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Your CMA Is Not the Listing Presentation · Success Is Not Convenient

• 0:00
  SPEAKER_00: Hi everybody, Bernie Gallorani bringing you another episode of Success is Not Convenient.
• 0:06
  SPEAKER_00: This one again is directed to all my great real estate friends out there.
• 0:11
  SPEAKER_00: So if you're been tuning in for some time, you do understand that I am a believer in being a professional as at every angle that you can or every possibility through working with clients and dealing with people.
• 0:23
  SPEAKER_00: So the title of this one is Your CMA Isn't the Listing Presentation.
• 0:29
  SPEAKER_00: Your CMA is not the listing presentation.
• 0:32
  SPEAKER_00: Today I want to talk about something that I think a lot of real estate agents really need to hear.
• 0:38
  SPEAKER_00: A lot of times agents will go in and show the comps and the comparables, and then they're like, okay, we agree on a price, and then next thing you know, they're listing the property, and then that's it.
• 0:46
  SPEAKER_00: And the only thing they've really come with a direction of a plan is presenting a CMA for pricing.
• 0:53
  SPEAKER_00: And you and I all know that most of the time that's not even correct.
• 0:56
  SPEAKER_00: So let me say this to you again: pulling some comparable sales, putting them in a nice little folder and showing the seller three active listings and three sold listings does not make you a great listing agent.
• 1:10
  SPEAKER_00: Because you present these things, it doesn't make you qualified to get the home sold.
• 1:13
  SPEAKER_00: It only gives you the qualification that you're able to put a nice folder together and put some numbers in there, right?
• 1:19
  SPEAKER_00: That's nothing but information.
• 1:20
  SPEAKER_00: You're just giving them information.
• 1:22
  SPEAKER_00: That's just data.
• 1:23
  SPEAKER_00: We can all pull data.
• 1:24
  SPEAKER_00: It's pretty easy, right?
• 1:25
  SPEAKER_00: That's just part of the presentation, but it's not the job of the agent.
• 1:30
  SPEAKER_00: It's just part of the preparing and presenting on price.
• 1:35
  SPEAKER_00: The real job of a listing agent is to lead the seller through the entire process of getting that property sold.
• 1:42
  SPEAKER_00: Now, some of you might go, well, Bernie, what do you mean?
• 1:44
  SPEAKER_00: I mean, if I price the home right, then it should sell, right?
• 1:47
  SPEAKER_00: That's what you're saying.
• 1:48
  SPEAKER_00: No, because most of the time you're wrong.
• 1:51
  SPEAKER_00: Most of the time you put you put a price.
• 1:53
  SPEAKER_00: And you know what I'm talking about because you've been there.
• 1:55
  SPEAKER_00: You have listings right now that aren't selling.
• 1:57
  SPEAKER_00: Why?
• 1:58
  SPEAKER_00: Is it the market?
• 1:59
  SPEAKER_00: Nope.
• 2:00
  SPEAKER_00: Is it the interest rates?
• 2:02
  SPEAKER_00: Nope.
• 2:03
  SPEAKER_00: What is it?
• 2:04
  SPEAKER_00: It's you and your skill and your ability to get it done, right?
• 2:07
  SPEAKER_00: Your job is to get the property sold.
• 2:09
  SPEAKER_00: And sometimes uh leadership requires conversations that are not comfortable.
• 2:14
  SPEAKER_00: And you're gonna have that where you're gonna get yourself in a situation where you may have to have an uncomfortable conversation with a home seller, right?
• 2:22
  SPEAKER_00: Because anybody can pull comps.
• 2:24
  SPEAKER_00: That's not talent.
• 2:26
  SPEAKER_00: Technology has changed our business.
• 2:28
  SPEAKER_00: Almost anybody today can pull comparables on properties, right?
• 2:32
  SPEAKER_00: The seller can go online and look at what homes are selling for.
• 2:36
  SPEAKER_00: They can look at the estimated values of the home.
• 2:39
  SPEAKER_00: They can see all the properties for sale.
• 2:41
  SPEAKER_00: They can see what houses are actually selling for.
• 2:44
  SPEAKER_00: So if your entire value proposition is let me show you some comparable sales, then you've got a serious problem on your hands.
• 2:53
  SPEAKER_00: See, because the seller doesn't just need information, the seller needs interpretation to what's going on.
