it’s all in how you say it! - home - institute for luxury home ... october webinar...it’s all in...
TRANSCRIPT
It’s all in how you say it!Terminology, scripts, and magic
questions to help you capture, qualify, and keep things going smoothly
A special webinar for ILHM Members
Presented by Laurie Moore‐MooreWith ideas from participating members added
October 27, 2011
© 2011 The Institute for Luxury Home Marketing
A reminder…What were we thinking?
Small terminology changes can make a BIG difference…
– Change “Listing Presentation” to “Marketing Consultation Appointment”
– Change “Solds” or ‘Closed Transactions”to “Real Buyers”
– Change “Comparables”to “Relevant Properties”
“How’s Business?”
Be careful how you answer…
“… But I can always use more. Can you think of anyone who might need my help? You know I’ll work hard to do a good job. Can you think of anybody?”
“How’s Business?”
Tie your answer to what’s going on in the marketplace.
“I’m sure you’ve been reading the real estate headlines. But…The good news is that inventories are high, prices are low, and interest rates are at rock bottom – it’s a wonderful time to buy! In fact, many smart investors are already active in the market. Do you know anyone who’s ready to take advantage of a good opportunity?... “
Magic Question: Qualifying
“How do you prefer to pay for the home you’re considering buying at the
$__________ price point?”
“So that I can show you all the homes you are going to want and need to see in order to make a smart decision and so that you can negotiate from a position of maximum strength when you find the home you just have to have, we’ll need to get you qualified by a lender as quickly as possible. Let’s see if we can get you an appointment this afternoon…”
“Great! So that I can show you all the homes you are going to want and need to see in order to make a smart decision and so that you can negotiate from a position of maximum strength when you find the home you just have to have, we’ll need to get you qualified by your money source as quickly as possible. Can you start the process this afternoon?
“Great! An all cash transaction often simplifies things. So that I can show you all the homes you are going to want and need to see in order to make a smart decision and so that you can negotiate from a position of maximum strength when you find the home you just have to have, all I’ll need from you is a letter of financial introduction* from an institution where you have assets on deposit sufficient to purchase at the $_____ price point .”
The letter of financial introductionor verification of assets
1. Send a request signed by buyer prospect2. When verification letter is received,
confirm the phone number matches the organization
3. Call the number to confirm receipt4. Problem = Red Flag
Magic Question: Communicating!
They have communication expectations –be sure you know what they are. And, establish your own communication expectations.
“How would you like me to communicate with you and how often?”
Magic Questions for Sellers
Today as you think about selling your home, where would you put yourself on this line?
Shortest ___________________________________________Highestselling time price
Magic Questions for Sellers
“Today as you think about selling your home, where would you put yourself on this line?”
Shortest ___________________________________________Highestselling time price
Magic Questions for Sellers
“Today as you think about selling your home, where would you put yourself on this line?”
Shortest ___________________________________________Highestselling time price
The complex listing transaction
• Four objectives:1. Get the listing2. Get agreement on a single point of contact3. Ask that contact person be decision‐maker4. Negotiate the PROCESS for decision making
• Get it in writing with signatures!
Magic Question for Buyers
“Is there anyone you’ll be turning to for information or advice as you make your decision to buy?”
Smoke out the Deal Killer early in the process!
Overcoming the “ But there are no comparables”
issue
Change your terminology to“Relevant Properties”
Relevant Properties
• These are the relevant properties with regard to properties which prospects considering your home will also be looking at.
• These are the relevant properties which the buyer’s lender’s appraiser will be reviewing as part of evaluating the contract price for your home.
ILHM Member Tips!
What follows are a few scripts and ideas Inspired by the member discussion
during our webinar
Objection: Wrong office. “Your office isn’t located in the luxury market
or near my area.”
Response: “That’s true. But, I’m not a geographic specialist tied to one office. I’m a luxury specialist, so I work where the luxury home buyers want to be. This takes me to a larger area. I guess you could say my car is my most important office. My training and experience keep me on top of the luxury market, not just one neighborhood. Doesn’t it make sense to work with a luxury expert?
‐‐ Jennifer Dullere, First Weber, Fort Atkinson (WI)
Idea: Bonus before a price reduction
• “I’ve had success having my sellers offer the buyer’s agent a bonus. We’ve done this before we tried a significant price reduction. The bonus is a less expensive option and generates attention. If the bonus doesn’t work, then we go for the price reduction.”
‐‐Lois Marris, Keller Williams, Rochester (MN)
Challenge: Negotiating more value for your buyer when seller won’t meet the
offered price
Response: “What are the other value‐added benefits my buyer would receive at this price? Country Club dues? Golf membership? Prepayment of homeowner’s association fees?...”
‐‐Terry Rasner‐Yacenda, Dreams Realty, Reno (NV)
Challenge: Seller wants to price property too high
• Response: “There’s a danger you need to be aware of. If we price your property too high, other agents will simply use your home to sell their less expensive ones.”
‐‐Yolande Citro, Keller Williams Elite, Aventura (FL)
Challenge: Seller wants to price property too high
• Response: “Please understand that I don’t take every listing. So, if we are not on the same page with regard to price, I may need to walk away.” Then point out a strong reason to work with you – your higher list to sales price ratio, shorter days on market, the marketing plan they really liked…
‐‐ Jennifer Dullere, First Weber, Fort Atkinson (WI)