© 2011 cengage learning. servicing the listing chapter 10 © 2011 cengage learning
TRANSCRIPT
© 2011 Cengage Learning
Servicing the ListingServicing the Listing
Chapter 10Chapter 10
© 2011 Cengage Learning
© 2011 Cengage Learning
RATIONALE FOR CHAPTERRATIONALE 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 CHAPTERRATIONALE 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 PresentationFocus 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 PresentationFocus 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 PresentationFocus 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.
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CHAPTER TEN OUTLINECHAPTER TEN OUTLINE
10.1 YOUR MARKETING PLAN10.2 GOOD COMMUNICATION10.3 MODIFYING OR EXTENDING THE
LISTING CONTRACT
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CHAPTER TEN OUTLINECHAPTER 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 PLANYOUR 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.
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YOUR MARKETING PLANYOUR 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 PLANYOUR 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 PLANYOUR 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 e-mail database as advertising and marketing vehicles.
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MARKETINGMARKETING
• Explain virtual tours, email & social networking.
• Online lookup sites on facebook.com, twitter.com and others.
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GOOD COMMUNICATIONGOOD 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 COMMUNICATIONGOOD 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 COMMUNICATIONGOOD 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.
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GOOD COMMUNICATIONGOOD 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.
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MODIFYING OR EXTENDING THE LISTING MODIFYING OR EXTENDING THE LISTING CONTRACTCONTRACT
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.
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MODIFYING OR EXTENDING THE LISTING MODIFYING OR EXTENDING THE LISTING CONTRACTCONTRACT
• 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.
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PRESENTING OFFERS TO YOUR SELLERSPRESENTING 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?
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PRESENTING OFFERS TO YOUR SELLERSPRESENTING 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 SELLERSPRESENTING 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 HANDLING SINGLE OR MULTIPLE COUNTER OFFERSOFFERS
• 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).
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HANDLING SINGLE OR MULTIPLE COUNTER HANDLING SINGLE OR MULTIPLE COUNTER OFFERSOFFERS
• 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?
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CREATING THE ESCROW TIMELINECREATING THE ESCROW TIMELINE
Discuss the benefits of setting up an escrow timeline and delivering a copy to each participant to the escrow.