Real Estate Listing & Sales Techniques

1
Real EstateListing Sales Techniques

• Prepared for the
• Georgia Real Estate Association
• by
• Gail Lyons,
• ABR, CCIM, C-CREC, CIPS, CRB, CRS, DREI, QSC,
  SRES

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Overview

• Getting started learning your market
  finding prospects
• Working for sellers
• Working for buyers
• Negotiating the purchase contract
• Due diligence closing
• Ethics professional practice
• Continuing education

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Getting StartedWho Are You What Are Your
Skills?

• 1. Please complete the Survey (handout 1)
• Form into groups of threes (3s) decide who will
  be the broker, the prospective agent and the
  observer.
• Using the questions on the Survey, the broker
  will interview the prospective agent (5 minutes)
  while the observer listens.
• Switch roles so that everyone has a different
  role and repeat (5 minutes).

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Getting StartedWho Are You What Are Your
Skills?, continued

• Prospective agents If you were the broker, would
  you hire yourself?
• Brokers Observers What did you like best about
  the Prospective Agents?
• This interview may be similar to one youll
• have in real life.
• The rest of todays class is designed to
• prepare you to be as successful as you can be!

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Getting StartedLearning Your Market

• To be successful, you must know your market as
  well or better than anyone else.
• Develop a data base to organize information
• Collect information in as much detail as possible
• demographics
• market size and activity
• price range

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Getting Started Learning Your Market

• Where are shopping, schools, recreational
  facilities, etc. located?
• What laws govern property use?
• What laws govern real estate transactions?
• What else do you need to know about your market?

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Getting StartedYour Tools

• Professional wardrobe
• Listing catalog
• Brief case
• Tape measure
• Screwdriver, pliers
• PDA or appointment book
• Maps
• Data base
• Listing forms, contracts

• Purchase contracts
• Mortgage calculator
• List of mortgage companies, surveyors, etc.
• Signs, lockboxes, etc.
• Company policy manual
• Buyers handbook
• Sellers handbook
• ___________________

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Getting StartedFinding Prospects (handout 3)

• Develop an effective data base to retain names,
  addresses, phone numbers, contact history, etc.
• List potential referral sources
• Relatives
• Friends
• Business contacts

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Getting StartedFinding Prospects, continued

• Contact referral sources
• a. Send an announcement letter
• b. Include your business card
• c. Stay in touch 4 times/year minimum
• Join organizations meet people social
  farming
• Establish a geographic farm become the expert
  (handout 2)

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Getting StartedFinding Prospects, continued

• Opportunity time
• Target likely prospects
• a. Mailing lists/membership rosters
• b. Announcements in newspapers
• Increase your visibility
• a. Develop distribute a newsletter
• b. Hold open houses
• c. Advertising
• 9. Cold calls

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Understanding Why People Buy Sell Real
EstateIts Usually Personal!

• Death
• Divorce
• Illness
• Financial pressures
• Loss of employment
• Job transfer

• Marriage
• Birth
• Promotion
• Expression
• Unexpected wealth
• Prestige
• Investment

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Duties Owed to Your Clients

• Usually based on law/regulation/custom
• Six primary fiduciary duties
• a. Loyalty
• b. Keep personal information confidential
• c. Obedience
• d. Reasonable skill diligence
• e. Disclose all known facts
• f. Accounting for money documents

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Conflicts of Interest

• Occur when the duties you owe to one person
  conflict with the duties you owe to another
  person, including yourself!
• Conflict must be disclosed immediately and a
  solution agreed upon put the solution in writing
  signed by both parties
• If no solution can be agreed upon, terminate one
  or both relationships

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Responsibilities to Other Party

• Fair and honest treatment
• Disclosure of all known facts about the
  transaction and property
• Disclosure of fact you are expected to know
• No misrepresentation know the facts and dont
  guess
• Fully explain any documents that require
  signatures

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Responsibilities tothe Public

• No discrimination
• Provide competent service
• Dont undertake a job youre not qualified to
  perform
• Do not do any advertising thats false,
  misleading or a misrepresentation
• Do not do anything contrary to the law

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Responsibilities toOther Agents

• Do not knowingly make false or misleading
  statements about your competitors
• Do not take any action inconsistent with the
  agency of another agent
• Disclose your client relationship to other agents
  at first contact

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LISTING Working for SellersFinding Potential
Sellers

• Geographic farming
• Divorce/marriage
• Death/illness
• For-sale-by-owners
• Expired listings
• Foreclosure notices
• Neighbors of new listings
• Out-of-town owners

• Advertising for specific properties
• Moving companies
• Furniture for sale
• Business transfers
• Homebuilders
• Social farming
• Attorneys/bankers
• Referrals

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LISTING Working for SellersSeller Counseling
Session-1

• Prepare yourself
• a. Dress professionally
• b. Be prompt
• c. Prepare CMA (handout 4)
• Prepare prospective seller
• a. Establish rapport
• b. Agree on common agenda
• c. Permission to ask questions

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LISTING Working for SellersSeller Counseling
Session-2

• Using Sellers Handbook (sample) as a guide
• 1. Discuss your role as advisor/advocate, your
  company yourself
• 2. Discuss your role as marketer
• 3. Discuss CMA (actives, solds, expireds)
  /importance of pricing
• 4. Review sellers options
• 5. Review listing contract (sample CD)
• 6. Discuss how you selling agent are paid
• 7. Determine sellers motivation, timing
• 8. Discuss preparing the home for the buyers
  eyes (book)

