Traditional real estate education focuses on the fundamentals of the listing presentation….establishing your value, showing a marketing plan, etc. Few teach real estate agents about the pricing presentation. This sets up a vicious cycle; we convert the listing, spend lots of time, money, and energy trying to sell it only to have it expire because the price is incorrect. Ultimately, we lose interest in getting listings, which by the way are the backbone of our business. Why are listings so important? They:
- Allow agents to manage their time better
- Agents get buyers from listings
- Agent build credibility with listings
- Meet neighbors and learn who else is selling
- Are the topic in social media
I became a real estate agent in 1993 and diligently studied and practiced by listing presentation. As listing opportunities came to me I became good at converting them. BUT I was bad at selling them. Why? Because as you know price trumps everything and if the price is bad it doesn’t matter how much marketing is done; it’s not going to sell. I was bad at influencing the price!
This was a hard earned lesson! It took many years of a bad pattern….get an overpriced listing, spend lots of money, lots of time & energy just to be sucked dry by mad sellers. Ultimately, I started hating listings and worked primarily with buyers. But that’s a bad decision because I’m spending too much time working and buyers don’t progress your business like listings.
The problem is….we were never taught how to do a pricing presentation. We were taught listing presentation but never a step-by-step pricing presentation.
After lots of research, looking at 100’s of presentations from agents, and doing many myself, I created Strategic Pricing Specialist, a program that gives you a step-by-step model for creating a market study AND presenting that market study.
But let me give three quick tips of how begin liking listing again.
- The single most important component of a listing is the seller’s motivation. Your job is to understand the seller’s motivation. Dig until you get it. Bad motivation – bad listing
- The market is fickle and using just a CMA is not enough. Your job is to completing understand what trends are impacting your listing
- Have a structured presentation designed to educate and influence the seller
If you would like to see more blogs and my teaching schedule go to www.strategicpricingspecialist.com
Here’s my special announcement. I have partnered with Real Time Learn to offer Strategic Pricing Specialist in the on-demand video format. Go check it out at www.realtimelearn.com