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Real estate agents take on many challenges, and one is converting home sellers into clients. There are various ways to do this, starting with a powerful real estate listing presentation to demonstrate properties and showing sellers how you can market their homes. However, listings don’t create themselves; agents must work their way into building them, proving that hiring them is the best decision the home seller can make.
Real Geeks masterminds Abe and Greg share how some agents miss listing opportunities because of how they have conversations with home sellers. Many immediately focus on the pricing, which skips much more necessary conversations that help build listing presentations. As a real estate agent, it’s crucial to follow your MAP to more listings:
The M in your MAP to more listings is all about determining the home seller’s real “motivation” for selling. When a home seller calls to tell you about their home, build a good rapport by having a conversation that lets them know you’re interested in their situation. You can ask, “What has got you thinking of selling?” and other questions that help you better understand their motivations.
Real estate agents must ensure they have a conversation, not an interrogation. The tonality of how you ask the question matters, as well as what happens between the questions you ask. Remember, the more information you collect, the more you can help home sellers make good, stable decisions.
Once you understand the home seller’s motivation, the next step in your MAP to more listings is “ability.” This stage answers the question, “Can this house be sold?” It’s easy to miss information that plays into a potential seller’s ability, and it’s your job to identify what could prevent a successful sale.
You’ll want to know if the home seller is going through a divorce, which could mean you’ll need to get in touch with other parties. Find out mortgage information, liens, foreclosure, and further details that could present problems. This stage determines whether or not the listing can happen. You can avoid smokescreen objections from sellers by establishing their ability to list with you.
Lastly, your MAP to more listings leads you to “pricing.” It’s the stage where you finally ask, “How much are you looking to get with this sale?” Some home sellers will say they rely on you to determine the best pricing strategy, but it’s crucial to know what makes sense to them financially. Ask for a ballpark price, then research market trends and comparable properties around the area.
One important thing to remember is that the home seller’s answer will not influence what you tell them; it will influence how you tell them. For example, suppose they aim to get $500,000 for their home, but the market says it’s worth $400,000. In this case, you keep the integrity in your conversation and help them understand why it’s impossible to list their home for what they are asking and why it’s more advantageous to price the property accurately.
You can go back to the home seller’s motivation when establishing the listing price. Do they want to sell fast and move on? Or do they plan to wait for a better offer? You can make an honest and powerful real estate listing presentation depending on what they want to achieve.
As a real estate agent, you are capable of turning home sellers into clients. Nurture every potential client by having the right conversations at the right time. The home seller’s motivation must always be your foundation, so take time to learn it and then find support in the ability to sell. Lastly, understand the market and educate your clients on the pros and cons of listing at their desired price. When you follow your MAP to more listings, you follow the way to more closed deals. Good luck!