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LISTING Working for SellersSeller Counseling
Session-3

• Ask If we find a buyer today willing to pay
  your price, are you ready to sell?
• Then either
• A. Present the listing contract again and ask
  for their signatures OR
• B. Ask them to review all the information
  youve provided and make an appointment to
  discuss any questions and finalize the contract

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LISTING Working for SellersMarketing

• Prepare MLS brochure for competitors
• Put sign in yard, fill brochure box
• Enlist sellers help in keeping brochure box full
• Put key box on front door
• Give office showing instructions
• Create advertising Internet, newspaper, flyers
• Prepare Property Guide for inside home

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LISTING Working for SellersCommunication

• Communicate with your sellereven when theres
  nothing to say!
• Tell the seller what you are doing to market the
  property
• Collect feedback from showings, tell the seller
• Contact seller at least once a week
• Review feedback with seller monthly, discuss
  possible price change
• Hold open houses

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SELLING Working for BuyersFinding Potential
Buyers

• Your sellers!
• If your sellers are not buying here, refer them
  to an agent to which theyre moving
• Geographic farming
• Social farming
• Referrals from professionals, other agents,
  friends, relatives

• 6. Your niche market
• Home buying seminars
• Your web site
• Divorce/marriage
• Expanding families
• Empty nesters
• Just promoted/fired
• Hold open houses
• Opportunity time
• _______________

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SELLING Working for BuyersBuyer Counseling
Session-1

• 1. Prepare yourself
• a. Dress professionally
• b. Be prompt!
• c. Prepare information on possible properties
• Prepare prospective buyer
• a. Establish rapport
• b. Agree on common agenda
• c. Ask permission to ask questions

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SELLING Working for BuyersBuyer Counseling
Session-2

• Using Buyers Handbook (sample) as a guide
• Introduce yourself your company
• Explain your role as advisor and advocate
• Review the steps involved in purchasing
• Review due diligence between contract closing
• Review sample contracts
• a. Buyer agency agreement (sample CD)
• b. Purchase agreement (sample CD)
• 6. Discuss current market available properties

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SELLING Working for BuyersBuyer Counseling
Session-3

• Specify buyers wants needs
• Determine buyers financial qualifications
• Ask If we find a property today that meets your
  needs, will you be in a position to buy?

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SELLING Working for BuyersBuyer Counseling
Session-4

• Then either
• A. Present the buyer agency agreement again and
  ask for their signatures OR
• B. Ask them to review all the information
  youve provided, make an appointment to both
  finalize the contract and show property

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SELLING Working for BuyersShowing Properties

• Selecting and previewing properties
• Match buyers wants and needs with currently
  available properties
• Preview matches
• Make appointments to show best matches
• Plan tour route

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SELLING Working for BuyersShowing Tips

• Play the priority game keep focused on just
  2-3 properties
• Compare pros/cons of properties
• Encourage note taking
• Encourage client opinions
• Ask probing questions
• Serve as a sounding board
• Listen carefully

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SELLING Working for BuyersHandling Objections

• Always answer honestly
• I dont know but Ill find out.
• Restate objection as a question
• Correct misinformation
• Ask why questions carefully
• Watch for buying signals
• Have I answered all your concerns or do you need
  more information?

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SELLING Working for Buyers

• !!!LISTEN!!!

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NEGOTIATING THE CONTRACTPurchase Sale Agreement

• Essential Elements
• Competent parties
• Timely acceptance
• Unique legal
• Consideration
• Mutual consent

• Terms Provisions
• Price
• Possession
• Personal property
• Means of conveyance
• Pro-rations of taxes insurance
• Closing costs
• Contingencies
• Property disclosures

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NEGOTIATING THE CONTRACTPresenting the Offer

• Provide seller with a complete picture of the
  buyer
• Present terms of offer
• Explain contingencies/special conditions
• Present buyers financial capability
• Encourage acceptance
• If seller is unwilling to accept as is, negotiate
  using counterproposals (sample)

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DUE DILIGENCE CLOSING

• Coordinate with listing agent
• Prepare checklist of all steps dates
• Maintain transaction file of all meetings,
  correspondence, documents, phone notes
• Assist your client with timely information,
  emotional support
• Communicate regularly
• Make sure all dates are met
• Schedule participate in closing

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CLIENTS FOR LIFE!

• Perform with highest possible professionalism
  during transaction
• Call on client shortly after closing
• Keep in touch at least 4 times each year
• Establish yourself as their professional REALTOR
• a. For their future real estate needs
• b. To refer friends/relatives/colleagues

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Ethics Professional Practice

• It pays to do the right thing
• Honest ethical behavior bring rewards
• The only answer to building a good, lasting
  reputation
• Never let the pursuit of money determine your
  behavior
• NARs Pathways to Professionalism (handout 5)
  show respect to everyone!

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Continuing EducationKeeping Ahead of the Game

• List the topics youd like to learn more about
  _________________________
• Lets make a combined list.
• Continuing education and training are critical to
  your success in real estate.
• Sources
• Designations
• Have an education goal every year.

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We hope youve enjoyed this class.We hope it
will increase your success.Ive certainly
enjoyed being with you and have learned from
you! ???????, ???????? ! Gail Lyons
International Real Property Foundation