Pricing it Right - Some Aha Tips from Wednesday's Show

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Education & Training with Sell with Soul

Loreena Yeo

On Wednesday evening, Loreena Yeo joined me in the SWS Studio to talk with me (and a few hundred of y'all*) about "Pricing it Right - Helping Your Seller See the Light!" Well, I graciously let Loreena go first, thinking I'd get *my* turn soon, but it wasn't to be. Not that Loreena was a microphone-hog or anything - not at all, but the audience clearly wanted to hear more from her than the time I'd allotted was going to allow.

So, being the primary decision-maker here in the SWS Studio, I made the executive decision to save my thoughts for a later day and let Loreena continue to wow the crowd for the entire 75 minute show.

(I just scheduled the follow-up show for August 7th. If you'd like to join us, go here to register: www.SellwithSoul.com/proper-pricing.)

As the title implies, the topic of the seminar was how to persuade a reluctant seller to price his or her home properly so that it will sell. Sure, KNOWING what that right price is is important, but being able to communicate it effectively might be even more so.

Loreena shared some great strategies and while I won't describe all of them here, here are some of my favorites.

1. Come in armed with your stats
Loreena's listings enjoy a way-below-average DOM, a higher-than-average list-to-sold price ratio and an extremely low fall-out rate (listings that don't sell). In her early conversations with a seller prospect, she shares her statistics with him or her, which accomplishes several things. First, it clearly demonstrates that whatever she's doing is working, which inspires sellers to want to know more. Second, it lends credibility to her CMA and pricing recommendation and third, it helps her turn down overpriced listings because she can respectfully say that her record is important to her and she's not willing to risk it taking a listing she knows she can't sell.

Of course, using this strategy requires that you have a good track record! (And we're going to talk about that at the next SWS Teleseminar, How to Be the Best Thing to Ever Happen to Your Seller. Details here: www.sellwithsoul.com/best-thing.)

2. Spend quality (and quantity) time preparing your CMA
Being oh-so-efficient is way over-rated. Loreena spends several hours poring over her CMA reports so that she is intimately familiar with exactly what those facts and figures are telling her. When she is in front of a seller, she knows her stuff and it's obvious to the seller that she knows her stuff. This gives her tremendous personal power when talking about price.

Conversely, if you wing it, a seller can easily fluster you with his protests that: "The house down the street sold for way more than THAT!" or "The other agent we talked to gave us a much higher price than THAT!"

3. Don't try to be "listing specialist"
I've been singing this song for years. If you work with buyers, you'll be a far better listing agent. After all, who buys listings? Buyers, right?! If you don't hang out with them (buyers) on a regular basis, how will you know how they think, what they want and how much value they place on certain amenities over others?

4. And my favorite from the evening... After you've presented your data, sit back and smile sweetly
Loreena described how she comes armed with lots of paper - charts, graphs, lists, reports, summaries, etc... which she spreads out on the table for the seller to review. Once she's delivered her analysis of all this paper, she sits back and smiles sweetly, and lets the seller take it from there. Numbers don't lie and she just presented a lot of non-lying numbers. With her body language, she subtly forces the seller to acknowledge them.

Oh, there was so much more, but I'm outta time for today ... THANKS Loreena for sharing your wisdom. Can't wait to do it again!

* As you may know, Loreena is Chinese and English is not her first language. She speaks English exceptionally well, but she does have a charming accent. Anyway, during the show she used the word "y'all" in her cute Chinese accent which cracked me up (good thing I had my phone on mute). Must be the Texas influence...

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Re-Blogged 1 time:

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  1. Loreena and Michael Yeo 07/30/2010 01:06 AM
Topic:
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Groups:
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Rainmaker
4,796,627
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Loreena has some really good techniques that are what is needed not only to get the listing but to determine the motivation of the sellers.

Jul 30, 2010 12:34 AM #6
Rainmaker
722,437
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Jennifer,

Thanks for the post on pricing listings right. Have a great day.

Jul 30, 2010 12:39 AM #7
Ambassador
1,366,513
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

I thought the show was really fun. I enjoyed doing it, and I can't wait to do more!

