How to Conduct an How to Conduct an Effective Pricing Effective Pricing

Discussion Using the Discussion Using the Price Trend AnalysisPrice Trend Analysis

The Objectives of Today’s The Objectives of Today’s Workshop Workshop

Review key techniques that will help you have an effective pricing discussion.

Explore how using the key techniques will help you guide the seller to the ‘the right price’ to sell in their local market.

Practice conducting the Pricing Discussion using the PTA and applying the key sales techniques.

Your Seller is Thinking…Your Seller is Thinking…

I need my house to sell for $X in X amount of time.

I have heard mixed information about the current real estate market and I don’t know what to believe.

What do YOU know about today’s market? What do YOU know about this local market? What do YOU think is the right price? What are YOU going to do to get my house

sold?

How Does Our Approach to the Pricing How Does Our Approach to the Pricing Discussion, Using the Price Trend Discussion, Using the Price Trend

Analysis Differentiate YOU?Analysis Differentiate YOU? Goes above and beyond showing Goes above and beyond showing

the MLS sheets and comps.the MLS sheets and comps. Demonstrates YOUR expertise Demonstrates YOUR expertise

and knowledge of the current and knowledge of the current real estate industry and their real estate industry and their local market.local market.

Provides an organized, Provides an organized, professional overview of the professional overview of the market.market.

Factually guides the seller to Factually guides the seller to determine the correct price. determine the correct price.

Differentiates YOU and Weichert Differentiates YOU and Weichert from all other competitors.from all other competitors.

Key to an Effective Pricing DiscussionKey to an Effective Pricing Discussion

Demonstrate Your Value First: Step 1: Get to Know Your Sellers and

their Home Step 2: Share the Weichert Value Story

(use the customized marketing plan) Step 3: Prepare and Present the Price

Trend Analysis

Step 1: Getting to Know You and Your HomeStep 1: Getting to Know You and Your Home

Sellers Think: Do I like you? Do I trust you?

You’re using the “Getting to Know You” tool to:

Build rapport. Demonstrate your professionalism. Show sincere interest in the sellers. Learn about the sellers and their home. Separate yourself from the competition.

You’re using the Weichert Listing Presentation to:

Demonstrate value Show you have a plan Express your commitment Gain their confidence

Step 2: The Weichert Listing PresentationStep 2: The Weichert Listing Presentation

Sellers Think: Are you competent? Can you represent me? Can you bring me buyers? Will you work hard for me?

Apply Key Sales TechniquesApply Key Sales Techniques

Value Statements Differentiate Yourself Engage the Seller Defer Technique Closing and Getting to Yes

In the Weichert Value Story video, do you remember how Ann effectively delivered the customized marketing plan and demonstrated her value to the sellers?

The Pricing Discussion

1. Share the big picture.

2. Review the boxes across the Price Trend Analysis.

3. Drill down on the facts.

4. Ask the seller for a price range for their property.

5. Agree on price and close for the listing.• Distribute and review the Pricing Discussion Checklist

• Show segment #3 of the Weichert Value Story video

The Pricing Discussion

What did you see Ann do well? What would you do differently? Which steps did she follow? Did the discussion help guide the seller

to determine and agree on a reasonable price?

Tips for an Effective Pricing Tips for an Effective Pricing Discussion, Using the Price Trend Discussion, Using the Price Trend

AnalysisAnalysis Do the work to properly prepare.Do the work to properly prepare. Use more data if challenged with Use more data if challenged with

comps.comps. Add Expireds and Withdrawn Add Expireds and Withdrawn

data, when necessary.data, when necessary. Calculate and prepare to explain Calculate and prepare to explain

the Market Absorption rate.the Market Absorption rate. Follow the 5 steps. Follow the 5 steps. Engage the seller.Engage the seller. Use a highlighter or pen to point Use a highlighter or pen to point

out key data.out key data. Give the seller time to read the Give the seller time to read the

data.data.

Sample Dialogue: Sharing our Sample Dialogue: Sharing our Approach to the PTA with Approach to the PTA with

Prospective SellersProspective Sellers““I’d like to talk to you now I’d like to talk to you now about our approach for pricing about our approach for pricing homes. We not only look at homes. We not only look at comparable homes in the local comparable homes in the local marketplace, we research marketplace, we research trends from 12 months ago, 6 trends from 12 months ago, 6 months ago, Under contract months ago, Under contract and Actives.” and Actives.”

““Before we look at the boxes Before we look at the boxes across the page, let me direct across the page, let me direct you to, what I consider, is the you to, what I consider, is the executive summary of what’s executive summary of what’s happening in this market, the happening in this market, the Current Inventory Analysis Current Inventory Analysis Snapshot.”Snapshot.”

1. Each will take a turn to role-play the part of the Sales Associate, Seller, and Observer

2. Take few a minutes to Review Sample PTA Handout to prepare your for the role-play

3. Sales Associate will conduct the Pricing Discussion applying the 5 step process

4. Observer should take specific notes on the Pricing Discussion Checklist

Pricing Discussion Skills Pricing Discussion Skills PracticePractice

See next slide for more instructions…

• Distribute and review your prepared PTA materials•Distribute and Review Pricing Discussion Checklist

Skills Practice Breakout Skills Practice Breakout Instructions Instructions

Break into groups of three and assign each person a number between 1-3

You will have 20 minutes per round, including 5 minutes for to give feedback using the checklist

Assigned Number

Round 1 Round 2 Round 3

#1Sales Associate

Seller Observer

#2 ObserverSales Associate

Seller

#3 Seller ObserverSales Associate

See next slide for more instructions…

Observer conducts a feedback discussion:1. Have the Sales Associate state…

- What they did well- What they would change next time

2. Have the Seller give feedback next- What they think the Sales Associate did well- What they would recommend they change next time

3. Observer gives feedback based on their notes from the feedback form

- Be very specific

4. Observer gives the feedback form to the Sales Associate

Skills Practice Feedback Skills Practice Feedback SessionSession

Skills Practice DebriefSkills Practice Debrief

What worked well? What would you focus on for next time? What specific steps in the process did you

find particularly helpful? How are you feeling about using the Price

Trend Analysis to conduct the Pricing Discussion?

Additional ResourcesAdditional Resources

Related online courses Pricing It Right Weichert Listing Presentation: Dialogue & Tips Weichert Listing Presentation: Effective Closing Techniques Effective Presentations: How They Can Make or Break Your

Transaction Overcoming Common Seller Objections Overcoming the Commission Objection

Weichert Tool Kit– Tools for Sellers tab