Associate Manual Fast Track Session 7. Objectives

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1 Associate Manual Fast Track Session 7 Objectives In this session you will: Identify ways to prospect for sellers. Practice dialogue to use with For Sale by Owner. Discuss the importance of servicing a listing. December 2015 Weichert University Page 7-1

2 Fast Track - Session 7 Associate Manual Definition Prospecting for sellers is an on-going, multi-faceted process to help you obtain listings and increase your income. Benefits Increases and stabilizes your business. Shows sellers they have better choices among Realtors. Builds your name recognition. Builds brand recognition. How Do We Prospect for Sellers? Page 7-2 Weichert University December 2015

3 Associate Manual Fast Track Session 7 Farming Grows your business by cultivating selected neighborhoods/buildings. It s an on-going effort to stay in front of the homeowners in the neighborhood you are assigned. A farm is a defined market area. Ask your Manager about the availability of the area you selected. Plan on at least one mailing to your farm per month per year. All mailing to your farm should be followed with a call. Set up your farming schedule in WeichertPRO. Call and introduce yourself to your farm using the sample dialogues in your Associate Calling and FollowUp Guide. Keep notes on each person in your farm in WeichertPRO Use additional methods to stay in front of your farm: - Newsletters - Sales summaries - Community events - Social Networking Sites December 2015 Weichert University Page 7-3

4 Fast Track - Session 7 Associate Manual Seasons of Farming Season 1 Getting Acquainted 3 months Season 2 Building Name Recognition and Trust 6 months Season 3 Becoming the Neighborhood Specialist 12 months Season 4 The Harvest months Season 5 Defending Your Territory Infinity & Beyond Page 7-4 Weichert University December 2015

5 Associate Manual Fast Track Session 7 For Sale By Owner Definition A For Sale by Owner is a seller who is trying to sell his home without the services of a Realtor. Referred internally as FSBO pronounced as fizzbow Should be referred to as a private seller Finding FSBOs Classified ads in newspapers Seeing signs as you drive through neighborhoods Word of mouth Websites Zillow make me move - December 2015 Weichert University Page 7-5

6 Fast Track - Session 7 Associate Manual For Sale By Owner FSBO Facts Many FSBOs eventually list with a Realtor It takes an average of 5 7 contacts for a Realtor to list a FSBO Contacts should be varied: - Call - Face-to-Face - Mail FSBO Psychology 101 There are three stages of the FSBO mindset 1. Get lost! 2. Let s talk. 3. Help! Every FSBO seller has a limit. Getting in the Door Get the appointment by calling or stopping by - To see the house for potential buyers - To do a Price Trend Analysis - To drop off a Listing Click report Build rapport Set expectations - Create doubt Page 7-6 Weichert University December 2015

7 Associate Manual Fast Track Session 7 Schedule your prospecting time in your WeichertPRO calendar and add your Seller Prospect Group to it. This will generate a call list for the group, making it easy to capture and update your notes. December 2015 Weichert University Page 7-7

8 Fast Track - Session 7 Associate Manual Practice: FSBO Dialogue Purpose Develop and practice dialogue that can be used with private Sellers to prove your value. Set up Work in groups of three. Preparation Review the For Sale by Owner brochure. Instructions Use the For Sale by Owner brochure. Identify three things that would prove your value to private Sellers. Develop dialogue for those 3 items that you could use with the private Sellers. Use the worksheet on the next page write down the dialogues you create. You ll have 10 minutes to work on this. Page 7-8 Weichert University December 2015

9 Associate Manual Fast Track Session 7 FSBO Practice Dialogue Worksheet Item # Description of Item Dialogue December 2015 Weichert University Page 7-9

10 Fast Track - Session 7 Associate Manual Neighborhood Specialist Use your neighborhood knowledge to help prospect for sellers. Do what is necessary to become a Neighborhood Specialist: Create a Know Your Market Area binder Learn your market inventory and keep updated Read and be knowledgeable of contents of the FSBO brochures Use your Gold Services Manager as a resource to prospect for sellers Page 7-10 Weichert University December 2015

11 Associate Manual Fast Track Session 7 Servicing Listings What to do Set clear expectations about the marketing plan with sellers at the beginning of the listing Follow the marketing plan Communicate weekly with Sellers about the results of listing activities: - Using your WeichertPRO calendar, send weekly Listing Click Report showing internet activity - Call Seller to discuss activity and marketing plan - Schedule a face-to-face meeting at least every 4th week of the listing Work with the Sellers to adjust strategies for getting the property sold including: - Price improvements - Property showcasing improvements See A Guide to the Process for all the detailed steps necessary to service a listing. Price Trend Analysis Use the Price Trend Analysis (PTA) to educate Sellers about current market conditions during the listing period: Periodically refresh the information on the PTA, specifically the Current Inventory Analysis Snapshot Use the PTA as a tool to introduce discussions on pricing strategies with sellers This tool is available on WeichertOne, Sales Associate Resources, Working with Sellers. December 2015 Weichert University Page 7-11

12 Fast Track - Session 7 Associate Manual Servicing Listings Seller s Control Sheet Use the Seller s Control Sheet as your internal documentation for tracking listing activities. This form keeps you on target with consistent and regular feedback to sellers. It has three key sections: Section 1 Contact Information: Seller s information Critical listing and pricing information Section 2 Managing Your Marketing Plan: Organized checklist of activities sequenced weekly Key information to communicate to sellers Section 3 Tracking Activities and Results: One place to track showings and feedback Maintain advertising schedule and results This form is available on WeichertOne, Sales Associate Resources, Working with Sellers Use this information to update your WeichertPRO Seller notes Keep accurate Seller records in WeichertPRO using the notes tab and auto-link their correspondence Page 7-12 Weichert University December 2015

13 Associate Manual Fast Track Session 7 Fair Housing Video December 2015 Weichert University Page 7-13

14 Fast Track - Session 7 Associate Manual Related Online Courses Overcoming Common Seller Objections Converting Calls During Opportunity Time Working With the Seller: A Step-by-Step Process Listing in the Luxury Market: An Introduction to Capital Properties and Estates Sales Associate Resources Working with Sellers Select the following Related Courses Adding and Managing Groups Adding an Appointment or Task to your Calendar Page 7-14 Weichert University December 2015

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