Jul 30, 2010 12:42 AM #8
Rainmaker
484,057
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

Loreena - you were great! I definitely SHALL do it again.

Patrick - You too!

Gabe - Great point!

Jay - I agree - glad you enjoyed them!

Norma - Sometimes the best persuasion technique is that good old Golden Silence.

Jul 30, 2010 12:48 AM #9
Ambassador
1,951,782
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Those are some great tips. .

The following works for me everytime. . .

I like to print out all the active listing in the neighborhood one in each paper and lay it down on the table. . .line it up from the best value (the next one to sell. .) to the most overpriced one (needs a prayer to sell)

"Mr Seller, where would you like your home to be in this list?"

Jul 30, 2010 12:49 AM #10
Rainer
450,964
Nancy Timberlake
RE/MAX Shoreline - Portland, ME
REALTOR - Southern Maine

Lots of good advice from all.  Thanks!

Jul 30, 2010 01:15 AM #11
Rainmaker
70,017
Diane Casale
Coldwell Banker First, Huntsville, AL - Huntsville, AL
REALTOR®, ABR®, CNAS®, SNP, Selling North Alabama

Great advise! Can't wait to hear more. I will definitely tune in next time (signing up now). I am just loving the people on ActiveRain! Thanks.

Jul 30, 2010 01:42 AM #12
Rainmaker
281,679
Mike Mitchell
Real Living Kee Realty - Saint Clair Shores, MI
REALTOR (R)

Excellent point on number 3. I have to agree with:

If you don't hang out with them (buyers) on a regular basis, how will you know how they think, what they want and how much value they place on certain amenities over others?

I really like that, thanks for the great post. Have a good weekend JA :)

Jul 30, 2010 02:14 AM #13
Rainmaker
484,057
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

I just scheduled the follow-up show for August 7th. If you'd like to join us, go here to register: www.SellwithSoul.com/proper-pricing.

Jul 30, 2010 02:19 AM #14
Rainmaker
1,026,929
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Just signed up for the follow up show...lost power the night of the original, so will be listening to the audio today...as a member of the SWS Club, I get to do that, ya know.  ;-)

Jul 30, 2010 03:06 AM #15
Rainer
231,295
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

I was on the call and was taking notes like crazy. GREAT stuff (thanks Jennifer and Loreena)! Looking forward to the follow-up!

Jul 30, 2010 04:01 AM #16
Rainer
132,884
Fred Hookham
Keller Williams - Milton, WI

I'm joining the SWS Club. Can't stand it when I miss the good stuff, and haven't mastered better control of my buyers and their last-minute-itis....

Jul 30, 2010 05:04 AM #17
Rainmaker
484,057
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

Fred - Well, welcome to the Club!

Shannon - I took notes, too - and I hardly ever do that!

Susan - I can always count on you for a shameless plug (for me). Thanks!

Jul 30, 2010 05:43 AM #18
Rainmaker
736,606
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

This sounds like one we all should have attended!  and of course I missed it AGAIN!

Have a great weekend Jennifer!

Jul 30, 2010 06:16 AM #19
Rainer
132,918
Roseanne Campagna
John L. Scott RE Maple Valley, WA - Maple Valley, WA
Kent/DesMoines/Blk Diamond/Renton/Maple Valley, WA

I did attend this seminar, and it really helped clear up some cloudy areas about doing CMA's. The best explanation I've heard so far, and great ideas for tools. Thanks

Jul 30, 2010 08:06 AM #20
Ambassador
686,298
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

I'm sure sorry I had another commitment and didn't get to listen in.  Loreena is pretty amazing! :o)

Jul 30, 2010 01:44 PM #21
Rainer
233,428
Mike Yeo
3:16 team REALTY - Frisco, TX

I have to agree Loreena is amazing. :) I am bias! She is my celebrity other half :)

Jul 30, 2010 05:14 PM #22
Ambassador
837,155
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Waht is really sad is I have 3 buyer contracts this week( that's not sad) They all are foreclosures. What is sad are the great homes I showed with good people pricing well that cannot compete in this terrible market

Jul 31, 2010 12:39 PM #23
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Jennifer Allan-Hagedorn

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