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Transcript

Why Your Listing Isn’t Selling (And How to Fix It Fast) · The Real Estate Agent Playbook

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  56.5% of homes are selling below asking and list price
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  sellers are thinking this is 2,000 and twenty
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  2,021 buyers are thinking this is 2009
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  we gotta bridge the gap as agents
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  and meet those expectations and get these homes sold
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  so stay tuned
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  what's up guys Jeremy Kane
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  with Real Estate Agent Playbook and EXP Realty
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  going to dive into an entire series about listings
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  we've always heard list to last
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  but we really want to dial this in
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  so over the next couple weeks
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  we will be diving into all kinds of different things
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  all listing agent specific
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  so if that's you
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  or you're trying to break into the listing agent space
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  the truth is it's still list to last
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  but we have to understand
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  we have major opportunities in this market
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  to show our value to our clients
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  and that's what exactly what we want to do
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  I've helped agents just like you
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  scale their businesses to whatever levels they want
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  sometimes agents come in and they say we
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  I just want to sell one home a year
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  I want to make six figures
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  or some other agents say they want to sell them all
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  we've helped agents just like you
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  do all of those things
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  so if you're interested in connecting
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  book a call with me the Realtor Game Plan call below
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  but let's dive in so first and foremost
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  we have to put ourselves in our client shoes
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  so let's start with that seller mindset right
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  it we've always had over the last 10 years like oh
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  this home sold over here this home sold over here
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  don't worry
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  it's only 4,000 square feet bigger than yours
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  or anything like that and so the truth is
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  the market was masking this a little bit
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  and allowing us to kind of
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  edge up towards those prices of the bigger homes
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  that are sold as comps
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  because the demand was so fierce
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  and we had so many opportunities
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  so we have to understand that selling a home
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  more than buying a home is a super emotional process
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  right people have lived their lives in there
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  they've had good memories
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  they've had bad memories and so
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  when someone comes in and drops a value
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  that is different than they think
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  it's a huge deal one of my agents has an amazing uh
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  seller questionnaire and on there
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  before she even goes to the listing appointment
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  she asks what do you think your home is worth
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  not because she's going to tailor the presentation
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  or do anything to that
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  but knowing what the seller thinks the value is
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  of the home is a pretty cool thing
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  and let's be honest we can't hide behind the internet
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  everybody's looked at their Zestimate or whatever
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  so using that as a way to frame and prepare yourself
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  for what's to come in the listing appointment
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  and Taylor your presentation to get to that actual data
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  the information that's needed is huge
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  so how do we reset the seller's expectations
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  I do this extremely uh
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  diligently by finding out where they're going right
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  the truth is is that we have all this
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  you know equity
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  and especially if you've owned it for a long time
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  it's truly monopoly money
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  so we need to make sure
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  that we understand where they're going
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  are they gonna have a mortgage on their next home
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  is there a dollar amount that they you know
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  absolutely need to walk away from
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  and then kind of
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  understand exactly what that looks like
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  and I'm not saying fire sell the home
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  but honestly if you're
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  you're taking a step back and we can talk about this
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  we can really go from there
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  and moving on to the buyer's mindset
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  one thing I do with the seller is
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  show them exactly what
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  you know
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  a traditional buyer for their home if it's a 3
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  30 500
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  4,000 square foot home
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  maybe that's a move up home and you know
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  I'm assuming 20% down
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  but I'm gonna show them what it looks like
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  with a 20% down mortgage
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  with 7% interest rate looks like on
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  on the home
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  so they can understand what the buyers are looking at
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  that does one of two things
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  first of all it
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  you know gives them a little bit of empathy for what's
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  what's coming in on the other side
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  and second of all
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  it gives them understanding of okay right
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  if I was gonna pay 5
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  6 double what my current mortgage is for this home
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  I certainly would want to
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  you know probably replace that 35 year old furnace
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  that we've just been limping along right
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  so it kind of helps with that for them to understand
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  and it's just a a guestimate if it's a smaller home
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  an entry 3 2 or whatever
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  I'm gonna show them you know
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  what a 3 or 5% down payment mortgage
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  looks like on that
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  because that's probably what the buyers
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  going to be coming at them with
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  it might be completely wrong
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  but if they can see that number
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  because it's a shocking number
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  and I've never had a seller be like
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  oh that's not very much right
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  they always look at it and they're like
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  okay and it kind of sets a stage for the buyer mindset
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  right this is what the buyer is thinking
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  we have to bring buyer and seller together
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  so if we can start to bridge that gap with the sellers
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  early on it's absolutely huge right
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  so if we go into it buyers are cautious
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  they're making a absolutely large investment probably
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  you know double what their rent might be right
