's per call to get to a yes - "great" - keep talking.
HOA contribution.
Talk benefits. Contrast with areas where there are no HOAs. HOA should preserve value of home over time.
Seller wants to sell but not fix up.
If I were to write you a check for $20K, would you do everything that needs to be done? This is a beauty contest. If you don't fix, you've just bought it back for the $20K it would have cost you.
Expired.
If I could show you how trying to sell yourself will cost you money, would you be willing to talk? I get 98.6% of asking price.
FSBO
86% of FSBO list with realtors, the rest - if they sell - sell for 12-16% less. 75% of real estate related lawsuits in the US involve self-represented homeowners. If you find a buyer before we do, we walk away.
What about downsizers.
Do you have to sell? We don't know what the market will do - go lower or go up. If you can get a low interest rate and we go into inflation and rates go up, you'll lose buying power.
espfsbo.com
It takes three things to sell a house: price - which is determined by the market; marketing, and staging to show it at its best.
They don't want to hurt previous agent.
I'll call him. He can still bring a buyer and get paid more because of my expenses in listing your home.
Will you reduce your commission?
I'll charge nothing if the seller finds a buyer on their own, 1% if they want me to write the contract, 5% if they bring the buyer, 6% otherwise.
I demonstrate what commission reduction looks like by using six cards - one is marketing cost, one goes to my broker, one is to live on, three go to the buyer's agent.
Ask what the seller needs to net - and work backward.
Why should I come to your office?
Office policy - for security reasons - my value proposition - evaluate your wants and needs. Always need to understand whether the buyer is ready to purchase today - and to confirm that they want a good buy.
I want a steal.
Come in and we can look at the top five steals - and I'll have my preferred lender give you a call.
What do you say to a bank asset manager on a cold call?
Call locally owned banks in the community - smaller ones - do you have any foreclosures I might be interested in purchasing right now. How would I get on your preferred list of agents to list your houses.
Expired.
What kind of feedback were you getting from your agent. Three sentences about what I do, then ask a question.
Price reduction.
The market is dictating the price. What price will you not go below for you to sell at this time. If you want to sell any time in the next five years, the sooner you sell, the better. If you had a million dollars in the stock market six months ago, what would it be worth now. If interest rates go up, your opportunity to sell decreases. Sellers are eight months behind the market and buyers are eight months ahead. The market determines value, agents don't.
Zillo says property is only worth so much.
Most properties that sell are selling between 90-95% of list price. We won't know when the market hits bottom until it goes back up. When interest rates go up, your buying power goes down. When houses are priced right, they move. Are you willing to lose it?
Expired with loyalty to old agent.
What did your agent tell you they'd do differently next time? When 60% of your wealth is in your home, doesn't it make sense to have a conversation about listing with the right person. I won't force you to commit to anything, but I ought to see your home.
It takes five No's per call to get to a yes - "great" - keep talking.
HOA contribution.
Talk benefits. Contrast with areas where there are no HOAs. HOA should preserve value of home over time.
Seller wants to sell but not fix up.
If I were to write you a check for $20K, would you do everything that needs to be done? This is a beauty contest. If you don't fix, you've just bought it back for the $20K it would have cost you.
Expired.
If I could show you how trying to sell yourself will cost you money, would you be willing to talk? I get 98.6% of asking price.
FSBO
86% of FSBO list with realtors, the rest - if they sell - sell for 12-16% less. 75% of real estate related lawsuits in the US involve self-represented homeowners. If you find a buyer before we do, we walk away.
What about downsizers.
Do you have to sell? We don't know what the market will do - go lower or go up. If you can get a low interest rate and we go into inflation and rates go up, you'll lose buying power.
espfsbo.com
It takes three things to sell a house: price - which is determined by the market; marketing, and staging to show it at its best.
They don't want to hurt previous agent.
I'll call him. He can still bring a buyer and get paid more because of my expenses in listing your home.
Monday, March 2, 2009
Marketing
Notes from Todd Butzer, Keller Williams Realty Family Reunion, February 2009
tbutzer@kw.com
Getting Started.
Establish a budget - 12-15% of GCI.
Define target market.
Define you/your message/your image.
Don't change your brand in mid stream.
Creating a Message.
Mark Twain: If I'd had more time, this would have been shorter.
Know your customer/client.
