A Seller's Market Mind Set

Published on Nov 23, 2015

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PRESENTATION OUTLINE

LESS BLAH-BLAH MORE AH-HA IN A SELLER'S MARKET

NEW REALITIES. NEW BELIEFS. NEW BEHAVIORS. RENEWED SUCCESS.
Photo by PheonixLee

TRASH THE PAST

THE HARD START. MAKE ROOM FOR RELEVANT NEW IDEAS
The hardest thing about creating a winning Mind Set in a dynamically different seller's market is trashing thoughts, ideas, strategies and action plans that use to work well in a buyer's market, but hurt you in a Seller's Market.

We need to consciously choose what to STOP, what to START and what to CONTINUE. To remain relevant, and valuable we must adapt to the realities of the new market.

Can you create new habits?
Will you create new habits?

Let's GO!
Photo by Jacob Davies

REPUTATION AMONG PEERS MATTERS IN MULTIPLE OFFER SITUATIONS.

BECAUSE YOU ARE A CHARACTER DOES NOT MEAN YOU HAVE CHARACTER. -THE WOLF
In a market where listing agents help their sellers sift through multiple offers, if you're known as a; jerk-to-deal-with, lazy, apathetic, condescending, bipolar, flippant, impatient, untruthful, uninformed, dim, or you beam other unsavory vibrations, you will repel opportunities for you and your clients.

Reputation either helps us or hurts. There is no neutral.

The goal is to attract opportunity and choice by being the person everyone wants to work with. People will choose people they trust over people they don't. Don't we want people to choose to work with us? Let's behave in away that makes us happy to know our reputation will precede us. In fact, we count on it.

Let's get it together, Be Better. Let's be PRO.

BE FEARLESS. BE FAST. DID I SAY "FAST"! DID I SAY "FEARLESS"!

IN A STRONG-LIKE-BULL-SELLERS-MARKET . . .
Listen. In a market where every listing is virtually money in the bank, if we hesitate, pause, ponder or otherwise stall, we lose. Even worse, our clients lose. Let's not LOSE, let's WIN.

Success goes to the supremely action oriented. Be supremely action oriented!

If you're like me, being supremely action oriented means that we'll have to move way outside our comfort zone. We'll have to do things that are new and scary and make us feel nervous. So what! We have to be brave and run forward.

Fail Faster Succeed Sooner is the only way to GO, GO, GO! Let's jumpppppppp-)

BE OVER-PREPARED

ANTICIPATE CONCERNS, FEARS, DOUBTS AND ZOMBIE MINDSETS.
It's pretty simple. Opportunities are abundant and richer than ever. Therefore, competition is fierce.

Because every opportunity is golden, let's not blow golden opportunities because we're as unprepared as an amateur.

Anticipate concerns, fears, doubts, desires, road blocks and every little and big thing that can stop or forward progress. Then act on it with confidence.

It's pretty basic stuff, a PRO is prepared. Amateurs get creamed by PRO's and shunned by the public.

Be Prepared Like A PRO. If it was easy, everyone could do it. But they can't. You CAN. Will you?

WORKING WITH SELLERS

AVOID SELLERS REMORSE

SET SHARED EXPECTATIONS
We've all experienced Buyers Remorse.

Sellers Remorse is Buyers Remorse's equally evil twin.

Without setting shared expectations for a super-fast sale (a positive event) can shape-shift into fear and doubt.

"Did we price our home to low?
Did we leave money on the table?
Are we stupid?
Did our agent mislead us?
Should we ask for reduced commission?
Should we reject the offer and raise our price?
And other natural fears and doubts.

Before you leave the listing/marketing appointment agree on a set of shared expectations and possible outcomes.

Avoid Sellers Remorse. Communication is key.
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THE VALUE OF COMPRESSED SUCCESS.

FEWER HASSLES TRUMP MORE HASSLES
What's more valuable, A or B?

A. Sell a property with acceptable price and terms in an Average Number Of Weeks On Market. Generate scores of inconvenient showing appointments where the seller and their families have to pick up, clean up, pack up and scramble out of their home for two hour showing appointment window, sometimes several times a day on Saturday and Sunday.

OR

B. Sell a property with acceptable price and terms in a few hours or days instead of weeks or months. Eliminate all the hassle of picking up, cleaning up, packing up and scrambling in and out, day after day.

Which is more valuable, A. More Hassle or B. Less Hassle?

Have this conversation with your sellers and keep things cool. B is way better than A.
Photo by theqspeaks

DON'T BE A PRICE PRUDE

THE 10% FACTOR
Don't lose the listing or lose money for the seller because you lack confidence.

