People Power!

Individual Preferences!

�One size fits all

marketing and selling

practicespractices

�No longer works

�Success = ability to gain

trust and build rapport

SPEAK THEIR LANGUAGE

Delivery of information

must be made in a manner

that speaks to and

connects with the people connects with the people

you are interfacing with…

�Generations

�Behavior styles

�Gender

Tailored Delivery Systems

� Manual presentations,

packets, handouts

� Internet

� Website video

presentations� Laptop presentations

� Electronic

� Emailed info, disks…

� Website downloads

� Packets, checklists

presentations

� Youtube

� Econference using Skype + Freeconferencecall.com

� Face-to-face

Silents, traditionalists, veterans

� Kids of the Great Depression�Simple things were rationed�Learned to “save for a rainy day”�Morals and ethics defined your character

Learned to appreciate discipline, hard �Learned to appreciate discipline, hard work, self denial

�Learned� “Children are to be seen and not heard.”

� “Loose lips sink ships.”

�Command-and-control approach comes naturally

Silents, Traditionalists, Veterans

• Loyalty to institutions and

brands

• Value saving and frugality

Matures Characteristics

• Patriotic

• Courageous

• Community

orientedoriented

• Hardworking

Matures Characteristics

• Respect for authority

• Cautious

• Conformist

• Risk averse• Risk averse

• Sacrifice

BOOmers

� Kids of post-war prosperity

�Grew up with the Cleavers

�Grew up with the can-do optimism of J.F.K. and hopes of achieving the J.F.K. and hopes of achieving the “American Dream”

�Grew up hearing

� “Pretty is as pretty does.”

� “If you get a spanking at school you’ll get another one when you get home.”

� “Because I said so.”

� “Hard work pays off.”

BOOmers

�Social and political upheaval: Vietnam, Watergate, Woodstock

�Rebelled against social and political rulesrules

�Live to work

�Shocked generation

�Job losses

Baby Boomers

• Enormous size, 78 million

• Made tremendous impact

throughout all life stages

Baby Boomers

• Experienced economic prosperity

• Witnessed dramatic social change

• Known for strong work ethic and

dedicationdedication

• Take pride in success

• Expect to live well

Baby Boomers Characteristics

• Forever young

• Hate rules

• Ambitious

• Optimistic• Optimistic

• Individualistic (the "me"

generation)

• Seek immediate

gratification

Baby Boomers Characteristics

• Hardworking, careerist

• Idealistic

o support social programs

• Competitive• Competitive

• Materialistic

• Nostalgic about childhood

• Technology is a tool not a

lifestyle

Gen X� Kids of “nothing is

permanent”

�Saw job insecurity of parents

�Watched as parents �Watched as parents experienced job losses

�Watched deterioration of trusted institutions

�Latchkey lifestyles

�Rising divorce rates

�Home is here… and over there

Gen X� Low expectations for future

�Live for today

� Repulsed by hype and insincerity

� Their loyalty must be continually earned

� Grew up hearing:

�“Don’t open the door for anyone!”

�“When someone calls for me, say I am in the shower.”

�“Do your chores and homework before I get home.”

Generation X

• Independent, self-reliant

• Entrepreneurial

• More cautious and

skeptical, untrustingskeptical, untrusting

• Priority on relationships

over excess

• Quality of life/family

before career

• Work to live

Gen Y� Kids of the internet

�Social online … constantly connected� Go out in groups rather than on “dates”

�Grew up in a world that is constantly in motion, constantly revising and restructuring itself. constantly revising and restructuring itself. � Change is normal. And visual.

�Merged families

� Overscheduled� Grew up hearing, “You are special!”

