Perfecting Your Listing Presentation Fast Track Facilitator Notes Session 8: Practice Makes Perfect Perfecting Your Listing Presentation

Let’s Get Started Today’s Agenda Success Stories Fast Track Facilitator Notes Session 8: Practice Makes Perfect Let’s Get Started Success Stories Sales Activity Updates/Questions Success Board Call Session Results Announcements/Updates Today’s Agenda

Our Objectives for Today Fast Track Facilitator Notes Session 8: Practice Makes Perfect Our Objectives for Today Discuss the purpose and benefits of the Enhanced PTA. Learn how to apply the 4 elements that measure pricing trends Review dialogue to use when presenting the PTA to sellers. Reinforce flow and content of the listing presentation with a live demonstration. Practice presenting the listing presentation with peers. Provide and receive feedback from peers.

Enhanced Price Trend Analysis Fast Track Facilitator Notes Session 8: Practice Makes Perfect Enhanced Price Trend Analysis (PTA)

Why use the Price Trend Analysis? Fast Track Facilitator Notes Session 8: Practice Makes Perfect Why use the Price Trend Analysis? Clearly summarizes what’s happening in the local market – including a forecast of where the market is going. OLR sheets of actives, pendings, solds, etc. are back-up material, rather than the focus of the conversation.

Why is it important to differentiate yourself? Fast Track Facilitator Notes Session 8: Practice Makes Perfect Differentiating yourself allows you to: Demonstrate your value Prevent or defuse objections to price Reinforce you are worth the full commission

Factor the Market Trend into Pricing Seeking the True Market Value Statistics, Trends & Forecasts

True Market Value True market value = the price paid by a ready, willing and able buyer not forced to buy, to a ready, willing and able seller not forced to sell, in an arms length transaction, after sufficient exposure to the market.

Elements of the Real Estate Trend Absorption Rate Variation (Appreciation/Depreciation) Sales Price to Listing Price Ratio “Temperature” of the Market Notes: Applying trends and strategies

1. Absorption Rate SUPPLY DEMAND TOTAL ACTIVES ABSORPTION RATE = UNDER CONTRACT PAST 30 DAYS Note: Determining Supply and Demand as it is expressed as an Absorption Rate DEMAND 10

2. Market Appreciation/Depreciation High Supply/Low Demand Low Supply/High Demand Normal Market Absorption in Months 1 2 3 4 5 6 7 8 9 10 11 12 Normal Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values. As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. Note: This Market Scale is valid only for absorption rates between 1 and 12 months. Note: Correlation between absorption rate and price variation (appreciation/depreciation) – not reflected in the existing PTA Calculator. The enhance PTA Calculator has a built in formula that takes in account what the absorption rates are and it is reflected in the suggested price range. Give as HANDOUT. 11

The Caveat Note: Because absorption rates vary throughout the year, look at average absorption rates or trends over the last six months. 12

3. Sold Price/List Price Ratio Sale Price/List Price = SP%LP Ratio Appears in most OLR Listings Used to determine estimated Sale Price of UC Listings

4. “Temperature” of the Market What would give you more of an indication of the “temperature” of the market . . . . ? When a listing Closed? OR When a listing went Under Contract?

Present the Big Picture to Detail From the Buyer’s Perspective… Who is your competition? Local Market Statistics Absorption Rate Days on Market Competitive Comparables

Discussion: Q & A starts here!

Fast Track Facilitator Notes Session 8: Practice Makes Perfect Selecting Comps Selecting comps for use in the preparation of a PTA requires knowledge, experience and practice Develop your knowledge and experience by: Becoming a Neighborhood Specialist Staying on top of your market inventory Making an effort to see the properties in your market area

Selecting Comps, continued Fast Track Facilitator Notes Session 8: Practice Makes Perfect Selecting Comps, continued Facts to consider when determining comparable properties: Location Size (SQ/FT) Number of beds Number of baths Outdoor Space Amenities Monthly’s Changed factors

Selecting Comps, continued Fast Track Facilitator Notes Session 8: Practice Makes Perfect Selecting Comps, continued Other considerations: Age and Condition Improvements Desirability Common Areas “Walkability” Changed

The PTA and Prospective Sellers Fast Track Facilitator Notes Session 8: Practice Makes Perfect The PTA and Prospective Sellers The PTA clearly illustrates the market trend. It helps the seller price the home correctly. The PTA reinforces your Weichert selling strategy.

Pricing Discussion Share the big picture Fast Track Facilitator Notes Session 8: Practice Makes Perfect Pricing Discussion Share the big picture Review the boxes across the Price Trend Analysis Drill down on the facts Ask the seller for a price range for their property Agree on price and close for the listing

Price to the Future Waiting doesn’t work in seller’s favor. Overpricing doesn’t work in seller’s favor. Price today for the price of tomorrow. Be the more attractive price on the market. Induce competing offers. Good properties, attractively priced still sell over the asking price. Sell within 30 days for more than you could expect in 120 days. Save 3 to 4 month of mortgage payments. PRICE TO MEET THE MARKET INSTEAD OF CHASING THE MARKET!

