© 2011 Cengage Learning

Servicing the Listing Chapter 10 © 2011 Cengage Learning

RATIONALE FOR CHAPTER This chapter stresses the importance of constant, honest communication with the sellers. You will learn what information to convey, and when and how to convey it.

© 2011 Cengage Learning RATIONALE FOR CHAPTER This chapter also shows how all of the activities necessary to service a listing can be incorporated into an agent’s marketing plan.

© 2011 Cengage Learning Focus of Presentation This chapter analyzes a marketing plan in detail. The importance of “staging” a property is discussed in detail. How to conduct a thorough agent- property inspection for the transfer disclosure statement is discussed.

© 2011 Cengage Learning Focus of Presentation Several types of marketing and advertising are discussed, including effective use of the Internet. A section on good communication is presented.

© 2011 Cengage Learning Focus of Presentation Preparing the sellers for an offer and presenting offers to the sellers is discussed in detail, along with how to handle single and multiple counter offers. Describe the advantages of creating an escrow timeline for the parties.

© 2011 Cengage Learning CHAPTER TEN OUTLINE 10.1 YOUR MARKETING PLAN 10.2 GOOD COMMUNICATION 10.3 MODIFYING OR EXTENDING THE LISTING CONTRACT

© 2011 Cengage Learning CHAPTER TEN OUTLINE 10.4 PRESENTING OFFERS TO YOUR SELLERS 10.5 HANDLING SINGLE OR MULTIPLE COUNTER OFFERS 10.6 RELEASE OF CONTRACT

© 2011 Cengage Learning YOUR MARKETING PLAN Discuss the sample marketing plan in the textbook (Figure 10.1). The C.A.R. Residential Listing Agreement gives the broker the right to cancel within five days of execution if the broker does not agree with its terms.

© 2011 Cengage Learning YOUR MARKETING PLAN What should take place with the sellers at the next follow up meeting? Importance of conducting a verbal investigation with the sellers and a thorough “red flag” walk-through investigation of the property’s condition for the transfer disclosure statement.

© 2011 Cengage Learning YOUR MARKETING PLAN Types of passive advertising, such as for sale signs, talking signs, etc. Informational brochures. MLS and how commissions are split when a co-op broker represents the buyer.

© 2011 Cengage Learning YOUR MARKETING PLAN The Internet and how it can be made more effective. The effectiveness of, and use of open houses, virtual tours and MLS tours or caravans, Just Listed postcards and the agents database as advertising and marketing vehicles.

© 2011 Cengage Learning MARKETING MARKETING Explain virtual tours, & social networking. Online lookup sites on facebook.com, twitter.com and others.

© 2011 Cengage Learning GOOD COMMUNICATION Good communication with the sellers can create an atmosphere of trust. Two different phases of an agent’s relationship with the sellers marketing period escrow period What type of communication must take place to keep things running smoothly?

© 2011 Cengage Learning GOOD COMMUNICATION Discuss the benefit of using a weekly activity report to detail in writing all activities that have taken place on the sellers’ behalf. Comment on the benefit of the broker sending the sellers a letter thanking them for listing with his or her firm or office.

© 2011 Cengage Learning GOOD COMMUNICATION Preparing the sellers for the distracting issue of being in “showing mode” at all times and how flexibility is a must. Importance of explaining the company’s advertising policy up front, instead of after the sellers are already angry about a perceived lack of advertising.

© 2011 Cengage Learning GOOD COMMUNICATION Proper pricing strategy how it opens the door to price adjustments at a later date, if necessary. Why it is not wise to use the word “price reduction”? Changing market conditions on marketing and pricing strategy.

© 2011 Cengage Learning MODIFYING OR EXTENDING THE LISTING CONTRACT Who owns the listing contract? What to do about an agent’s listings when he/she is severed from the listing by the broker or leaves voluntarily.

© 2011 Cengage Learning MODIFYING OR EXTENDING THE LISTING CONTRACT Discuss the timing of meeting with the sellers to extend a listing. With the Modification of Terms form (figure 10.3) in hand, briefly go over the various paragraphs of the form.

© 2011 Cengage Learning PRESENTING OFFERS TO YOUR SELLERS Properly notify your sellers of the existence of an offer and how to set up a meeting to review it. What should an agent do when he or she is notified of the existence of multiple offers?

© 2011 Cengage Learning PRESENTING OFFERS TO YOUR SELLERS Handle writing and presenting an offer on your own listing. Handle requests from the seller for commission adjustments.

© 2011 Cengage Learning PRESENTING OFFERS TO YOUR SELLERS Presenting co-op offers with agents of various skill levels. Presenting multiple offers and how to be as fair as possible to everyone while complying with your fiduciary relationship with your sellers.

© 2011 Cengage Learning HANDLING SINGLE OR MULTIPLE COUNTER OFFERS Review the contents of the Counter Offer form and be prepared to discuss it. Handle writing and presenting single and multiple counter offers. Importance of excellent communication with the agents and the sellers when dealing with multiple counter offers (The Golden Rule).

© 2011 Cengage Learning HANDLING SINGLE OR MULTIPLE COUNTER OFFERS Importance of prioritizing offers from best to worst when dealing with multiple offers. Go over the checklist of do’s and don’ts in the textbook, page 295. How do you release a buyer who does not meet a contingency?

© 2011 Cengage Learning CREATING THE ESCROW TIMELINE Discuss the benefits of setting up an escrow timeline and delivering a copy to each participant to the escrow.