1. Positioning Your Listings to Sell

2. Workout Agenda Sellers’ View of the Market Your View Key Challenges
New Strategies
Rehearsal for Price Improvement Discussions
Action Plan

3. What are Sellers thinking about the market?

4. Understand the market from the Seller’s point of view.
That article wasn’t talking about MY town
Why hasn’t my house sold?
I know what’s sold in my neighborhood.
My house is better!
What market shift?
This is just a seasonal thing.

5. That’s their perception.
You know what’s really happening in the market.

6. Today we’ll share a proven method for influencing your Sellers to improve their price using the Market Update.

7. Let’s try something . . .
Look at your completed Seller Situation Forms (the listings you’re currently servicing)
What price do you think the listing will actually sell for? Be honest.
Write down next to each listing what you think the “real” price should be.

8. How many of your listings are priced to sell?

9. Key Challenges
What’s preventing us from securing more price improvements to get our inventory sold?

10. Workout Session
Our plan today is to work on some of the challenges you’re facing.
AND
Conduct a “rehearsal” for an actual meeting you’re going to have with your Sellers.

11. Why use the Market Update? It Works!
“I have a listing in a development of 95 homes and 7 are currently on the market.  We listed for 30 days at $550,000, a price that was right in the middle of my recommended price range.  
When I approached them (the sellers) for a price improvement they wanted to move down to $535,000. But after reviewing the Market Update with them they agreed to my new suggested price of $499,900.  We had a full price offer five days later.”
- Dena Paolucci (Princeton, NJ)

12. Why use the Market Update? It Works!
“I have used the Market Update for many of my listings…When people can see something in front of them in black and white, the conversation is focused.  Sellers can see the impact of market trends, such as absorption and interest rates, and the effects of such trends. 
Through these presentations I have improved the price accordingly and ultimately gotten the listings sold, which is everybody’s goal.”
- Jill Fusco-Wrede (Landing, NJ)

13. Securing the Appointment
Let’s try this dialogue:
“Mr. Anders, this is Jack Waters from Weichert, Realtors. There are some things happening in the local real estate market that we need to discuss. It’s about time we meet to talk about how we’re going to get your house sold. Can you come in on Thursday or would Friday work better for you?”

14. “Start with the Vacant Houses”
Prioritize your listings.
Work FIRST with the most motivated sellers.
This gives you a “quick win” and puts you ahead faster.
Look at your Seller Situation forms: Who are YOUR “motivated sellers?”

15. The Price Improvement Meeting
Establish Rapport Reconnect with your Seller and their motivation for selling. Ask about the kids, the dog, etc. Thank them for agreeing to meet. “How are your plans coming along? “
Share Your Agenda (Use Market Update) “Ann and Richard Today, I wanted to discuss with you three things:
What’s Happening in this Market
Progress in Marketing Your Home
A Plan for Moving Forward
How does that sound?”
Follow Your Agenda (Use Market Update) Show how you do what you say you’ll do! Defer to stay on track – “That’s a valid concern. We’ll come back to that, but first I want to finish sharing what’s happening in the market.”
Ask for the Price Improvement “We need to reposition your property so it will sell.”

16. Tools for Conducting the Meeting
Sellers Control Sheet
280
215 DOM
245
270
225 DOM
240
MLS Printouts

17. Observer’s Checklist
Now that we’ve reviewed the flow of the meeting and the tools to use, let’s look a little closer at the specifics…
Let’s review the Observer’s Checklist

18. Let’s follow along with the checklist as we see the demonstration.
Check off when you see the associate do any of the steps here.
Conduct demonstration

19. Establish Rapport
Reconnect with the seller and their motivation for moving
Demonstration

20. Market Update
Demonstration

21. Agenda What’s happening in the market Progress in marketing your home
A plan for moving forward
Demonstration

22. What’s Happening in this Market
Demonstration

23. What’s Happening in the Market
Supply is greater than demand
Fewer active buyers
More homes on sale than just a year ago
Buyers have choice
Market absorption rate has steadily increased over the past few months . . .
Demonstration

24. Sample Market Absorption Rate
Anytown, USA
117 current active listings
5.1
months
absorption
rate =
Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
Follow the instructions below to update this slide with customized information for your office.
Save the Sales Meeting Guide presentation to your C drive.
Open the Sales Meeting Guide presentation from your C drive.
Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
Double-click on the slide to be able to make edits.
Click in each section of the formula to edit text.
Save the document to save edits.
23 reported sales in last 30 days
The absorption rate is the number of months projected to deplete the existing inventory of homes based on current monthly sales. In the example above, it would take slightly more than 5 months to sell the existing inventory of homes.
Demonstration

25. Market Absorption Scale (Absorption Rate in Months)
Demonstration
5-6 months absorption rate indicates a normal market.
5-6 months absorption rate indicates a normal market.

