Jack Conway REALTOR Convention 2015 LOC Real Estate Educational Services Inc All Rights Reserved More Listings in 2015 LOC Real Estate Educational Services Inc All Rights Reserved Increase Seller Side SOLDS ID: 691132
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"Positioning Yourself — And Your Listings— For Optimum Success"
Jack Conway, REALTOR® Convention 2015
LOC Real Estate Educational Services, Inc. All Rights ReservedSlide2
More Listings in 2015…
LOC Real Estate Educational Services, Inc. All Rights ReservedSlide3
Increase Seller Side SOLDS
LOC Real Estate Educational Services, Inc. All Rights ReservedSlide4
Look Familiar…The only good sign on a house is…
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Wareham Sales –12 MonthsMLS PIN stats as of 2.5.15
Sales in all PT’s in Wareham384 Overall Sales115 were sold by Conway On The Bay30% Market Share!!!Average DOM all companies…152Average DOM Conway On The Bay…77
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I May Be Just…
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NAR Profile Buyers/SellersNumber of Agents Contacted before selecting one agent to assist them in the sale of their home???
One-- 66%Two-- 19%Three-- 11%Four-- 3%
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Sellers’ Method to Find Agent
Referred by friend, neighbor, relative --39%Used Agent Previously --25%Internet -- 4%Visited Open House/Met Agent -- 4%Referred by another agent -- 4%
Personal Contact by Agent -- 4%
LOC Real Estate Educational Services, Inc. All Rights ReservedSlide9
Seller Counseling 101Are you there just to “get the listing”?
Make a difference!You’re on an interview!LOC Real Estate Educational Services, Inc. All Rights ReservedSlide10
Differentiation…Youngme
Moon, Harvard UniversityOnce an industry becomes so hyper-segmented as to “provide a multiplication of products and brands competing” for a consumer’s attention, “the easier it becomes for consumers to be indifferent to which competitive alternative they choose.”Slide11
We’re ALL The Same…LOC Real Estate Educational Services, Inc. All Rights ReservedSlide12
They Think We’re All…Feature Yappers
Data DumpersLOC Real Estate Educational Services, Inc. All Rights ReservedSlide13
Whatchamacallit…
C M
ASlide14
CMA…
Real
Estate CMA (Google)
1,700,000
hits in
.63
secondsSlide15
Definition:
A CMA is an unbiased estimate, or opinion, of the market value of real property by a real estate licensee who is not a licensed, or certified, appraiser.Slide16
Name that service value!Comparative Market Analysis
Comprehensive Market AnalysisCompetitive Market AnalysisComplete Market AnalysisClairvoyant Market AnalysisCrappy Market AnalysisSlide17
What does a CMA look like?MLS PIN Tools CMA
RPR (REALTORS® Property Resource)Cloud CMAToolkit CMACompany ReportsSlide18
Your Success Depends Upon…How well you C.A.R.E.
Your Confidence (in your skill and your product)Your Presentation SkillsSlide19
C.A.R.E.
CollectAnalyzeRelateEvaluate DATASlide20
Collecting Unbiased DataWhat “like it” has SOLD?
What “like it” is available?What’s going on in the neighborhood?What is the data telling me the number should be?What is the home’s competition at that price point? (Its principle of substitution?)Slide21
Getting it right…
Basic appraisal principlesSubstitutionConformityBalance
CRS EXPERT TIPSlide22
Substitution
A Buyer will not pay more if they can buy it elsewhere for less money!“Filene’s Basement”Slide23
Conformity
“Like it”StyleFunctionAreaSquare footageSlide24
Balance
Use in balance with surroundingsProximity to “challenges”Gas stationHighway on rampAirport runwaySlide25
The End…Or Is It?This is where most agents and companies hit print…
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It is for Yappers & DumpersFeature Yappers
Data DumpersLOC Real Estate Educational Services, Inc. All Rights ReservedSlide27
Positioning Your Sellers and YourselfSo what can we do better in 2015?
