Real Estate Listing And Sales Techniques

Real EstateListing & Sales

TechniquesReal Estate Agent

Bywww.richmondrealestateagent.ca

Overview1. Getting started: learning your market

finding prospects

2. Working for sellers

3. Working for buyers

4. Negotiating the purchase contract

5. Due diligence & closing

6. Ethics & professional practice

7. Continuing education

Getting Started:Who Are You &

What Are Your Skills?1. Please complete the Survey (handout #1)

2. Form into groups of threes (3s): decide who will be the “broker”, the “prospective agent” and the “observer”.

Using the questions on the Survey, the broker will interview the prospective agent (5 minutes) while the observer listens.

Switch roles so that everyone has a different role and repeat (5 minutes).

Getting Started:Who Are You &

What Are Your Skills?, continued3. Prospective agents: If you were the broker,

would you hire yourself? 4. Brokers & Observers: What did you like best

about the Prospective Agents?This interview may be similar to one you’llhave in “real” life.The rest of today’s class is designed toprepare you to be as successful as you can be!

Getting Started:Learning Your Market

To be successful, you must know your market as well or better than anyone else.

1. Develop a data base to organize information

2. Collect information in as much detail as possible

a. demographics

b. market size and activity

c. price range

Getting Started: Learning Your Market

3. Where are shopping, schools, recreational facilities, etc. located?

4. What laws govern property use?

5. What laws govern real estate transactions?

6. What else do you need to know about your market?

Getting Started:Your Tools

1. Professional wardrobe

2. Listing catalog

3. Brief case

4. Tape measure

5. Screwdriver, pliers

6. PDA or appointment book

7. Maps

8. Data base

9. Listing forms, contracts

10. Purchase contracts

11. Mortgage calculator

12. List of mortgage companies, surveyors, etc.

13. Signs, lockboxes, etc.

14. Company policy manual

15. Buyer’s handbook

16. Seller’s handbook

17. ___________________

Getting Started:Finding Prospects (handout #3)

1. Develop an effective data base to retain names, addresses, phone numbers, contact history, etc.

2. List potential referral sources

a. Relatives

b. Friends

c. Business contacts

Getting Started:Finding Prospects, continued

3. Contact referral sources

a. Send an announcement letter

b. Include your business card

c. Stay in touch: 4 times/year minimum

4. Join organizations: meet people = “social farming”

5. Establish a “geographic farm”: become the expert (handout #2)

Getting Started:Finding Prospects, continued

6. “Opportunity time”

7. Target likely prospects

a. Mailing lists/membership rosters

b. Announcements in newspapers

8. Increase your visibility

a. Develop & distribute a newsletter

b. Hold open houses

c. Advertising

9. “Cold calls”

Understanding Why People Buy & Sell Real Estate:

It’s Usually Personal!1. Death

2. Divorce

3. Illness

4. Financial pressures

5. Loss of employment

6. Job transfer

7. Marriage

8. Birth

9. Promotion

10.Expression

11.Unexpected wealth

12.Prestige

13. Investment

Duties Owed to Your Clients

1. Usually based on law/regulation/custom

2. Six primary “fiduciary” duties

a. Loyalty

b. Keep personal information confidential

c. Obedience

d. Reasonable skill & diligence

e. Disclose all known facts

f. Accounting for money & documents

Conflicts of Interest

1. Occur when the duties you owe to one person conflict with the duties you owe to another person, including yourself!

2. Conflict must be disclosed immediately and a solution agreed upon; put the solution in writing signed by both parties

3. If no solution can be agreed upon, terminate one or both relationships

Responsibilities to “Other” Party

1. Fair and honest treatment2. Disclosure of all known facts about the

transaction and property3. Disclosure of fact you are expected to

know4. No misrepresentation: know the facts

and don’t guess5. Fully explain any documents that

require signatures

Responsibilities tothe Public

1. No discrimination

2. Provide competent service

3. Don’t undertake a job you’re not qualified to perform

4. Do not do any advertising that’s false, misleading or a misrepresentation

5. Do not do anything contrary to the law

Responsibilities toOther Agents

1. Do not knowingly make false or misleading statements about your competitors

2. Do not take any action inconsistent with the agency of another agent

3. Disclose your client relationship to other agents at first contact

LISTING: Working for SellersFinding Potential Sellers

1. Geographic farming

2. Divorce/marriage

3. Death/illness

4. For-sale-by-owners

5. Expired listings

6. Foreclosure notices

7. Neighbors of new listings

8. Out-of-town owners

9. Advertising for specific properties

10. Moving companies

11. “Furniture for sale”

12. Business transfers

13. Homebuilders

14. Social farming

15. Attorneys/bankers

16. Referrals

LISTING: Working for SellersSeller Counseling Session-1

1. Prepare yourself

a. Dress professionally

b. Be prompt

c. Prepare CMA (handout #4)

2. Prepare prospective seller

a. Establish rapport

b. Agree on common agenda

c. Permission to ask questions


Using Seller’s Handbook (sample) as a guide1. Discuss your role as advisor/advocate, your company &

yourself2. Discuss your role as marketer3. Discuss CMA (actives, solds, expireds) /importance of

pricing4. Review seller’s options5. Review listing contract (sample & CD)6. Discuss how you & selling agent are paid7. Determine seller’s motivation, timing8. Discuss preparing the home for the buyer’s eyes (book)


Ask: “If we find a buyer today willing to pay your price, are you ready to sell?”

