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Elizabeth Weintraub Is Making Me "Sell" Myself To A Potential Client

By
Real Estate Agent with Karen Parsons-Fiddler, Broker 949-510-2395 BRE# 01494165

 

I don't work near Elizabeth Weintraub...we don't "compete" for clients. So why is she making me work so hard to prove myself to a potential client? She's a blogger, that's why.

I met with a couple about a month ago who are planning to purchase an investment property this summer. This couple lives and works overseas and might not have another opportunity to meet with me before they purchase this property....they might do it long distance.

It's critical that they choose the right agent!

So prior to our day together we'd been communicating my email and they had lots of questions for me. The day we met we visited some homes in the cities they liked and talked about the pros and cons of each home for investment purposes.

More questions!

Perhaps I should have said this earlier....but I love this. I like to work with clients who do their homework and choose me because they understand what I do and how I work. Once you've proved yourself to someone, then they trust you. And in this tough market, that trust can be invaluable.

A couple of days ago, I got another email asking a question...giving me a project actually. The question was this: "What is Your Average List-Price-to-Sales-Price Ratio?". I wasn't completely sure what they were asking for at first. Then they clarified, they wanted me to tell them how low I was able to negotiate a deal for a buyer below the list price and how close to list price I was able to get for my listing. Interesting question. I hadn't been asked that before.

After some research, I found that I had GREAT ratios. In the heat of a negotiation I work hard to get the best possible price for my clients, but never really gave much thought to what that meant for a ratio. I only know that when my client takes an offer it's their decision and I've done the best I can with it.

So happily I sent my statistics over to the clients and told them how interesting I thought that question was. Then this morning they emailed me the link to an article which insisted that this is one of the questions one should ask a potential agent....and guess who wrote it? Yep, Elizabeth.

Aw, come on Elizabeth....don't make me work so hard!!!! (big smile)

Comments (22)

Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

I use the sales price to list price ratio in my market reports all the time, but I've never pulled my own stats to see if I beat the market or not. What an excellent idea!

Apr 23, 2011 05:29 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I hope you send a link to this article to Elizabeth. I'm sure she'd get a kick out of it.  And reading the post I realize, I don't know what my average list to sales price ratio is.  Better check it out.

Apr 23, 2011 05:31 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Rich: I think so too...Elizabeth is one smart cookie. Clearly she has these stats at her finger tips to set herself apart from her competition. Now I do also.

Apr 23, 2011 05:31 AM
Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

Or maybe, since I work with so many foreclosure buyers I should show my purchase price to appraised value ratio. Now that would be impressive! Thanks for inspiring me with your post.

Apr 23, 2011 05:32 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Chris Ann: I already did....but didn't tell her what it was (hee hee....a bit of payback). She'll have to click on it to find out.

Apr 23, 2011 05:32 AM
Christina Bennani-Persechini
Keller Williams Realty Boston North West - Lexington, MA
Realtor - The House For You

I always advise sellers in a listing appointment where they are interviewing different agents to ask that question. I also make sure they ask for the ORIGINAL iist price to sale price ratio as they are more accurate.

Apr 23, 2011 05:34 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Rich: There are many ways we can use statistics like this. And we have Elizabeth and my potential clients for the idea. I love answering questions for clients who are really doing their homework....I always get great ideas from them.

Apr 23, 2011 05:35 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

This is freakin hilarious, Karen. Well, and it only works in buyer's markets, not in seller's markets. But you can also use it for sellers on your listings to show how accurate your pricing is. I find that people like numbers. And if they knew what they meant and why they mean what they mean, more clients would ask for stats. But I find few even ask how many homes you've sold. They think all real estate agents are the same. But I'm glad that piece cemented your client to you.

Apr 23, 2011 05:36 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Christina: I'm not sure I agree with the original list price. Sometimes that's unrealistic sellers. I think sometimes we really have to put things in context. Like a bidding war, or lower comps.

Apr 23, 2011 05:38 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

****Well Hi there Miss Elizabeth****

Sheesh....just going about my day and all of a sudden, boom, you enter my life. :) I was laughing when I saw the link this morning.

I do like the idea and hadn't given it much thought actually. I guess I need to see what other ideas you're giving my potential clients. Be prepared!

too funny!

Apr 23, 2011 05:40 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Karen - I guess for an MLO it's a little different.  I have been asked several times over the years what my pull thru ratios and close rates are (they are two different numbers), which I always know (mortgage brokers track this on a regular basis).  Having said that though, I'm surprised I'm not asked this more often, so much so, that I will often provide this info without even being asked. 

Personally, I think we all should know this number and how it relates to our own specific industry.  These days, it's not about how many listings you have or how many apps I take or even how many escrows we all have, it's all about how many of them are we actually closing and for a listing agent, how much you're getting your sellers.

Apr 23, 2011 05:57 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Donne: I agree! I hadn't given it much thought before now. And it was a pleasant surprise to find that I was in fact doing as well as I thought I was. :)....thanks Elizabeth.

Apr 23, 2011 06:28 AM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Karen, excellent post.  Gotta love AR AND informed clients.  I'm sure the ratio varied quite  a bit - if the house is priced right, there's little room to negotiate.  If it's overpriced and/or been on the market for quite a while, a lot more room.  Ah, and then the lovely short sales - never mind - don't want to go there, LOL. 

Apr 23, 2011 07:00 AM
Sally Dunbar
Lyon Real Estate, Fair Oaks CA (Sacramento Area) - Fair Oaks, CA
Fair Oaks Realtor - Fair Oaks Homes for Sale

That is hilarous.  What a small world, eh.

Apr 23, 2011 07:14 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Juli: I know, I gave them individual deals with explainations

Sally: Very small world.

Apr 23, 2011 07:18 AM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

THis is so funny - such a small world.  Glad you came out w/ flying colors.  Good for you.  and, I guess this is a good stat you can use in the future.

Apr 23, 2011 08:17 AM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

Oh how funny. I think we are ALL making each other work harder, but that will make us stand out ... right?

Apr 23, 2011 08:20 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Debbie: Well I think I came out with flying colors....still don't know what the potential client thought.

Cynthia: Right....it was so funny.

Apr 23, 2011 10:23 AM
Coral Gundlach
Compass - Arlington, VA
Real Lives. Not Just Real Estate.

This is great!  I've been using it for listings for a couple of years because my brokerage does it as a whole compared to other larger brokers in the area (of course for listings, ours are the highest).  I need to see how I am doing with buyers!

Apr 24, 2011 03:27 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Coral: I love the idea....but it's also circumstantial...with short sales and bank owned homes sometimes to win the deal we go over the asking price.

Apr 24, 2011 04:45 AM