�Self-esteem protected at all cost�Everyone got a trophy

Gen Y, Millennials

• 75.8 million, almost as

large as Baby Boomers

Gen Y, Millennials

• Collaborative, connected

• Apt to crowdsourcing

Gen Y, Millennials Characteristics

• Pragmatic, but empathetic with elders

• Sheltered, nurtured

• Helmets for biking & skating

• Knee pads, elbow pads• Knee pads, elbow pads

• Tolerant, inclusive

• Sensitive to multiculturalism

• Hopeful, Optimistic about the future

• Over scheduled and time pressured

Gen Y, Millennials Characteristics

• Multi-taskers

• Short attention span

• High tech / low touch

• Confident, direct• Confident, direct

• Casual

Gen X Gen y

� Accept diversity

� Pragmatic/practical

� Self-reliant/ individualistic

� Reject rules

� Celebrate diversity

� Optimistic/realistic

� Self-inventive/

individualistic

� Rewrite the rules

� Lifestyle – living on the edge

� Mistrust institutions

� Use technology – PC

� Latch-key kids

� Friends = not family

� Lifestyle – pursuing

luxury

� Irrelevance of institutions

� Assume technology–

internet

� Nurtured

� Friends = family

People Power!

Behavior StylesBehavior Styles

It takes all types!

Behavior StylesBehavior Styles

Four People Patterns -Four People Patterns -Traits

Analytical

� Relies solely on details and facts

�Realistic, logical, practical

�Number-cruncher

� Prefers listening over talking

�Very structured, very precise

�Systemized… thoroughly prepared

� Expects information to be correct

�tasks done correctly

Driver/Director

�Maintain control

�Values bottom-line, pertinent details

Direct, to-the-point�Direct, to-the-point

�Competitive

�Fast paced

�Decisive, Quick decisions

�Comfortable listening and talking

Nurturer/Peacemaker

�Dislikes conflict & confrontation

�Values being liked

�Often holds in thoughts & feelings

Nurturing, supportive �Nurturing, supportive

�Prefers listening

� Works within set parameters…by the

book

� Prefers conservative approach (afraid

to make mistakes)

Expressive

�Likes have fun & excitement

�Sociable – likes to talk

Usually creative, “idea” person, a �Usually creative, “idea” person, a visionary

�Energetic

�Disorganized

� Flexible, spontaneous

�Doesn’t like details/facts

Providing Value for the Analytical/Scientist

�Services and tools in place to minimize

mistakes and increase quality

�Provide facts & details in writing�Provide facts & details in writing

�Graphs, charts, statistics, numbers

�Make sure your info is accurate and

correct

There’s More…

Providing Value for the Analytical/Scientist

� Outline the issues, provide supportive documentation leading to a proper conclusion

Provide pros & cons regarding � Provide pros & cons regarding decisions

� Punctual & organized

� Give personal space

Providing Value for the Director/Driver

�Have in-depth knowledge of goals & objectives

�Communicate a plan for

� Not a lot of extra chit-chat

� Get to the facts

� Don’t give too �Communicate a plan for reaching those goals

�Help them maintain feeling of control

�Keep them informed

�Give them options

� Don’t give too much detail …Pertinent details

Providing Value for the Nurturer/Amiable

�Explain how your services/skills will be used to reduce conflict & confrontation

Talk about win/win

� Pleasant, relaxed demeanor

� No high pressure

� Allow time for �Talk about win/win

�Give warranties or pledge of performance

�Follow-up, follow through

� Allow time for decisions

� Help them commit

� Help them feel assured

Providing Value for the

Expressive/Entertainer

�Show them how the process will be pleasant, fun and exciting

�Shield them from the

� Lots of chit-chat, but allow them to dominate the conversation�Shield them from the

unnecessary details

�Avoid unnecessary paperwork and remove the boring details

�Visualize with them

conversation

� Give an open ear to their ideas

� Give sincere compliments

Prospecting for Businessfor Business

Business doesn’t fall from the sky

35

Direct Response Marketing

Questions (Examples)Targeting Expired Listings

� Did you review the advertisement and

information that was entered into MLS?

� Before pricing your home did you review a

market trends report?market trends report?

� Before pricing your home, did your agent

provide you with absorption rate analysis report

regarding the current market supply of listed

properties?

