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Re-Evaluate Your Listings Now...Don't Make The Same Mistakes in 2008!

By
Services for Real Estate Pros with Talk 2 Midori, LLC BK645709

The name of the game in real estate is real estate listings.  Now that does not mean to take every listing...it just means to take saleable listings, listings that are going to sell. Even these days, saleable listings sit longer on the market, sometimes saleable is just not enough.

 

I know the mind set Joe Blow will take it, my theory is let him...the most inventory does not necessarily mean the most money in our pocket...

I guarantee if you are not selective..it will cost you big money in the long run.

Skills you should sharpen...

Has this happened to you?  Answer the questions truthfully...

You present an offer and a seller will not even negotiate, takes so personally they hang up on you.  Did you do your job effectively? 

Did you explain the selling process to the sellers in a manner that they would understand or did you use your business lingo and perform the stereotype Real Estate Agent hit and run?    That means pick up the listing and gooooooooo.

The seller calls because they has not heard from you in 3 weeks...just wants to know what is going on.  Ask yourself did you do your job effectively? 

Doesn't it speak for itself if a customer has to call their agent for a little comfort and to have to be the one to lead the communication.

The seller wants to overprice the property, the sad part it is now in the Multiple Listing Service with the seller's price they thought their property was worth and your information right next to each other.  Oh Brilliant...your name in lights!

If reputation is all we got, what have you just done to yours? 

Tenants occupy the property.  Have you met them and attempted to build a rapport with people you will have to interact with regularly?  Have you explained what to expect and to give them reassurance after all selling this property will affect their lives too.  Comfort them you will need their total cooperation.

Do seller's properties still look like seller homes once they are on the market?  What would be a solution as an alternative to get that property sold? Is it price reduction, staging or repairing or possibly leaving their property?  Do you have the guts to tell them?

Phrases tha t may help you with seller's...Same phrases...different seller's..different scenerio's 

 
 
"I understand how you feel about the offer but as a real estate professional my job is to keep you on your mission.  That is to get your property sold!  Based on factual numbers in the MLS and the media...the offer you received is not too bad."
 
"Thank goodness after all this time being on the market, you received 2 offers.  Most seller's would say lucky you!"
 
" xxxx is a great starting point....something that I feel you could work with. I am not going to try and convince you one way or the other as what you should do but keep in mind our mission is to get your property sold. "
 
"That is why you hired us in the first place. I am simply presenting the facts."
 
"I know you feel that this offer is too low but if you were to counter back at a price acceptable to you what is the worst thing that could happen? 
 
Another counter.or rejection..possibly getting closer to a price that is more acceptable to you."
 
"Let me share with you some info.... You say you received 2 offers at xxxxxxx...that tells me that is what a ready, willing and able buyer is willing to pay today.  Possibly more but we will never know because you will not counter."
 
These words come out of my mouth constantly among other's.  The consumer needs us be upfront, be forthright but most of all be ethical. These are just a few conversations that I have with sellers....how about you? 
 
Are all of your seller's satisfied customers?  What are some of your meaningful conversations?  Will they produce the same results for you in 2008 or can you stand to improve?
 

Comments (50)

Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
You want another update:)
Nov 03, 2007 11:43 PM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals
Neal you know if I want one I will ask....also you are very good at keeping us up to speed!  Just one of the fun experiences I have had this week............
Nov 03, 2007 11:54 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County
Midori - Great job once again. I like the idea of evaluating current listings and only taking saleable listings. I think that is something I need to incorporate in my listing presentation - "only take saleable listings." Lots of great ideas....another bookmark!
Nov 04, 2007 12:25 AM
Allen C. Wright
RealtyU - Aliso Viejo, CA
NS, AHS, REPS
Great point ... in fact I know a broker who is telling his agents STOP taking listings unless it is saleable (Price Terms and Conditions)
Nov 04, 2007 12:31 AM
Debbie Summers
Charles Rutenberg Realty - New Smyrna Beach, FL
Midori - Excellent Post.  I've already walked away from a potential listing this week because the seller wanted to list at a price that was 20% higher than what buyers are paying for homes like theirs.  I think they were shocked that I wouldn't list their home.  I told them that I would rather walk away today than to have them be disappointed that the house didn't sell 6 months from now.  Not to mention that I would lose between $500 and $1000 in marketing and time.  I'm looking forward to see the which Realtor takes the listing and the price...  who knows, maybe they will get real and give me a call.
Nov 04, 2007 12:40 AM
Josette Skilling
Keller Williams Capital Properties - Bethesda, MD

Great post!  It's so important to keep the education process going for the seller so they can hear the same consistent message over and over.  Like kids who only try the food after seeing it 20 times, I find adults are still the same in that they don't really hear the message the first times.  It's only when there is an association, usually to pain, that they start to understand that you are, after all, right.