Be professional and informative - data - Weekly Market Activity Report (mplsrealtor)
Choose your words carefully. Words That Work.
Use short words
Be brief
Be visual
Be credible - use sources
Be consistent - don't change your message
Do You Look Like the Fee You Charge?
Is my material cheap?
High end?
Professional?
Does "fun" get in the way?
Pick Your Strategies:
Who you talk to and what you say
Signage
Brochures
Home publications
Local newspapers
Classifieds - where do people move to Glendale from?
Direct mail - 4 - 5 times more valuable than something left at the door
Drive your audience to your website
Sharper Agent newsletters
ProManage - free downloads
Your Home Search - free from KW
Postlets - listhub
Annual Sold report with pictures of what was sold last year - with prelist package or for farm
Prelist/buyer packets
Sales plan
Mission statement
Easy exit listing agreement
Myths
Web strategy
Marketing samples
Put web address on everything
tbutzer@kw.com
Getting Started.
Establish a budget - 12-15% of GCI.
Define target market.
Define you/your message/your image.
Don't change your brand in mid stream.
Creating a Message.
Mark Twain: If I'd had more time, this would have been shorter.
Know your customer/client.
Be professional and informative - data - Weekly Market Activity Report (mplsrealtor)
Choose your words carefully. Words That Work.
Use short words
Be brief
Be visual
Be credible - use sources
Be consistent - don't change your message
Do You Look Like the Fee You Charge?
Is my material cheap?
High end?
Professional?
Does "fun" get in the way?
Pick Your Strategies:
Who you talk to and what you say
Signage
Brochures
Home publications
Local newspapers
Classifieds - where do people move to Glendale from?
Direct mail - 4 - 5 times more valuable than something left at the door
Drive your audience to your website
Sharper Agent newsletters
ProManage - free downloads
Your Home Search - free from KW
Postlets - listhub
Annual Sold report with pictures of what was sold last year - with prelist package or for farm
Prelist/buyer packets
Sales plan
Mission statement
Easy exit listing agreement
Myths
Web strategy
Marketing samples
Put web address on everything
Sunday, March 1, 2009
Working with Mets
Notes from panel discussion - Keller Williams Realty Family Reunion, February 2009.
How to grow a database? 800 numbers. Websites with auto responders. Sphere of influence. Ask for and teach how to refer business. Talk to people. Capture information at open houses. Teach in market centers in other areas.
Met-working. Relationships. Prospecting-based stay in touch system. Dedicated time for working mets. Both ongoing and power hour.
System - 8x8 and 33 touch. Database. Database manager. Pick one day a week to market. Calls. Emails. Script. Remove everyone from your list who you don't like, who doesn't like you and who will never use or refer you.
Face Book for past clients, drive to blog.
8x8 - Cement the relationship. Object: you get in the first place in their mind as realtor. Eight weeks in a row they get a contact from you. Target area you want.
33 Touch - everything you send out has an offer response - opportunity to give them something of value. Consistent look. Systemitize it so you don't have to think about it. 3-4 phone calls or face-to-face a year.
realestatetomato.com
Performance guarantee
Offer response on newsletter
Mets - two mailers/mo. Three phone calls a year. One note per phone call.
Categorize - seller, buyer side, internet buyers, first time buyer. Buyer/seller/SOI No categories - treat everyody the same
Referrals - tell clients you're going to ask, ask, and then use system to stay in touch. Teach SOI how to ask for referral - script -
Apology script: "I'm not calling about real estate today. I am calling to say I am sorry. [silence] It has been too long since I have spoken to you. It doesn't make me happy. I have implemented a new system to stay better in touch. Here is how I am going to prove to you that I will stay in better touch. Give me your birth date - Before I hang up, is there anything you need - a plumber, painter, landscaper?" [Under promise and over deliver] Then a month later, make a call and ask for a referral.
Thanks - hand written card. Dinner. Movie tickets. Immediate phone call. Reward behavior, not result. Balloons, chocolate and movie tickets deliverred to office.
Get emails - "In an effort to be kinder to the environment, I'm staying in touch electronically. What is the best email to use to get information to you?"
How to grow a database? 800 numbers. Websites with auto responders. Sphere of influence. Ask for and teach how to refer business. Talk to people. Capture information at open houses. Teach in market centers in other areas.
