Getting listings in tough markets requires creativity, not compromise. Is it a good idea to make big promises over the phone? What about being on the same wavelength with the sellers, are they all motivated by the financial aspect of the transaction? What strategies can be used in tough markets to get people to talk with you? On this episode, Don Cunningham shares his approach to getting more listings.
FSBOs tend to be extremely overpriced. They don’t have the unbiased opinion that we realtors come to the table with. -Don Cunningham
Three Things We Learned
Don’t discuss commissions over the phone
You can’t make promises before you actually see the property. Home sellers are biased when it comes to estimating the value of their home. You might not even know if you want the listing if you don’t see the property and the neighborhood first.
Find the motivation behind the seller
Ask questions about what’s most important to the seller, waiting for the market to change and selling at the best price possible or selling right away. It’s wrong to assume that all sellers are motivated by financial gains. Some want to move as fast as possible due to a new job or simply because they want a bigger house.
Tough markets ask for creativity
Print out t-shirts that say you are realtor. Share coupons on social media that can be printed. Message friends in your social media. Tap into the law of reciprocity with a discount for a restaurant or coffee shop, and ask them if they can have lunch with you. The secret is to think outside the box, add value, and avoid going for the kill right way.
Don’t ask for the listing right away when you are contacting a homeowner. Instead, make them an offer they can’t refuse: a free service. Ask them if you can make a short video of their house and post it online. Also, add that you will do all the heavy lifting of the process (sorting out the potential buyers, promoting the video, etc.). All they need to do is say yes, and if you can’t find a buyer, they don’t lose a dime. This kind of initiative, even if it doesn’t end up in you finding a buyer, will impress the homeowner.
Don Cunningham is the founder of Fidelity Coaching Inc. He is a real estate expert and a business development consultant who helps realtors, lenders, sales executives, and small business owners fulfil their dreams through classes, one-on-one coaching, group coaching, and more.
You can reach out to Don at 619-405-9698.