• 3:00
  SPEAKER_00: How are you interpreting what's going on in the market and how do you lay that out and spell that out for a seller so they understand it?
• 3:07
  SPEAKER_00: They need somebody who understands what buyers are doing, what competing homes are doing right now, how quickly is the market actually moving?
• 3:16
  SPEAKER_00: What's the showing activity telling us?
• 3:19
  SPEAKER_00: What buyers' feedback is telling us?
• 3:22
  SPEAKER_00: And most importantly, when something needs to change.
• 3:26
  SPEAKER_00: And that's why they're actually hiring us.
• 3:28
  SPEAKER_00: They're hiring you for that reason.
• 3:31
  SPEAKER_00: Number two is the listing presentation continues after you get the listing.
• 3:36
  SPEAKER_00: Let me say this to you again.
• 3:37
  SPEAKER_00: When you take a listing, you don't have a sold property, you have a liability.
• 3:43
  SPEAKER_00: And if we go in to try to get the contract signed, regardless of the conversation and the price we list the home for, you're putting yourself in a really interesting situation.
• 3:52
  SPEAKER_00: Agents think that the listing presentation happens at the kitchen tables and it doesn't happen that way.
• 3:58
  SPEAKER_00: There are two salespeople at the table, by the way, you and the seller.
• 4:03
  SPEAKER_00: Somebody's going to win that.
• 4:05
  SPEAKER_00: And for the most part, we find that the seller actually wins it.
• 4:08
  SPEAKER_00: And the reason why is we're not really sure what to say.
• 4:10
  SPEAKER_00: And so I think that we have to learn what to say also.
• 4:12
  SPEAKER_00: I think the listing presentation continues every week that the property is on the market.
• 4:17
  SPEAKER_00: So once you take that listing, it's a continual conversation each and every week.
• 4:22
  SPEAKER_00: Every conversation with that seller is another opportunity to demonstrate your value.
• 4:27
  SPEAKER_00: It's your ability to talk about the market changes, the competition changes.
• 4:32
  SPEAKER_00: New properties come on the market, properties reduce their price, homes do sell, and homes expire.
• 4:39
  SPEAKER_00: Buyer activity always changes, right?
• 4:42
  SPEAKER_00: Based on the interest rate.
• 4:43
  SPEAKER_00: So things are always changing.
• 4:44
  SPEAKER_00: And your seller needs to understand what all of that actually means.
• 4:49
  SPEAKER_00: Just to say that the interest rates are high doesn't really get them clarity on what that means for selling their home.
• 4:55
  SPEAKER_00: Just because they're overpriced and other things are selling and theirs is not, doesn't mean that they're priced right.
• 5:00
  SPEAKER_00: It probably doesn't mean they're priced right.
• 5:03
  SPEAKER_00: That means that you cannot take the listing, put a sign in the yard, put it on the MLS, and then disappear for the next three weeks.
• 5:13
  SPEAKER_00: That's not listing a house.
• 5:14
  SPEAKER_00: That's placing an advertisement online.
• 5:17
  SPEAKER_00: A professional listing agent stays fully engaged all the time.
• 5:21
  SPEAKER_00: They call them regularly.
• 5:22
  SPEAKER_00: And I will tell you this I call my clients every single day for the first two weeks, and then no less than every week after that for as long as we have the listing.
• 5:30
  SPEAKER_00: Right?
• 5:30
  SPEAKER_00: Silence is not communication.
• 5:32
  SPEAKER_00: Here's one of the biggest mistakes I see agents make constantly is they call the seller when they have good news.
• 5:39
  SPEAKER_00: If there's a showing for some reason, if they have a showing on the property, they feel good to call it.
• 5:43
  SPEAKER_00: They'll call if there's an offer, of course.
• 5:45
  SPEAKER_00: They'll call for an inspection, but they don't really do regular communication.
• 5:50
  SPEAKER_00: But when nothing is happening, they kind of disappear from the process.
• 5:54
  SPEAKER_00: That's exactly when you actually need to communicate with them best.
• 5:58
  SPEAKER_00: If we have gone seven, 10, or even 14 days without a meaningful activity, that is information.
• 6:04
  SPEAKER_00: And if a buyer is looking at the property online but aren't scheduling showings, that tells us something.
• 6:11
  SPEAKER_00: If we're getting showings but we have no second showings or no really meaningful conversation, that's telling us something else.
• 6:18
  SPEAKER_00: If we're getting second showings but no offers, that tells us something.