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  it is cheaper to rent than or buy than rent
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  but it's not cheaper on the month to month uh
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  on those budgets so we need to make sure that we're
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  we're focusing in on that and understanding right
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  these higher mortgage rates
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  are driving these payments up
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  and then you throw on the insurance
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  which is affecting single family homes
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  and majorly affecting the HOA
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  town home communities
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  it's something to really think about
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  so we have to educate the buyers on the platform
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  and so on but if we educate the sellers first
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  and we're coming to the table
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  like
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  with a little bit of empathy about what's going on
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  and possibly what to expect on an inspection
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  and those kind of things
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  it's absolutely key so as for the agent
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  here we are right we're we're sitting in front of them
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  we're gonna get top dollar for their home
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  in most markets it's still extremely top dollar
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  compared to what they paid for it five to 10 years ago
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  right now I get it a lot
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  there's a lot of the people that have bought
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  in the last five years maybe in the last two years
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  that are like uncomfortable in the house
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  so they need to make a move
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  and they're not in such a great position
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  but we have to understand as agents
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  what all that looks like
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  and if we understand exactly where they're going
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  and what their goals are
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  and what they loved about the house
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  because the truth is we can use every part of that
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  emotion to help market the home right
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  and as we're moving through this
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  the messy middle as the agent is
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  bringing those two together
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  and just throwing it out on the MLS is probably not
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  your best bet for you know
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  bringing the messy middle together
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  without any expectation
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  because they need to know what's coming in as a seller
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  the buyer needs to know
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  kind of where the sellers are at
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  and understanding hey
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  we're looking to move we love this house
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  it's never you know
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  nothing's ever happened you know
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  we hear that all the time
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  it's been perfect
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  maybe we had to clean out the gutters one time
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  those are the worst ones right
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  but as we kind of understand this
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  we have to understand the affordability piece
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  on the buyers that are coming through
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  the emotional piece on the seller
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  and as the agent
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  it's not our job to come in and strong arm the seller
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  to get the right price for the list or
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  you know strong arm the buyer in a negotiation
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  our job is actually to bring them together
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  at a workable number
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  and negotiation so that we can move forward
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  and so as agents we need to get it in front of as many
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  people as humanly possible
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  and I get it the MLS still sells a lot of houses
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  but as things change as brokerages kind of
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  you know consider doing exclusive listings
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  and all the things that are out there
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  we as agents need to step up our game
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  in the marketing platform
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  we need to understand that these buyers
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  are looking somewhere sometimes it's Zillow
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  sometimes it's the MLS in our portals
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  but a lot of times the
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  the real dreams and the fire starts on social media
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  so how are we doing that right
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  before we we had a marketing approach
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  we had to get everything done
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  pre list and splash it out to the market right away
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  that's just not the case anymore right
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  we want to have a solid launch
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  we certainly want to front end
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  front load some marketing
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  but we also want to have some things
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  if we do hit that average days of market 30
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  40 days in some markets right
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  so we need to make sure that we are tearing this out
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  and I promise you
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  that if you have a delayed marketing plan
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  which if you follow me on Instagram
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  and you DM me listing agent plan
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  I will absolutely send you the information needed
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  so that's the re agent playbook over on Instagram
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  also comment it down below here
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  and I will get that to you
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  it won't be automatic
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  but comment below and we'll get that to you
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  but it's my way of delaying the marketing right
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  it's my way of saying OK
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  here's what we're gonna do
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  we're gonna do a you know
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  we're gonna have the sign in the yard
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  we're gonna do a opening weekend open house
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  we're gonna do you know a a long form YouTube video
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  and then that's week one
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  we'll have the printed flyers and stuff like that
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  as well week two
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  we're going to do short
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  form focusing solely on the property
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  the home itself
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  so maybe your five favorite things or maybe you know
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  featuring the exterior of the home
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  or whatever that looks like
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  maybe you know
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  those cool short 90 second quick walkthroughs
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  whatever it is
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  a couple short form pieces of content that hit
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  and the key here is to front load this
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  so you're recording it when you're doing the photos
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  and you have it pre listed
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  because getting back out there
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  you know
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  it's it's hard to get into someone's house and be like
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  oh I gotta record more content cause we didn't sell it
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  right
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  so when you're doing the videos do some short form
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  grab those things record those things
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  obviously the long form video
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  please be in it if you're an agent
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  it helps a lot it grows your brand
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  not just the homes brand and as we kind of move forward