Met-working. Relationships. Prospecting-based stay in touch system. Dedicated time for working mets. Both ongoing and power hour.
System - 8x8 and 33 touch. Database. Database manager. Pick one day a week to market. Calls. Emails. Script. Remove everyone from your list who you don't like, who doesn't like you and who will never use or refer you.
Face Book for past clients, drive to blog.
8x8 - Cement the relationship. Object: you get in the first place in their mind as realtor. Eight weeks in a row they get a contact from you. Target area you want.
33 Touch - everything you send out has an offer response - opportunity to give them something of value. Consistent look. Systemitize it so you don't have to think about it. 3-4 phone calls or face-to-face a year.
realestatetomato.com
Performance guarantee
Offer response on newsletter
Mets - two mailers/mo. Three phone calls a year. One note per phone call.
Categorize - seller, buyer side, internet buyers, first time buyer. Buyer/seller/SOI No categories - treat everyody the same
Referrals - tell clients you're going to ask, ask, and then use system to stay in touch. Teach SOI how to ask for referral - script -
Apology script: "I'm not calling about real estate today. I am calling to say I am sorry. [silence] It has been too long since I have spoken to you. It doesn't make me happy. I have implemented a new system to stay better in touch. Here is how I am going to prove to you that I will stay in better touch. Give me your birth date - Before I hang up, is there anything you need - a plumber, painter, landscaper?" [Under promise and over deliver] Then a month later, make a call and ask for a referral.
Thanks - hand written card. Dinner. Movie tickets. Immediate phone call. Reward behavior, not result. Balloons, chocolate and movie tickets deliverred to office.
Get emails - "In an effort to be kinder to the environment, I'm staying in touch electronically. What is the best email to use to get information to you?"
Show Buyers Fewer Properties and Have Them Like It
Notes from panel discussion - Keller Williams Realty Family Reunion, February 2009.
I live life assuming that something good is going to happen.
A + D = R Aware plus Deliberate equals Result
1. On meeting a buyer - send to lender, find common bond, establish relationship, invite to buyer class, set an appointment.
2. Appointment - Meeting in office to determine needs - an hour or 90 minutes, depending on questions, buyer book/checklist. How many houses have they bought and sold? Never assume in first questions - ask til you find out what is best for them. Power point. All about rapport. Like, trust, faith. "Where are you in the buying process?" "Let me tell you how I work."
3. Language. Pace, pace, lead. "It's a beautiful day today. I have a list of properties for you to see. And one of them is perfect for you." Mirror, rate, pitch.
4. Agency - explain by example the difference between a customer and a client. Buyer always wants to know what's in it for them.
www.garryslibrary.com - list of questions
garry@thebuyerclass.com
Show no more than 6-8 houses after you've learned what they need. The idea is to set expectations and control it. "I've hand picked six houses that will meet your requirements - and you'll want to buy one of them today."
Show the worst first. After house #6, close. When buyer says they like it, "And that's why we should write an offer." Dress story. Consultant vs sales person. "As many as six or eight before you find the one you want."
Rate each house 1-5. After second house, choose which one to buy. Train Sarah day. Next day list is revised.
Must list, nice to have list. 100-200 homes on line, 6-8 in person. Rank 1-10. If it is not at least an 8, tear it up. Rank/name the huse. Ignore price - find emotion.
Ask questions that lead to a decision. Don't put them in the car til you and they know what they want.
"Would you like to put some numbers together? How would you feel about living here? How would you feel if somebody else bought it?"
I live life assuming that something good is going to happen.
A + D = R Aware plus Deliberate equals Result
1. On meeting a buyer - send to lender, find common bond, establish relationship, invite to buyer class, set an appointment.
2. Appointment - Meeting in office to determine needs - an hour or 90 minutes, depending on questions, buyer book/checklist. How many houses have they bought and sold? Never assume in first questions - ask til you find out what is best for them. Power point. All about rapport. Like, trust, faith. "Where are you in the buying process?" "Let me tell you how I work."
3. Language. Pace, pace, lead. "It's a beautiful day today. I have a list of properties for you to see. And one of them is perfect for you." Mirror, rate, pitch.
4. Agency - explain by example the difference between a customer and a client. Buyer always wants to know what's in it for them.
www.garryslibrary.com - list of questions
garry@thebuyerclass.com
Show no more than 6-8 houses after you've learned what they need. The idea is to set expectations and control it. "I've hand picked six houses that will meet your requirements - and you'll want to buy one of them today."
