Why isn’t my Listing Selling?

We are past the end of our spring market and have entered the summer market.  Do you have a listing that just isn’t selling? Or even worse, sellers are dominating the conversation because of what is happening in the media? This week we’ve got solutions for both of those scenarios so you can sell your properties faster and get your customers what they want. So why isn’t the listing selling? Write this down….. If it isn’t compelling, it isn’t selling!

Action Steps to Sell your Real Estate Listings

#1 Face-to-Face Meetings

Start by making sure you are meeting with all the decision makers involved in a face-to-face meeting. When you meet face to face ask them again “Why do you want to sell?” Help remind them of their “why”, what they are avoiding (Pain) or what they are moving towards (Pleasure).

 #2 Understand Their Point of View

If you don’t start by understanding your customers’ point of view, you’ll instantly be out of rapport with their perspective. Think of the things they are reading like the  Globe & Mail, The National Post, Fortune Magazine, CNN Financial, and similar publications. All those media sources are saying there is no inventory! Most people only see the news story of millions of people wanting to buy homes and there are no homes for sale!

 #3 Break Down the Information

Let them know the national, provincial and city stats versus what is happening locally in the community. Get them out of the global mindset and have them focus on what is happening in their backyard. That starts by meeting them at their perspective and world view.

  • Know Your Market – What makes a listing compelling in your market? It isn’t just price because most clients just hear that and assume you want to lower the price because you are an agent… Educate your client with some of the following tips.
  • Opportunity – Is it an opportunity problem? In some neighborhoods, if a property was built in the 50’s or 60’s a builder is going to come in and scrape the whole thing and build something magnificent. Those properties are priced sometimes 3-5% above fair market value and still get 5-6 offers! This also goes for fixer uppers and residential lots too!
  • Exclusivity – You know those one of a kind properties! Kudos to Gary Gold and Mauricio Umansky for selling the Playboy Mansion. Other unique factors could be the designer, architect, or even the year the property was built.
  • Turn Key With No Competition – We all know turn-key properties are really compelling especially when there is no competition. What if there are 5 homes that are exactly the same on the inside and priced the same too? Something has to be compelling…
  • Want to try something different? Take your clients to see where the new homes are being built. Those companies are spending millions of dollars to win the minds and hearts of the sellers! That is the competition and they are creating compelling products for the market.
  • Price – Price trumps everything! Which brings us to the options for pricing your listings…3 Options For Pricing – The average agent shows the comps to the seller… Even though the seller has seen the median sales price and comps, they still want to see that bigger number! This is because they have this emotional attachment and hallucination about what the market really is… Remember if it is not compelling it isn’t selling! Show your customers these 3 pricing options…

Above Fair Market Value – Not Compelling. Talk about pricing above the fair market value, and how having a higher pricing strategy hasn’t worked so far… The data and the market have showed at their current price the home isn’t compelling.

Fair Market Value – Compelling Pricing at the fair market value is really just going off the comps. This will make the property more compelling, but there is an even better strategy…

Below Fair Market – Extremely Compelling What really makes property more compelling? When the price is extremely compelling, you create a bidding war and feeding frenzy around the property! Announce a price that is below fair market value to everyone!

  • The Challenge – Here’s a challenge…if you have a listing that isn’t selling execute on this plan! Repackage and re position with this strategy and let me know how it goes in the comments below!

15 Top Success Principles of Successful Realtors

Let’s face it, the real estate industry is extremely competitive and has a very high turnover rate and we see new agents entering the market every day. It is so CRUCIAL for new and existing agents to have a road-map of what to do (and what NOT to do!). There are simple steps and success principles agents can follow to build and maintain a successful real estate business. So whether you’re a new agent or top producer here are 15 Success Principles (split into three top 5 lists) of what you NEED to know…

The 5 Commitments for All Agents

#1 Prospect daily: Stay in touch with your database. Follow up leads. Look for someone buying or selling in the next 60-90 days every day. Your daily hour of power!

#2 Provide “extraordinary” customer service. It is important to create an experience for them to insist “you” and tell your story and not just be recommended. There is a difference!

#3 Respond in a timely manner – “Speed to lead” is crucial. Respond to others the way, tone and speed you would want to be responded to!

#4 Keep your word – high trust relationships are key! Always do what you say and even a bit more. Over deliver and under promise every time!

#5 Get organized with proven systems and processes. Checklists, systems, delegation, help, automation and leverage win the real estate game!

The 5 Critical Steps for New Agents

#6 Create a Business Plan (and actually follow it). You fail to plan you, plan to fail. Don’t be like most agents and aim for nothing and hit it with amazing accuracy!

#7 Build your database from your Sphere of Influence … then CALL them! We are in the relationships business. 4 out of 5 people would but don’t use their same agent. Find them and keep them!

#8 Do as many Open Houses as possible – We can’t stress this enough! This is one of the few ways in this business where the client comes to you and where we are all at our best, face to face with people!

#9 Write and send hand written notes – the extra effort goes a LONG way. This is a lost art and never underestimate the impact on others of a hand written note!

#10 Preview homes – know your market and be the expert! Know your inventory and pricing and develop the skill of the “Switch” “Hey, I know of another home that might just work for you!”

Once you achieve top producer status your focus starts to lean towards stability and the next step towards achieving mastery is…

The 5 Key Focuses of Top Producers

#11 Focus on Inventory – Know what is coming soon, just listed, expired, FSBO – know your farm. Have the skill of placing buyers with homes and sellers with buyers!

#12 Focus on Consistent Lead Generation – consistent is the key word here. Know where your leads are coming from and the ROI. Having enough leads only comes from consistent lead gen!

#13 Focus on building your Referral Business. Referrals from repeat and past clients, other real agents across the country and local business and service providers!

#14 Focus on Leverage – what sets you apart? What do I do different? Better? Differentiation is key!

#15 Focus on Customer Service – always provide exceptional service. Exceed their expectations. Wow and awe them all. Create the ultimate real estate experience!

So there you have the success principles for new and existing agents and what are the crucial activities to thriving vs. surviving in real estate today. I dare you to take this list and implement and execute some or all of these principles and see what happens to you personally and professionally in 2017!