HREU 12 Week Communication Plan for Active Listings

LISTEN TO FREE 60 MINUTE AUDIO REPLAY WHERE TIM AND JULIE WILL COACH YOU ON HOW TO USE THIS PLAN

Secret:  Great communication creates happy clients, repeat and referral business.  Lack of communication or poor communication destroys repeat and referral business and can cost you the listing.

Goal: Practice Over-Communicating, under promising and over delivering and you’ll help more people in less time, make more money and have smoother transactions.  Follow this simple communication plan to enhance your conversations, give you talking points and get faster and better price reductions when necessary.

Day One:

a) Confirm with client that the sign is in the yard.

b) Confirm with client that all phone #’s on the sign work.

c) Confirm with client that the MLS photo has been taken or has been scheduled.

d) Confirm with client the lock box is installed and test the key.  Make sure seller has other keys.

e) Verify with seller that showing instructions are accurate.

f) Review with seller how feedback works, when they will receive it and how they’d like it: email / voicemail / appt to talk every Friday, etc.

g) Send a Thank You card to seller.

h) Use Social Networking Tools to promote new listing.

Secret:  The first week is critical; many sellers get ‘seller’s remorse’ and have second thoughts…don’t give them any reason to take the listing back.  Do what you say you’re going to do, and strive to over-communicate with them!

Within the First Week:

a) Send copy of MLS page, ask client to check for accuracy; make necessary changes.  Do same for Realtor.com, etc.

b) Ask seller if they have any questions about the process or what happens next.

c) Ask seller if they have any work being completed or need referrals for handymen, etc.

d) Make sure your 1800homehotline number is working properly and have seller test it out.

e) Confirm brochures are completed and installed on sign.

f) Give seller 50 brochures so they can fill the box when it’s empty.  Drop them off personally.

g) Install brochure holders inside for showings.

h) Give feedback on any early showings.

i) Ask if seller has any questions about the process.

j) Schedule open houses, office tours, broker opens, etc.

Secret:  Remember that if sellers don’t’ hear from you, they assume you’re not doing anything for them.  Call frequently and with something of value each time.

Within the Second Week:

a) Report to seller (via phone, not email!) any new sales that have happened around the neighborhood:  what did they sell for, how many          price reductions did it take, how many days on the market, etc.

b) Report to seller any activities completed from your Listing Plan of Action (items promised at the listing appointment).

c) Remind seller to be turning on lights, preparing home prior to each showing, etc.

d) Ask if seller has any questions about the process.

e) Talk about what Feedback really means.

f) Send copies of all listing documents to seller.  Call to confirm they received.

g) Send copies of all marketing to sellers, including website printouts.  Realtor.com, your website or blog, etc.

h) If you have a blog, post a video tour of the home there.  Send to seller.  Call to make sure they’ve seen it.

Within the Third Week:

a) Inform seller of total number of showings so far.

b) Review feedback from all showings and open houses.

c) Report to seller any new Listings which are now new competition and what their prices are.  Preview if necessary.

d) Report to seller any new Sold comps.

e) Call your Center of Influence and Past Clients, let them know about your new listing and see who they know who would love to buy it.  Tell seller you made these calls and what the results were.

f) Revisit Seller’s motivation.

g) Address any condition issues from feedback.  Create plan to remedy or reduce price, possibly give credit to buyer to remedy.

h) Let seller know that if there is not an offer by next week, that you will do a new CMA and it may be time to ‘revisit the price’.

i) Ask if seller has any questions.

j) Ask for referral for anyone seller knows who needs to buy or sell.

Within the Fourth Week:  CRITICAL 30 DAY MARK!

a) Review with seller the number of showings so far.

b) Review with seller the number of inquiries so far:  800# calls, web inquiries, calls from agents, etc.

c) Review with seller a summary of all feedback from showings and open houses.

d) Present to seller any new listings which are now competitors.

e) Present to seller any sold comps in detail.

f) Ask seller to correct items related to negative feedback.

g) Prepare, present and review with seller a NEW CMA.

h) ***Refer to Price Reduction Scripts***

i) Reduce Price as follows:  If lots of showings, no offers, reduce by 5% minimum.  If no or low showings, reduce by 10% minimum.  Back this up with comps.  Show seller that lesser priced homes are selling before they are.  Remember…the 1^st price reduction is the easiest to get so make it a significant one and wait no longer than 30 days to achieve this.

j) When you do price reductiomn paperwork, also get an extension signed if necessary.

k) Remind the seller that you remain 100% committed to getthing them the most amout of money in the least time, with the fewest hassles to them.

l) Get price reduction signed, change in MLS, etc.

m) Send thank you card to them thanking them for being smart and reacting to market conditions.

n) Let sellers know your plan is to call all previous showings and let them know of the new price, to call all previous ‘leads’ and let them know the same.