• 6:23
  SPEAKER_00: If the same objection keeps coming back from the buyers, that tells us something.
• 6:28
  SPEAKER_00: Your job is to interpret that information for the seller.
• 6:32
  SPEAKER_00: Are you doing that?
• 6:32
  SPEAKER_00: Are you communicating with them at a high level?
• 6:35
  SPEAKER_00: Guys, stop being afraid of the sellers.
• 6:38
  SPEAKER_00: This is where I want to go a little bit harder here.
• 6:42
  SPEAKER_00: Some agents are absolutely terrified of their sellers.
• 6:47
  SPEAKER_00: I have them in my company.
• 6:48
  SPEAKER_00: So for some of you guys, you might go, well, I don't know if that's really true.
• 6:51
  SPEAKER_00: I have a bunch of agents who are afraid of confrontation or a healthy confrontational style.
• 6:59
  SPEAKER_00: And you're never going to be successful selling at a high level if you have any fear at all talking to a seller.
• 7:04
  SPEAKER_00: I understand it's not easy.
• 7:06
  SPEAKER_00: I understand that there could be some difficult feelings associated with those calls, but you have to get over it because that's your job.
• 7:12
  SPEAKER_00: And what happens is agents are afraid the seller might get mad at them.
• 7:16
  SPEAKER_00: They're afraid that the seller might argue or they're afraid that the seller might say, I'm not lowering my price.
• 7:22
  SPEAKER_00: They're afraid that they'll lose the listing for some reason.
• 7:25
  SPEAKER_00: You're going to lose the listing if you don't sell it anyway.
• 7:27
  SPEAKER_00: You might as well create a conversation that allows the seller to make some adjustments if possible because it's probably not going to sell if you just keep it at that price.
• 7:37
  SPEAKER_00: So instead of having the conversation that needs to happen, they start finding other things to do.
• 7:43
  SPEAKER_00: We're going to hold another open house.
• 7:46
  SPEAKER_00: Let's change the pictures on the front so it looks a little bit different.
• 7:49
  SPEAKER_00: Let's run another social media ad.
• 7:52
  SPEAKER_00: Boy, that really works.
• 7:53
  SPEAKER_00: Let's put another flyer out.
• 7:55
  SPEAKER_00: And there's nothing wrong with good marketing.
• 7:58
  SPEAKER_00: The marketing that you have and the what you're doing right now is adequate.
• 8:03
  SPEAKER_00: I want you guys to hear me.
• 8:04
  SPEAKER_00: I don't even know what you're doing.
• 8:05
  SPEAKER_00: If you're putting it on the MLS, it's adequate.
• 8:08
  SPEAKER_00: Instead of doing all these other activities, learn to have a good conversation with your seller about the price.
• 8:15
  SPEAKER_00: But marketing cannot overcome property that the marketplace believes is overpriced.
• 8:21
  SPEAKER_00: You cannot market your way out of a pricing problem.
• 8:25
  SPEAKER_00: You can't.
• 8:25
  SPEAKER_00: You can market that thing up and down interstate highways, on TV, flyers, do open house every week and do it twice a weekend.
• 8:32
  SPEAKER_00: I don't care, do it every day.
• 8:33
  SPEAKER_00: A buyer is not stupid.
• 8:35
  SPEAKER_00: And they're going in seeing all of these homes all the time.
• 8:39
  SPEAKER_00: They're actually smarter than us, right?
• 8:41
  SPEAKER_00: And you guys have heard me say this on other videos.
• 8:43
  SPEAKER_00: There's three evaluations of a home.
• 8:45
  SPEAKER_00: There's the sellers, there's the agents, and there's a buyer's.
• 8:47
  SPEAKER_00: And there's only one of them that counts, and that's the buyer's perception of price.
• 8:52
  SPEAKER_00: The seller's opinion of price doesn't matter.
• 8:55
  SPEAKER_00: The agent, meaning us, that goes in percents with our CMA.
• 8:59
  SPEAKER_00: Um, we're wrong sometimes, a lot of times.
• 9:03
  SPEAKER_00: The only one that really matters is the buyer.
• 9:06
  SPEAKER_00: So you cannot market your way out of a pricing issue.
• 9:09
  SPEAKER_00: You have to have a good conversation in order to get these properties sold.
• 9:13
  SPEAKER_00: At some point, you've got to have this conversation.
