Today’s tight inventory environment means that agents can’t afford not to win a listing. Here are nine mistakes agents commonly make and how to avoid them.
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1. Being unprepared
When the call comes in that a potential seller wants to meet, you have to be ready to go. You can’t afford to spend hours working on a presentation.
You should have already prepared your listing presentation, and you should have already practiced presenting it. All that should be left when that call comes in is to tailor it to your potential client quickly.
2. Not showing up
Today’s consumers require on-demand service, which is why you need to be ready to go at a moment’s notice. You need to be able to meet when the sellers want to meet.
3. Not standing out
Today’s sellers know the power they hold and want to feel confident that you will get them top dollar for their home.
Your listing presentation should reflect the sophisticated and savvy level of service you will provide and should be well-designed, preferably a professionally designed template that reflects your brokerage’s branding.
If your broker offers CMA tools or has partnerships that add value, be sure to include them.
4. Not listening
It’s really the sellers’ show, not yours. You need to find out as much as you can from the sellers about their situation and goals. Of course, you need to tell them what they can expect while working with you, but they already called you, so they have a good idea of what you bring to the table.
Look for clues that the seller is ready to wrap up, and don’t sell past the proverbial close. Being aware of those clues only happens when you listen more and talk less.
5. Not being efficient
One way to be respectful of the seller’s time is to send a pre-listing packet in advance of your meeting. You can make any adjustments to the completed forms as you walk through and gather more details from the seller.
6. Not knowing your numbers
Today’s consumers think they know a lot about pricing and home values. Many online sources are available that could potentially give them the wrong impression that they have a handle on what their home is worth.
You must be intimately aware of homes that have sold, and perhaps not sold, in this seller’s range and location to have a deeper understanding of the nuances in the market.
If potential sellers ask how much the home down the street sold for two days ago, you must know how to instill confidence in the sellers. You need to impress upon the seller that pricing is both art and science, which only comes with experience.
7. Not communicating
Congratulations! You won the listing. Don’t miss an opportunity to create a raving fan by not keeping in close contact with the seller.
Provide regular reports of online views, heat maps of where traffic originates and feedback from showings.
You can best accomplish this task by having a system in place that leverages the many available technologies available; for instance, a tool such as List Trac.
8. Not cultivating an online presence
This one might seem out of place on a list of mistakes about listing presentations, but the reality is that the listing presentation is part of a larger marketing ecosystem.
Getting calls from potential sellers comes from having a robust online presence, including a current photo, a complete bio on your website or agent page, areas of expertise, and most importantly, reviews.
Not communicating during the process can negatively impact reviews, so it’s essential to think about the big picture of reputation during every client encounter.
9. Being shortsighted
In a fierce market characterized by multiple-offer situations, it can be easy to cut corners to save time. But it’s critical to understand that your current seller is your audition for your next seller.
If you treat this deal as one standalone transaction rather than a chance to showcase your expertise to the next clients, you are missing the opportunity to set yourself up for future business.
At the end of the day, whoever controls the listings, controls the market. Be sure to avoid these common mistakes, and you are well on the way to controlling the market and your ultimate success.