“How’s the market?”
Unofficially, I believe that is one of the most asked questions that real estate pros get, especially within the last two to three years.
Some of us may flippantly answer, responding with the stresses we are personally facing:
“I don’t know where the buyers are.”
“Buying a house is becoming unaffordable.”
But that would be a big mistake. Why? Because “how’s the market?” is typically asked by someone sizing you up to see what you know and if you should potentially represent them in their next real estate deal.
In other words, “how’s the market?” is actually your interview question and translates to “should I hire you as my real estate pro?” Therefore, your response should be the elevator pitch of your listing presentation (not your complaints).
For over a decade of coaching and teaching, when I mention how these seemingly short, random exchanges can actually lead to your next deal, most real estate pros perk up and start to recall how similar past conversations were launch pads for closings and referrals.
As the market continues to morph, I want to encourage you to fine-tune your elevator pitch (listing presentation edition) by asking yourself these simple yet impactful questions.
1. What do you typically include in your listing presentations to home sellers? Write out a detailed outline.
2. Does your listing presentation highlight the strengths and weaknesses of your farm area? This could include being located near fantastic creature comforts but also constant construction and traffic.
3. Does your listing presentation highlight the opportunities and threats in today’s market? For example, a Fortune 500 company relocating within miles could make your neighborhood popular but interest rates are also rising.
4. How can you incorporate the answers to questions No. 2 and 3 in your future elevator pitches?
Coach’s Call: This SWOT (strengths, weaknesses, opportunities, threats) analysis helps others to see that you understand the nuances of today’s market and that you are not just out to sell “roses and rainbows” despite real people facing real financial rollercoasters.
Focusing on “positive vibes only” can feel disingenuous and like we are peddling snake oil. But when we only focus on the challenges, we become a “Debbie Downer,” whom most people will avoid working with. Having a SWOT analysis of your market ready strikes a happy medium and positions you as a trusted resource.
5. Within the last year, why do sellers typically need to sell and how can you speak to and meet those needs in your presentation?
Coach’s Call: Although you should find out why each individual seller is selling – as this determines price flexibility, dates and more – you should also have an understanding of the general reasons and develop pricing and marketing strategies that provide solutions to those needs.
By knowing this in advance, you increase your preparedness and likelihood of winning your next listing.
6. For your market, what surprises sellers the most once they have listed their homes for sale (including even what you hear from other agents as well)?
7. How can you prepare sellers for these surprises at your elevator pitch and/or listing presentation?
These surprises may spur a stimulating conversation and could lead to a follow-up appointment.
8. At today’s interest rates, what objections do sellers typically have when listing their homes for sale?
Coach’s Call: Create a boilerplate template that you can re-use that will answer and overcome such objections.
9. What positive references can you include in your elevator pitch and/or listing presentation?
Coach’s Call: For a random meeting that can occur on the fly, I hope you are using a digital business card (try for free my personal favorite hihello.me). These can house far more than your contact information and allow you to send client video testimonials in seconds.
More importantly, with digital business cards, you are able to capture the random person’s information too (let’s say it together: that makes them a bonafide lead, score!). I repeat, with your digital business cards, be sure to include video testimonials from other satisfied sellers but at the minimum include their statements, names and contact numbers.
10. How do you promote your listings?
Coach’s Call: Create a visual map or collage of these marketing channels and syndication points for sellers and add it to your digital card (for on-the-fly, impromptu connections) as well as to your full presentation.
11. In what format is your listing presentation?
This could range from a physical handout to on-screen presentations like Prezi.
12. Does this presentation format suit your ideal client?
Coach’s Call: Get inside the head of your ideal client and determine what type of presentation would make them say, “wow!“
Be intentional about your next random request of “how’s the market?” and watch your confidence (despite a changing market) and lead-generation abilities soar.
Excerpt from Plan to Win: Transform Your Real Estate Sales Game Plan. Dr. Lee Davenport is a real estate coach and consultant. Contact her at firstname.lastname@example.org.