� Did you agent provide you with calculations

regarding the likelihood of your property selling?36

� Did you receive regular progress reports?

� Were you provided with a customized marketing

plan?

Direct Response MarketingTargeting Expired Listings

� Did your agent continuously promote your

property in accordance with a written promotion

plan?

� How often did your agent communicate with

you?

� Was a written commitment given regarding the

services planned by the agent?37

� How many photographs did the agent use in

MLS and in other marketing venues?

� Were you provided with a professional virtual

tour?

Direct Response MarketingTargeting Expired Listings

tour?

� Was a home protection plan offered during the

term of the listing?

� Did your agent do an Open House exclusively

for the neighbors?

� Did your agent send Open House invitations to

any “move-up” neighborhoods?38

Proactively DifferentiateDifferentiate

You, Your Company, Your

Services

39

By Demonstrating…

� Must be evident!

� Seen in actions and/or outcomes

� Felt in benefits received

Differentiate & Demonstrate!

1. Create a point of difference!

�Self

�Services -

Benefits

2.

Differentiate, Demonstrate & Communicate !

2. Communicate!

What TOOLS are �What TOOLS are

you using to

communicate the

differences?

SPEAK THEIR LANGUAGE!

…To Build Rapport & Trust

Create a point of differenceCreate a point of difference

��Make it about them!Make it about them!

��Caring Caring and helpfuland helpful��Caring Caring and helpfuland helpful

��Educate and Educate and prepareprepare

��Speak to their wants, Speak to their wants,

needs and concernsneeds and concerns

��SolutionSolution--Based Based

ServiceService

SPEAK THEIR LANGUAGE!

Provide Not ONLY…

�Solution-Based

…To Build Rapport & Trust…To Build Rapport & Trust

�Solution-Based

Service

Provide…

�Solution-Based

“Next-Level” Service

“Next-Level” Service

List – Pledge - Guarantee

��Must speak to Must speak to realreal--life wants life wants realreal--life wants life wants and concerns!and concerns!

�� think: think:

��Today’s marketToday’s market

��BenefitsBenefits

��SolutionsSolutions

Seller Super Services List

Buzzz Time!Wants & Needs

Solutions/Services

Concerns Solutions/ ServicesNeeds Services Services

Seller Super Services

47

Listing StrategiesStrategies

What about a pre-listing appointment packet?

48

The Pre-Listing Package

� The pre-listing

package is your

introduction to the

seller and is the

� What would it

include?

�Goal is to build

3 3

seller and is the

opportunity to

provide a

“good first

impression”.

� Credibility –

position as

“expert”

� Trust

� Rapport

49

The Pre-Listing Package

� Thank you note

� David Knox video:

Pricing Your Home…

� Success Book

� Seller Services List

� FAQs

� Copies of marketing pieces

3 3

Delivered prior to listing consultation

� Agent Comparison

Checklist

� Questions to ask before choosing an agent

� Checklist of items we

will need

� Copies of marketing pieces

� Testimonials (written and/or on video)

� Pledge & Survey

� Real Estate Miranda Warning

� Company info

� BIO/ Statistical successes

50

�Accolades

�Testimonials

Pre-Listing Packet

�Testimonials

�Statistics or info that demonstrates

Selling Process

Pre-Listing Packet

Process Flowchart

Pledge of Services

Guarantee!

Agent Comparison

Checklist

Pre-Listing Packet

Checklist

Agent Comparison

Checklist

Your Name Agent 2 Agent 3

Provides Absorption Rate

Analysis for CollaborativePricing

�

First Impression Market Ready Plan provided

�

Negotiation Strategy Session �

Transaction closing % ChecklistTransaction closing % 99%

Seller Representative Specialist Designation

�

Other Professional Designations

�

Reference list provided �

�

Listing StrategiesStrategies

56

Standard of Practice 1-12Seller understands how commission is split

When entering into listing contracts, Realtors® must advise sellers/landlords of:

� 1) the Realtor®’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;

