Are you Selling Value? Learn How to Never Cut Your Price!

Written by Posted On Sunday, 25 August 2019 05:25

Just when you think you’ve laid out the best marketing plan to get a property sold, and everyone is ready to sign on the dotted line, that dreaded request comes from the seller: “We’ll give you the listing, but we want you to reduce your commission.”

What?! Why is it that everyone wants to cut your paycheck?

The hard truth is that question might never come up if you did a more effective job of setting up the value of your services at the get-go.

Far too many agents continue to rely on what has always “worked.”  You know the drill: your company creates a lovely marketing package that explains their extensive network, MLS exposure, national marketing, and more. It all looks great—but is it unique? This is the challenge: Sellers today have heard it all and remain unimpressed with a long list of features, but are more focused and interested on what is in it for them and how you plan to market their “special” property.

Tougher listings

The competition for inventory continues to grow, and listings become tougher to list.  Agents must focus on more targeted and measurable marketing, but also must be more revolutionary and differentiated in the process and results.  

If you expect to get paid—think about this: You must understand that consumers look at real estate services as a commodity—a basic service available from multiple sources.  There are over a million licensed agents, and a plethora of online do-it-yourself sites, discounters, and more.  Most people know at least twelve real estate agents. What the consumers see is multiple options to get their property sold.  The problem is that most sellers don’t have a clue what questions to ask to make an informed decision. NAR reports that over 62% of listings come from referrals. But that certainly doesn’t guarantee that the agent services they choose are the best solution for their needs.

How do you stand out from your competitors?

How you address this concept is the difference between premium and standard. How you respond will show you your “value” through the eyes of the prospect.   Your job is to demonstrate beyond the ordinary what you do and how you do it. Literally knock their socks off and impress them so much they don’t even consider the issue of compensation!

In his book, “Selling Value, Key Principles of Value Based Selling,” the two-time #1 NYTimes/WSJ best-selling author Don Hutson states that when you have developed a highly comprehensive, unique, and value-laden initiative, your client won’t even think about asking for a lower compensation.  Unfortunately, most real estate agents don’t provide creative and effective specificities to make a property stand out and get sold fast.  

 Here are some top tips to help you create a WOW experience at your next listing appointment:

1. It starts with how you respond to the inquiry.  Demonstrate your immediate response program that connects your prospect to you in real time.

2.Develop and deliver a pre-appointment package with a delivery that requires a signature. If the seller is out of town, use an electronic version. But initiate a process that clearly shows your interest, and helps you to stand apart from your competitors.  Include seller’s homework sheets, and set the seller up for expecting contacts from your team.

3.Develop a premium marketing plan.  If you simply rely on MLS exposure, company networks, etc. although great, it limits you to what everyone can offer.  Depending on the property type, offer programs that target and attract the buyer for this specific property.

4.“Wow” them with your unique video marketing.  Include drone technology or high-level views for tough-to-see gated communities or waterfront properties.  

It’s time to stand out from the crowded field. Offer such a specialized, value-loaded proposition that sellers have to have you as their agent! When you do this, your commission is a non-issue, because you have sold your client on your value, and sold them on your ability to sell their home quickly and for the highest price possible.

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Terri Murphy

Terri Murphy, Communication engagement specialist, author, speaker, consultant, and Master Coach with Workman Success.  She is the author of 5 books, TedTalk speaker and co-radio host on KWAMtheVoice.com. Contact: TerriMurphy.com or Email: Terri@TerriMurphy.com

https://terrimurphy.com

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