REAL ESTATE LISTING SUCCESS
Trying to get a real estate listing? We have all been affected in one form or another during the real estate collapse and economic downturn over the last several years. Real Estate professionals have been hit exceptionally hard. This makes it extremely important to maximize your time and resources before and during the real estate listing process.
When taking on a Real Estate Listing it is vital to become intimately familiar with the real estate that you’ll be listing, and bringing to the market, but prior to doing so it is as important to gage your client’s motivations. Many Real Estate professionals eager to capitalize on the potential to acquire a listing forget that your time and energy is a valuable commodity, and engaging in a listing with an unmotivated client can not only be time consuming, but costly. That is why successful real estate agents always engage in a process called “Qualifying The Seller” This process of Qualifying is done through probing with open-ended questions. By determining the seller’s motivation, you’ll be able to gage whether the time and resources it will take to properly list and market the individual’s property will lead to a successful sale.
Qualifying The Seller To Get A Real Estate Listing
Qualifying The Seller is not a difficult, but it is an extremely important component that sometimes gets overlooked. There are several questions you can ask a potential client in order to qualify them, and certain probing question should be at the top of your list, such as;
- Why Have You Decided To Sell?
- Do You Have To Sell
- Have Your Previously Listed Your Property With Another Agent?
- Are You Familiar With The Current Market Conditions In Your Area?
- When Was The Last Time You Had An Opinion Of Value?
- What Are You Planning On Doing With The Proceeds After The Sale Of Your Property?
When Qualifying The Seller with some of the probing questions mentioned above one can expect to hear a myriad of answers over the course of an initial meeting, and it’s your responsibility as a real estate professional to determine the client needs, and motivations based on those answers. These simple initial probing questions contain a wealth of information as to the client’s motivations and desire to list, market, and sell their property. While Qualifying The Buyer, remember to repeat the client’s answer with a question.
Agent: Have you previously listed your property with another agent?
Client: We listed it with John Smith last year, but he wasn’t able to sell it.
Agent Response: So you listed your property last year with John Smith?
Repeating the clients answer in the form of a question is technique used to further Qualify The Buyer, and gage their motivations, and will act as a foundation for further probing. Using the example above the above agent has repeated the clients answer in the form of a question to further understand why the previous agent was unable to sell the property.
- Was the property listed at a price point above that of the market?
- Did you receive any offers?
- How long was the property on the market?
- Considering the property did not sell last year, what are you prepared to do to insure a successful sale?
By asking the first initial probing questions of “Have you previously listed your property with another agent” and following up with the secondary probing question, an agent should be able to gather enough information to determine the clients motivation, but remember the more probing questions you ask, the better off you’ll be in making a determination on if you are willing to exert your time, energy, and resources on the responsibility of listing and marketing of the client’s real estate. Real Estate Professional’s only earn fees for closed escrows.
Real Estate Listing: The Property
Once you’ve “Qualified The Seller” and feel comfortable moving forward, committing time, and resources towards a potential Real Estate Listing, it’s time to familiarize yourself with the property. All successful agents know that even in this age of technology it’s impossible to succeed in real estate without putting in some good old fashioned leg work.
Learning The Property always entails a site visit, during which the agent will walk the property, photographing both the positives, and negatives, and overall familiarizing themselves with the particular asset. This is crucial for the Real Estate Agent to better understand the property they plan on listing and marketing. During the course of the site visit the agent must look at all aspect of the property such as;
- Square Footages
- Quality of Construction
- Lot Size
By having firsthand knowledge of the property the agent will be able to better service the client during the listing, and marketing of the property and further secure the potential of a closed escrow.
Learn The Market
Once familiarized with the Real Estate that they plan on listing, it important to understand the current market condition in which the property sits. Running sales comparables is crucial in the process of determining value. By doing so, the agent will be able to present a possible listing price that is consistent with the current market. In addition its important to know what other properties you’ll be competing with in the open market. If a particular area is saturated with inventory the potential that your listing will garnish attention is greatly decreased, and this will have to be discussed in the marketing strategy with the seller.
Once you’ve Qualified The Seller, Learned The Property and Market, an agent will be responsible for analyzing the data and placing it in a Listing Proposal that can easily be understood by the potential client, in preparation for the Real Estate Listing Appointment. The Qualifying of the seller, familiarizing yourself with the asset, and understanding the current market conditions will be invaluable to the Real Estate Agent when it comes to negotiating how best to list, and market the property.
Listing The Property:
Once you’ve familiarized yourself with the property, and determined the seller’s motivation through the process of “Qualifying The Seller”, you are now ready to move forward to the Real Estate Listing process.
The actual Real Estate Listing process is an extremely important component and the outcome is usually an indication of the agents negotiating skills, creativity, and how the agent did in following the step mentioned above. During the Real Estate Listing process the agent will be negotiating with the seller as to the course of action in the sale of their property. This typically entails;
- Listing Price
- Discussing Marketing Strategy
- Exclusive Listing Length
During The Real Estate Listing process it’s imperative that the agent remembers that they are the professional, and call upon that expertise to guide the client in a way that will be mutually beneficial.
Each Real Estate Listing technique and level of negotiating skills will vary, but by following the blueprint outlined above will ensure that you will maximize your potential for success during the course of the Real Estate Listing appointment!