The Key to Doing Business in a Tough Market

Now that I have clients all over the country, I am constantly reminded that the market is slow, and deals are really difficult to come by these days. In my opinion, it is not going to get much easier, at least not for a long while. So, we have to ADAPT and find ways to bullet proof ourselves and our businesses in order to continue having a sustainable career in real estate and thrive against the odds.

When the market is tough or slow, listing properties doesn’t become the most challenging thing as it usually is. The most challenging thing is doing deals, aka, getting sellers to meet the market OR getting buyers to meet the seller’s expectation. It comes down to seller management and working closely with the buyer to bring the deal together. This is a far cry from a more heated market where the buyers are lining up outside the door. When we talk about SELLER MANAGEMENT, what does that really mean?

Well, I have broken it down into FOUR critical categories and if all of them are diligently followed and cared for, then the seller WILL meet the market.

  1. DISCOVERY – The discovery period is usually where the listing is won and For very good reason this is where the initial discussion is had with the seller for one very important reason, and that is to identify their WHY. The WHY is the most important thing for us to find out because if we are aware of their WHY we can help the sellers every step of the way by continually reminding them of their WHY. Now, the reality is, most of the time we will not be able to identify the WHY during the first discussion. However, there are ways to increase your opportunity of identifying their WHY. At Real Estate Brilliance, we use a Pre-appraisal Questionnaire during the discovery period which contains some very important questions. This questionnaire helps us interview the seller, build deep rapport, delve deep into all aspects of the sale, manage seller expectations, and discuss time frames. This quickly assists in building lasting relationships and TRUST, which is the most important ingredient when it comes to getting deals done.
  2. EDUCATE, EDUCATE, EDUCATE – One of the most important parts of helping sellers meet the market is taking them through a vigorous sale explanation of the sale strategy. This aids in explaining that you are going to be using many different selling strategies to get their property sold and you will not give up until the DEAL IS DONE. This could mean starting with a No Price Campaign to gain some intel before deciding the next course of action, such as taking the property to Auction, or Pricing the Property. Either way, you are being super creative in your approach to getting the job done. It doesn’t matter that you know what YOU are doing, it’s important that the SELLER is EDUCATED on what you are doing, that way they will appreciate your work a lot more. You can also coach them through the various processes and strategies as they unfold. This simple strategy is non-existent in most agents’ businesses, however, implementing this into your business will not only educate the seller, it will help build TRUST.
  3. POST-LISTING MEETING – We call this the Rules of Engagement Meeting. A quick catch-up where we go through a check list with the sellers and explain in detail what is likely to happen and usually what takes place so that they are aware and prepared. This also helps us set out our objectives, roles, responsibilities, and get permission to coach them through the sale and most of all KEEP THEM ACCOUNTABLE TO THEIR GOALS AND SALE. This meeting is a very different conversation to the Listing Appointment. During the Rules of Engagement Meeting, you will use the Rules of Engagement Checklist, which outlines everything that needs to be discussed and makes sure you cover each topic. If you attend my upcoming Real Estate Brilliance seminar, not only will you receive loads of free systems and strategies, I will also give you this checklist and a tutorial video on how to conduct the meeting. Educating the sellers and ensuring they are aware of everything that is going on when offers begin to roll in, makes your life much easier. Most agents freak out over the extra time this meeting takes, however, I found that the best time to conduct it is when you are meeting the photographer, doing the video, or even when you are introducing your buyer manager if you have one. This strategy offers short-term pain for long-term gain.
  4. FEEDBACK LOOP – Once you’ve completed your Rules of Engagement Meeting, it’s time to follow through with your promise to communicate with the sellers in many different mediums, many times during the week. At Real Estate Brilliance we have a SYSTEM called the Feedback Loop that offers seven touch points for the seller to receive feedback and communication regarding what is happening on an up to the minute basis, even if there is nothing to report. Again, do not freak out, this system can be automated and done by someone other than yourself. This system includes a 14-day change up policy meeting that gets done in person or via ZOOM. This is an accountability exercise for both parties to get together and come up with solutions to get the property sold and let the seller know you are focused and working together.

Ultimately, the reality is that most sellers will accept less for their properties than what they want providing they TRUST that YOU have done everything you possibly can to get them what they wanted. You will be surprised what sellers accept and do when they trust you. So, get out there and set up some systems and BUILD TRUST.

Make sure you register for my upcoming FREE half-day Real Estate Brilliance webinar to receive the Rules of Engagement Checklist and tutorial video; you do not want to miss out on this valuable resource.

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