Show the worst first. After house #6, close. When buyer says they like it, "And that's why we should write an offer." Dress story. Consultant vs sales person. "As many as six or eight before you find the one you want."
Rate each house 1-5. After second house, choose which one to buy. Train Sarah day. Next day list is revised.
Must list, nice to have list. 100-200 homes on line, 6-8 in person. Rank 1-10. If it is not at least an 8, tear it up. Rank/name the huse. Ignore price - find emotion.
Ask questions that lead to a decision. Don't put them in the car til you and they know what they want.
"Would you like to put some numbers together? How would you feel about living here? How would you feel if somebody else bought it?"
Pricing Ahead of the Market
These are notes from the February 2009 Keller Williams Realty Family Reunion. The topic here was addressed by Martin Bouma.
1. Prepare for 2-3 hours prior to a listing appointment.
2. Confess that we don't know where the market is - at best we are guessing. It is what it is for a moment in time.
3. Carpet, paint and caulk around the tub. Condition matters. Condition will NEVER correct a bad price.
4. Correct price represents 80% of marketing.
5. Your value is the knowledge you bring to your seller.
6. Ask what the seller expects and how much he owes.
7. Listing presention is 80% market stats.
8. Track actives, pendings, solds and average price by price per SF - by school district.
9. Preview properties - at least on line - and use googlemap.
10. Print the history of what has sold - show price reductions.
11. Houses are selling - and some for close to full price within a few days IF they are priced right.
12. Broker Metrics - graphs.
13. Buyers are more interested in PRICE than in neighborhood right now.
14. Realtors don't control information - we bring our knowledge.
15. Actives plus pendings divided by pendings equals activity index - which says what the market is doing NOW.
16. Absorption rate is #actives divided by #sold in 12 months divided by 12. If only X are selling and competing against Y other properties, where do we price? If absorption rate is over seven months, you are in a buyer's market.
17. Care enough about the seller to be strong and get the right price. Use graphs.
18. Watch for newspaper articles that support your position.
19. Bring the seller back to motivation. Remember their stress level is high.
20. Sellers are going through five stages of grief (anger, denial, barter, depression, acceptance).
21. Spend time preparing to be confident. Practice scripts - learn new ones - rehearse - change.
22. Send out a thorough CMA in your prelisting package.
23. There is a shortage of houses pried where buyers will buy, not a shortage of buyers. If no offer in two weeks, it is priced too high. People fear loss. Buyers assume something is wrong if it hasn't sold quickly, even after the price has been reduced.
24. Understand supply and demand. Illustrate with a story.
25. Be careful that the sales price will appraise.
26. Don't chase the market - time is NOT on your side.
27. Put together a checklist for buyers about the negatives of purchasing an REO property.
28. Increase customer service - phone calls - keep up with change in activity, showings
29. If you do an open house, do it right.
30. Send sellers regular market updates - ask for questions - ask if there is anything they are not happy with.
31. Trulia.
32. Set up on auto search so they see price changes and new listings.
33. Use survey monkey.
34. #1 complaint is lack of communication.
35. homefeedback.com
36. 10-12 showings and no offer - at least 5% overpriced; more than that, at least 10% overpriced.
37. onlineauction.com/kw
38. Ask: if you were a buyer in this market, what would you pay?
39. Watch your mind space!
1. Prepare for 2-3 hours prior to a listing appointment.
2. Confess that we don't know where the market is - at best we are guessing. It is what it is for a moment in time.
3. Carpet, paint and caulk around the tub. Condition matters. Condition will NEVER correct a bad price.
4. Correct price represents 80% of marketing.
5. Your value is the knowledge you bring to your seller.
6. Ask what the seller expects and how much he owes.
7. Listing presention is 80% market stats.
8. Track actives, pendings, solds and average price by price per SF - by school district.
9. Preview properties - at least on line - and use googlemap.
10. Print the history of what has sold - show price reductions.
11. Houses are selling - and some for close to full price within a few days IF they are priced right.
12. Broker Metrics - graphs.
13. Buyers are more interested in PRICE than in neighborhood right now.
14. Realtors don't control information - we bring our knowledge.
15. Actives plus pendings divided by pendings equals activity index - which says what the market is doing NOW.
16. Absorption rate is #actives divided by #sold in 12 months divided by 12. If only X are selling and competing against Y other properties, where do we price? If absorption rate is over seven months, you are in a buyer's market.