What I'm finding is that not everyone is willing to hear.  They want and need their own story so badly that you can't get through.  It's even harder when they are satisfied sellers with me but won't do what they need to be succesful - REDUCE THE PRICE!

Nov 04, 2007 12:51 AM
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic
Very true. Listings are the key to success. But we have to educate our Sellers along the way. As the market changes we have to change with it. Our Sellers are coming to us consistently to be updated and it's our responsibility to do so.
Nov 04, 2007 01:47 AM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals

Gary-Thank you...

Allen-I have the same mindset, why allow your broker to spend $$$$$$$$ on marketing if the seller will not cooperate...A broker is in the same shoes as an agent.  Ask yourself would you pay for marketing on this overpriced unsaleable listing?  If you won't why should your broker!    I now pull comps on all new listings....

Debbie-good for you and it will come back to you 3 fold, maybe not that listing but I am sure you get many.  Keep up that attitude and 2008 will be great for you.

 

Nov 04, 2007 01:58 AM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals

Josette-they won't listen walk away...let someone else utilize your time, energy and level of expertise...we want to get paid right?  Listen to them and then tell them you can't be of service if they will not follow your experitise, your facts and the current market conditions.  For every one of them there are 10 more out there willing to price it right and get it sold.  

Robert-that is the key...the ever changing market,...we have to go with it and not ride against it.... 

Nov 04, 2007 01:01 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor
taking a listing that is not going to sell is probably the greatest diservice a realtor can do! expectations will not be met and people will only get frustrated - listings cost us money to market them - don't spend the money on something you know you can't sell - just don't take the listing!
Nov 04, 2007 01:10 AM
Antoinette Scognamiglio, GRI, ASP
Coldwell Banker Realty - Mountain Lakes, NJ
There's no substitute for EXPERIENCE!

Fantastic post!  Well written!  Great points of introduction in presenting the "low offer!"  These days obtaining a seller's cooperation and UNDERSTANDING regarding a suggest price reduction makes it a GREAT DAY for me!  Learning how to present the facts to get that reduction is KEY KEY KEY!!! 

Happy selling & thanks for a timely post!

Nov 04, 2007 01:50 AM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals

Hi Barbara Jo and Bill-I can't agree more...we are business to provide a service...a well respected service...it is simple just don't take the listing.

Antoinette-Thank you...yes its all in the presentation and the expectations of all parties.  Go get them girl! 

Nov 04, 2007 02:01 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
I sent it to you guys a few days ago but apparently is came back undeliverable to both of you...I resent it...nothing new
Nov 04, 2007 03:00 AM
Abe Do
Olympia, WA
great post, adapt and be creative while evaluating your skills!! Never gets old!!
Nov 04, 2007 03:28 AM
Nancy Pav
Century 21 Redwood Realty - Ashburn, VA
Nancy Pav, Your "GottaHave" Realtor
If we all took only saleable listings, would we be in the predicament we are?  I think not!
Nov 04, 2007 03:59 AM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals

Neal-I got it today...I already know if someone call's we will be the first....if something sells or goes pending....I know you are watching.  I got it today and I already knew...

Ryan-thank you

Nancy-now that was profound????  Seriously its common sense but I wonder if people really think this way?  I do...its our own fault.... 

Nov 04, 2007 05:11 AM
Jim Olenbush
Cantera Real Estate - Austin, TX
All good points - as things slow down we especially need to be more selective 
Nov 04, 2007 05:12 AM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate
Some great thoughts and soundbites to take into 2008. Poor listings only result in a drain on our resources and keep us from more productive activities. Thanks for the coaching, Midori!
Nov 04, 2007 05:43 AM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Taking listing that have a chance of selling. How novel an idea is that?!! Thanks for the post.
Nov 04, 2007 07:29 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Another great post Midori.  Hard not to take a listing but I agree with your philosophy on selective listings.
Nov 04, 2007 12:25 PM