A painful reminder of Mike's wisdom.

"Show up tell the truth and don't be attached to the outcome"

Just listed two great homes, (one has had 29 showings in 10
days) and I messed up. The sellers did a number on my head
convincing me how great their homes are and I agreed. I've
sold over 200 homes in this area and know it well but I caved
in and took two listings that are 10K over value. They have to
sell and they will but I usually list them for what they are
worth so this is a weird experience for me.
Don't cave in and me a ninny like me, stay strong.

Price Reduction Script / Tom Ferry
1. (Name)... I'm calling to give you a real estate market update… is now a good time? Great!

2. As you know your home has been on the market for (X days/months)
…and during this time the market has made some obvious and not so
obvious adjustments… have you read about this in the paper? What
have you read/heard? Interesting.
(Discuss trends, number of homes on the market, number of sales, etc)

3. So… here's what we know… there are three primary drivers that
cause homes to sell… regardless of market conditions…
They are… of course…
#1… Accessibility and how the property
shows… (Name) you’ve done a great job there, haven't you? (Or
describe the challenge).
#2 – Is how the property is marketed… both to the agents and the
public… (Name)… we’re doing the intensive marketing that has
caused all of our listings to sell this year and last year… so we know that’s not it… Now… I have a recommendation for an approach I know will make a difference… which I’ll present to you in a moment, Okay?
#3 – Is the price we chose to market your home for… (Name)…
obviously… the agents, the market and the buyers have rejected the price of ($ current price)… therefore I’m going to recommend we amend the price… to again… make it more attractive to the market… does that make sense?
4. I’m certainly not recommending we “give it away”… at the same
time…let’s make a price adjustment that will cause your home to sell now…vs. … (Name)… having to come back in 30 to 60 days and do a much larger adjustment if the market continues on this trend… so what are you thinking, 5, 8, 10, 15%... what would you like to do?

5. I’m also going to recommend we increase the commission on the
buyer side to __%... may I explain why?
6. With ______ homes on the market directly competing with your
property… one of the fastest ways to increase showings and market
awareness is to improve the financial opportunity for the agent with the buyer… does that make sense? Let’s motivate them to bring their buyer to your home… vs. … one of our competition okay? So .5, 1%,
1.5%... what would you like to do?

7. Excellent (Name)… I’ll get right on this… Thank you for your timeand commitment today.

Eric the Red,

Superb material and I'm sure it works perfectly in America.
Up here in Canada things are a little different. The only
way out of this mess for me is to become their best friend or marRy one of their ugly daughters. This is just how things work up here. Plus I've been working from 7am - 10pm and my brain is
not firng on all cylinders so I wont be able to memorize the
entire dialoge. The key here is not to mess up in the first
place.

I need a day off to rebuild and go back on the attack with these monsters, have no fear I will win.

hunter,

dont feel bad..its the rock or the hard place

i went on 4 listing appointments
took 1
lost 1 to another agent who promised them a higher price
turned down the other 2 due to price difference..

im wondering should i have just taken all 4 at thier price ..then worked them down through price reductions...

on 3 i told the truth..and im now short 3 listings i couldve had...

Old real estate proverb:

Its best to be first born when your a rich mans son.

Its best to be the second agent on a overpriced listing.

Its best to be the third agent they interview.

A Re/Max broker told me that one years ago.

If your listing inventory is low it might have been a smart idea to take them as long the motivation is good and they
understand you will be showing up with a sharp ax in two
weeks to chop down the price.

I know my market because I inspect and go on a fair number of
appointment but sometimes you just don't know what the value
is of a home, yes you can get the price right for getting the
attention of the realtors and their buyers but you don't always know what they will sell for within 10k or so.

Hi everyone,

Had an excellent few days. Tried some tips that lindenmoe had suggested !!

One question I have ... I have been asked "why did you not come see the home when it was on the market?"

What do you typically say?

My response was that I am working with a qualified buyer pool but could not help with marketing as it would bring many buyers not represented by me.

So I kind of answer the question ... but also avoid explaining why I would not have brought a buyer.

Of course the owners have blinders and without a meeting to explain are assuming that all agents should bring buyers vs focus on marketing the home to buyers agents.

Any suggestions of how to better overcome that objection?

Thanks again,

PS- This forum is EXCELLENT !!

With as many homes that are on the market right now, I'd just say you can't see them all or you'd never get any selling done.

Regarding this Re/Max legend - many sellers don't interview numerous agents so being the 3rd is not applicable. I never ask if they're interviewing someone else b/c I don't have any control over it unless you want to be the first one and go into that energetic blown-out speech trying to get them to sign your listing agreement first so they'll have to cancel the other appointments. I'd be suspicious of any salesman wanting me to sign on the dotted line when they know I have other points of view/opinion appointments set up. Don't care if you're the BEST, the BRIGHTEST - let me find that out for myself.