17. Care enough about the seller to be strong and get the right price. Use graphs.
18. Watch for newspaper articles that support your position.
19. Bring the seller back to motivation. Remember their stress level is high.
20. Sellers are going through five stages of grief (anger, denial, barter, depression, acceptance).
21. Spend time preparing to be confident. Practice scripts - learn new ones - rehearse - change.
22. Send out a thorough CMA in your prelisting package.
23. There is a shortage of houses pried where buyers will buy, not a shortage of buyers. If no offer in two weeks, it is priced too high. People fear loss. Buyers assume something is wrong if it hasn't sold quickly, even after the price has been reduced.
24. Understand supply and demand. Illustrate with a story.
25. Be careful that the sales price will appraise.
26. Don't chase the market - time is NOT on your side.
27. Put together a checklist for buyers about the negatives of purchasing an REO property.
28. Increase customer service - phone calls - keep up with change in activity, showings
29. If you do an open house, do it right.
30. Send sellers regular market updates - ask for questions - ask if there is anything they are not happy with.
31. Trulia.
32. Set up on auto search so they see price changes and new listings.
33. Use survey monkey.
34. #1 complaint is lack of communication.
35. homefeedback.com
36. 10-12 showings and no offer - at least 5% overpriced; more than that, at least 10% overpriced.
37. onlineauction.com/kw
38. Ask: if you were a buyer in this market, what would you pay?
39. Watch your mind space!
Thursday, February 26, 2009
Master the Language of Sales
Dianna Kokoska is fantastic. She brought a short session on mastering the language at sales at the Keller Williams Realty Family Reunion, February 24, 2009. The content is not about manipulation but about communication - and it is good stuff. I've ordered a book, Words that Sell, and I hope that studying it will make me more sensitive to how what I say (and how I say it) affects listeners, particularly listeners who happen to be buyers and sellers. Here are just a couple of notes from the session:
1. The future belongs to people who see possibilities before they become obvious.
2. The greatest challenge of a thinker is to state a problem in a way that will allow a solution.
3. 90% of your business is mental; 10% is skill.
4. Words affect the brain to get an outcome.
5. Programming (values) leads to Thoughts which lead to Feelings which lead to Actions which lead to Results - which lead to Reprogramming. It's circular.
6. Reticular Activating System - subconscious.
7. Self-talk. Empowered choices. What is your perspective - how does your perspective affect the people you are talking to?
8. The meaning of communication is the response you get. Remove the drama!
9. Embedded commands - one to four-word groups. They order you to do something, make sense on their own, are a call to action, create unusual patterns of language, force the unconscious mind to pay attention.
10. In an embedded command, pause BEFORE the command, bring your voice DOWN at the end of the command, increase volume of the command, pause again AFTER the command.
11. Modal operators. Logic makes us think and emotion makes us act.
1. The future belongs to people who see possibilities before they become obvious.
2. The greatest challenge of a thinker is to state a problem in a way that will allow a solution.
3. 90% of your business is mental; 10% is skill.
4. Words affect the brain to get an outcome.
5. Programming (values) leads to Thoughts which lead to Feelings which lead to Actions which lead to Results - which lead to Reprogramming. It's circular.
6. Reticular Activating System - subconscious.
7. Self-talk. Empowered choices. What is your perspective - how does your perspective affect the people you are talking to?
8. The meaning of communication is the response you get. Remove the drama!
9. Embedded commands - one to four-word groups. They order you to do something, make sense on their own, are a call to action, create unusual patterns of language, force the unconscious mind to pay attention.
10. In an embedded command, pause BEFORE the command, bring your voice DOWN at the end of the command, increase volume of the command, pause again AFTER the command.
11. Modal operators. Logic makes us think and emotion makes us act.
Staging
Staging - putting a house's best foot forward so a seller can sell in a short time and for more money. These notes come from a panel discussion on February 24, 2009 at the Keller Williams Family Reunion in Orlando, Fl.
1. Why stage? Sometimes staging makes the difference in selling a house or not selling it - and in a buyer's market, where competition among sellers is fierce, a seller needs to make their home stand out.
