Welcome to another edition of Mike Ferry TV. My name is John Joseph, a Coach for The Mike Ferry Organization. Today we're going to discuss The Five Points to Help You Take More Listings in today's market.
Now, as the market transitions back to a normal market, (1) you will need to have a larger inventory that is continually rotating through your business. Now, why is that important? Well, with fewer Buyers in the marketplace, you will need to have a larger inventory for them to choose from.
Think of it like this. If you were going into Nordstrom to purchase an outfit and they only had one outfit for you to choose from, what are the chances that you would buy that one? Probably not very good, but if you had eight or nine different styles, chances of you buying something is much greater. You're listing inventory works the same way.
So, let's take a look at five points that will help you [get] more listings in today's market. If you want to take a lot of listings in today's market, there are four essentials that you need to be aware of.
a. Knowing what to do is the first essential. Do you have a specific schedule that is designed to help you take more listings? Are you following it? Or do you wake up each morning waiting to see what your day will look like based on your emails and your voicemails?
b. The second essential … Knowing what to say. Are you following the scripts that Mike provides to you? They are designed to get you more appointments and more contracts signed if you practice them and use them on a daily basis.
c. The third essential … Managing the listings that you take. Do you have a business process or a checklist to manage your listings? 90% to 95% of the process of managing a listing is the same from listing to listing to listing. Is your process [duplicatable]? So, you only really have to deal with the 5% or 10% of the craziness that sometimes occurs.
d. And the fourth essential … Learning to live with the income that you earn. Let me ask you, do you believe that you're a professional who has earned the right to be successful? I think you are. Is this something you need to discuss with your Coach or your Broker?
Now to help you take more listings. In today's market, (2) you have to be willing to change your sales behaviors and learn a new set of skills. That's point number two. You need to accept the fact that change is difficult but is an essential part of the growth process. Are you running towards change or are you running away from it?
The third point to help you take more listings in today's market. (3) Understand your value proposition and the importance to the Seller. Do you understand the criteria in which the Seller will choose their next agent? Have you asked them? You know, Mike says that part of your value proposition should include having a lot of energy and enthusiasm, not only at the listing appointment, but for your job and the opportunity that you get to create each and every day. Do you think the Seller will be excited to work with you if you're energetic and enthusiastic? Of course, they would. It's that energy and enthusiasm that is valuable to a Seller.
Next is the strength and depth of your presentation that should be part of your value proposition. The strength of your presentation is based on your knowledge and ability to deliver the Listing Presentation itself with confidence. The depth of your presentation is your ability to respond to customer's questions or concerns in a way that is clear, viable and reliable.
Sometimes you may even have to answer their nonverbal cues. Your professional approach and appearance [are] part of your value proposition. As Mike has told us, it's not necessarily fair, but we are judged the minute the customer opens up the door. Would you do business with you based on the way you dress? Would you do business with you based on the quality of your handshake, the tonality in your voice, and even the way you walk through the house with a client? Is your approach and appearance so good that a customer would sign with you without even listening to your presentation?
Another part of your value proposition should include your use of professional materials. Does your Pre-Listing Package look like everyone else’s in your community? What have you done to set yourself apart from every other agent? Are you using the standard templates from your MLS or have you put something together that's a little more professional to cause you to stand out? Are your materials printed on high-quality paper? Are they bound or do you just have a bunch of papers stapled together? If a Seller had to [decide] as to who to list with based on the materials that you provide them with, would they choose you or your competition? Are you using a strong script and presentation as part of your value proposition, or are you one of those agents who just goes in and wings it? When you use a strong, scripted and canned presentation, that conversation flows naturally and that benefits the Seller by providing them with a clear path to getting their home sold.
When you just go in and wing it, the conversation is usually disoriented and confusing to the Seller. You might end up talking about golf, their car, or the way the house is decorated. Let's respect the Seller's time and intelligence and give them a strong, scripted, canned presentation that helps them get their home sold. As Mike has always said, they're not looking for a new friend. They're looking for a professional to help them achieve their goals.
And finally, in understanding your value proposition, you should know five or six valid reasons why a Seller should choose you. They're not interested in hearing that you're honest and you're going to work hard. That's a given. They're really not intending to hire a dishonest or a lazy realtor. So, what are your five or six valid reasons why they should choose you? Take the time after watching this video and write your reasons why they should choose you and work with your Coach or your Broker on how to weave it into your Listing Presentation if the situation calls for.
Alrighty. So, if you want to take more listings in today's market, I wrote down point number four. (4) You have to develop the skills of a great Listing Agent. And you know what these are.
1. Prospecting / Lead Generation
2. Aggressive Lead Follow-up
3. Prequalifying 100% of your Sellers
4. Giving a Great Listing Presentation
5. Closing for the Signature
6. Negotiating Contracts
Number one, it's prospecting or lead generation, aggressive lead follow-up. Prequalifying 100% of your Sellers using 100% of the prequalifying questions, giving a great Listing Presentation, closing for the signature and negotiating contracts. Rate yourself on each of these skills on a scale of 1 to 10. Of course, ten being the best. Share those ratings with your Coach or your Broker or your Accountability Partners and create a plan to get better.
Alrighty to take more listings in today's market. I wrote down point number five from Mike. (5) You should follow the schedule of a Listing Agent. This includes role-play and practice every day, a minimum of 30 minutes. Remember what Mike says about practice? Professionals practice. Amateurs don't. Prospecting or lead generation time that should be part of your schedule should be 2 to 3 hours every workday. This part of your schedule should be intense, concrete, productive and untouchable. Next is lead follow-up. This should take about 30 minutes each day, maybe even twice a day. Now, some of you are saying there is no way that I could get my lead follow-up completed in that amount of time.
I would ask that you go back through your leads and really figure out if they're really leads. Remember, Mike's definition of a lead is someone who was willing to sign a contract in the next seven days. Also, what scripts are you following when you're doing your lead follow-up.? Are you calling them just a check in? Or are you following Mike's lead follow-up script? The choice is always yours, and then there's preparation time, of course, depending on how many appointments you have. This should take about 30 minutes to an hour. What do you do during your preparation time? Well, it's pretty simple. Prequalifying your Sellers if you haven't already done so, put your Pre-Listing Package together. Or maybe review your CMAs. Next is part of a great schedule.
Mike says you should have about 30 to 45 minutes set aside for any administrative work that needs to be completed. This could be answering emails, checking voicemails, doing some paperwork, or heck, even resolving a problem. And finally, there is presentation time in your schedule. Everything we've spoken about up to this point should add three, four, even five qualified Listing Presentations to your schedule each week. Is this what's happening to you? I hope you found this information helpful. It's intended, like every one of these videos, to help you move your business forward just a little bit each day. My name is John Joseph. Go take a listing.