Last week, we discussed the big “O” and how to overcome objections through numerous strategies.
This week, we will be exploring the big one: getting your first listing.
Expired ListingsAn expired listing is an excellent opportunity for your first listing. Click To Tweet
People don’t understand how often expired listings come up in the high-end market because a lot of agents who get listings are well-connected and treat their business as an avocation rather than a vocation. A lot of them are unqualified and, despite having a good pedigree and a great Rolodex, they know nothing about the business. Simply put, they can get the listings just because of their connections. As a result, they rampantly overprice listings, causing listings to expire on a regular basis. When this happens, you have a great opportunity to be the second agent in.
Another excellent way to get your first listing is to find the maverick in your market. The maverick in your market is the person who wants to show people they’re different. They typically want to take a chance on a new person and they are the ones who are willing to go with an agent who’s new, fresh, audacious, and creative. That’s the person you want to go to.
For example, I was at a woman’s property that had a grandiose barn. She must have spent millions of dollars building this barn. The barn had heated tile floors, natural finished wainscoting, and a beautiful chair rail. It was just a breathtaking barn.
However, when I went to the area where the car was parked, I saw a deep metallic green Subaru Outback. She’s a maverick. She spends millions and millions, but when she goes into town, she goes in a Subaru.
This is where market research pays dividends. Knowing the individuals in your market will help you find the mavericks. They’re the ones who show up in town with a truck. I’ve shown multimillion dollar homes where people show up in a pick-up truck. They’re trying to throw you off track, but that’s the kind of person who will take a chance on an agent who’s new to the market, new to Luxury Real Estate, and new to a different location.
Gatekeepers and Appointments
We talked about gatekeepers a few weeks ago, and that’s the long-term path to getting listings. That is because all those gatekeepers – the attorneys, the CPAs, the trust officers at banks – know which clients are putting their homes on the market next. When you can provide value to them with your yearly valuation updates, they will provide referrals to you.
An Important Reminder
Moreover, I always tell people, on your first appointment, you want to diagnose before you prescribe. Salespeople can’t seem to help themselves. They go in and start blabbing away before really listening to their client’s needs or wants.
Think of yourself as a doctor. Ask them lots of questions. Ask them to show you the house and then go through on your own. I always have the seller show me their house and then I go back through with a recorder and a checklist. I laser measure the whole house and make notes. And then I execute my checklist while I’m there.
Very important: Never give them the price on the first appointment.
Even if I think I know what it is and they’re dying for the price on the first appointment, I try to create more mystique and a greater sense of value for the price opinion I’m ultimately going to give them.
When asked, you can say, “I have to see your house first to reconcile all the market data I’ve already collected around the property that I’ve just seen for the first time today. When I have enough confidence in my opinion that I can sign my name to it, I will tell you how much I think your house is worth.”
On the second appointment, you want to make your listing presentation. I like to give one in writing and also in PowerPoint. It can’t be some generic presentation. I do listing presentations that are up to 50 or 60 pages long, but I always have a three page executive summary in the front so that they don’t have to read the whole thing.
Good luck, Luxury Realtor, on getting your first listing.
Until next time, make it a great week.