If the factors (persona feet-on-the-street experience and detailed market research) add up positively, you have an amazing marketing plan, a favorable property location and the property shows sweet, you have a moral obligation to push the pricing envelope for your sellers.

Be bold. But not foolish. Push it 10%, but no further.

Don't lose out for everyone by being a Price Prude.

Make good things happen, be bold, but not silly.



Photo by CRASH:candy

WORKING WITH BUYERS

To win a Seller's Market, buyers need your expert advice and insiders knowledge. Here's a few ideas to help you and your's WIN.

Photo by smbuckley23

PAINT YOUR BUYERS A REALITY PICTURE.

HOW TO WIN IN A SELLER'S MARKET.
Share the good, the bad and the interesting.

Preparing your buyers for reality will help them get what they want without pulling their hair out, or worse, losing out on their dream home.

Communication is the key. As always.
Photo by [ henning ]

INVENTORY REALITY

SHOW. DON'T TELL.
When sharing the story about inventory, supply and demand, the laws of scarcity, the importance of preparation and need for speed, it's meaningful and instructive to SHOW them what you're talking about in the form of third party data from your MLS and other credible sources.

SHOW and SHARE, don't TELL and SELL.

Photo by Erik Alfredo

PREPARE TO JET

PROCEDURES. PAPERWORK.
In a competitive multiple offers market, when our buyer's find their dream home everyone needs to haul-ass to get their offer submitted before other bidders show up.

To help our buyers move forward fast we'll want to make sure that we have our buyers fully prepped and informed about what to expect in terms of procedures and paperwork. Familiarity creates confidence. Confidence leads to speedy action.

Let's make sure buying their dream home is a dream come true, not a nightmare gone sour.

Go fast. Go Pro.

FULL PRICE OFFERS MAY BE REQUIRED.

FEEL THE FEAR. DOUBLE SAFTEY CHECK. TAKE A DEEP BREATH. JUMP.
As Americans we've been conditioned to look for deals, steals. The definition of a Good Deal is subjective.

We're in a strong sellers market. Let's not let our buyers lose out because we haven't had a candid conversation about market conditions, trends, and pitfalls of focusing on good-deal instead of sealing the deal.


Photo by plounsbury

SELLERS INFLEXIBILITY REALITY

PRICE. REPAIRS.
In a Buyer's Market buyers can demand that the seller repair every little this-and-that. Seller's gritted their teeth and did what was necessary are requested. After all buyers were scarce, dream homes plentiful.

In a Seller's Market seller's can and will decline to make repairs. Especially cosmetic repairs. If the buyer walks, there's likely to be another buyer waiting in line or just around the corner. After all dream homes are scarce, buyers plentiful.

If the seller won’t pay for repairs don’t get angry or take your eyes off the prize. Get bids and provide your buyers the names and numbers of reputable repair and home improvement people who can get the job done fast and affordably. Don’t let your buyer's lose their dream home or few hundred dollars in cosmetic. If they like it, help them own it.




Photo by mahalie

SWEETEN YOUR OFFER STRATEGIES

PRICE. DOWN PAYMENT. EARNEST MONEY. TRIGGER DATE. CONCESSIONS. PRE-QUALIFICATION. YOUR STORY.
To hone an edge and stand out in the sellers eyes consider sweetening the terms of your offer.
1. Larger down-payment.
2. Bigger earnest money deposit.
3. Short trigger point deadlines.
4. Provide the seller with written mortgage pre-approval letter.
5. Flexible closing date.
6. Possible seller lease back.
7. A personal letter to the seller sharing a little bit about your buyers and their situation sometimes helps the seller choose one bidding buyers offer over the other.
8. More Option money.

Be smart. Sweeten your offers without paying more money.
Photo by Clover_1

APPEASING APPRAISERS

SUCCESS STRATEGIES FOR ACCURATE PROPERTY APPRAISALS.
Low appraisals suck.

We can't control the property appraisal outcome. We can help demonstrate value. And we can control how we respond to a low appraisal.

Let's:

Prepare our buyer and seller clients for options in the event of low appraisal.

Seller: Negotiate a lower price, accept the buyers termination.

Buyer: Negotiate a lower price, cash up the difference between the contract price and the appraisal price. Terminate the contract.

Help demonstrate value by preparing a Property Value Packet for the appraiser. Include in the packet relevant comps, a laundry-list of improvements and upgrades including their cost.

Photo by Hindrik S

NOW GO MAKE-YOUR-MARKET

WISHING YOU SPEED, GRACE AND ALL THE AH-HA BEST. KEN BRAND
Ken Brand.com - Less Blah Blah More Ah Ha
832-797-1779
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