Converting Sellers and Giving a Listing Presentation
Types of Seller Leads
FSBO: A "FSBO" or For Sale By Owner is someone who is trying to sell their house without an agent. A lot of the time they have been burned by agents and don't trust them. We get FSBO leads through "Mojo" which is a data collection service. You can find them because they usually have sign in the yard, and have posted on a few sites. Zillow has a search setting just for them. They need to be convinced they don't know what they're doing and that agents aren't out to scam them. You can find these in the lead pool.
Expired: Listings that are on the MLS but then don't sell are call expired listings. The seller usually wants to sell still, and is usually open to a new agent since their previous agent didn't get the job done. These leads are also from Mojo, and we send mailers to them. They usually need to be convinced that you are better than the last agent. Our marketing plan is something you should be referencing a lot, especially if the other agent had crappy pictures. You can find these in the lead pool.
SOI: These can either be really hard to convert or really easy depending on the person. Sphere of Influence leads are either people you know or their friends. They usually need help seeing you in a professional light in order to trust you. You should always be talking about real estate so they come to you to buy or sell.
Follow Up
Determine the type of seller(s) you are working with by identifying their personality traits and the motivation for seller. You want to be sure you are mirroring the language and communication style the client is displaying. Link to more on the DISC
What to Say
Link to scripts
Following up with leads is the most important part! It can take 8 to 12 touches (calls, texts, emails) before you get a response. Depending on the person, it can be more or less. If you've never gotten a response, keep the messages short and sweet with questions at the end so they feel compelled to answer. If you have touched base with them, you can start to narrow in on their preferred communication style.
Good questions to ask:
Utilize the Systems
Command is made to be easy to follow up with people. For each seller lead, create an opportunity, and add a task to that opportunity. It can be as simple as a reminder (with a due date) in a week or two to call and ask if they made a decision on if they wanted to list. You can also set up Smartplans to automatically send out emails with pre-made email templates. It can be as easy as "Hey, just checking in. Are you ready to list your property?" Consistent follow up is what wins the game.
Pre-Appointment Prep
You also want to be sure that you can meet with all the "decision makers" at the same time. If one person is going to meet you for a listing appointment, you should double check the spouse is coming too. If it's an LLC or company, be sure that the person you are meeting is actually someone legally authorized to sign paperwork. If you think they will sign, prep paperwork before the appointment.
You should have something to give them in the form of information about the team. We have those sweet folders you can give with paperwork to make you looks super official.
Other Resources
Link to customizable listing presentation
Our marketing plan
MREA Listing Materials
Monice Ming Tong's listing presentation example
Monice Ming Tong's Listing Presentation class (video)
Ben Kinney's Explanation of Listing Presentations
Ben Kinney's Leads, Listings, Leverage
Jeff Glover Listings
Pre-Listing Paperwork
Once a client is ready to sign, the agent needs to prepare paperwork. The paperwork will vary depending on the type of property (Residential, Multi-Unit, Commercial, Farm/Acreage/Land, or any combination of these). For an in depth explanation of the paperwork, see the Document Dictionary.
For a Residential Property (Single Family):
FSBO: A "FSBO" or For Sale By Owner is someone who is trying to sell their house without an agent. A lot of the time they have been burned by agents and don't trust them. We get FSBO leads through "Mojo" which is a data collection service. You can find them because they usually have sign in the yard, and have posted on a few sites. Zillow has a search setting just for them. They need to be convinced they don't know what they're doing and that agents aren't out to scam them. You can find these in the lead pool.
Expired: Listings that are on the MLS but then don't sell are call expired listings. The seller usually wants to sell still, and is usually open to a new agent since their previous agent didn't get the job done. These leads are also from Mojo, and we send mailers to them. They usually need to be convinced that you are better than the last agent. Our marketing plan is something you should be referencing a lot, especially if the other agent had crappy pictures. You can find these in the lead pool.