And I've interviewed and lost, and I've also had people suck in all my knowledge and expertise but STILL list with someone else. One person had been thru three (3) different agents and had the nerve to email me asking my opinion of "things". I emailed back that apparently, after all the information and knowledge I've shared with them and they listed with different agents but not me that apparently they found no value in my opinion. I can't recall what else I said, but I basically said to 'blow off' (diplomatically of course) and they didn't bother me again. It feels good to let someone like that know that I don't NEED their business.

Use open ended questions. This approach is called the Object-O-Matic. You can use the framework for nearly anything.

OBJECTO-MATIC!!!
TECHNIQUE: “WHAT SPECIFICALLY…”
• The purpose of this technique is to flush out the real objection; it is best
used when your client is taking an illogical position.
• Use this to call into question their beliefs or interrupt their pattern.
• To soften it, start with “I’m curious…” or “I was wondering…” or “Hmmm…”


SAMPLE “WHAT SPECIFICALLY…”

“We’re going to re-list with the same agent.”

“I’m curious…”
What specifically causes you to believe that your same agent can do the same thing and get a different result?

“Would you be willing to reduce your fees?”
I’m curious… What specifically causes you to believe…an agent that will cut their fee’s by 30-50%...will do much of anything to fight for and protect you in negotiations?


“I’ll sell it myself.”
Hmmm… You have a full-time job, correct? I’m wondering what specifically causes you to believe you’ll have the time or expertise to market the property…qualify prospects…manage agents inquiries…ward off crazy investors trying to steal another FSBO…actually find a buyer…negotiate a
deal… then get through all the paperwork and legal documents, so you don’t get SUED…pause...If your boss called me and asked me to do your JOB… I’d say, NO! It’s not what I do…I sell Real Estate.
----------------------------

Thats a rough draft. So if someone said "Why didn't you show my home" I would say roughly...

"That a great question, let me ask, how many offers did you get on the home over the last 3 months? Usually the reason we see that homes don't sell is either marketing or pricing. What do you feel the agent should have done to help you more?

Are you familiar with the different ways that we market your home? Lets get together this week and get you what you want in the time you want. Would Wednesday or Thursday work better? I have Thursday evening open, would you like to meet at 3:15 or 6:45?

Found a really cool product for my systematic door knocking.

http://www.adeasprinting.com/door-hangers

vabroker answer is quite excellent...
so is erik,...

i usually say..with so many homes for sale, i didnt even know about yours and let me ask you...how do you feel your agent did, marketing the home?
whens a GOOD TIME FOR ME TO SHOW YOU HOW I MARKET HOMES?

maybe somebody from my office or my team did see the home im not sure
and let me ask you..if one of my buyers wanted to give you a cash offer..
doesnt it make sense for me to come out and take a look?
whens a good time for me to see if i can bring a buyer for your home?

address and affirmthe objection..come back with a question...a closing question..

im sooo glad you bought that up, because did you know us agents have to market your home to other agents? whens a good time for me to come by and show you how we do that?

every objection is a chance to go for a close..for appointment..

seller---insert objection
nobody bought a buyer...
houses arent selling
you agents dont do anything
im gonna try to sell it myself
i dont want to pay a commission
i dont want to list the home

for every objection i can answer
makes sense..AND .THATS exactly why we need to get together..for about 15..
minutes..lol

and that last sentence in vabroker post...is a killer mindset that gives
you power...always remember you want the business but dont need the business..it keeps the power balance in your favor...

objection.. you can come out but im not gonna list the home..
me thats fine..because in all honesty , i cant say wether or not i can even take your listing...
seller- stunned silence..or what you mean? i turn the tables..know im rejecting them...

Wow lindenmoe ... you really have great advice!

Did you start out learning from a coach such as Mike Ferry ... but then tweak the scripts yourself over time? Or do you use material from elsewhere?

Honestly ... thank you ALL again for your responses !

yes i've always had mentors and coaches,,
everything i do prospecting based is mike ferry..
everything i do marketing based is craig proctor
everything i do referrals based is brian buffini and joe stumpf


my scripts are mike ferry based..just tweaked some based on feedback from calling..its funny had you asked me a year ago..

i would of said..mike ferry doesnt work...now i thank god for him and his organization...

If anyone can guide me on how to imbed a YouTube video, I have really good one I'd like to share and discuss.
Yes, I am pretty much computer stupid.

usually you would use <EMBED> </EMBED> but they disabled HTML and their UBBCode can't do it. I just looked at the tech faq.

You haveta cut and paste the youtube link in here.