• 9:16
  SPEAKER_00: I want agents to become comfortable with something I call healthy confrontation or confronting.
• 9:23
  SPEAKER_00: Healthy confrontation isn't arguing, it isn't embarrassing the seller in any way.
• 9:29
  SPEAKER_00: It isn't saying, I told you so.
• 9:32
  SPEAKER_00: And it's really, it's it's not really being disrespectful, I don't think.
• 9:36
  SPEAKER_00: Healthy confrontation or confronting means being willing to professionally address reality.
• 9:42
  SPEAKER_00: Are you are you able to address reality without you feeling emotional?
• 9:48
  SPEAKER_00: See, I always try to tell agents this it's not the feeling that the seller is going to be angry at you, it's your discomfort in talking to the seller about it because it's how it makes you feel.
• 10:01
  SPEAKER_00: That's a whole other topic for a whole other day.
• 10:03
  SPEAKER_00: But sometimes we believe if we have a conversation with a seller that they're going to be absolutely angry.
• 10:10
  SPEAKER_00: But really, in the end, it's we're uncomfortable actually making that conversation.
• 10:14
  SPEAKER_00: So what we might say is, Mr.
• 10:16
  SPEAKER_00: and Mrs.
• 10:16
  SPEAKER_00: Seller, when we listed the property, we agreed to let the market give us feedback.
• 10:22
  SPEAKER_00: We now have had 12 showings and we've had no offers on the property.
• 10:27
  SPEAKER_00: Three buyers mentioned price, two properties competing with us have reduced their prices, so they've lowered those homes.
• 10:34
  SPEAKER_00: And one property very similar to yours just went under contract.
• 10:38
  SPEAKER_00: We need to talk about what the market is telling us right now about your home.
• 10:43
  SPEAKER_00: See, that's not confrontation in a negative way at all, I don't think.
• 10:48
  SPEAKER_00: That's called leadership.
• 10:50
  SPEAKER_00: That's our job.
• 10:50
  SPEAKER_00: That's why we get to make all that great money and help all those clients, is because the more professional you are at approaching it, the more opportunity you're going to be able to have at helping people.
• 11:00
  SPEAKER_00: And if you can get a lot of these listings that you have sold, you're going to serve your client at a higher level, and then you're going to get paid a lot more money, which I'm sure you would really like.
• 11:09
  SPEAKER_00: The seller may not like the conversation, but they will respect you for at least having it, for talking with them about it.
• 11:17
  SPEAKER_00: Your job is not to protect the seller's feelings at all.
• 11:21
  SPEAKER_00: This may sound harsh to you guys, but listen carefully.
• 11:25
  SPEAKER_00: Your job is not to protect the seller from every uncomfortable feeling.
• 11:29
  SPEAKER_00: Your job is to protect the seller's objective.
• 11:33
  SPEAKER_00: What is their objective?
• 11:35
  SPEAKER_00: To sell their home, right?
• 11:36
  SPEAKER_00: If their objective is to sell the house, then sometimes you have to tell them something that they don't want to hear, or something that may make them feel a little bit uncomfortable.
• 11:46
  SPEAKER_00: Maybe the house isn't worth what they thought.
• 11:50
  SPEAKER_00: What a crazy idea that a seller would want more for their home than it's actually worth in the marketplace.
• 11:56
  SPEAKER_00: If you're a listing agent, you know what I'm talking about.
• 11:58
  SPEAKER_00: Almost every seller wants what they want for their home, and it's usually not in line with what the buyers are willing to pay.
• 12:06
  SPEAKER_00: Maybe the condition is hurting them.
• 12:08
  SPEAKER_00: Maybe their competition has improved potentially.
• 12:11
  SPEAKER_00: Maybe the market just changed.
• 12:13
  SPEAKER_00: Maybe the showing activity is telling us that we're too high.
• 12:17
  SPEAKER_00: A weak agent thinks I don't want to upset the seller.
• 12:21
  SPEAKER_00: A strong agent thinks, how do I communicate this professionally so they can make an informed decision?
• 12:28
  SPEAKER_00: Huge difference in that way of thinking, right?
• 12:30
  SPEAKER_00: Wouldn't you agree?
• 12:32
  SPEAKER_00: Don't wait until the listing expires to become honest with them.
• 12:37
  SPEAKER_00: This is one of the craziest things in our business.