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  you see that these delayed
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  marketing tactics will come through again
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  I have a four week delayed marketing
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  strategy that I can send you
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  so check that out I'm not gonna dive into all of that
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  because that's not really what this video is about
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  but the ultimate goal is
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  we need to refresh our marketing ideas
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  we have more time to do this right
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  and so
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  we need to be relentless in recording the content
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  or the picture
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  getting the photos or getting the content
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  even if it's copy if you're not huge on video
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  we need to make sure that we have it all up front
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  with preparation
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  and then we just need to be consistent
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  it needs to be every house every time I know it's hard
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  I understand that you know hey
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  it's a 300,000 dollar town home the long form video
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  those things we need to get to a point where we are
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  absolutely moving the needle forward
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  now you step up into the luxury or the land and ranch
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  or those things you know
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  the wonderful uh
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  platforms that EXP have are awesome for that however
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  if you're a solo agent
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  you're not part of those certainly as you move up
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  I'm not saying market a 200,000 dollar townhome
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  the same as a five million dollar listing however
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  the basics need to be there and it needs to be fresh
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  because if you're a listing agent like myself
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  and you have some listings that have sat on the market
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  it's a hard conversation
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  if you don't have anything planned
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  if you don't have anything on the radar
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  if you didn't say hey look
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  the average days on market are this
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  so this is gonna be kind of our marketing strategy
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  if you don't have those things up front
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  those conversations are harder and harder
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  and then we start to get those dreaded calls
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  are you gonna host an open house this week
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  are you gonna do this
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  are we gonna you know what else can we do
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  so make sure
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  that you are front loading as much as you possibly can
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  and being relentless in that execution right
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  the weekly updates having those conversations
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  trust me
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  it's not a great conversation when there's no showings
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  right um
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  but sometimes that's
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  that's what some of our markets are doing
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  then we need to lean on those stats right
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  the active days on market
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  average showings per week
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  all the things
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  and your MLS has all of those stats readily available
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  you can break it down by zip code
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  price point all the things
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  so make sure you're diving into that
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  and so as we navigate this market
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  and doing things a little bit differently
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  we have a ton of disruptors out there
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  new brokerage models uh
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  we have you know
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  obviously people trying to push the for sale by owners
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  and we have people that are just think
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  real estate agents don't do the job
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  and the truth is sometimes they're right
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  and we need to take this as a
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  a wake up call and an opportunity to really
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  really market the listings
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  and by doing so your brand is going to explode
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  if you're doing it in a tactical way
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  and so take a deep breath
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  understand the market change
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  and understand first and foremost
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  that it is not your fault that the market is different
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  however if your clients are calling you
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  asking you to do certain things and list
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  do this and change the remarks and do all these things
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  it is your fault that you aren't bringing
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  the marketing strategy to them
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  you're letting them bring it to you
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  and regardless of
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  if you don't think it works or whatever
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  all they're doing is raising their hand saying
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  we need more we need more
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  we need more
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  and it's an expectation call on the front end
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  it's understanding what we're trying to do here right
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  and getting better at those conversations
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  let's list high and see how it goes
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  and those kind of things
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  and then keeping a relentless eye on those showings
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  on getting that feedback and understanding
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  and using that and building
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  a separate set of data to help your clients understand
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  what we need to do in order to get the property sold
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  because ultimately it's about where they're going
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  it's not about this and getting max
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  max max dollar for this home
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  because if they can comfortably
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  sell their home at a lower price
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  and get to where they need to go
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  maybe that's a future home in the Midwest
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  without a mortgage
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  then we kind of have some numbers to work with here
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  and we certainly have options on the back end
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  if the market just tells us hey
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  we're not gonna get to that point
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  so I hope this helps um
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  we as agents
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  have a massive opportunity
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  to adapt and be excellent agents
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  and build our brand to levels
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  that is unforeseen right here
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  right now if you're a listing agent and you have
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  you know a home that's sitting on the market
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  reach out to me I'd love to connect with you
• 14:17
  and we can mastermind on how we're gonna get this sold
• 14:20
  how we can implement some marketing strategies
• 14:23
  that maybe you haven't thought of
• 14:24
  that maybe you don't think work
• 14:25
  that will absolutely satisfy the seller
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  and get it in its front
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  in front of as many eyes as possible
• 14:31
  cause the MLS today
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  if we're just sitting around waiting
• 14:34
  our clients are getting frustrated
• 14:36
  and we need to do better
• 14:37
  so reach out anytime like comment
• 14:40
  subscribe and stay tuned for more on this entire
• 14:44
  you know couple weeks of listings
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  and how we're focusing on this
• 14:48
  and how we can leverage them
• 14:50
  to scale our business and scale our brand
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  we'll see you next time