Posts

CMA Mania

Why do I call this CMA Mania? Because I am looking to the evolution of the CMA (Comparative Market Analysis.) Frankly, there is too many elaborate CMAs being used by realtors today. Elaborate CMAs were necessary up until the early 2000s before Zillow, Trulia and Realtor.com existed. Today, the consumer has access to all of these sites to easily learn how many homes in their neighborhood have sold and for how much. So, it’s really no longer necessary for realtors to spend their time providing the consumer with all of the traditional CMA information.

USE DIFFERENT CMAs

CMA Mania is the idea that you are going to send different CMAs at different times, these CMAs are not going to always include house information. For example, after you host an open house, send all visitors a CMA that is a glorified information packet about you as a realtor. Then use different CMA before having an appointment with a potential client, most of this CMA is marketing documents on how you can help them sell their house faster for top dollar.

KEEP YOUR CMAs SIMPLE

Agents frequently get confused about CMAs, because they are often taught by their brokerages that CMAs need to be more elaborate than they need to be. I personally like CMAs to be in a simple form and not just a list to show comparative sales. I prefer to focus more on sharing marketing information that I will use to sell the house, instead of dozen pages of neighborhood comps.

Listing Strategies

2nd Annual Agent Truth Solution Event

The Solution EventOn Wednesday, May 15th, realtors from around the valley came to the Must See Real Estate Event Of the Year – the 2nd Annual Agent Truth Solution Event! The 2019 event was held at the DoubleTree Resort by Hilton Hotel Paradise Valley – Scottsdale with over 300 attendees.

The Solution Event-PhilGuest speaker Tina Tamboer of the Cromford Report addressed the current real estate market. Then Jeff Sibbach and Phil Sexton took the stage and entertained the crowd with a game of “The Sales Price is Wrong”. Afterwards, Jeff and Phil shared the Top 5 Trends they have taken away from their 94 episodes interviewing top agents from across the country on The Solution podcast.

Were you unable to attend the event and want to learn more? Are you ready to learn about our Ultimate Real Estate Agent Makeover? Call us at 480-531-1285 or text SOLUTION to 99888.

Atomic Open House

It’s time to get excited, because I’m going to talk about the Atomic Open House. The Atomic Open House mean is my best open house strategy ever.

This starts with the preparation of the house. (Please see Photo Seduction class or How to Make Your House Sexy too.) I recommend hiring a home stager, but it’s up to the agent to reinforce these principles. When you’re putting the house online it needs to look its best. I talk about selling houses like online dating, because if you were trying to get a date you would want to look your best.

MARKETING YOUR OPEN HOUSE

I think that open house directional signs are crucial because you need to direct people to the house, but I don’t use as many signs as most realtors because I don’t think it brings in good quality traffic to sell the house. My goal with an Atomic Open House is to SELL THE HOUSE.  The key to the Atomic Open House is making sure your house is marketed on all of the top websites: Zillow, Trulia, Redfin, and Realtor.com. Also, make sure you schedule your marketing in your MLS by Wednesday or Thursday.

Atomic Open House is a mindset that you are trying to sell this house and that you are going to do everything possible to generate as much traffic through this house as possible. This is not just something that you do to placate your seller. Your job is a marketer to create high-quality traffic.

CAPTURING DATA

When buyers come to the open house, you need to capture their data. I believe individual forms to capture information are better than a sign in list. I believe having a flyer ready to hand to the people entering the house shows that you’re attentive. Hopefully before the open house, you’ve already done your research and you’ve identified off-market properties for that neighborhood, but even if you didn’t, some neighbors may come to the open house. When neighbors come in, ask questions about the neighborhood and ask if they are considering selling.  Those neighbors then also become potential clients with potential off-market properties for sale.

Put this all together and you have an Atomic Open House. You’re doing a great job for your seller and you’re maximizing your end killing it at the open house!

Listing Strategies

Open House Marketing

Open house marketing seems to be a foregone event in real estate. I don’t know why agents act like there have not been any recent changes in marketing. I still see the biggest thing in open houses is putting out lots of signs with balloons-we need to take this marketing to the next level. Traditional open house marketing strategies are events that begin the day of. More thought has to be put into planning ahead. Today’s buyers begin their search on their own, and where are they searching? The are searching online! When they see a house online they like, they are immediately looking for an access point to see that house, they aren’t waiting to see an open house sign on the weekend. If you don’t have the open house information online with the listing, you are missing up to 90% of your potential traffic.