• 12:41
  SPEAKER_00: An agent takes a listing, they know it's overpriced.
• 12:45
  SPEAKER_00: 30 days go by, nothing.
• 12:48
  SPEAKER_00: 60 days go by, nothing.
• 12:51
  SPEAKER_00: Nothing.
• 12:52
  SPEAKER_00: And then 90 days go by.
• 12:53
  SPEAKER_00: What happens then?
• 12:54
  SPEAKER_00: Nothing.
• 12:55
  SPEAKER_00: Everything just kind of sits on the market.
• 12:57
  SPEAKER_00: Then the listing is about to expire, and then suddenly the agent finds the courage to say, you know, I really think we need to reduce the price.
• 13:06
  SPEAKER_00: Guys, you don't need 90 days.
• 13:08
  SPEAKER_00: I talk to my sellers every 14 days about price improvements.
• 13:14
  SPEAKER_00: Every 14 days.
• 13:16
  SPEAKER_00: And that is teed up after seven days.
• 13:19
  SPEAKER_00: I tell them at the presentation, we are going to know whether the price is fair for the market and what the buyers are willing to accept within seven to ten days.
• 13:28
  SPEAKER_00: If I do that at the presentation, what do they think is going to happen in seven to ten days?
• 13:32
  SPEAKER_00: A price adjustment.
• 13:34
  SPEAKER_00: You know, I really think that we need to reduce the price.
• 13:36
  SPEAKER_00: This is the conversation that they're having.
• 13:39
  SPEAKER_00: Well, where were you 60 days ago?
• 13:41
  SPEAKER_00: The seller hired you for a professional guidance, not a professional silence.
• 13:46
  SPEAKER_00: Don't wait until the relationship is damaged, and don't wait until the listing becomes stale.
• 13:52
  SPEAKER_00: Don't even wait until the seller loses confidence in you.
• 13:56
  SPEAKER_00: Have the conversation early.
• 13:59
  SPEAKER_00: Set expectations before you need the price reduction.
• 14:03
  SPEAKER_00: Set expectations.
• 14:05
  SPEAKER_00: Mr.
• 14:05
  SPEAKER_00: and Mrs.
• 14:05
  SPEAKER_00: Seller, when we list the home tonight at$500,000 or$800,000, we're going to know whether that price is the right price based on how the buyers respond.
• 14:16
  SPEAKER_00: Let me explain to you.
• 14:17
  SPEAKER_00: And you go into an explanation.
• 14:20
  SPEAKER_00: Typically, what we find is most of the buyers will come see the home early.
• 14:24
  SPEAKER_00: And those buyers are then giving us their feedback based on their responses, they're making offers or not making offers.
• 14:31
  SPEAKER_00: It's our job then to convey that information to you.
• 14:36
  SPEAKER_00: We should know within seven to ten days if this price that you've set this home on this home is going to be a price that the buyers are willing to accept.
• 14:45
  SPEAKER_00: If not, then I will call you each and every day for the next 14 days, and we will align this together to make sure that we get the right price, the right condition of the home, and that we can get your home sold within the next 30 days or less for the most money possible.
• 14:59
  SPEAKER_00: See, great listing agents prepare the seller for these conversations.
• 15:03
  SPEAKER_00: It's not tough to have.
• 15:05
  SPEAKER_00: Before the property even hits the market, the seller understands what the expectation, and there's even more than that.
• 15:10
  SPEAKER_00: There's 14 days, there's 21 days, there's all sorts of things.
• 15:13
  SPEAKER_00: If you just do it right, you can help the sellers move quicker and for more money in the end.
• 15:20
  SPEAKER_00: See, during the listing presentation, you might say, Mr.
• 15:22
  SPEAKER_00: and Mrs.
• 15:23
  SPEAKER_00: Seller, I'm going to communicate with you throughout this entire process.
• 15:27
  SPEAKER_00: And I want you to know up front that some of these conversations may not always be comfortable.
• 15:33
  SPEAKER_00: It's okay to say that.
• 15:35
  SPEAKER_00: My job is to tell you the truth, right?
• 15:37
  SPEAKER_00: If buyers are telling us something that we don't want to hear, I'm going to tell you.
• 15:42
  SPEAKER_00: If the market changes, I'm going to tell you.
• 15:45
  SPEAKER_00: If I believe that we need an adjustment in price, I'm just going to go ahead and tell you, is that the kind of agent that you want representing you?
