How to Close a Real Estate Deal FAST (Mike Ferry Strategies)
Welcome back to Mike Ferry TV. Tony Smith here, coach and speaker for the Mike Ferry organization. Happy to be with you here on Mike Ferry TV. All right. This week I want to talk to you about something that does come into play for each and every one of us at different points throughout our career, looking down and recognizing that I’ve got to get a deal put together fast.
All right. Now, there could be an argument, and I can hear some of you right now. I can hear you right now, Tony. I’m always looking for a deal. Fast. I love the attitude. Okay, Tony. Uh, I’m always urgent in everything I do. I love the enthusiasm. But I also know that there are times when we run a business that we just find ourselves in a space where I do need to put together a deal fast. All right. And for a long, long time, Mike would share with us some thoughts about if you get yourself in that spot or you find yourself in that position. Isn’t it better to understand some approaches to how you can do that for yourself? Right? So, I don’t know. Um, if I were to ask you right now, at this moment, is it important for you to get a deal put together pretty quickly here?
All right, so there’s three really very simple, very direct steps that you have to consider if you want to get a deal fast. And they’re actually in order. Okay. So, if you want a fast transaction, oftentimes the listings that we have right now at this moment is the fastest way. Okay. Now we know that if you have a listing today you can get it sold. We also know that even though the market is a little bit slower and the days on market has extended in most of the country, that you will still notice that if the right listing and the right condition at the right price comes to market. There’s still a lot of those that are happening very quickly in every marketplace. So, you want to start getting your head wrapped around the idea. And what I might recommend that you do is you should be studying the hot sheets every day. And one of the things I would ask you to look at is … I would ask you to have a clear understanding of the homes that go under contract that were on the market for 30 days or less. Just become aware when you look at the hot sheet every day, what listings, what properties in your marketplace go under contract that were on the market for 30 days or less? That’s a pretty quick sale today. So, if you if you know what that that house looks like, if you know what that scenario is, if you know how those kind of properties are priced, then isn’t that what you’re looking for? Okay.
1) Take one of the listings I have and do what I need to do to get it positioned right and get it sold
So you know the first step if I need a commission or get paid fast is I look at what listings I have and I’ve got to get one of those sold. All right. And most of the time if I have a listing I want to get sold. It’s, you know, it’s either price or condition or how I’m exposing that property to the public. That’s it. So, we have a whole series of thoughts in Mike Ferry about pricing property correctly and getting price reductions.
But if I have if I have two listings and I have no pendings and I need to get a sale, those two listings is my first best chance. Should I maybe consider setting up a meeting and meeting those two sellers and sitting down with those sellers again and going over the condition of the home, the activity you’ve gotten so far, the comparable sales since they’ve listed. And shouldn’t I take the time to sit down with them and get them in the right position to sell right away. Right. A price reduction, maybe cleaning up some part of the house to make it a little more showable. Right. And then I can take on a little better activity. Could I call the top 25 agents in my market that represent the most buyers, and do a little mini presentation on my listing that I just got reduced? Could I actually put some strong work forward? Could I call people in my database and introduce the property that I have for sale and ask them who they know that might like to buy it? Of course I can talk to the neighbors. Should I be sure and talk to the neighbors and ask them who they know that would like to move into their area? So, number one, take one of the listings I have and do what I need to do to get it positioned right and get it sold. All right.
2) Take a qualified buyer and get them into a home
If I need to get a paycheck fast, the second thing I should consider is take a qualified buyer and go sell him a house. All right. Now, in the Mike Ferry world, we talk about listing property a little more than we talk about working with buyers. And we do that generally because the amount of time it takes to get a buyer under contract is oftentimes more than the amount of time it takes to get a listing sold. Okay. But if I find myself needing a commission check, I certainly should take a look at making sure I’m exploring the qualified buyers. Could you take every single buyer lead you have? Could you get super aggressive with each and every one of them? Could you, uh, call them? Call them again. Get them recommitted. Could you make sure that they’re qualified and then do some really serious hard work to get them into a property?
You know, I have two choices. I can set them up on an auto search through the MLS and hope for properties to match their criteria. And when one does, then we can go and look at it. Or I can go to work and look for the property that will suit their needs. Right. You know, I could look daily at the properties that are back on the market. You know, like today’s times, um, there’s a fair amount of properties falling out of escrow. Should I be looking daily at the properties that are back on the market? And if any one of those matches, any buyer I have, should I call that buyer instantly get them fired up, get them in the house and get it sold? Right. Should I maybe even consider if I have a well-qualified buyer and the right property isn’t readily available for them? Is it worth my time to call through that community and see if I can find a listing? What about some of the Expireds and withdrawn Listings that match the criteria of the buyer I have. Is it worth my time to pull up the Expireds and the canceled listings? And if any of those match a buyer that I have criteria wise, shouldn’t I call those Expired and canceled listings and present the opportunity that I have a buyer for them? Can happen pretty fast. Okay.
And then the third way, in order of importance, if I need to check fast, get one of my listings priced right and get it sold, take a qualified buyer and get it sold.
3) Get a brand new listing priced right and go get it sold
Or number three, get a brand new listing priced right and go get it sold. All right, so I understand you have routines and maybe you have a little lead generation process that you use, and maybe there’s some habits that you’ve created to try to generate business. But then there’s also this concept why don’t I clear my calendar for the next 2 or 3 days. Why don’t I prospect for 6 or 8 hours a day? Do everything within my power to get a listing that’s priced right, so I can get a commission check so I can get paid. All right. We always have that opportunity. We have our normal routines and rituals, or we can break those routines and simply prospect until I find my next sellable listing.
You know, we’ve heard Mike Ferry say there’s only four things that make money in real estate prospecting. Lead follow up on an appointment and negotiating a sale. Those are the only four things that actually earn money. If I need to earn some money and I have no sales to negotiate right now, okay. And I only have a couple leads to follow up on, and I feel like I’ve followed up on it and I have no appointments in my calendar right now. I guarantee you have time. And if you have time, shouldn’t you revert all of that time to prospecting and go out there and find a highly motivated seller, get it listed and get it sold? All right. So, we would love to think that we would never find ourselves in a position where we have to find a commission, we have to get paid, but we all find ourselves in that spot from time to time.
If you’re in that spot now, why don’t you take these three very important steps in order, starting today, and see if you can follow these steps and get yourself back in a position of a paycheck quickly. All right. So, I hope this helps. I hope it works for you. We are here at Mike Ferry doing everything we can to help. Go to our website, mikeferry.com, call us if you’d like to attend one of our events. We look forward to seeing you soon. Thanks for your time.