I still feel the open house signs with balloons are good. The signs are helpful for the run of the mill traffic and the online shoppers to find you. Fresh flowers, water bottles and cookies at an open house are also great, but they are the icing on the cake, not the meats and potatoes of the open house marketing. Open houses need to be marketed on Wednesday, Thursday and Friday online. You need to see your house on every website, meaning: Zillow, Trulia, Realtor.com, Homes.com, Redfin and on all broker sites.

Listing Strategies

How to Get More Listings and Triple Your Income — Critical Components to List 50+ Homes Per Year

They key to getting more listings is becoming a “Local Market Expert.” The hard thing about real estate is that no one teaches you how to market yourself. As the numbers of agents available continue to increase, it becomes increasingly important to become an expert.

LOCAL MARKET EXPERTISE

When having a conversation with a friend, a neighbor, a family member or an open house visitor, most realtors will usually start a conversation by making relationships finding a common bond. Even though these old school sales tactics can be extremely successful, I see them losing more and more, while I see local market expertise winning more because everyone wants to list with a local market expert.

How do you get your friends, neighbors, family members and open house visitors to know you are a local market expert? This starts with you understanding several things, the first is knowing how many homes have sold in your area. Your area may be a neighborhood of somewhere between 500-1000 homes, but more importantly you should know the numbers for the area your MLS covers. For example, I live in Scottsdale, AZ, but to be a local market expert I draw all my stats from metropolitan Phoenix.

The three cornerstones of becoming a local market expert are knowing supply, demand and prices.  Supply is how many homes are listed for sale in your current MLS. The next is demand, this how many homes actually sold. The third thing is prices. Prices is a result of supply and demand, it’s important to know how much prices have gone up or down in the past quarter or year. The key thing to understand when talking about supply, demand and prices is that an individual statistic is not has strong as it is in comparison to a similar time frame before. For instance, how much did prices rise in a year, or how many homes sold this January compared to last January.

The best way for you to begin to triple your income is to study these statistics. Just knowing the statistics does not make you a complete local expert, but it is one piece of the pie.

WHAT CLIENTS WANT

What do clients want? First, clients want convenience. They want you to show them how you are going to make the process easier and they want to sell their house for most amount of money. Next, clients want their home sold fast, but they don’t want it sold fast for less money, they want it sold fast for Top Dollar. Ideally, they would like their home sold within a couple weeks. Lastly, all clients all want less hassle.(Agent Truth’s Two-Day Listing class discusses this complete strategy in detail.)

SELLING HOUSES FASTER

If you want to sell more houses, you can’t just lower the price of the house to list faster. Instead you need to create more market demand for the house. This is done by knowing who the target buyers are for the listing and finding the appealing features of the house to showcase in the listing photos.

Agent Truth is all about providing the best customer service and the best possible experience for a seller. The better the job you do for a seller in achieving their goals will get you three times the amount of referrals compared to just selling their home.

Listing Strategies

Listing Marketing – How to Market to Drive 50-100 Buyers Through Your Listings Per Month

I feel marketing may be the most underused, misunderstood and under appreciated thing in real estate. Most realtors use traditional methods of marketing such as advertisements in newspapers & magazines, and calling the neighbors. I believe the traditional marketing methods do not drive enough traffic to effectively to sell a house.

LEARN HOW TO MARKET YOUR LISTINGS

So when I talk about marketing for listings, I’m talking about getting more potential buyers through the house. For example, if the listing under a million dollars I’m expecting 50 to 75 people through the house in the first thirty days and if the listing is a million dollars then I’m expecting 25 to 50 people. From the many mastermind groups I’ve been through, I’ve learned that realtors spend the least amount of their marketing budget truly trying to target buyers to sell that house! Versus market tactics that benefit the listing agent or to market to other realtors. This is a huge differentiation, because the reality is buyers are now shopping without a realtor. As a result, realtors need to be doing direct to consumer advertising.

1) CONSUMER MARKETING

So, how do I respond if someone says to me, “Jeff, the newspaper is direct to consumer advertising”? Yes it is, except do buyers look through the newspaper to find a house? The answer is big fat “NO”.

Where do 90% of buyers start their search process? Online! If you’re looking through the aggregators, meaning those websites that are online that are getting the most amount of traffic, it’s going to be sites like Zillow, Trulia, Redfin, Home.com and Realtor.com. Of course you can buy premier ads on any of these websites, but there are different things that you can do to make sure your listings stand out to make sure you’re getting the most amount of traffic. Most believe that there’s just a general search traffic, yes there is, but that’s also hard to master because that’s owned by the consumer. You also need to consider all the different types of ways people search for a house.