Then eitherA. Present the listing contract again and ask for their signatures ORB. Ask them to review all the information you’ve provided and make an appointment to discuss any questions and finalize the contract

LISTING: Working for SellersMarketing

1. Prepare MLS brochure for competitors2. Put sign in yard, fill brochure box3. Enlist seller’s help in keeping brochure

box full4. Put key box on front door5. Give office showing instructions6. Create advertising: Internet, newspaper,

flyers7. Prepare Property Guide for inside home

LISTING: Working for SellersCommunication

Communicate with your seller…even when there’s “nothing” to say!

1. Tell the seller what you are doing to market the property

2. Collect feedback from showings, tell the seller

3. Contact seller at least once a week4. Review feedback with seller monthly,

discuss possible price change5. Hold “open” houses

SELLING: Working for BuyersFinding Potential Buyers

1. Your sellers! 2. If your sellers are

not buying here, refer them to an agent to which they’re moving

3. Geographic farming4. Social farming5. Referrals from

professionals, other agents, friends, relatives

6. Your niche market 7. Home buying

seminars8. Your web site9. Divorce/marriage10.Expanding families11.“Empty nesters” 12.Just promoted/fired13.Hold open houses14.“Opportunity time”15._______________

SELLING: Working for BuyersBuyer Counseling Session-1

1. Prepare yourselfa. Dress professionallyb. Be prompt!c. Prepare information on possible properties

2. Prepare prospective buyera. Establish rapportb. Agree on common agendac. Ask permission to ask questions


Using Buyer’s Handbook (sample) as a guide

1. Introduce yourself & your company

2. Explain your role as advisor and advocate

3. Review the steps involved in purchasing

4. Review due diligence between contract & closing

5. Review sample contracts

a. Buyer agency agreement (sample & CD)

b. Purchase agreement (sample & CD)

6. Discuss current market & available properties


7. Specify buyer’s wants & needs

8. Determine buyer’s financial qualifications

Ask: “If we find a property today that meets your needs, will you be in a position to buy?”


Then either

A. Present the buyer agency agreement again and ask for their signatures ORB. Ask them to review all the information you’ve provided, make an appointment to both finalize the contract and show property

SELLING: Working for BuyersShowing Properties

Selecting and previewing properties

1. Match buyers’ wants and needs with currently available properties

2. Preview matches

3. Make appointments to show “best” matches

4. Plan “tour” route

SELLING: Working for BuyersShowing Tips

1. Play the “priority” game: keep focused on just 2-3 properties

2. Compare pros/cons of properties

3. Encourage note taking

4. Encourage client opinions

5. Ask probing questions

6. Serve as a “sounding board”

7. Listen carefully

SELLING: Working for BuyersHandling Objections

1. Always answer honestly

2. “I don’t know but I’ll find out.”

3. Restate objection as a question

4. Correct misinformation

5. Ask “why” questions carefully

6. Watch for “buying” signals

7. “Have I answered all your concerns or do you need more information?”

SELLING: Working for Buyers

!!!LISTEN!!!

NEGOTIATING THE CONTRACTPurchase & Sale Agreement

Essential Elements1. Competent

parties2. Timely

acceptance3. Unique legal4. Consideration5. Mutual consent

Terms & Provisions1. Price2. Possession3. Personal property4. Means of conveyance5. Pro-rations of taxes &

insurance6. Closing costs7. Contingencies8. Property disclosures

NEGOTIATING THE CONTRACTPresenting the Offer

1. Provide seller with a complete “picture” of the buyer:

2. Present terms of offer

3. Explain contingencies/special conditions

4. Present buyer’s financial capability

5. Encourage acceptance

6. If seller is unwilling to accept as is, negotiate using counterproposals (sample)

DUE DILIGENCE & CLOSING

1. Coordinate with listing agent2. Prepare checklist of all steps & dates3. Maintain transaction file of all meetings,

correspondence, documents, phone notes4. Assist your client with timely information,

emotional support5. Communicate regularly6. Make sure all dates are met7. Schedule & participate in closing

“CLIENTS FOR LIFE!”

1. Perform with highest possible professionalism during transaction

2. Call on client shortly after closing

3. Keep in touch at least 4 times each year

4. Establish yourself as their professional REALTOR

a. For their future real estate needs

b. To refer friends/relatives/colleagues

Ethics & Professional Practice

1. It pays to do the right thing

2. Honest & ethical behavior bring rewards

3. The only answer to building a good, lasting reputation

4. Never let the pursuit of money determine your behavior

5. NAR’s Pathways to Professionalism (handout #5): show respect to everyone!

Continuing Education:Keeping Ahead of the “Game”

1. List the topics you’d like to learn more about: _________________________

2. Let’s make a combined list.

3. Continuing education and training are critical to your success in real estate.

4. Sources

5. Designations

6. Have an education goal every year.

We hope you’ve enjoyed this class.We hope it will increase your

success.I’ve certainly enjoyed being with you and have learned from you!

More Information Visit www.richmondrealestateagent.ca

Real Estate Listing And Sales Techniques

Real Estate

Transcript of Real Estate Listing And Sales Techniques