In Episode 62 of the Wandering But Not Lost Podcast, co-hosts Matt Emerson and Jan O’Brien introduce you to the three P’s of the Listing Presentation and Matt shares 82 things to do on your next visit to San Francisco.
WBNL 52: The 3 P’s of the Listing Presentation
Ask yourself: Why should a home seller work with me?
Your answer to this question is essentially your Unique Selling Proposition or USP — how you differentiate yourself from the competition.
The question … is it compelling enough? Will a potential seller know exactly what you will do to sell their home faster and for more money than anyone else?
Take a look at this data from the National Association of Realtors:
- Out of all the first-time home sellers, only 17% worked with the agent they used previously.
- For repeat sellers, only 24% worked with an agent they worked with previously. This means that the majority of repeat sellers worked with one agent, then a different agent, then a different agent again!
We can surmise from that data a couple of realities:
- Overall, agents are not doing a great job staying top of mind with previous clients or people they know
- They aren’t doing a good enough job sharing their USP for home selling
Unfortunately, many real estate agents do the classic 3 P’s for listings:
- Put it in the MLS
- Put a sign in the yard
- Pray that is sells
I really think many agents have just not made the adjustment from hot markets where that’s all that needed to be done. In the last couple of years, most markets have enjoyed (from a seller and listing agent point of view) multiple offers is certain price points and less than 30 days on the market.
Most real estate markets have shifted to a more neutral market, where days on market are 60-70 days and growing monthly.
We’ve been discussing and sharing strategies for listing on this podcast including:
- Leveraging Video – Episode 57 http://wbnlpodcast.com/episode57/
- The Pre-Listing Package – Episode 60 http://wbnlpodcast.com/episode60/
Today, we want to share the NEW 3 P’s – the REAL 3 P’s for your listing presentation
Discuss with the sellers the value of completing repairs on the property before you put it on the market. Ultimately, buyers will pay more for a home to avoid the work of fixing it. Buyers will see the work that needs to be done and immediately start deducting thousands of dollars.
Buyers are easily distracted, and they will tend to focus on the negatives instead of the positives of each home they tour. Help the seller understand that each dish left in the sink or dust bunny in the corner is going to detract from the perceived value of their home, which means a lower offer amount and more time on the market.
According to a recent study by the National Association of REALTORSⒸ, 96% of buyer agents reported that staging had some effect on their clients’ view of homes. They said that staging made it easier for their clients to visualize the properties as a future home and that they were more likely to overlook property faults. The survey revealed that 52% of buyer clients were willing to offer more on a staged home than a similar home that was not staged — as much as 20% more than asking price!
Take a staging class – or certification course. Partner with a home stager and consider adding a staging consultation to your overall services.
The first impression a buyer gets about a home that has been listed for a long time in this hot market is this: “Something must be wrong with that home.” That thought will scare away many buyers, and it’ll prompt the ones who remain interested to try to lowball you.
But why are those homes still on the market in the first place? It’s because they are often priced “out of the market.” It is imperative to discuss the dangers of overpricing with your sellers!
Use the classic Pricing Pyramid
or this updated version courtesy of The Paperless Agent:
The intersection of the two axes — price and preparation — represents homes “in the market.” These are properties that are priced competitively and prepared nicely, and these are the homes that will net the most money for their sellers.
As you move farther away from the intersection, the homes become too pricey and in too much disrepair. These homes show poorly and are basically guaranteed not to sell.
The curve in the middle of this graph contains homes in what call “Limbo Land.” Homes in Limbo Land are priced just over their market worth, or they are not adequately prepared to show. These properties are the ones that will stay on the market for months and ultimately sell for way under asking price.
The key to creating an auction environment is promotion. You have to get your listing in front of the people most likely to purchase it.
