Test Post For Video

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Lisitings Needed Form

Goal for number of transactions you must close to make goal (A)

Figure 10 percent fallout if you do not know your actual number (B)
- 10 percent of the number above

Add the number of your goal to the number which represents 10 percent - A + B = (C)

What percentage of closings will be listings? (D)

Times the total (C) by the percentage (don’t forget the decimal point) - C X D = (E)

What percentage of your listings sell? (F)

Percentage (E) divided by (F) = (G)

What are the average days on market? (H)

Take average days on market and divide into 365 = (I)
- This is your average turnover rate

Take average turnover rate (G) / (I) = (J)
Total listings you must carry to reach your goal!

EXAMPLE:

You want to close 50 transactions 50 A
Then 10% is 5 5 B
55 Total C
What percentage of closings will be listings 40% D
Listings I need to close 22 Total E
% of listings that sell 50% F
22 / .5 = 44 44 G
Avg. days on market 100 H
365 divided by 100 = 3.65 3.65 I
44 divided by 3.65 = 12 12 G / I=J
You must carry 12 listings at all times

Allocation Plan

How long could you last if you had no closings / incomes?
Years? Months? Weeks? Days? Minutes?
Do the exercise below:
Allocation Plan
Cost of personal living - per month, per year
Cost of business expenses - per month, per year
Taxes based on income goal - per month, per year
Total cost of living - per month, per year
Substract any outside income - per month, per year
Net cost of living and business (a) - per month, per year
Average commission check (b) - per month, per year
Number of deals to cover cost of living - divide (a) by (b) - per month, per year
Goal for the year (c) - per year
Net cost of living and business (a) - per year
Amount left over after covering net costs of living and business - subtract (a) from (c) - per year

Allocation of Remaining Dollars

1. Description - per month, per year
2. Description - per month, per year
3. Description - per month, per year
4. Description - per month, per year
5. Description - per month, per year
Etc.

Expired Listing Script

There are generally only four objections Expired listings will make when called:

I’m going to stay with the same agent.
I’m going to sell it myself (FSBO).
I’m taking it off the market, we’ve decided not to move.
I’ve already found another agent.

Seller: “I’m going to stay with the same agent.”

Agent: “That’s great and what I’m hearing is you feel obliged to your last agent since they’ve invested a lot of time and money in your home, right? Well Mr. / Mrs. Seller you don’t owe me anything and you don’t really owe them anything butyou do owe yourself the very best. It certainly wouldn’t hurt to hear what I do to get homes sold, would it?”

or

“I understand and let me ask you a quick question. If you stay with the same agent, what are they going to do this time that they didn’t do last time? I hope you don’t take this the wrong way, but Albert Einstein said that doing the same thing and expecting different results is the definition of insanity.”

Seller: “I’m going to sell it myself (FSBO.)”

Agent: “After what you’ve been through I understand. You know Mr. / Mrs. Seller you are generally better off to be a FSBO than to be with an agent that did their best yet couldn’t get the job completed.”

or

“I can appreciate that and what I sense is you want to make sure you get the best possible agent for the job of selling your home. What are you looking for in an agent?”

Seller: “I’m taking it off the market—we’ve decided not to move.”

Agent : “I see. Just out of curiosity, if you did sell, where were you moving to?
WOW! Why was that important? What would that do for you and your family if you had moved? If I could show you a way to make that happen, would you be interested?”
“See, I specialize in homes that didn’t sell the first time. Even the best homes don’t sell the first time and it just takes a new approach and new ideas like I use to get homes sold. When could I stop by and spend 15 minutes with you and show you why so many homeowners choose me to sell their home?”

or

“Mr. / Mrs. Seller, if you had a contract presented to you tomorrow would you still sell?
Great, so there is some desire to move, right? You know, Mr. / Mrs. Seller, I specialize in homes that are great, yet didn’t sell the first time for various reasons. Let me ask you: why don’t you think your home sold? What will you look for in the next agent you choose? Let’s do this. I’ll drop by and look at your home, that way you can meet me so at a weak moment you don’t end up with a weak agent. After all, you don’t want to put it back on the market later to have it sit for another 6 months, do you?”

Seller: “I’ve already found another agent.”

Agent: “Have you signed a contract already?”
If Yes, then wish them well.
If No, keep going.

“Great. I would like to apply for the job to sell your home—after all, I specialize in homes that didn’t sell the first time. You know, even the best homes don’t sell the first time around.”

If they feel obligated:
“I understand and what I am sensing is you want to make sure you’re doing the right thing. Correct?”
“Excellent. You know, if you had to go to a doctor because you had an illness and you found out it involved surgery, would you want another opinion? I know this isn’t surgery and yet it is financial surgery on your home. Let’s meet for about 20 minutes and you will see why so many people decide to hire me over other agents. Mr./ Mrs. Seller, if you actually felt you could get more money and a quicker sell, would you interview me?
When can we get together, at 3:00, or would 4:00 be better?”

Set the Bar Higher

- Mastermind with people more successful or productive than you

- Upgrade appearance, environment and attitude

Ask your family:
- Places I would like to go and why
- Things I would like to have and why
- Things I would like to do and why

Six Truths About the Shifting Market

By Gary Keller, author of The Millionaire Real Estate Agent

1. Way of life
2. Reactive versus proactive
3. New atrategies required
4. Theory of equilibrium
5. Shift versus lag
6. “All hands on deck”

MET Script

“Hi, this is_________with _______. This is a business call. I want to thank you for all your referrals (business, support) over the past years. Just wanted to let you know how important your referrals are. In fact, they are the foundation of our team’s (my) business. Thanking you in advance for your future referrals.”

“May I ask? Who do you know that is going to be selling, buying or investing in real estate in the near future?”
If yes, get info.
If no, continue—“Anyone at work? Anyone in the neighborhood?”

“Thank you for thinking about that.”
(no matter what the response)

“Let me ask you an honest question - would you feel comfortable referring someone to me as a real estate agent?”

“Statistically, we know that you will run into four to six people (like friends, neighbors, coworkers) buying or selling a home in the upcoming year.” Would you send them my way? And, I know this isn’t going to be the main thing on your mind, so would you mind if I called you every 2–3 months or so to remind you?”

“Who do you know that is having trouble selling their home?”

“And by the way, have you considered buying investment property?”

“Lastly, when you hear of someone who is thinking of selling, buying, or investing in real estate, I would ask that you please give me a call with their name and number and we will take it from there. Will that work for you?”

“In advance, I would like to thank you for your support … again, it is very much appreciated! Make it a profitable day!” (Blessed, etc.)

33 Touch

8 x 8

Cost of normal real estate activities

Go to KW Connect to watch!

Cost of taking a listing

1.

2.

3.

4.

5.

Cost of Servicing (holding) a listing

1.

2.

3.

4.

5.

Cost of closing a contract

1.

2.

3.

4.

5.

Cost of an Expired listing

1.

2.

Cost of not having a listing(s)

1. No Buyer leads coming in

2. No immediate income

3. No Leverage

Reduce expenses

1. Cut expenses by 20 – 30 percent

2. See Red Light, Green Light in the Millionaire Real Estate Agent - page 155 - 156