• 15:53
  SPEAKER_00: They're always going to tell you yes, or most of the time they will.
• 15:55
  SPEAKER_00: Most sellers are going to say, yes, I like that.
• 15:58
  SPEAKER_00: Now you've created permission to lead them.
• 16:01
  SPEAKER_00: See you're asking permission.
• 16:03
  SPEAKER_00: Is it okay if I inform you of all the things that are going on on the market so you can make an educated decision?
• 16:09
  SPEAKER_00: That's completely different from suddenly calling four weeks later and surprising them with a nice price adjustment conversation and they haven't heard from you for four weeks.
• 16:20
  SPEAKER_00: The CMA is a starting point.
• 16:23
  SPEAKER_00: It is not a guarantee by any means.
• 16:26
  SPEAKER_00: Remember what a CMA really is.
• 16:28
  SPEAKER_00: It's our professional evaluation based on information available at that particular moment.
• 16:34
  SPEAKER_00: Guys and gals, let me say this to you.
• 16:37
  SPEAKER_00: Your CMA is old.
• 16:39
  SPEAKER_00: The home was already sold.
• 16:40
  SPEAKER_00: 30 days, 60 days, 90 days, 180 days, 365 days ago.
• 16:46
  SPEAKER_00: It is old material.
• 16:47
  SPEAKER_00: The market is adjusting one way or the other pretty dramatically every 30, 60 days minimum.
• 16:53
  SPEAKER_00: And so you're looking at all of that going, okay, well, I've got I got some adjustments.
• 16:56
  SPEAKER_00: What's the one thing that matters?
• 16:58
  SPEAKER_00: What matters is what the buyers are saying right now.
• 17:01
  SPEAKER_00: They're the current people of evaluating these homes.
• 17:04
  SPEAKER_00: They're the only ones that matter.
• 17:06
  SPEAKER_00: They're the ones that have the money, not us.
• 17:08
  SPEAKER_00: We're just representing our job is to represent the seller and have conversations with them to get their home sold.
• 17:16
  SPEAKER_00: Let me say this to you again.
• 17:17
  SPEAKER_00: Let's let's picture this together.
• 17:19
  SPEAKER_00: You're being hired to go in, and you and the seller come up with a price that makes most sense to get the home sold.
• 17:29
  SPEAKER_00: And then our job, I think, as great listing agents, is to communicate with that seller all the way through the process, every day if you have to, letting them know what it takes to get the home sold.
• 17:40
  SPEAKER_00: You know what bothers me the most is you see these houses on the market for 60 days, 70, 80, 90 days, it's a lack of communication or understanding what's going on in the market.
• 17:50
  SPEAKER_00: See, the marketplace ultimately gives us the answer we're looking for.
• 17:54
  SPEAKER_00: When you have low showings and not positive feedback, they're telling you the problem.
• 17:59
  SPEAKER_00: So if you know the problem, you just don't want to create an issue.
• 18:02
  SPEAKER_00: So you avoid conflict, so you don't call them.
• 18:05
  SPEAKER_00: We can study all the sold properties.
• 18:07
  SPEAKER_00: We can study all the active competition that we want to.
• 18:10
  SPEAKER_00: And we can look at square footage prices and condition and location.
• 18:14
  SPEAKER_00: We could do all those things.
• 18:15
  SPEAKER_00: We can look at all the updates that the house has.
• 18:18
  SPEAKER_00: We can look how many days they've been on the market, we can look at the absorption rates, and all of that matters.
• 18:23
  SPEAKER_00: But once we put the home on the market, something very powerful happens at that point.
• 18:28
  SPEAKER_00: Real buyers begin voting.
• 18:31
  SPEAKER_00: They vote with showings and they vote with their second showings and they vote with their offers.
• 18:37
  SPEAKER_00: And sometimes they vote by doing absolutely nothing at all.
• 18:40
  SPEAKER_00: They're, you know, though I love those sellers who go, well, they didn't say it was overpriced.
• 18:43
  SPEAKER_00: No, they did.
• 18:45
  SPEAKER_00: Guys, let me say this to you.
• 18:47
  SPEAKER_00: You guys know what I'm talking about.
• 18:49
  SPEAKER_00: A buyer goes into a home, you call for feedback, or you get feedback, and it says, we just started our looking around.
• 18:56
  SPEAKER_00: This was our first day.
• 18:57
  SPEAKER_00: This was our first week.