Learn to dig deeperLearn to tell storiesApply new Seller counseling conceptsFocus on what sets Conway apart…Al Becker “What sets Conway apart is the local, family feel.”
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We’re Going to Be…
BatmanStorytellersLOC Real Estate Educational Services, Inc. All Rights ReservedSlide29
Seth Godin’s blog 10/19/11
“The Power of Visualization”“Data is not useful until it becomes information, and that’s because data is hard for human beings to digest.”
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2/6/2015
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“A Whole New Mind”
LOC Educational Real Estate Services, Inc.
by Daniel PinkSlide31
Daniel Pink…
Industrial
Information
Conceptual
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What will set you apart?
EmpathyExperienceKnowledgeConfidenceAbility to tell the story of data
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New Age Seller Counseling…Numbers tell…stories sell!
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Daniel Pink says this about
empathy
, "In a world of ubiquitous information and advanced analytic tools, logic alone won't do. What will distinguish those who thrive will be their ability to understand what makes their fellow woman or man tick, to forge relationships, and to care for others."
“A Whole New Mind”
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How’s the Market?It depends…
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Trend Lines…A line on a graph showing the general direction that a group of points seem to be heading.
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Absorption Rates…“The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per month. The figure shows how many months it will take to exhaust the supply of homes on the market.”
Investopedia 10/19/13
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Leverage…PowerAdvantage
InfluenceBenefit
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SO…
How’s the market????
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“Pocket Markets”
LOC Educational Real Estate Services, Inc.
4 BR Colonials
2 BR Condos
Price pointSlide41
S.O.L.D.Statement of Leverage Document
Sellers’ leverage is not constantShifts as the market shiftsLOC Real Estate Educational Services, Inc. All Rights ReservedSlide42
“As The Market Shifts”
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6Slide43
4-Level EvaluationAll Sales in the community in PT
Sales that meet matching criteriaSales within the “range” or price pointProperties the consumer may substitute within the community, the matching criteria, and the price point
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Trend Lines
12, 6, and 3 month intervalsDemonstrate long and short term trendsBuyers’ Market v Sellers’ Market
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Trend Lines-All Sales
Time PeriodUnits SOLD
Ave. # SOLD PR MonthAve. Days on MarketAve. Sales Price
12
144
12
116
$342,125
6
87
14.5
102
$347,778
3
51
17.0
98
$351,229
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Trend Line All Sales
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So is it…A Sellers Market?
A Buyers’ Market?A Balanced Market?Slide48
Criteria…3 bedroom Colonial
1.5 baths5,000 to 10,000 square foot lot1 car garageSlide49
Trend Lines- Sales Matching Criteria
Time Period
Units SOLDAve. # SOLD PR MonthAve. Days on Market
Ave. Sales Price
12
56
4.67
131
$278,550
6
26
4.33
142
$267,493
3
10
3.33
173
$265,221
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Trend Lines-
Sales Matching Criteria
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So is it…A Sellers Market?
A Buyers’ Market?A Balanced Market?Slide52
Price Point…$225,000- $300,000Slide53
Trend Lines- Price Point
Time PeriodUnits SOLD
Ave. # SOLD PR MonthAve. Days on Market
Ave. Sales Price
12
60
5
110
$280,250
6
30
5
100
$273,550
3
17
5.67
90
$268,110
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So is it…A Sellers Market?
A Buyers’ Market?A Balanced Market?Slide55
Absorption Rates
On the Market
Active
Units
Months
Inventory
Ave. Days on Market
Ave. List
Price
Total
157
9.2
135
$309,572
Matching Criteria
35
10.5
212
$254,540
Price Point
80
14.1
197
$243,635
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So is it…A Sellers Market?
A Buyers’ Market?A Balanced Market?Slide57
“As The Market Shifts”
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6Slide58
Absorption Rates
On the Market
Active
Units
Months
Inventory
Ave. Days on Market
Ave. List
Price
Total
157
9.2
135
$309,572
Matching Criteria
35
10.5
212
$254,540
Price Point
80
14.1
197
$243,635
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Position v Price
LOC Real Estate Educational Services Inc.
