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TWO RULES OF LISTING HOMES THAT SIMPLY CAN'T BE MODIFIED

By
Real Estate Agent with Bill Cherry, Realtor 0124242

           

 IF YOUR AGENT DOESN'T KNOW AND FOLLOW THESE RULES

I'D SAY IT'S TIME TO TELL HIM TO TAKE A HIKE

By Bill Cherry

One of the things I've learned over and over throughout the years is the importance of following a thorough marketing formula.  That means cut no corners.  Modify nothing. 

            This morning I looked through the listings in neighborhoods that I am interested in, homes whose listings have expired since the first of the year.  Far more than half of them have been on the market for more than six months.  No reasonable offer.  No sale.

            I studied the listing sheets, looked at the property tax rolls, did a quick CMA (Comparative Market Analysis), and in most cases I am totally convinced they didn't sell because the listing agent left marketing/advertising stones unturned. 

            And that is so easy to do, especially with the cost of marketing listings and the amount of personal time it consumes.  Nevertheless, to rationalize why it will be alright to cut corners "this time" is not only false economy but poor representation of the agent's clients.

            Henry Pomeroy was one of my mentors when I first went into the business.  He insisted that to succeed there are two very important rules. 

  • The first one is to never calculate how much your commission will be if the property sells.  Be surprised when the title company's escrow officer hands you the check. 

 

  • The second rule is to never try to anticipate where the buyer is going to come from or who it's likely to be.  Market to the world, and almost every time you'll be surprised who buys it, and what message they saw of yours that encouraged them to consider it.

            So those people who pick me to be their Realtor can always be assured that the marketing campaign I'll use is tried, true and will be full-blown.  There is no other way.  It's so often why an expired listing I take will sell within a couple of week and not at some fire-sale price.

 

BILL CHERRY, REALTORS

SERVING TEXANS FOR 43 YEARS

IN DALLAS AT 214 593-8563

Bill Cherry, Realtors on the Web

 

Comments(15)

Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach
Great post!  I never calculate my commission check before hand and I am always looking for new and better ways to advertise listings without cutting corners.  I absolutely love this post have a great day!
Jan 09, 2008 06:23 AM
Gregory Maley
Sold Buy the Sea Realty & R.E.N.T. - Wilmington, NC
REALTOR, GRI, CBR, SHS, e-PRO, ABR
Never calculating my commission was the first lesson I learned from my broker.  It's SO true!
Jan 09, 2008 06:32 AM
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Lorinda and Gregory

Thanks for pointing out that you've found that by not figuring out how much you will make if a listing sells, rather than just buckling down and getting the thing sold, is actually a far more professional approach.

I get really upset when another agent with whom I'm working at the time tells me, "Look, you've got to convince your clients to take this offer, otherwise we'll lose $xxxx."  Me being me, I stop them cold in their tracks and, as gently as I can muster, tell them how the cow eats the cabbage.

While we try very hard, I still don't think we come close to teaching and calling those down who can't seem to understand and practice ethical business behavior.

Billycherry

Jan 09, 2008 11:15 PM
Jan Evett
The Premier Property Group LLC - Rosemary Beach, FL
Broker Associate, 20 years+ in real estate

Bill:  It's not really "your" commission until it sells, is it?  I find it amusing that so many newer agents are thinking about how much they will "make" when they haven't done what is necessary to earn it.

Great post.  I totally agree with every word.  It's a sales mindset that you and I have that I fear is coming close to being on the endangered species list!

Jan 10, 2008 01:02 AM
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Miss Jan

You said it much better that I did...and with fewer words, too!  You're a genius.

Billycherry

Jan 10, 2008 02:19 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Bill, I know Kenny Rogers crooned "don't count your money while sittin' at the table" but I admit that I do. I just can't help it. However, I don't spend it 'til much later.

I like your point (which it seems everybody missed) about the problem with most "expireds" being a marketing deficit rather than a price issue.

If more agents in Big D would read your blog you might lose your competitive advantage.

Bill Roberts

Jan 10, 2008 04:07 AM
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Bill

I wish I did have an edge.  If I have it, you and I are the only ones who seem to know that I do.

I can tell you this, I sure have a high conversion ratio of selling some other agent's expired listing.

The super stars around here get the listings first; they can't sell them; they moan and groan, and finally get kicked out by the seller. 

Those of them who then come to me and let me repackage the homes properly, will usually see them in the title company within a couple of weeks.  I just wish they'd learn to start with me first.

I can't tell you how rabidly I feel about this stuff of cutting prices.  How is it that the "expert" told the client what it should sell for, all the while using what he said were recent sales to back up his opinion, and then he can't sell it without substantially lowering the price?  Where's that logic?  They ought to kick him out and start over right then but they usually don't.

My gosh, I oftentimes RAISE the price when the home is re-listed with me.  Do they sell then?  Of course.

Your friend,

Billycherry

Jan 10, 2008 06:50 AM
Joan Mirantz
Homequest Real Estate - Concord, NH
Realtor, GRI, CBR, SRES - Concord New Hampshire

Bill...It looks like you are having a ball with Image Chef!!

I never figure commissions ahead of time either sort of feels like jinxing it!!

Jan 10, 2008 01:51 PM
LaNita Cates
REMAX - Aurora, IL
Really good post and I agree with it completely. You never know where buyers will come from. I make it a point to wear my REMAX t-shirts when out shopping and it has gotten me leads.
Jan 10, 2008 02:01 PM
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Miss Joanie

I'm totally fanatical about the Law of Jinxing.  I go absolutely crazy when my wife mentions, even to me, that I've sold a property before it closes.  I don't even like putting "sale pending" riders on my signs or any other place.  We do not talk about this stuff while the contract is in the process but not closed.

Billycherry

Jan 10, 2008 02:02 PM
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Good for you, Miss LaNita

I think making it obvious to the public that you're a Realtor is always a good idea.  I agree with you.  It brings some pretty darned good leads.

Billycherry

Jan 10, 2008 02:04 PM
Barb Hutchinson, Fruitland Idaho - Payette County homes and real estate
Silverhawk Realty - Payette, ID
www.BarbHutchinsonHomes.com
This is so true!  I have taken many listings that were with one, two or even three other agents before I got it and I am often amazed at how little marketing actually was done on the property.  Or they did the marketing, such as lots of photos or virtual tours, etc. but the quality is so poor that they might have been better off NOT doing it.
Jan 10, 2008 09:32 PM
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Miss Barb

Thanks for your thoughts.  I've pretty much concluded that marketing requires two components 1) talent and 2) lack of laziness.  I'll bet you have, too.  And it further makes me wonder why, like stagers, the real estate market hasn't attracted people who can do that stuff for untalented lazy agents.

After all, there's big time money going down the drain in many instances as the homeowners wait for their house to sell.

By the way, love the black cat....

 

Billycherry

Jan 10, 2008 10:20 PM
Barb Hutchinson, Fruitland Idaho - Payette County homes and real estate
Silverhawk Realty - Payette, ID
www.BarbHutchinsonHomes.com

Bill,

I wonder if untalented, lazy agents would actually use the services of talented people to do the work for them?.  I have found that many untalented and lazy agents don't care enough to either get the skills they need, or hire someone else to help them, sad to say. 

Jan 11, 2008 08:34 AM
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Miss Barb

Probably not.  It's why we probably need to do a far better job of monitoring those we license and let be members of or associations of Realtors.

Billycherry

Jan 11, 2008 04:19 PM