• 18:57
  SPEAKER_00: This is our first three days.
• 18:59
  SPEAKER_00: Do you understand what they're saying?
• 19:02
  SPEAKER_00: They don't like your house or they would make you an offer.
• 19:04
  SPEAKER_00: So when we sit there and go, hey, Mr.
• 19:06
  SPEAKER_00: Seller, my client, I just want to let you know they they came in the house, they just started their looking, they just were out today.
• 19:12
  SPEAKER_00: Um they were out yesterday, they just came in from out of town.
• 19:15
  SPEAKER_00: Um they just haven't made any decisions yet.
• 19:18
  SPEAKER_00: What they're saying is they haven't found the right house.
• 19:20
  SPEAKER_00: But what happens is we want to be passive and we don't want to really read into what the truth is.
• 19:25
  SPEAKER_00: And sometimes they vote by just absolutely doing nothing at all.
• 19:28
  SPEAKER_00: They're telling you they don't like the house and they're not giving you positive feedback or negative feedback, they're just not saying anything at all.
• 19:34
  SPEAKER_00: No activity is still feedback.
• 19:36
  SPEAKER_00: You're not getting any showings, it's feedback.
• 19:39
  SPEAKER_00: Your value is in the conversation that you have with these particular sellers.
• 19:43
  SPEAKER_00: So here's what I want all the agents to understand.
• 19:47
  SPEAKER_00: If you believe your primary value is putting together a beautiful CMA, you're thinking way too small.
• 19:54
  SPEAKER_00: Your value is in your judgment, your value is in your experience, your value is in your ability to recognize what is happening in the marketplace.
• 20:04
  SPEAKER_00: Your value is in your willingness to communicate with your sellers, and your value is in your courage to have the conversation with the seller.
• 20:14
  SPEAKER_00: May not want, but you need to have.
• 20:17
  SPEAKER_00: You may not want to have it, but it's something that you probably have to have.
• 20:21
  SPEAKER_00: And anybody can tell a seller what they want to hear.
• 20:25
  SPEAKER_00: Anyone can do that.
• 20:26
  SPEAKER_00: Sure, we can try that price if you like.
• 20:29
  SPEAKER_00: Let's give it another couple of weeks and just see what happens.
• 20:33
  SPEAKER_00: Hey, maybe the right buyer just hasn't come along.
• 20:36
  SPEAKER_00: I love that one, by the way.
• 20:37
  SPEAKER_00: I've heard that out so many years for so many years.
• 20:39
  SPEAKER_00: Hey, the buyer, right buyer hasn't coming along.
• 20:40
  SPEAKER_00: Yeah, well, maybe the right buyer has.
• 20:42
  SPEAKER_00: You just had the wrong price.
• 20:43
  SPEAKER_00: Probably had the right house, probably had the right buyer, you just had the wrong price on your property.
• 20:47
  SPEAKER_00: They didn't like it for that price.
• 20:49
  SPEAKER_00: See, this is all the easy stuff.
• 20:50
  SPEAKER_00: Professional leadership sounds different.
• 20:53
  SPEAKER_00: We've tested the market, the market responded, and now we have a decision to make.
• 20:58
  SPEAKER_00: What's wrong with that?
• 20:59
  SPEAKER_00: Mr.
• 21:00
  SPEAKER_00: and Mrs.
• 21:00
  SPEAKER_00: Seller, we've been on the market for two weeks.
• 21:03
  SPEAKER_00: We've tested the market the price.
• 21:05
  SPEAKER_00: The buyers have responded, and now we have a decision we have to make.
• 21:08
  SPEAKER_00: That's the conversation.
• 21:10
  SPEAKER_00: How hard is that?
• 21:11
  SPEAKER_00: Right?
• 21:11
  SPEAKER_00: How hard is that to be honest and go, Mr.
• 21:14
  SPEAKER_00: and Mrs.
• 21:14
  SPEAKER_00: Seller?
• 21:15
  SPEAKER_00: We've had five showings, three of them were pretty negative, two of them didn't have a response.
• 21:19
  SPEAKER_00: And I'm thinking what they're saying to us is we need to make in a price improvement in order to make it more attractive for the buyers.
• 21:24
  SPEAKER_00: Then you got to learn to handle the objections when they start spitting out reasons why they don't want to make price adjustments.
• 21:30
  SPEAKER_00: Of course they're gonna fight back because they don't trust you.