“It’s all about where you are in the line M/M Seller”Slide61
Confidence…REALTORS
® have two basic fears:Fear of failure (not getting the listing)Fear of offending the SellersSlide62
I have some Questions…What is your company’s OP to SP?
Your own OP to SP?The OP to SP of the MLS participants in your area?
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Questions…What is your company’s average DOM?
Your personal average DOM?The average DOM in your area?LOC Educational Real Estate Services, Inc.Slide65
List Price…“List Price” becomes the Seller(s)’ goal because …
People equate what they’re asking for with what they wantSlide66
Buyers prepared to buy
Buyers want to buy
Buyers thinking about buying
Length of time on the market
$$$
Can’t We Just Try…Slide67Slide68
Promote and Protect…
“We can…the question we have to answer is…”“Is that in your best interests?LOC Real Estate Educational Services, Inc. All Rights ReservedSlide69
One of Three Things…Time
MoneyConvenienceLOC Real Estate Educational Services, Inc. All Rights ReservedSlide70
In, on, or out…
LOC Educational Real Estate Services, Inc.
ON
IN
OUTSlide71
Which Zone?
Dead zone…the “Twilight Zone”Opportunity zoneNegotiating zoneEnd zoneSlide72
Strategic Positioning“The art of placing a product or commodity in the marketplace so that it is noticed and creates excitement and urgency in the mind of the consumer.”Slide73
Benefits of Competitive Positioning…
Higher enthusiasmMinimize/eliminate the pinball effectFaster saleUltimately higher price (Stop taking money out of your own pocket)Slide74
Client Counseling 101
Agent counselsSeller directsMarket determines
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Only 5 Things Sell a House…
LocationConditionPrice (POSITION!!!)Market Conditions
MarketingLOC Real Estate Educational Services, Inc. All Rights ReservedSlide76
Tell the Sellers
“I have to sell this property three (3) times!”Other agentsTheir Buyer
The appraiserSlide77
Article 1…Promote and Protect the Interests of the client
Standard of Practice 1-15Realtors®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure
is authorized, Realtors® shall also disclose, if asked, whether offers were obtained by the listing licensee,
another licensee
in the listing firm, or by a cooperating broker.
(Adopted
1/03, Amended
1/09)
LOC Real Estate Educational Services, Inc. All Rights ReservedSlide78
Mr. & Mrs. Seller…
Thank you for inviting me into your home and for the opportunity to interview for the privilege of representing your interests in the sale of your home.LOC Real Estate Educational Services, Inc. All Rights ReservedSlide79
Seller Counseling 101Are you there just to “get the listing”?
Make a difference!You’re on an interview!LOC Real Estate Educational Services, Inc. All Rights ReservedSlide80
Storytelling v Data-dumpingConsumers are overwhelmed with data
We’re the filtersBeing able to tell the “story of the data” is even more valuable than the data“Data is not useful until it becomes information, and that’s because data is hard for human beings to digest.”Learn to tell the story!
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Where to go from here…Practice your multi-level evaluation skills
Practice your storytelling skillsGo back and evaluate your own listings (both Sellers and Buyers) Are you telling your clients the whole story of the market?Knowledge is invaluable…Leverage is real power!
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Instead of Feature Yapper…LOC Real Estate Educational Services, Inc. All Rights ReservedSlide83
You’re Going to Be…LOC Real Estate Educational Services, Inc. All Rights ReservedSlide84
Instead of a Data Dumper…LOC Real Estate Educational Services, Inc. All Rights ReservedSlide85
You’re Going to Be a…LOC Real Estate Educational Services, Inc. All Rights ReservedSlide86
Positioning…Dig Deeper
Become a master of the storyApply New Age Counseling based on concept not dataStay true to your culture
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Always Remember…The 3 Most Important Concepts in Real Estate are…
PleaseThank you!Next…
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Thank you!LOC Real Estate Educational Services, Inc. All Rights Reserved
Best of luck in 2015