2. How extensive? Fresh paint and good carpet make a difference. Even bank-owned homes are being rehabbed to be competitive not only with each other but with "regular" listings, and bank-owned houses are selling.
3. Just paint and carpet? No. Clean counts. Furniture arrangement counts. Smell counts.
4. Start with curb appeal. Look at the house from the street, just as a prospective buyer would. Would they even stop to look? Make it crisp and clean. Bring patches of color. Dense flowers. Does the front door look new? Where does the buyer focus?
5. Stuff. Inside and outside, is there too much stuff cluttering up the property? Make it go away, if not permanently, by storage.
6. Photos. There is nothing wrong with photos, but too many is a bad thing in that it distracts the buyer from what they are there to do - decide whether this is the home for them. The idea is for the buyer to identify with the house. Can they do that through your family photographs, your diplomas, your collectibles? Not likely.
7. Furniture. Less is more. It is not unusual for scale to be "off." If the furniture is too big for the room, make some of it disappear.
8. Education. There is a 16 minute DVD on staging that may be worth watching: "Staging Your Home for Success." For more info, give me a call: 623.640.1219.
1. Why stage? Sometimes staging makes the difference in selling a house or not selling it - and in a buyer's market, where competition among sellers is fierce, a seller needs to make their home stand out.
2. How extensive? Fresh paint and good carpet make a difference. Even bank-owned homes are being rehabbed to be competitive not only with each other but with "regular" listings, and bank-owned houses are selling.
3. Just paint and carpet? No. Clean counts. Furniture arrangement counts. Smell counts.
4. Start with curb appeal. Look at the house from the street, just as a prospective buyer would. Would they even stop to look? Make it crisp and clean. Bring patches of color. Dense flowers. Does the front door look new? Where does the buyer focus?
5. Stuff. Inside and outside, is there too much stuff cluttering up the property? Make it go away, if not permanently, by storage.
6. Photos. There is nothing wrong with photos, but too many is a bad thing in that it distracts the buyer from what they are there to do - decide whether this is the home for them. The idea is for the buyer to identify with the house. Can they do that through your family photographs, your diplomas, your collectibles? Not likely.
7. Furniture. Less is more. It is not unusual for scale to be "off." If the furniture is too big for the room, make some of it disappear.
8. Education. There is a 16 minute DVD on staging that may be worth watching: "Staging Your Home for Success." For more info, give me a call: 623.640.1219.
Creating Buyer Urgency
These are notes from a session at Keller Williams Family Reunion on February 24, 2009. The subject is buyer urgency in a buyer's market - where the number of properties for sale exceeds the number of buyers ready to buy.
1. There is a story at TaleofTwoMarkets.com that might be worth looking at when talking to buyers about the reality of a buyer's market. The fact is that - at least in today's market - there really are two separate markets. In one of them, 80% of the homes are overpriced. This is a sad state of affairs for sellers, finding themselves competing with distressed sales. But what it means is that there is demand for the 20% that are priced UNDER market.
2. Holding open house is a good way to meet buyers who are looking - though not every looker is a buyer. Inviting neighbors - by mailer or door knocking - is a good way to lead to a potential buyer. But a house that is priced under market will likely sell so fast that there won't be time to hold an open house.
3. In a buyer's market, first-time buyers may benefit from a seminar geared just for them. If you know - or are - a first-time buyer and are interested, give me a call and I'll set something up. 623.640.1219.
4. In a buyer consultation, the agent and the buyer need to explore what a "deal" looks like. It may not be the same to the buyer as to the agent - so get on the same page.
5. You can't blame a buyer for waiting for house prices to drop - but it is NOT FAIR to the buyer not to challenge that way of thinking. The fact is that nobody knows where house prices are going, or what houses will be on the market or what their condition will be. The person who can predict the b ottom is either a psychic or a liar. What we do know is that interest rates are the lowest they've been in 35 years - and a one point adjustment equals thousands of dollars in home price. If a buyer plans on being in the house for several years, buy now.
6. Buyer's remorse is normal - it is abnormal not to have second thoughts about one of the biggest purchases of your life. The trick is to keep your eyes on the prize. What motivates you to buy. How bad will you feel if somebody else buys "your" house?