26. 2005 Buyers Buyer Profile First-time homebuyers Trade-up buyers
Transferees
Investors
Buyer Mentality
Tremendous return on investment
High sense of urgency
Buying over their heads
High confidence in national and local economy
Multiple offers were normal
Demonstration

27. Buyers Now Buyer Profile
First-time home buyers priced out of the market
Fewer trade-up buyers
Transferees fewer and more reluctant to commit to purchasing
Speculators and investors not in the market
Buyer Mentality
Real estate represents a place to live, rather than an investment
Low sense of urgency
Conservative with personal spending
High energy costs create obstacles
Concerned the real estate market will devalue 
Demonstration

28. Key Market Statistics Week Ending 11/11/20xx
Town
Total Listings
Under Contract
Last 30 Days
Absorption Rate
Hopatcong
184 17
10.8
Roxbury
197 20
9.8
Mount Olive
198 12
16.5
Netcong 18 2 9
Stanhope 41 3
13.7
Demonstration

29. The Effect of Interest Rates on Buying Power
What can I buy for $2, per month?
Demonstration
Source: Weichert Financial Services, Based on a 30-year fixed rate mortgage.

30. Market Scale for Supply & Demand
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.
Demonstration

32. Let’s look at your competition
Properties currently in competition with yours for buyer attention.
Properties that have caught buyer attention in the last 30 days.
At this rate, how many months will it take for the current buyer demand to absorb the current listing supply in this sector of the market?
Demonstration

33. How would you like your home to be positioned in the market?
Stop Here

34. There’s More…
We’ll stop here because this is usually where your Sellers will be ready to take action

35. Demonstration Debrief
How did the Sales Associate:
Demonstrate the current state of the market
Engage the Seller in the discussion
Convince the Seller to take action now by repositioning their home to sell
Which tools were particularly effective?

36. Let’s Rehearse At your tables: One person will be the Associate
One person will be the Seller
One person will be the Coach
One person will be the Observer
We’ll repeat each round of rehearsal to give all Associates a chance to practice

37. Coaches, please raise your hands!
Coach’s Role
Your role is to help the Associate get better.
Observe and listen.
Use the Observer’s Checklist!
Take thoughtful notes
The Coach ALWAYS plays the role of the Coach
Coaches, please raise your hands!

38. Feedback Discussion
After you finish each rehearsal, the Coach will conduct a feedback discussion:
Start with the Associate who practiced: What do you think you did well? What would you consider for next time?
Then ask the Seller: What worked well for you? What would you suggest for next time
Observer: What did the Associate do well? What should s/he consider for next time?
Coach: What did the Associate do well? What should s/he consider for next time?

39. The Price Improvement Meeting
Let’s Rehearse: Establish Rapport & Reconnect with the Seller’s Goals
Each “Associate” will take a turn at establishing rapport and reconnecting with the Sellers Goals. Decide who will be the “Associate” in Round 1.
Associate “rehearses” the first portion of the meeting with the “Seller” – then STOP
Seller – receive a briefing from the Associate on the Seller (use the Seller Situation form)
Coach and Observer take notes using the Observer’s Checklist
Practice: 10 minutes Then click to next slide

40. Feedback Discussion
Start with the Associate who practiced: What do you think you did well? What would you consider for next time?
Then ask the Seller: What worked well for you? What would you suggest for next time
Observer: What did the Associate do well? What should s/he consider for next time?
Coach: What did the Associate do well? What should s/he consider for next time?
Share feedback for each “Associate” who practiced
Feedback: 5 minutes
Then click to next slide

41. The Price Improvement Meeting
Let’s Rehearse: Establish Rapport & Reconnect with the Seller’s Goals
Round 2: Switch roles.
Associate “rehearses” the first portion of the meeting with the “Seller” – then STOP
Seller – receive a briefing from the Associate on the Seller (use the Seller Situation form)
Coach and Observer take notes using the Observer’s Checklist
Practice: 10 minutes Then click to next slide

42. Feedback Discussion
Start with the Associate who practiced: What do you think you did well? What would you consider for next time?
Then ask the Seller: What worked well for you? What would you suggest for next time
Observer: What did the Associate do well? What should s/he consider for next time?
Coach: What did the Associate do well? What should s/he consider for next time?
Share feedback for each “Associate” who practiced
Feedback: 5 minutes
Then click to next slide

