INDOCTRINATING SELLERS

By
Real Estate Agent with LONG & FOSTER

 

INDOCTRINATING SELLERS

book

Upon reading the article from Inman News - Death of a Listing Presentation, I have put to rest the presentation portion of the listing presentation and adopted EDUCATION.   Managing a seller's expectation is done through preparation.  We are better able to do that if we give them the (as Lenn Harley would say) Hard Core Real Estate Talks!  I've come up with some things that should be explained during your education process:


1.  You should let the seller know HOW they can contact you.  Is it email?  What's your response time for replying to emails?  What is your response time for a phone call?  How soon can they expect to hear from you after leaving a voice mail?  This is important, you're setting the stage for the entire relationship.  TELL THEM NOW what they can expect!


2.  Explain to them a BUYER'S MARKET versus SELLER'S MARKET.  Then SHOW them facts.  Show them the current inventory and explain how many months of inventory there are in the area.


3.  Give them numbers!  But at the same time, don't OVERWHELM with too much data.  

        The Numbers

         a)  Average days on market - overall market and their sub-division (if applicable).

         b)  Number of homes for sale in their price range - overall market and their subdivision.

         c)  Number of homes that have sold in the last 6 months/1 year.

         d)  Homes comparable to theirs that are currently on the market - high price/low price


This will kill many birds with one stone.  A seller can gage how long their home will be on the market, at a minimum.  A seller would know how many listings their up against.  A seller would know where their asking price will be in comparison with the others. They will know (if they don't already), what's been going on in their neighborhood.

Offering


4.  What is being OFFERED on homes that are selling?  Seller assistance on closing costs, home warranties, bonus' to selling agents.  A seller should know if/what other sellers are doing to make their home more appealing  to buy.

Eyes of a buyer


5.  Here's a big one.  What will the BUYERS SEE when considering their home?  Provide the seller with printouts of active listings and go over details of the features of those homes.  Everyone usually (almost always) thinks their house is BETTER than the others.  A good way to show them that is to take them on a tour of the competition's homes.  


Ask the seller questions.  Find out their motivation.  

Are you willing to sell your house at fair market value?  (Typical response:  "But I'm not willing to give it away.")  At what price would you consider you were giving it away?"


Sellers must know that this is a TEAM effort.  Everyone is working toward a common goal. That goal is to get their home SOLD!                     sold


Courtesy of Yvette Smith, SRES® REALTOR®
WILLIAMSBURG REAL ESTATE
757-753-7472
Long and Foster REALTORS®
6610 - J Mooretown Road
Williamsburg, VA  23188
YvetteSmith@AtHomeInWilliamsburg.com




Comments (53)

Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Nice work Yvette! I loved reading this and am glad many Realtors are keeping up with today's market and are trying to educate our clients instead of just getting them to list, no matter what. We all need to adjust our thinking, presentations, views in order to survive and help the homesellers and buyers out there survive as well.

Congratulations as well on getting the recognition you deserve for this post.

Dec 09, 2008 09:55 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Yvette, you are so right, it all is about EDUCATION. The better you are at that, the better you will succeed.

Dec 09, 2008 10:04 AM
Anonymous
Jerry Hill, Network Real Estate, Inc., Little Rock, AR

Yvette, thanks for the pointers.  You are exactly right, it is an education process and many times the students think they know the subject and understand the material when they don't know how much they don't know.  That's the challenge.

Dec 09, 2008 10:22 AM
#37
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Yvette - What a great idea taking your client to their competition. I'm sure that will do the trick in getting the listing or walking away if they are still reluctant. Congratulation on your gold star - well deserved.

Dec 09, 2008 10:35 AM
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team

FABULOUS POST...packed full of essential information! It is so important to get past the hype and get down to business. I love it! ~GBU~

Dec 09, 2008 11:35 AM
Anonymous
Keith Strawn

Absolutely terrific. Expectations, expectations, expectations. How many problems can we avoid by properly managing expectations?

Dec 09, 2008 12:29 PM
#40
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Woooo we. Something call the Fire Department. This blog is caliente-HOT!

Yvette congratulations on your featured post woman. Well written. I really enjoyed this one. Also like the graphics to this post. Is that Istockphoto.com? I am curious. And I am going to be following you too on Twitter. Great post.

Dec 09, 2008 12:39 PM
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

Excellent points.  I think some of the groundwork can be laid with good blogging... the rest can be cemented with the sellers at the listing meeting. 

Dec 09, 2008 12:47 PM
Alan Barker
Boomerang Leads - Smithfield, UT

Great points. In this market if we don't educate our sellers, they'll just be frustrated.

Dec 09, 2008 12:55 PM
Terri Visser
Desert Sky Real Estate, LLC - Redmond, OR
CRS - 12 Years Selling Central Oregon Real Estate

Good advise!  After all, we can't sell the house unless the seller is willing to sell.

Dec 09, 2008 01:45 PM
Roland Woodworth
eXp Realty - Clarksville, TN
eXp Realty

Great information here... Keep up the great blogging.  Sellers hire us to help them... The need to be Ready, Able and Willing !

Dec 09, 2008 03:43 PM
Kerry Lucasse
eXp Realty - Urban Nest Real Estate Group - Atlanta, GA
Your Urban Nest Atlanta Real Estate Consultant

Wonderful post -- probably the best I've read in weeks!  I think it is so important to understand the seller's true motivation for selling the home -- many agents overlook this one.

Dec 09, 2008 04:22 PM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

This is one of the best I've read in a whle. We are moving to put up numbers on a big screen in the office. Getting the sellers out of their comfort zone (the kitchen table) and into the office and let the numbers do the educating. It's powerful

Dec 09, 2008 10:46 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Yvette, What a great post. I am Bookmarking this for discussion at our next sales meeting. You have put details into a great post.

Dec 09, 2008 10:59 PM
Tara Camp
Keller Williams Western Realty - Bellingham, WA

Yvette,

Great post!  I never quite understood why everyone makes such a big deal out of the listing presentation...If we give the sellers the facts and numbers then we've done our job and hopefully they can see through the sugar coated fluff that some of our competition is dishing out.

Dec 10, 2008 03:32 AM
LaShawn Norden
Keller Williams Heritage Realty - Longwood, FL
REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL

Yvette~Hi! You've been awarded a gold star...and for good reason! This is a very informative post that is well written and easy to understand! Congrats!

Dec 10, 2008 04:28 AM
Carin Arrigo-Zimmer
TopBroker Network Real Estate - Orange, CA
TopBroker Network Real Estate

Hi Yvette!

Liked your post so much I shared it along with a few other articles about the same subject on my recent post! Hope you don't mind. =) Sooo worth sharing.  Though I'm not there yet, I completely agree with what Lenn Harley and Peggy James shared regarding getting those sellers in the car. Will do, will do. Thanks for your wise words...

Dec 10, 2008 05:56 AM
Dinah Lee Griffey
Windermere Peninsula Properties - Allyn, WA
Managing Broker Windermere Peninsula Properties

Great info. It takes a lot of scrolling down past good comments to leave one. Congradulations-Dinah Lee

Dec 10, 2008 02:30 PM
Debi Boucher
Real Estate Showcase Photography - Woodland Park, CO
"Realtor Showcase" - Real Estate Photography/Virtual Tours

Yvette, Very good post, well done, informative and right on the mark!  Thanks!

Debi

Dec 17, 2008 11:04 AM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

I took some of what you said and put it into my presentation for educational purposes. Hope all is going well.

Aug 04, 2009 03:13 PM