• o) Send letter to seller with new MLS printout showing changed description and price.

Secret: Price reductions are easier when they are clear that you’ve been working very hard to sell the home.  If their perception is you haven’t done much, don’t expect a reduction.  Remember the law of reciprocity!

Within Week Number 5

a) Review with the Seller the number of showings since the price reduction.

b) Review with Seller what you have done since the price reduction; number of calls / agents you’ve called, realtor meetings you’ve announced new price at, etc.

c) Review with seller the feedback from showings and open houses.

d) Review seller’s motivation; see if anything has changed.

e) Remind seller to keep turning on all lights and preparing home for showings.

f) Send seller article from local paper regarding the housing market, which supports your pricing conversations with seller.  (Difficulty for buyers getting financing, falling prices, etc.)

g) Review with seller all activities completed from your Listing Plan of Action.

h) Ask if seller has any questions regarding the process.

i) Reiterate your 100% commitment to getting it sold as quickly as possible with fewest hassles to them, netting them most money possible.

j) Send seller copies of any marketing of their home.

k) Make sure brochure box is being filled regularly.

l) Put on free sites if you haven’t already, like Craig’s List, etc.

m) Talk about listing on Twitter, Facebook, social media sites.

Within Week Number 6

a) Review number of showings, calls, open houses, sign calls, 800# calls, etc.

b) Review and discuss any feedback from open houses and showings.

c) Discuss correction of any negative feedback items.

d) Review any solds, new listings, etc.  Discuss Days on Market for each.

e) Review all activity completed to this point from your listing plan of action.

f) Discuss average days on market for seller’s neighborhood…they might be right on track, they may still be behind the curve.  Adjust expectations if necessary.

g) Call all listing agents with competing listings; inquire about their showing activity, any buyers they may have for your listing, etc.  Tell seller you did this and what results were.

h) Preview all competing homes and tell seller what your findings were.

i) Do new open house using a minimum of 10 directional signs.  Announce on Realtor.com, your blog, website, etc.

j) Give seller feedback on open house.

k) Send letter to seller about ‘keeping home prepared for showings’ –or- ‘How to prepare for the home inspection’.  Follow up that they received.

Within Week Number 7 : Ramping up for another reduction at 60 days.

a) Review number of showings, calls, 800# inquiries, open houses, marketing, etc.

b) Review and discuss all feedback.

c) Review with sellers any solds, new listings, etc.

d) Review what’s been done on the Listing Plan of Action with seller.

e) Review any changes in the market with seller: loan changes, special financing programs, what builders are doing to compete, etc.  Market review.

f) Revisit seller’s motivation.

g) Send all marketing to seller including anything from the internet.

h) Let seller know if no showings by this weekend, time to revisit price, you’ll do a new CMA and present your findings.

i) Go preview what HAS sold and WHY.  Discuss with seller.

Within Week Number 8:  60 day mark.

a) Do new open house using a minimum of 10 directional signs.

b) Follow up on 100% of old leads; call agents who have shown the property, your own inquiries, old open house leads, new open house leads…exhaust all possibilities prior to asking for new price reduction.

c) Review all feedback with seller.

d) Reiterate your 100% commitment to them and the sale.

e) Review their motivation.

f) Take sellers to preview what has sold so they can see what’s selling and why, and for what price.  (Nicknamed by our Grad students as the ‘Seller’s Reality Tour’).

g) REDUCE PRICE.  ***Use Price Reduction Scripts***

h) Call all previous showings to discuss price reduction and get new showings.

i) Refresh MLS and all marketing to reflect new price and change description.  Take new pictures if old pictures show age of listing.  (Don’t have snowy pics in the middle of summer, etc.)

Weeks 9, 10, 11, 12 and beyond:  LATHER, RINSE, REPEAT!!!

Secret:  It’s price, price, price from this point on, assuming you have corrected any negative condition issues and the seller is cooperating with showings, etc.  Price overcomes everything; condition, location, etc.  Price it right and it will sell in any market.

Secret:  If seller refuses to reduce price due to needing a certain dollar amount to purchase next home, help them find a different loan program that may work for them with a smaller down payment.

Secret:  All discussions are easier with sellers when you’ve had great communication along the way.  They just want to know you care about them and that you’re working hard to accomplish

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