Sample Dialogue: Sharing the PTA with Prospective Sellers Fast Track Facilitator Notes Session 8: Practice Makes Perfect “I’d like to talk to you now about our approach for pricing properties. We not only look at comparable residences in the local marketplace, we research trends from 12 months ago, 6 months ago, 3 months ago and what’s under contract.” OR “Before we look at the boxes across the page, let me direct you to, what I consider, is the executive summary of what’s happening in this market, the Current Inventory Analysis Snapshot.”

Weichert Listing Presentation Fast Track Facilitator Notes Session 8: Practice Makes Perfect Weichert Listing Presentation

Share the Weichert Value Story Fast Track Facilitator Notes Session 8: Practice Makes Perfect Share the Weichert Value Story Sellers Think: Are you competent? Can you represent me? Can you bring me buyers? Will you work hard for me? You’re using the Weichert Listing Presentation to: Demonstrate value Show you have a plan Express your commitment Gain their confidence

The Weichert Difference . . . Six Distinct Advantages Fast Track Facilitator Notes Session 8: Practice Makes Perfect The Weichert Difference . . . Six Distinct Advantages Six? I’m still not sure what you want to do here

The Listing Presentation Fast Track Facilitator Notes Session 8: Practice Makes Perfect The Listing Presentation Continue to build the relationship Open and preparation Uncover needs and engage the client Provide value and service Close changed Distribute and review the Weichert Listing Presentation Checklist

Listing Presentation Demonstration Fast Track Facilitator Notes Session 8: Practice Makes Perfect Listing Presentation Demonstration Facilitators will demonstrate Class will act as Observers Use the Weichert Listing Presentation Checklist/Feedback form On the front - Take notes on what worked well and what needs to be improved for next time. On the back - Mark off behaviors.

Demonstration Debrief Fast Track Facilitator Notes Session 8: Practice Makes Perfect Demonstration Debrief What worked well? What would you do differently? What specific behaviors did you see? What questions do you have before you begin to practice it?

Associate Manual – No page associated with this slide Fast Track Facilitator Notes Session 8: Practice Makes Perfect Associate Manual – No page associated with this slide ASK: What does this quote mean to you? ELICIT responses. TIE IN responses to “practice makes perfect” and that’s why we are devoting time in class to practice the listing presentation. By nature men are nearly alike; by practice, they get to be wide apart. Confucius

Weichert Listing Presentation Practice Fast Track Facilitator Notes Session 8: Practice Makes Perfect Weichert Listing Presentation Practice Each person will get a chance to present a portion of the Weichert Listing Presentation. Each person will get a chance to provide and receive feedback from peers. Changed CLICK to reveal and review each point to transition into the skills practice instructions.

Weichert Listing Presentation Practice Fast Track Facilitator Notes Session 8: Practice Makes Perfect Weichert Listing Presentation Practice Split into groups of three Assign a number (1, 2 or 3) to each person in the group Distribute Weichert Listing Presentation portfolios and blank Checklist/Feedback forms Each will have a turn to role-play the part of the Sales Associate, Seller, and Observer Each will have an opportunity to present at least half of the listing presentation Observer should take specific notes on the Weichert Listing Presentation Practice Feedback Form

You have 15 minutes per Round Skill Practice Rounds Fast Track Facilitator Notes Session 8: Practice Makes Perfect Assigned Number Round 1 Round 2 Round 3 #1 Sales Associate Seller Observer #2 #3 You have 15 minutes per Round

Skills Practice Feedback Session Fast Track Facilitator Notes Session 8: Practice Makes Perfect Skills Practice Feedback Session Observer conducts a feedback discussion: Have the Sales Associate state… What they did well What they would change next time Have the Seller give feedback next What they think the Sales Associate did well What they would recommend they change next time Observer gives feedback based on their notes from the feedback form Be very specific Observer gives the feedback form to the sales associate You have 5 minutes

Skills Practice Debrief Fast Track Facilitator Notes Session 8: Practice Makes Perfect Skills Practice Debrief What worked well? What aspect of the presentation was easiest? What aspect of the presentation was most difficult? What would you focus on for next time? How are you feeling about being able to do the listing presentation?

Listing Presentation Coaching Appointment Fast Track Facilitator Notes Session 8: Practice Makes Perfect Confirm your scheduled appointment. Continue practicing your pages. Dress for success. Be on time. Be enthusiastic and positive. Deliver the presentation and receive feedback. RELAX and enjoy the learning experience!

Taking Care of Business Have a Productive and Successful Day! Fast Track Facilitator Notes Session 8: Practice Makes Perfect Taking Care of Business Weichert University Related online courses Weichert Listing Presentation: Dialogue & Tips Weichert Listing Presentation: Effective Closing Techniques Effective Presentations: How They Can Make or Break Your Transaction Overcoming Common Seller Objections WeichertOne Sales Associate Resources Today’s Work Assignments Have a Productive and Successful Day!

Today’s Call Session

If no appointment today, offer to stay in touch using these tips Review pages 35-39 of the Associate Calling & Follow Up Guide

Team Captains, please roll up the numbers! Fast Track Facilitator Notes Session 2: Getting Started Team Captains, please roll up the numbers! Team Name # Calls # Contacts # Leads # Appointments Prize! The Sales Associate with the most appointments secured wins a prize! Weichert University October 2007 40