The way to choose an Open House is to do a little research first – you should be aware of what neighborhood is selling quicker than others and above the overall market average and, what neighborhood is at or just below your market average home price. That is where and what you need for the perfect Open House.
You might also go to our website and request our free product called the 21 Ways To A Productive Open House or request our free Agent Business Plan which also has the Open House system contained in it.
The next step is to see who in your office has a listing that matches those criteria if you don’t already have one yourself. Once you have found that listing, ask the listing agent if you can hold an open house for them. They are going to say Yes for a couple of reasons: 1) they don’t want to do it .. and 2) it will make them look good for their clients.
Now that you are the statistics and market expert (and, you are one of the few) it’s time to add some additional knowledge.
In addition to the neighborhood statistics – add the following to your repertoire of information.
- Key Features of each competitive listing
- Prices and time on the market for each competitive listing
- The “Pros and Cons of each competitive listing
How does this help? When you get to the pricing issue, you will have first hand knowledge to compare their home with all of the competition.
Let me ask a question – “Where do you find this information?”
- Numbers of homes that sell each month?
- The average selling prices?
- The sale price to listing price ratio?
- The average days on market?
- The absorption rate?
- And the number of homes listed each month?
In most areas this information is readily available from the MLS, the local broker reports or even in our office information center. Your next step is to find those charts and statistics and internalize that information. Simply by increasing your market knowledge – you will increase your confidence!
Start by taking a walk around your office and ask different agents some of the following questions:
- What are the numbers of homes that sell each month?
- What is the average selling price?
- What is the sale price to listing price ratio?
- Do you know the average days on market?
- Do you know how many months of inventory are on the market – known as the absorption rate?
- What is the number of homes listed each month?
Do you know what? First, you’ll be amazed at how many agents don’t know these statistics. Second, you could market these questions to potential sellers as qualifying questions to any agent before hiring them!!! You–ll be one of the few who know the answers!
What is the best form of marketing yourself to sellers?
The final “Tip” in Listing Strategies can be expressed through the truthful reporting of your results as expressed by one of your clients.
Notice that I didn’t say “Telling the seller that you are a 100 million dollar producer, they don’t care.”
They want to hear and see are actual, measurable results from specific clients.
Present testimonials at your listing presentation and even encourage the sellers to contact some of your past clients directly.
Is it important that the seller retains what you are presenting to them in the listing presentation?
Of course it is.
Here are some statistics to keep in mind when you are going to a listing presentation.
What we retain after 3 days:
- 5% of what we hear
- 15% of what we see
- 65% of what we hear and see
What does this tell you about what’s important in your listing presentation.
Step 14 of the listing presentation.
Explain to the seller what happens next, all the way through to closing.
Pretty simple in theory, but a time that you must use to make them aware of everything that goes on during the marketing and sale process; and everything you could think of that might not go right!
First, lets focus on the initial steps of marketing the house. You will want to create a checklist to use that provides these steps. Here are some examples:
- When does the sign go up?
- When is the first ad submitted and where?
- When will photography be completed?
- When will the property go into MLS?
- When will the key-box be installed?
- How often you will communicate with them?
Step 13 of the listing presentation:
Close and get the listing signed.
At this point in the listing presentation you get to find out one thing, how good your listing presentation was.
If the seller stalls, or objects over commissions, there’s only one reason, you didn’t make a strong presentation or present enough value to cause them to take action and list with you.
Go back and review all the features and benefits that you presented and ask them a simple question, “What part of my marketing plan do you feel won’t get you the maximum exposure to the greatest pool of buyers?”
Don’t go into your “But I’m the best” commentary. Go right to the truth. Truth lies in the value they see or don’t see in you.
Step 12 of the listing presentation.
Who sets the price of a home when you list it? The Seller! Don’t fall into the pricing trap. Here’s your pricing strategy conversation that will place responsibility back on the decision makers shoulders!
“Mr. and Mrs. Seller, as I shared with you earlier, my job is to take your home to market and test the market through my marketing efforts. Periodically I am going to deliver back to you the results of that test. I will provide you a current update of the marketplace and you will decide if we need to change our strategy. Mr. and Mrs. Seller, the market is the message and I am the messenger”
Will that get the decision of “price” right off your back?
So the seller wants their home on TV and that’s not a part of your marketing plan?
Remember, plain and simple, the listing presentation is not a sales process, it’s a consultative process and you are the professional.
Don’t manipulate, avoid and redirect during the listing presentation. Just tell the truth.
Be crystal clear in your marketing plan and convince the seller, that your plan is the most productive, results oriented marketing plan for their home. Believe in it!
“You motivate by the depths of your convictions, not the power of your logic!”
A simple principle to remember during the listing presentation: You can say whatever you want, but after you have taken the listing, you are held to what you represented...