Getting Listings InA Seller’s Market

Thriving In The

New Normal

Bruce Gardner

Mastery, Inc.

A Few Assumptions Before We Start….

It’s About Prospecting!

Back To The Basics

• Door Knocking!

• “I’m _______________ with ______________ and here is some current market info on sales in your neighborhood. Demand for homes and prices are up. Would you consider selling if you could get the right price?”

• “What do you think that price is?”

• “If you did move, where would you go?”

• “Can I do some research and get back to you?”

Now Let’s Supercharge It!

More Door Knocking Ideas:

• Are you thinking of selling?

• $100,000?

• $1,000,000?

• What would it take?

• Can I get back to you?

• Have a REALTOR now?

• Who do you think is selling next?

Back To The Basics: FSBO’s

• 90% of all FSBO’s eventually list their property with a real estate agent*

• Call and introduce yourself as an Agent

• “If I brought a Buyer, would you pay a co-op?”

• “How much would it be?

• “Can I come and see your home?”

• Visit and bring something of value!

• Take notes. “Interview” the Seller!* NAR Research

The FSBO Information Packet

• A “FSBO Disclosure Form”

• A blank standard Buy n Sell Contract

• A Property Disclosure Form

• A Measurement Disclosure Form

• The Lead Based Paint Forms and booklet

• Any other “required” forms in use locally

• A blank “Listing” Agreement

• Your “Resume’” or brochure

• Your Comprehensive Marketing Plan

Back To The Basics: FSBO’s

• “If you were to list your home, would you let me apply for the job?”

• Call weekly to see if it’s still available

• “Would it be okay with you if I did some marketing for your home?”

• “We would want to have our agreement spelled out clearly, can I stop by to discuss that?”

Suggest An “Open” Listing:

Only applies only to a sale of the Property by Brokerduring the Listing Period.

In the case of any other sale, it is void and of no effect.

Would NOT typically be submitted to the MLS!

“I am representing the Seller under an Open Listing. No Co-op is being collected or offered to a Co-operating Broker.”

Or An Exclusive Agency Listing:

Does not apply to a Sale of the Property to a Buyer procured solely by Owner without the assistance of Broker.

This preserves the Seller’s ability and right to sell the Property on their own

Would be submitted to the MLS!

Now Let’s Talk About Zillow!

Using Zillow For Free Leads!

Using Zillow For Free Leads!

Using Zillow For Free Leads!

• Lots of FSBO’s on Zillow!

• Many will work with Buyer Agents

• Part of the Inventory today!

• Same process: visit, interview, follow up

• Open Listing ?

• Exclusive Agency?

Back To The Basics: X and W

• Expired and Withdrawn properties

• Search your MLS by X and W status, then “Area” and “Current List Date” fields

Back To The Basics: X and W

Back To The Basics: X and W

• Create a Follow Up Campaign

– “Is It Time To Re-List?”

– “Have You Checked The Value Of Your Home?”

– “Today’s Cutting Edge Marketing”

– “Questions To Ask Your Realtor Today”

• Multiple “Touches”

• Over a period of weeks and/or months

• Then what?

Back To The Basics: X and W

“I’m _____________ with ABC Realty and I’ve been mailing you stuff for two months now and I haven’t heard from you so I just thought I would just stop by and say hello!”

“Are all y’all you going to let me list your house, or what?”

Now Let’s Connect With Your SOI!

Your SOI: Past CMA’s

• During the downturn, many people wanted to sell but couldn’t, or wouldn’t.

• This is a great time to check in with them!

• Values have risen and they might be able to sell now!

Your SOI: Past CMA’s

• Prepare a new CMA on their property

• “I wanted to check in with you and let you know that the value of your home has gone up.”

• “We might be able to sell for….”

Your SOI: F.O.R.D. Calls

• What does “F.O.R.D.” mean?

• Why call?

• 2-3 Hours a week, or 5 calls a day

Your SOI: F.O.R.D. Calls

• Why don’t we call?

• FEAR!

• Try it for two weeks and see how it goes.

Terry’s Story

• A “Relational” Agent

• 10+ Years in the biz

• 2011 was his worst year ever!

• He decided to make 5 Calls a Day!

• 2012 was his best year ever!

Your SOI: F.O.R.D. Calls

• “I was in your neighborhood the other day and realized that we haven’t talked in a while.”

• “Can I put my ‘REALTOR® Hat’ on for a moment?”

• “Have you heard about the market today?”

• “Have you given any thought to moving?”

• “If you did move, where would you go?”

• “If you found the perfect home for you right now, what would it be like?”

Your SOI: F.O.R.D. Calls

• “With today’s historically low interest rates, are you living in the house of your dreams?”

• “The payment formula today for a 30 year fixed low translates to about $4.75 per month for every $1,000 borrowed.”

• “Right now, a $500,000 loan is only about $2,400 per month plus escrows.”

Your SOI: RPR Reports

• The “Realtors® Property Resource”

• A “Property Specific” database of almost every property in the USA

• Detailed information– Home facts

– Lien/Lender info

– Maps and Satelite photos

– Market statistics and charts/graphs

– The “RVM”

Generating RPR Reports

• Create a “Mini-Report”, 8 Pages

• Satellite photo

• RVM with an Estimated Value Range and 1 month and 12 month changes in value

• Home and Homeowner Facts

• Value History and Transactions History

• Numerous Charts and Graphs with comparison data

The RPR Report Cover Letter

• In your handout

• Explains that the RVM is an “estimate”

• Encourages them to call you!