• 21:33
  SPEAKER_00: If they trusted you, they wouldn't fight back.
• 21:36
  SPEAKER_00: I'm not saying they don't fight back on me, but I'm very well skilled in how to convert them into making an educated decision.
• 21:43
  SPEAKER_00: When you change the way you look at a situation, the situation you look at changes.
• 21:47
  SPEAKER_00: And so just be really skillful with your objection handling skills.
• 21:51
  SPEAKER_00: So I'm gonna close with this.
• 21:53
  SPEAKER_00: So the next time that you walk into a listing appointment, remember this your CMA is not your listing presentation, it's a piece of that listing presentation.
• 22:04
  SPEAKER_00: Your real estate listing presentation is your ability to lead the seller from the day they sign the listing agreement all the way to the closing table.
• 22:15
  SPEAKER_00: And that requires knowledge, and that requires high levels of communication, and that requires a level of discipline on your part.
• 22:23
  SPEAKER_00: And sometimes it requires some courage.
• 22:25
  SPEAKER_00: Stop trying so hard to be liked by your seller that you're afraid to lead your seller, you're too busy wanting to be liked.
• 22:34
  SPEAKER_00: And I just learned this at a Mike Ferry retreat recently, and I didn't probably learn it, I've always known it, but they said it, and I just reiterated and thought, kind of put cemented in some of my beliefs.
• 22:46
  SPEAKER_00: And that you're not really trying to be liked.
• 22:48
  SPEAKER_00: You just want to be respected because agents that get respected get the job done.
• 22:54
  SPEAKER_00: Ones that go after being liked typically expire their listings, spend a lot of time and never get paid.
• 23:00
  SPEAKER_00: Stay in high levels of communication with your people.
• 23:03
  SPEAKER_00: Study the market, not just once, but keep studying it every day, every week.
• 23:08
  SPEAKER_00: Keep looking at what's going on.
• 23:09
  SPEAKER_00: Always tell the seller the truth.
• 23:12
  SPEAKER_00: Have healthy confronting conversations.
• 23:14
  SPEAKER_00: Healthy.
• 23:15
  SPEAKER_00: It doesn't have to be negative.
• 23:17
  SPEAKER_00: Be patient, be empathetic, be understanding, but also be assertive, also be educational.
• 23:23
  SPEAKER_00: Because at the end of the day, your seller didn't hire you just to put their house on the market.
• 23:30
  SPEAKER_00: They hired you to get it sold.
• 23:32
  SPEAKER_00: They hired you to sell the property.
• 23:34
  SPEAKER_00: And if you always remember this, they hired you to sell it.
• 23:38
  SPEAKER_00: What happens from day one to the last day is completely up to you and your level of ability to get it sold.
• 23:45
  SPEAKER_00: But I will say this to you don't buy into the fact that the market is soft.
• 23:49
  SPEAKER_00: Yes, it is going to require a different level of skill, but each and every one of you can sell each and every house within a 30-day period of time.
• 23:59
  SPEAKER_00: If you put in a high level of communication to your seller, you expect to have some objections, you expect sometimes for them to be frustrated, you work with empathy and understanding, you work with practicing your objection handling skills, and you watch how this whole listing world will turn around.
• 24:16
  SPEAKER_00: Guys, I want to say thank you for listening today.
• 24:20
  SPEAKER_00: Some of these topics are hard.
• 24:21
  SPEAKER_00: Some of them are, you know, they're tough to listen to.
• 24:24
  SPEAKER_00: But I do this all from the best meaning of my heart.
• 24:29
  SPEAKER_00: And that I know that I know that I know that most of us approach this as not wanting to be confrontational to our seller.
• 24:38
  SPEAKER_00: And what I'm saying to you is good luck.
• 24:41
  SPEAKER_00: Because unless you telling them the truth, which is going to create some sort of high anxiety at times from a seller, getting paid and helping them move is pretty tough.
• 24:50
  SPEAKER_00: It's fun to think about it this way.
• 24:52
  SPEAKER_00: You're in the way of your level of success based on the fears you developed because you don't want these responses from your seller.
• 24:59
  SPEAKER_00: You got to get over that.
• 25:01
  SPEAKER_00: You'll help a lot more people and you make a lot more money.
• 25:03
  SPEAKER_00: Hope everybody has a great day.
• 25:05
  SPEAKER_00: Thank you.