1. There is a story at TaleofTwoMarkets.com that might be worth looking at when talking to buyers about the reality of a buyer's market. The fact is that - at least in today's market - there really are two separate markets. In one of them, 80% of the homes are overpriced. This is a sad state of affairs for sellers, finding themselves competing with distressed sales. But what it means is that there is demand for the 20% that are priced UNDER market.
2. Holding open house is a good way to meet buyers who are looking - though not every looker is a buyer. Inviting neighbors - by mailer or door knocking - is a good way to lead to a potential buyer. But a house that is priced under market will likely sell so fast that there won't be time to hold an open house.
3. In a buyer's market, first-time buyers may benefit from a seminar geared just for them. If you know - or are - a first-time buyer and are interested, give me a call and I'll set something up. 623.640.1219.
4. In a buyer consultation, the agent and the buyer need to explore what a "deal" looks like. It may not be the same to the buyer as to the agent - so get on the same page.
5. You can't blame a buyer for waiting for house prices to drop - but it is NOT FAIR to the buyer not to challenge that way of thinking. The fact is that nobody knows where house prices are going, or what houses will be on the market or what their condition will be. The person who can predict the b ottom is either a psychic or a liar. What we do know is that interest rates are the lowest they've been in 35 years - and a one point adjustment equals thousands of dollars in home price. If a buyer plans on being in the house for several years, buy now.
6. Buyer's remorse is normal - it is abnormal not to have second thoughts about one of the biggest purchases of your life. The trick is to keep your eyes on the prize. What motivates you to buy. How bad will you feel if somebody else buys "your" house?
Seven Truths to Pave the Way to Success
Every now and then you have the opportunity to hear some really good thinking from somebody who knows what they are talking about and are willing to share. These notes come from an hour of listening to Gary Keller at the Keller Williams Family Reunion in Florida - February 25, 2009. His topic was being smart about money - but these truths go deeper than the pocketbook. Enjoy.
1. I am my own advocate. I am not entitled to have somebody take care of me, and I cannot depend on somebody to take care of me. It is my job to do whatever it is that needs doing to bring about a good result.
2. I do NOT need to understand everything. It is okay that I am not a genius. If I find a model that works, I don't need to analyze it, and I don't need to like it, but I DO need to follow it! Suspend your need to understand. Sometimes we are better off not thinking - okay, at least we're better off not thinking too much. Find someone who has what you want and follow what they do.
3. There is nothing virtuous about putting in long hours. Intensity is of more value than the amount of time you bring to the task. Bring the heat!
4. Multi-tasking does NOT work for humans. People are not computers. It is impossible for people to do two important things at once. And it is just plain smart to do one thing at a time and do it well.
5. I am not self-made. Nobody succeeds alone. It takes a team to make me better than I am. Listen. Learn. Be better. You only need to control the relationships that are three feet around you.
6. Not everything matters equally. Prioritize. You will never get everything done. So get the RIGHT THING done.
7. You can fail your way to success. Plans need to be corrected. It takes only a little energy to solve a little problem. Solving big problems creates BIG energy that propels you forward. Never give up. It would be a shame to quit on the brink of success.
1. I am my own advocate. I am not entitled to have somebody take care of me, and I cannot depend on somebody to take care of me. It is my job to do whatever it is that needs doing to bring about a good result.
2. I do NOT need to understand everything. It is okay that I am not a genius. If I find a model that works, I don't need to analyze it, and I don't need to like it, but I DO need to follow it! Suspend your need to understand. Sometimes we are better off not thinking - okay, at least we're better off not thinking too much. Find someone who has what you want and follow what they do.
3. There is nothing virtuous about putting in long hours. Intensity is of more value than the amount of time you bring to the task. Bring the heat!
4. Multi-tasking does NOT work for humans. People are not computers. It is impossible for people to do two important things at once. And it is just plain smart to do one thing at a time and do it well.
5. I am not self-made. Nobody succeeds alone. It takes a team to make me better than I am. Listen. Learn. Be better. You only need to control the relationships that are three feet around you.
6. Not everything matters equally. Prioritize. You will never get everything done. So get the RIGHT THING done.
7. You can fail your way to success. Plans need to be corrected. It takes only a little energy to solve a little problem. Solving big problems creates BIG energy that propels you forward. Never give up. It would be a shame to quit on the brink of success.
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