� 2) the fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and

� 3) any potential for listing brokers to act as disclosed dual agents, e.g. buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)

57

bedience

oyalty(Undivided)

isclosure(Full)

FIDUCIARY DUTIES

onfidentiality

ccounting

easonable Care &

Diligence

� HONESTY

� ACCOUNTING

� REASONABLE

� OBEDIENCE

� LOYALTY

� DISCLOSURE

Customers Clients

� REASONABLE

SKILL

� DISCLOSURE –

ONLY agency &

property

� DISCLOSURE

� CONFIDENTIALITY

� ACCOUNTING

� REASONABLE CARE

& DILIGENCE

Dual Representation� Represent two

principals in the same transaction

� Impossible to provide all the provide all the fiduciary duties to both parties Client Client

Conflict of interest exists

Limiting Duties Tip!

� Anytime you limit fiduciary duty

Example:

Intermediary-fiduciary duty services, you must get it in writing!

Intermediary-

Representing two parties in same transaction:

Agency Disclosure

� Timely

� Meaningful

1. Of all possible types of brokerage relationships available under state law

� Writtenavailable under state law

AND

2. The most significant implications of choosing one type over another.

Enables

consumers to

make informed

choices

Timely Disclosure to clients & customers

• Before agreement is entered into

• Before substantive discussions

� About real estate needs

� About financial capabilities� About financial capabilities

� Before exchanging any confidential

information

� Applies to consumers that REALTORS® have met

online

Meaningful Disclosure

• Must provide clear written explanation

• of all legal forms of brokerage

relationships available under state law

• Significant implications of choosing one • Significant implications of choosing one

over another

• even if the brokerage does not offer

all of those options

Consumer must understand the choices

Meaningful Disclosure

• Includes

• Office policies regarding cooperation

with other brokers

• Understanding & agreeing on possible • Understanding & agreeing on possible

dual agency (Texas: intermediary)

• with or without appointments!

Consumer can make an informed decision

Intermediaryexplanation

66

Selling Your Value

Validating your Value Package

67

Unbundling Services

68

Julie Garton-Good

Submission of Offers – Minimum

Services owed to Client

� Minimum Services clarified in 2005

� Mirrors long-

TEXAS

69

� Mirrors long-standing TREC rules and common law duties of agency

� If the buyer’s agent delivers an offer to the client of another broker with permission, the buyer’s agent must

Minimum services

70

permission, the buyer’s agent must also deliver a copy of the offer to the listing broker.

� The buyer’s broker may not engage in any activity with the seller that constitutes a negotiation.

Submission and Presentation ofOffers

MINIMUM SERVICES:

� Submit all offers

� Convey all known information to principal

71

� Convey all known information to principal

� Keep principal informed at all times

� Convey accurate information

� Negotiate (???) best transaction for principal

Minimum Services related to

Negotiations� Section 1101.557 of TRELA to clarify a

broker’s duty to negotiate.

� A broker who exclusively represents a client must, at a minimum:

72

must, at a minimum:

�(1) answer the client’s questions if there are any about the offer or issues related to the offer;

�(2) keep the client informed of material information; and

�(3) present offers to or from the parties.

Min. Services in Negotiations (cont.)� A listing broker may NOT instruct a

buyer’s broker to negotiate directly with the seller.

� However, the mere delivery of an offer by one broker to a client of another broker

73

one broker to a client of another broker does not violate TRELA if:� the delivery is made with the consent of the

client’s broker

�The agent does NOT engage in negotiations when the delivery is made, and

� the client’s broker receives a copy of the offer.

The CMAThe CMA

74

Making Adjustments

� Perhaps the most difficult task

� identifying an

estimate of value forestimate of value for

the dissimilarities.

75

Making Adjustments…

� NEVER ADJUST

THE SUBJECT

PROPERTY!

Always adjust the

� Formulas to

remember!

� Comp Better Subtract

Comp Inferior Add� Always adjust the comparable property

� Comp Inferior Add

76

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