- Home Staging
- Getting professional photography completed
- Video tour
- Prepare initial social media ads
- Just Listed postcards
- Single property website
Post-Listing (On the MLS)
- Initial open house
- Ongoing advertising and marketing plan (online and offline)
- Network of agents – MLS
- More Open houses as needed
- Broker Open House
- Facebook/Instagram Ads
- Other advertising – featured listings
How to put these concepts into action:
- Prepare a document or Seller Guide outlining and explaining the 3 P’s of the Home Selling Process
- Include this information in your Pre-Listing Package
- Record three videos – Preparation, Pricing and Promotion and include in Pre-Listing Package
- Review it with the sellers during the Listing Presentation
Wandering Zen: 82 Things To Do on Your Next Visit to San Francisco
In honor of the upcoming 82nd anniversary of the Golden Gate Bridge on May 27, we have compiled a list of 82 things to do in and around the City by the Bay. From the Golden Gate National Recreation Area to Beach Blanket Babylon, there is something for everyone here – so enjoy!
- Park your car and walk across the bridge
- Tour the Fort Point National Historic Site
- Go to Baker and Marshall’s Beach
- Visit the Battery Chamberlin
- Check out the GG Bridge Welcome Center
- Don’t miss the Golden Gate Overlook
- The Torpedo Wharf offers up great views of the bridge
- Wander in Muir Woods National Monument
- Take a drive or cycle through the Marin Headlands
- Tour Fort Baker
- Stay (or eat and drink) at the Cavallo Point Lodge
- Stop at the Muir Beach Overlook
- Take a walk on Muir Beach
- While we’re talking beaches – check out Stinson Beach
- Don’t miss the Point Bonita Lighthouse
- Have an Irish Coffee at the Buena Vista Cafe
- Hop a boat to Alcatraz
- Go to the Walt Disney Family Museum
- Discover the Presidio
- Experience the 49 Mile Drive
- Get historic at Mission San Francisco
- Go to the SF Zoo
- Keep an eye open for the wild parrots of Telegraph Hill
- Hang out at the Cliff House
- Take in the ruins of the Sutro Baths
- Find serenity at the Japanese Tea Gardens
- Take a Segway tour in Golden Gate Park
- Take a ride on the Golden Gate Park Carousel
- Let out your inner critic at the De Young Museum
- Don’t miss the California Academy of Arts and Sciences
- Watch the buffalo graze
- Walk the Strybing Arboretum
- Take in the beautiful Conservatory of Flowers
- Shop at Union Square
- Visit the Cable Car Museum
- Walk or drive Lombard Street
- Tour Coit Tower
- Eat a sundae at Ghirardelli Square
- Don’t forget the Cannery
- Stop in at the Maritime Historic Site and Museum
- Walk Balmy Alley
- The Play’s the thing at ACT
- Shop, eat and drink at the Ferry Building Marketplace
- Take a BART ride
- Enjoy a bread-bowl of chowder at Fisherman’s Wharf
- Don’t forget the bread at the Boudin Bakery
- Board the Red & White Fleet for a different perspective
- Ride the Ferry to Sausalito
- Taste your way through the many micro-breweries in the area
- Explore Chinatown
- Visit the Asian Art Museum of San Francisco
- Tour the dramatic Legion of Honor
- Take a hike on Angel Island
- Discover a different era with the Painted Ladies in Alamo Square
- Believe it or Not at Ripley’s
- Have a moment of silence at the Grace Cathedral
- Get your tiki on at the Tonga Room
- Visit the SF Museum of Modern Art
- Tour the Contemporary Jewish Museum
- Listen to the Wave Organ
- Stop by SF City Hall
- Discover the Exploratorium
- See & hear the latest at The SF Symphony
- It’s not over until you-know-who-sings! Check it out at the SF Opera
- Twin Peaks has the view! Great for sunrises and sunsets
- Grab a margarita at El Techo de Lolinda
- Drive the entire Great Highway
- Visit the Haight-Ashbury and Castro Districts
- Climb the Filbert Steps
- Stroll the Embarcadero
- Watch the sea lions at Pier 39
- Relax at Dolores Park in the heart of the Mission District
- See the world’s longest running musical revue – Beach Blanket Babylon
- Walk the six square blocks of Japantown
- Hang out with the stars at Madame Tussauds
- Enjoy seafood at Alioto’s – now run by the fourth generation of the family
- Enjoy the view and a cocktail at the Top of the Mark
- While you’re having cocktails, don’t forget to stop in at Marianne’s
- Oh, and then there is Northstar Cafe
- Okay, one more … The View Lounge
- Take in the view at Lands End
- Honor those who have served at the SF National Cemetery