43. The Price Improvement Meeting
Let’s Rehearse: Establish Rapport & Reconnect with the Seller’s Goals
Round 3: Switch roles again.
Associate “rehearses” the first portion of the meeting with the “Seller” – then STOP
Seller – receive a briefing from the Associate on the Seller (use the Seller Situation form)
Coach and Observer take notes using the Observer’s Checklist
Practice: 10 minutes Then click to next slide

44. Feedback Discussion
Start with the Associate who practiced: What do you think you did well? What would you consider for next time?
Then ask the Seller: What worked well for you? What would you suggest for next time
Observer: What did the Associate do well? What should s/he consider for next time?
Coach: What did the Associate do well? What should s/he consider for next time?
Feedback: 5 minutes
Then click to next slide

45. The Price Improvement Meeting
Share Your Agenda (Use Market Update) “Ann and Richard Today, I wanted to discuss with you three things:
What’s Happening in this Market
Progress in Marketing Your Home
A Plan for Moving Forward
How does that sound?
Follow Your Agenda – What’s Happening in this Market
Decide who will be the “Associate” in Round 1. Associate “rehearses” Share Agenda & What’s Happening in this Market – then STOP
Another plays “Seller” – receive a briefing from the Associate on the Seller (use the Seller Situation form)
Coach and Observer take notes using the Observer’s Checklist
Practice: 15 minutes Then click to next slide

46. Feedback Discussion
Start with the Associate who practiced: What do you think you did well? What would you consider for next time?
Then ask the Seller: What worked well for you? What would you suggest for next time
Observer: What did the Associate do well? What should s/he consider for next time?
Coach: What did the Associate do well? What should s/he consider for next time?
Feedback: 5 minutes
Then click to next slide

47. The Price Improvement Meeting
Share Your Agenda (Use Market Update) “Ann and Richard Today, I wanted to discuss with you three things:
What’s Happening in this Market
Progress in Marketing Your Home
A Plan for Moving Forward
How does that sound?
Follow Your Agenda – What’s Happening in this Market
Round 2: Switch roles.
The Associate “rehearses” Share Agenda & What’s Happening in this Market – then STOP
Another plays “Seller” – receive a briefing from the Associate on the Seller (use the Seller Situation form)
Coach and Observer take notes using the Observer’s Checklist
Practice: 15 minutes
Then click to next slide

48. Feedback Discussion
Start with the Associate who practiced: What do you think you did well? What would you consider for next time?
Then ask the Seller: What worked well for you? What would you suggest for next time
Observer: What did the Associate do well? What should s/he consider for next time?
Coach: What did the Associate do well? What should s/he consider for next time?
Feedback: 5 minutes Then click to next slide

49. The Price Improvement Meeting
Share Your Agenda (Use Market Update) “Ann and Richard Today, I wanted to discuss with you three things:
What’s Happening in this Market
Progress in Marketing Your Home
A Plan for Moving Forward
How does that sound?
Follow Your Agenda (Use Market Update)
Round 3: Switch roles again.
Associate “rehearses” Share Agenda & What’s Happening in this Market – then STOP
Another plays “Seller” – receive a briefing from the Associate on the Seller (use the Seller Situation form)
Coach and Observer take notes using the Observer’s Checklist
Practice: 15 minutes Then click to next slide

50. Feedback Discussion
Start with the Associate who practiced: What do you think you did well? What would you consider for next time?
Then ask the Seller: What worked well for you? What would you suggest for next time
Observer: What did the Associate do well? What should s/he consider for next time?
Coach: What did the Associate do well? What should s/he consider for next time?
Feedback: 5 minutes
Then click to next slide

51. Debrief
Was this helpful?
Any insights from this process?

52. Strategies Start with the most motivated sellers first.
Build rapport and re-connect to the sellers’ goals and motivation for selling
Stick to your Agenda
Listen and Empathize
Defer to Stay on Track
Explain what you mean by “inventory,” “market absorption rate,” “Buyer’s Market,” and any other terms that might be unfamiliar to the Seller

53. Your conviction and belief are key!
Strategies
Ask questions to engage the Seller:
“What is your impression of the market?”
“Have you seen this article?”
“What does this graph tell you about the market?”
“Can you read the bottom number…I can’t make it out from here.”
Share facts from big picture to PTA to seller’s house and how it’s positioned in the marketplace
Your conviction and belief are key!

54. Go to WeichertOne Sales Associate Resources
For more dialogue, tips and strategies. If you have more, share them with us and we can post them on line! Look at: Working with Sellers. Asking for the Price Improvement

55. Action Plan Call your Sellers. Make the appointments to meet.
Conduct a minimum of THREE meetings with your Sellers
Bring copies of your price change forms to our next session.
Next Meeting: _______________

56. Thank you for your active participation and focus today!