Know The Answers To These 10 Questions Or You Will Lose The Listing

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Secret #1:  A great Listing Pre Qualification Script pulls out critical facts so you can be best prepared to not just take the listing, but to price it right in the first place!  Not prequalifying is unprofessional and can waste your time and theirs.  Always prequalify, 100% of the time!  Price it to SELL, not to SIT.

Secret #2:  The best price reduction conversation is the one you never have to have.  All pricing scripts are best used at the listing table!

Secret #3:  Don’t lose the listing of a motivated, have-to-sell-seller over price.  If they HAVE TO sell, you HAVE TO take the listing!  Someone is going to make a commission.  Shouldn’t it be you?

Proper Previous Planning Prevents Pitifully Poor Pricing!

Don’t Go (To Your Next Listing Appointment) Unless You KNOW:

1.    Don't Go If You Don't Know:  What the Seller wants, needs or thinks it's worth.  Pricing the home correctly in the first place prevents future price reduction drama.  It's not unusual for a homeowner to believe that their home should fetch a price higher than the comps.  You should always find out how they arrived at 'their' price.  Find out before you arrive at the appointment so you can better strategize, explain and consider how to ultimately price the home.

Script: (when they tell you a too-high price): “That’s interesting, Mr/Mrs Seller, how did you arrive at that price?  (listen carefully)

Secret #1:  Sellers overprice out of either Ignorance or Arrogance. Even in a hot seller's market, there is 'aspirational pricing'...you can price too high. Ignorance is when they just don’t know how to price a home (square feet matters, bedrooms, baths, views, condition).  Arrogance is when they won’t listen to comps and have reasons other than real value to try to justify their price.

Secret #2:  Sometimes, especially in a low-inventory market, your potential seller client may know about comparable sales you didn't capture.  Private sales, For Sale By Owners that were successful in the neighborhood, and other sales not found in your MLS could be really good comparables, so ask good questions and don't assume your seller is just crazy over priced.

2.    Don't Go If You Don't Know: The Average Days on the Market for properties like your subject property.  This helps set both your expectations and the home owners.  Not just for your town or even zip code, but for their neighborhood, school district and MLS code. Drill down as best you can to understand the Days on the Market for homes as similar to theirs as possible.  Sometimes even the style of the home can make a difference.

3.     Don't Go If You Don't Know: The List to Sell Price Ratio.  This helps you combat the ‘price it high, let them negotiate’ objection –or- helps you know if you can price it right on the mark and expect to get slightly more.   Are homes selling on average for 105% of list price, or are sellers in the subject neighborhood typically settling at about 95% of list price?

4.     Don't Go If You Don't Know: Know the number of homes competing with your subject property.  What are you up against? How would it compare in the eyes of the buyer?  If you're showing your new listing versus its competition, do you look priced right, over priced or priced so well you'd be dying to write an offer and snap it up?

Secret:   If you're the only home on the market in the entire zip code or MLS code, you can price it higher than you can if there are 7 other competing homes, all within the same neighborhood, basically the same size and age? In that case, you need to be staged better and priced better than your competition or you'll be the one who's stuck doing price reduction calls in about 60 days.

Secret:   The next time you have to do Continuing Education, take an Appraisal class.  This will help you become more confident in your pricing.  It will show you multiple ways of arriving at the correct price.  Caution: Don't just use 'cost per square foot' to arrive at the right price!

TIME CODES

00:00 - Intro
01:42 - Drilling down
03:35 - Pre-listing done
08:30 - Written verified offer
12:38 - New construction
17:13 - Listing appointment
22:14 - VRBO
25:57 - Like and subscribe