2) HOW TO DRIVE TRAFFIC TO YOUR LISTINGS

Are you doing a good job marketing your listings for sale? On average, are you driving 30 to 50 people through a house each month? How are you going to drive traffic to your listings? The first part to answer these questions is understanding consumer behavior and realizing that consumer behavior is changing. When I first became a realtor in 2003, the consumer contacted an agent 90% of the time before going to see a house because there was not enough information online. Well, now all the information is online. So how do you drive that consumer from what it sees online to come through the front door of your listing? That’s what this class is about and why it will be a series of classes, because it’s not just one simple thing, it’s many things that you have to pay attention to.

The first thing is I think it’s time for agents to stop trying to solely pitch to sellers, that they need to do advertising to reach buyers online. Secondly, like I previously mentioned are the aggregators, but there’s also the search process meaning Bing, Google, Facebook and Instagram, which are all avenues to reach buyers.

Listing Strategies

 

Get Better at Selling Your Own Listings

It is easy for real estate agents to get complacent in the marketing of their own listings beyond the hundreds of relationships their brokers and the association have already concreted for them.  The past success of this is still winning new listings and sales. The majority of time in the recent past, another realtor would bring their client after the realtor emailed them the home or they found limited information online and contacted their agent to show them and get more details.  In years past, the buyer did not have the access to information the internet now provides, hungry for house details, more consumers would engage agents earlier in the home buying process relying on them to provide this information, allowing this old school marketing to reach all consumers. This is only one side of the new world of real estate.

Realtors now have more access to consumers in the home buying process but its going to require more effort to draw them out.  

Realtors have traditionally spent more time trying to attract other realtors because they were the one in charge of getting their client to come.  This model is weakening as the buying public is out in front of the search process exposing themselves to listing agents like never before.  This is very cool as next generation marketing methods are changing as we speak away from traditional models. This will cause further innovation in the world of real estate and what has encouraged us to come out with the Real Estate 2020 podcast, to discuss the evolution of the industry and what it takes to be successful.

The advancement of technology, the explosion of photography and the acceptance of realtors letting the consumer control the house finding has decreased the engagement of their traditional buy side agents and empowered the consumers to shop alone until ready to write.  

This approach is not exposing the consumer to portals to get their data.  This has also changed the influence that agents have on reaching the consumer directly through effective and enhanced market brought online.  This enables listing agents to reach their intended target consumer directly, the buyer, making it easier to sell the house versus selling through the agent.  The intent is not to cut out the buyer broker (I double dipped less 5% of my sales as I keep my reputation high) and often buyers have an agent they prefer to write the contract, but to get more traffic through your house in hopes of selling faster and for more money.  Your goal as a listing agent is to drive maximum traffic through your listings, which leads to faster sales for higher return for the seller.  Advertising directly targeting the consumer goes way beyond photos in MLS that are syndicated to agents and consumers, and now leading agents will win deals at massive rates when they understand how to leverage this paradigm shift.

Now that consumer friendly companies that are in control of the data, like Zillow, Trulia, Homes.com and Realtor.com, that have eloborated and expanded the offering gaining the trust of consumers.  I am talking about how realtors can leverage this versus selling against it.  These portals are accepting consumer contact information hand over fist.  It is best to get engaged with the portals, understand the offerings and benefits in hopes of luring their viewers to the homes you are trying to sell and this does not mean buying the leads. The best way to do this is clearly the open house.  We have seen spectacular results having 50% of our homes sell from open houses over the past 6 months, which amount to 4-5 sales per month.

Listing Strategies

Selling Challenges

Most sellers are unsentimental about their homes, instead they prioritize profits from the sale over concerns about the home’s future under a new owner. As reported in the Zillow Consumer Housing Trends Report, half of sellers say maximizing profit is the most important goal, while 38 percent of sellers prioritize selling within their target time frame, and 12 percent say making sure their home has a good next owner is the most important priority.

TIMING CONCERNS

Urban sellers are more concerned compared to suburban sellers about selling within their target time frame. Urban sellers are usually selling in competitive markets where they often get their list price or higher, so it’s little surprise that these sellers are less likely to say that maximizing profits is a top concern.

SELLING FOR THE RIGHT PRICE

When sellers reflect on the entire selling process, they are overall satisfied. Sellers who do face issues during the sales process say the top four they find difficult are timing the sale with the purchase of their new home, selling within their desired time frame and price range, and entering a competitive buyers market after selling. As expected, younger generations seem to experience slightly higher levels of difficulty than older sellers. All generations find most aspects about the process easy to navigate or deal with. Baby Boomers and Silent Gen sellers report breezing through some of the activities that Millennials and Gen Xers rate difficult. Yet, as crazy as the selling process can be, most of those sellers will still go on to buy another house, and find themselves back in the market as sellers in another decade.

Are you efficiently assisting your client through the home selling process ? WE CAN HELP…LET’S GET STARTED TODAY!