SOI: These can either be really hard to convert or really easy depending on the person. Sphere of Influence leads are either people you know or their friends. They usually need help seeing you in a professional light in order to trust you. You should always be talking about real estate so they come to you to buy or sell.
Follow Up
Determine the type of seller(s) you are working with by identifying their personality traits and the motivation for seller. You want to be sure you are mirroring the language and communication style the client is displaying. Link to more on the DISC
- "High D" personalities want the highlights and want to be sure you are capable. If you bore them with the market details, their eyes will glaze over. They want to know what you think they should list at, and what your experience is.
- "High I" personalities want someone pleasant and want to connect with the agent. Mention your pet if they have one as well, mention how you love their collection of stamps, and mention how you also root for Manchester United.
- "High S" personalities want someone who will consistently show up. They like stability. Consistent results and experience.
- "High C" personalities want intricate details. They want the average sales price, how many homes sold in the neighborhood, what direction the market is going, and ALL the comps.
What to Say
Link to scripts
Following up with leads is the most important part! It can take 8 to 12 touches (calls, texts, emails) before you get a response. Depending on the person, it can be more or less. If you've never gotten a response, keep the messages short and sweet with questions at the end so they feel compelled to answer. If you have touched base with them, you can start to narrow in on their preferred communication style.
Good questions to ask:
- Is there a time we could get together so I can get your house sold?
- Why are you selling?
- Do you plan on interviewing more than one agent for the job of selling your house?
- Where are you moving? (and then get a referral or help them buy)
- Do you feel like I can sell your home?
- Have you seen our Marketing Plan?
- If I sell your home in the next 30 days, would that pose a problem for you?
- Is there anything positive or negative about your house that could affect the price?
Utilize the Systems
Command is made to be easy to follow up with people. For each seller lead, create an opportunity, and add a task to that opportunity. It can be as simple as a reminder (with a due date) in a week or two to call and ask if they made a decision on if they wanted to list. You can also set up Smartplans to automatically send out emails with pre-made email templates. It can be as easy as "Hey, just checking in. Are you ready to list your property?" Consistent follow up is what wins the game.
Pre-Appointment Prep
You also want to be sure that you can meet with all the "decision makers" at the same time. If one person is going to meet you for a listing appointment, you should double check the spouse is coming too. If it's an LLC or company, be sure that the person you are meeting is actually someone legally authorized to sign paperwork. If you think they will sign, prep paperwork before the appointment.
You should have something to give them in the form of information about the team. We have those sweet folders you can give with paperwork to make you looks super official.
Other Resources
Link to customizable listing presentation
Our marketing plan
MREA Listing Materials
Monice Ming Tong's listing presentation example
Monice Ming Tong's Listing Presentation class (video)
Ben Kinney's Explanation of Listing Presentations
Ben Kinney's Leads, Listings, Leverage
Jeff Glover Listings
Pre-Listing Paperwork
Once a client is ready to sign, the agent needs to prepare paperwork. The paperwork will vary depending on the type of property (Residential, Multi-Unit, Commercial, Farm/Acreage/Land, or any combination of these). For an in depth explanation of the paperwork, see the Document Dictionary.
For a Residential Property (Single Family):
- Listing Contract (WPML Form)
- RES Input Statement (WPML Form)
- Consumer Notice (PAR Form)
- KW Disclosure (DNTeam specific)
- Lead Based Paint (PAR Form)
- Showing Status and Lockbox Input (with emails and phone numbers for ALL owners and occupants)
- Mold Disclosure (DNTeam specific)
- Estimated Costs (at listing price) (PAR Form)
- Seller's Disclosure (WPML Form)
- Home Warranty: Accept or Decline signature (HSA)
- Contact info for tenants and property manager on the Showing Status sheet (if any)
- RES and MUL inputs (WPML Form)
- Leases
- Proforma/Profit and Loss Statement of current income and expenses
- Commercial Listing Agreement (WMPL)
- COM input (WPML)
- MUL input if there is any residential units
- Any COM with RES units needs a LBP disclosure
