The term "lifeline" originally referred to a
line running from the bow to the stern of a boat to which the sailors attached themselves
to avoid being washed overboard or a line thrown to rescue someone that failed
in the attaching process. It can also be
something to provide peace of mind - something you need in your business plan. But
in either case, success depends upon being prepared ahead of time.
During
the previous "sellers' market" it was very easy to move through the market
depending solely upon one's mental agility and personality to get the job
done. After all, everyone was trying to
get "into" the boat and no one was worried about be washed overboard. The market and the customers are much more
sophisticated today and that means it takes a lot more preparation and planning
to stay on top.
Where
many agents fall short is in selling the value of their services. Now part of the reason is that they didn't
need to in the past but that does't wash today. There are still far too many agents in the
marketplace competing for fewer transactions. We have a whole market full of sellers that are only interested in one
thing . can you sell their house? Well,
let me ask a question. Are you really
responsible for selling their house or are you responsible for successfully
"marketing" it?
In
taking that approach it puts your commission in a different perspective. You are presenting a set of skills for the
seller to purchase. But if you don't
have the skills necessary to deliver and the plan to execute, then you are no
different than the 4 other agents that sat at their kitchen table before
you. And let's face it - in a down
market as well as an up market - there are agents out there using and inflated
price just to get control of or property.
Assume
you are agent number 4 in the door - how do you come out number 1? Today more than ever you need to throw the
sellers a lifeline. You can safely
assume that they are more confused than they will admit. They are swimming in an ocean of information
and may even be going down for the 3rd time. They need your lifeline - the hard facts and figures and a solid
marketing plan.
Too
many times agents are guarding their commission and that is exactly the wrong
approach. You need to throw that thought
out and focus on task number one . building trust and confidence. And you are going to do that through the
absolute hard facts, which you won't have without doing your homework. Is this some new revelation? No, you knew
that before you read the first word in the last sentence. But what it is is a
re-focusing on what is important. If you
are focused on the potential of a commission squeeze or dealing with an
inflated sales price presented by some other agent you won't be able to do your
job. And it's doing your job that will
build the trust and confidence you need. Remember, most sellers really do pay attention to facts and are, at the
end of the day, reasonable if you have convinced them that your facts and
recommendations are solid.
Your immediate task is to sell your value and not your
cost. The first step in that process is
the #1 step that many agents skip right past . listening to your seller. Discuss their problems at length to ensure
that you fully understand what their needs are. If you don't, the rabbit will jump out of that hat a later date and
cause you no end of problems. It has
been said the 70% of your time during the first meeting with the sellers should
be focused on what they need and want. The remaining 30% focused on what you need to do to satisfy those needs
and wants.
More than anything else, in this very tough market,
sellers want a trusted relationship. That is why I asked the question earlier . is your job to sell their
house or market it? They are the one's
that are going to sell it but only after you have done your job of marketing it
successfully. You can't do that without
all the "accurate" facts and a "personalized" marketing plan based on those
facts. After all, that is the bottom
line when it comes to fiduciary responsibility. You are agreeing to put their interests above yours or those of any 3rd party. Leaving no part of the marketing
plan uncovered is foundational to that responsibility. And that may mean not putting the house on
the market.
Your complete plan should incorporate letting the seller
know everything that in your opinion impacts their ability to sell their
home. That may mean holding it off the
market until any number of things has been taken care of. Just go back to listing 101 and make sure you
leave no issues open, from establishing the right market price to ensuring the
home is ready to make the transition from a "lived in home" to a "house for
sale."
Your experience and knowledge are the lifeline that sellers desperately need today. They are confused and uncertain about the
market and many are under a tremendous amount of pressure. As a real estate professional your job is to
help them sort through those issues and determine the best path to take through
it all. So remember, your first task is
to learn to which side of the boat to throw the lifeline and you will only find
that out by listening, listening and then listening some more. After all, that's the key to trust and
confidence.
This
approach to working with today's sellers is just part of what is included in
the (ASR®) course brought to you by the Accredited Seller
Agency Council. If you want to learn
more about successfully functioning in today's market visit www.selleragency.com for all the details regarding this course now
offered conveniently online.