• Send out 10-20 per week

• Make follow up calls the next week!

Now Let’s Go “Local” For Listings

Step 1: Analyzing The Market

Where is the most activity?

Which neighborhoods are selling quickly?

What are the “Market Metrics”?

The “Market Metrics”

The Turnover Rate

The Absorption Rate

Average Sold Price

Average Sold Price PSF

Average Days on Market

Months of Inventory

Agent Market Share

• The percentage of the existing homes that sell in a year

• The higher the better!

• Most Residential neighborhoods: 4-8%

• Condos and townhomes will have a higher rate

100 Sales

÷

1000 Homes

= 10%

Turnover

Every Year

The Turnover Rate

• The percentage of the available inventory that sells in a month

• Reveals Buyer and Seller market conditions

• Reveals the “Months of Inventory”

5 Sales

÷

50 Active Homes

= 10% AR

10 MOI

A Buyers Mkt!

25 Sales

÷

50 Active Homes

= 50% AR

2 MOI

A Sellers Mkt!

The Absorption Rate

• Analyze multiple neighborhoods by their “Metrics”

• Choose the area for the right reasons!

• Are Listings selling quickly?

• Do the owners have equity?

• Is there a lack of inventory?

• Other Agent Competition?

Selecting the Right Area

Create a “Market Report”

• The “Market Metrics”

• Charts and graphs

• Your Summary of the Market “trends”

• This becomes a great business “tool” and demonstrates your local knowledge!

Doorknocking With The Report

• “I’m _______________ with ______________ and here is some current market info on sales in your neighborhood. Demand for homes and prices are up. Would you consider selling if you could get your price?”

• “What do you think that price is?”

• “If you did move, where would you go?”

• “Can I do some research and get back to you?”

The USPS EDDM System

• “Every Door Direct Mail”

• Map based system

• Choose the Carrier Routes

• Pay for the postage

• Complete form and drop off at the local PO

• https://www.usps.com/business/every-door-direct-mail.htm

The USPS EDDM System

The USPS EDDM System

• https://www.usps.com/business/every-door-direct-mail.htm

• As low as 16.3₵ per piece postage!

• Here at the Trade Show, booth 903!

EDDM Vendors

• Multiple Vendors will package printing and mailing into one service

• http://www.everydoordirectmail.com/

Quantum Digital’s Qcards App

• www.QuantumDigital.com

• An online printing company

• Linked Smart Phone App

• You can create “Jumbo” (8.5”x5.5”) cards on durable, UV-coated paper right on your phone!

• 63₵ Per Card, printed and mailed first class the next business day!

• Here at the Trade Show, booth 723!

SmartZip Marketing

• “Predictive Analysis”

• Over 250 home, neighborhood, owner and loan attributes and trends are considered in the rankings

• Multi-media marketing to the 20% who are most likely to sell in the next 12 months

• www.SmartZipInfo.com

• Here at the Trade Show, booth 545!

Listing Grabber

• Automated Direct Response Marketing

• Agent Branding Services as the local expert are included

• Local website is included

• www.ListingGrabber.net

• Here at the Trade Show, booth 1462!

Create A “Local” Website

• Create a website targeting your chosen area

• With a “Seller” focus

• Choose the right URL!

• Use Google’s “Keyword Planner”

• Build pages for each neighborhood

• Market Stats from your research

• Use video to engage and capture leads!

Spotlight on: Connie Barnes

• 57% of all open house visitors are local Sellers interviewing you to sell their home!*

• A great opportunity to Lead Generate and demonstrate your skill and local knowledge!

*NAR Research

Open Houses For Seller Leads!

• Create an Invitation for your Open House and door knock to invite the neighbors!

• Put up a “Open House” sign rider several days in advance

• Place ads on Craigslist, post on all of your channels

Open Houses For Sellers

• Lots of signs with your picture

• Inventory book or slide show on a tablet

• Use the OpenHomeProsign in app on an iPad

• Create a slideshow of market data on auto advance and looped

Open Houses For Sellers

The Market Data Slideshow

“What is all that?”

“Oh that’s the market research that I do on this neighborhood and the other ones close by.”

“If you would like, I’d be happy to send you the slides.”

“Would that be all right with you?”

Or: “I’ll send you my Market Report…”

The Market Data Slideshow

“Well, In this neighborhood, it’s much better than last year. The average sales price is up 14% year over year, the absorption rate has increased to 40% from 15% and the days on market has dropped from 128 to 63. That is much better than the 3 other similar neighborhoods close by.”

“Are you thinking about possibly moving sometime in the next 5 years?”

“Would you like to work with an Agent that knows the neighborhood like me, or just a regular one?”

“So How’s The Market?”

• Friday night before the Saturday Open House

• The Seller invites the neighbors for snacks!

• The House looks great!

• You meet the neighbors!

• “Well Jim and Mary are thinking about selling, you should go talk to them!”

Host “Pre-Open House” Parties!

The MagicPlan App

• Creates property Floor Plans with a tablet or SmartPhone!

• With measurements!

• Downloadable as JPG or PDF

• Use in your Marketing materials

The CloudCMA Presentation

• Easy presentation of Comps on your iPad!

• Swipe to change screens

• Property pictures and sold data

• Here at the Trade Show, booth 1101!

• “Wrapping” your car is easy and powerful local marketing!

• Greatly increases your “Brand Awareness” in the community!

• And it will make you a better driver!

Automotive Marketing

Getting Listings in a Seller’s Mkt: