Learn with Dr. Lee®: Award-Winning, International Educator + Business Coach: listing leader

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NEW: Tool for the Listing Leader© with Multiple Offers in a HOT Seller's Market

<div><div class="separator" style="clear: both; text-align: center;">As featured in <a href="https://www.ypn.realtor/the-lounge/a-tool-for-handling-multiple-offers-in-a-hot-sellers-market/" target="_blank">REALTORMag</a>.</div><div class="separator" style="clear: both; text-align: center;"> </div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRhi9jB4HzO0wLsu15ncp2bgwO5ZbE8g2uhQfwhza4tlGgCJKDh4zavmt0WR8FnGBPKwC6DRMP0uwNgtb0md_TjgXHMRc6AZZlw1mxOsHdEFA08ZnTWGtiXlxLp6sJqu3M9XfBenIRusw/s1080/IG+E%2526O+Insurance+Losses+Increase+due+to+FH.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1080" data-original-width="1080" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRhi9jB4HzO0wLsu15ncp2bgwO5ZbE8g2uhQfwhza4tlGgCJKDh4zavmt0WR8FnGBPKwC6DRMP0uwNgtb0md_TjgXHMRc6AZZlw1mxOsHdEFA08ZnTWGtiXlxLp6sJqu3M9XfBenIRusw/s320/IG+E%2526O+Insurance+Losses+Increase+due+to+FH.png"></a></div> </div><div>"Looking forward, we expect to see an increase in [E. & O.  insurance] losses alleging fair housing violations..." (<a href="https://magazine.realtor/law-and-ethics/feature/article/2021/05/avoid-legal-and-ethical-pitfalls?AdobeAnalytics=ed_rid%3D3004504%26om_mid%3D4554%7CRealtorMagTips_2021_05_11_Brokers%26om_ntype%3DREALTOR%20MAG%20TIPS" target="_blank">REALTOR® Magazine</a>)⁣⁣</div>

fair housing, listing leader, multiple offers

NEW: Tool for the Listing Leader© with Multiple Offers in a HOT Seller's Market

As featured in REALTORMag . "Looking forward, we expect to see an increase in [E. & O. insurance] losses alleging fair housing vio...

VIDEO: Helping Home Sellers Select the "Best Offer"

<div> </div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQLdXrmETjD3TX490r6u0LMb_qIJ3z6KEzyL8UfJwiyRbSFybkshQShDIx0vDmUTkzjT9rmVqzpRnyWpc9nPtzTSm9xemr35cpydnreQGf5JAQWtFxUAG-7QptoNM9RxhS3IhyK56K7vk/s1080/1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1080" data-original-width="1080" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQLdXrmETjD3TX490r6u0LMb_qIJ3z6KEzyL8UfJwiyRbSFybkshQShDIx0vDmUTkzjT9rmVqzpRnyWpc9nPtzTSm9xemr35cpydnreQGf5JAQWtFxUAG-7QptoNM9RxhS3IhyK56K7vk/w400-h400/1.png" width="400"></a></div><div class="separator" style="clear: both; text-align: center;"> </div><div class="separator" style="clear: both; text-align: left;">With inventory shortages in many U.S. markets, the National Association of REALTORS® found that on average there are <a href="https://www.instagram.com/p/CQgWn57lF7G/?utm_source=ig_web_copy_link" target="_blank">5 offers per listing</a>. Wow! That's nice for home sellers and those of us that are <a href="https://www.learnwithlee.realtor/2020/08/7-fundamentals-every-listing-leader.html" target="_blank">Listing Leaders©</a>. </div></div>

listing leader, offers

VIDEO: Helping Home Sellers Select the "Best Offer"

With inventory shortages in many U.S. markets, the National Association of REALTORS® found that on average there are 5 offers per listing . ...

7 Fundamentals Every Listing Leader© Crushes

<div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw-pJR9k0-WUmxcUuShyphenhyphenjwGiaCFb73221ukea0cmK8nu_nhCSVNTN-U-JNZnBgV8sMIazFDofzsjo3hPaSpeQSB9PMVzit_nMqub-IS-dO1ju_glCV0Nv59wkyjlGLX0Jif3EdQoArHOY/s1280/accessory-1238325_1280.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="956" data-original-width="1280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw-pJR9k0-WUmxcUuShyphenhyphenjwGiaCFb73221ukea0cmK8nu_nhCSVNTN-U-JNZnBgV8sMIazFDofzsjo3hPaSpeQSB9PMVzit_nMqub-IS-dO1ju_glCV0Nv59wkyjlGLX0Jif3EdQoArHOY/s640/accessory-1238325_1280.jpg" width="640"></a></div><div> </div>Times change.  </div><div> </div><div>Markets change.   Tech changes.   People change.   Yet, there are some fundamentals that are 'evergreen', meaning they are relevant despite different places, people, market conditions and times. Do you know the 7 Fundamentals Every Listing Leader© Crushes consistently both in good and challenging markets? Watch this month's '10-Minuteish' MBA video on these 7 fundamentals that can help give your business the solid foundation it needs.</div>

10-minuteish mba, listing leader

7 Fundamentals Every Listing Leader© Crushes

Times change. Markets change. Tech changes. People change. Yet, there are some fundamentals that are 'evergreen', meaning th...

3 High-Performance Habits of Social Distancing Listing Leaders

listing leader, social distancing

3 High-Performance Habits of Social Distancing Listing Leaders

One Resource LISTING LEADERS© Have That May Save Their Businesses During an Outbreak

As featured in the <a href="https://www.ypn.realtor/the-lounge/one-tool-that-may-save-listing-agents-business-in-the-age-of-covid-19/" target="_blank">REALTOR® Mag YPN blog</a>: 
 
Whether it is the coronavirus or some other epidemic, is your real estate sales business ready? 
 
Can you see green (not just medically, ugh!) and remain in the black financially? 
 
The conventional wisdom along with recommendations from the Center for Disease Control and Prevention as seen in <a href="https://apple.news/Az2kixyBCSuCeiO3zz5cUxw" target="_blank">articles like this</a> or <a href="https://www.marketwatch.com/story/its-a-very-unfortunate-conundrum-as-coronavirus-spreads-the-cdc-urges-sick-workers-to-stay-home-but-what-if-you-dont-get-paid-sick-leave-2020-03-02" target="_blank">this</a> do not get to the heart of what will help real estate agents continue to do what we do best as real estate matchmakers. So let's address this important matter before mass contagion, that may spawn mass quarantine, occurs. 
 
Watch this short video for one tip that many Listing Leaders© (or Marketing Masters, for those that do not want to only be known for listings) already use that we all should make sure we have ready: 
 
 
 
<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/SiedaZ4zLY4/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/SiedaZ4zLY4?feature=player_embedded" width="90%"></iframe></div>
 
 
 
Sound off - I would love to hear from you!  Give me a shout on <a href="https://www.facebook.com/LearnWithDrLee" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration-line: none;" target="_blank">Facebook</a>, <a href="https://instagram.com/learnwithdrlee" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration-line: none;" target="_blank">Instagram</a>, and <a href="https://www.youtube.com/user/leedavenport8?sub_confirmation=1" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration-line: none;" target="_blank">YouTube</a>, or by visiting <a href="http://www.learnwithdrlee.com/" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration-line: none;" target="_blank">LearnWithDrLee.com</a>.   
 Want more of the best practices of our nation's top producers? Grab your copy of the short read, <a href="http://www.learnwithlee.realtor/p/resources.html" target="_blank">Profit with Your Personality</a> and, the classic, 5-star rated workbook, <a href="http://amzn.com/1508652325" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration-line: none;">Plan to Win</a>, to transform their real estate sales game plan. Or, get your "training on" with these <a href="http://vimeo.com/ondemand/learnwithdrlee" target="_blank">on-demand classes</a>.  Here's to your success! #LearnWithDrLee

coronavirus, listing leader

One Resource LISTING LEADERS© Have That May Save Their Businesses During an Outbreak

As featured in the REALTOR® Mag YPN blog : Whether it is the coronavirus or some other epidemic, is your real estate sales business ready...

How to Answer "Is Your Commission Negotiable?" And Similar Nonsense

<div>
As featured in <a href="https://www.inman.com/2017/12/15/when-sellers-ask-is-your-commission-negotiable/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+inmannews+%28Inman+News+-+Headlines%29" target="_blank">Inman News</a>. </div>
<div>
 </div>
Home Owner: Is your commission negotiable? Why should I hire you and not "Sally Sales-A-Lot"? Translation: Show me your value! Are you really worth this fee? 
 
It's like a merry-go-round.  But not the fun one that children enjoy.  It's that circular dance of your commission and hirability being questioned by prospective home sellers.  You think they are ready to  sign with you but then the attack starts, "I heard that my neighbor only paid ____ (fill in the blank with the last lowball number you've heard) to sell her house. Can you match that?"  "Sally Sales-A-Lot" said she would only charge me a low fee of ______. Will you lower your commission to that?"  Or, you may have been asked something different yet it all stems back to one word. Value.  For whatever reason, the potential home seller does not understand your value and, therefore, challenges your services and/or your commission. 
 It is at this moment that some agents get frustrated, even downright angry, and elect to pass on the listing or grudgingly compromise their commission.  Often such agents are also likely experiencing a roller coaster ride of unstable income.  But what else is an agent to do with such prospects, right? Wrong! 
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP9TIuS86zR1cJUt3lKDM5FSRIbg4jRmyOPivOW23vAQ9pOD7Fnl2FRIW8Bye1vy_Frx8VIQfQZO2VhlOUmnNQTRx7A8gfmiiXEcJs0oLP-ewogm03XcL-JbNB-opRG5gdOF9M7xx3xkY/s1600/youaren%2527tpaid_instagram1080.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1080" data-original-width="1080" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP9TIuS86zR1cJUt3lKDM5FSRIbg4jRmyOPivOW23vAQ9pOD7Fnl2FRIW8Bye1vy_Frx8VIQfQZO2VhlOUmnNQTRx7A8gfmiiXEcJs0oLP-ewogm03XcL-JbNB-opRG5gdOF9M7xx3xkY/s640/youaren%2527tpaid_instagram1080.jpg" width="640" /></a></div>
 A foundational rule of dealing with people, whether in business or not is that you have to teach people how to treat you.  When we empathically remember that most prospective home sellers have likely worked with an agent to purchase that property, we understand that relationship shapes how they want to interact with you.  Perhaps the last agent was a pushover but that does not mean you have to be. 
 Furthermore, there are some real estate TV shows that have been edited to make the home selling process fit neatly into a 30-minute timeslot. Unfortunately, this sends a message to homeowners that there is not much that goes into selling a home.  We know that could not be further from the truth but it is unrealistic for us to expect sellers to understand this based on their past experiences and the media.  Thus, it is OUR responsibility to explain our value to EACH prospective home seller. 
 "But Dr. Lee I ALWAYS explain to people why they should hire me and why my commission is what it is but I constantly get challenged or lose the listing," you may be objecting.  If you are printing a basic CMA report (that every agent in your area can do too) and just verbally telling people, then I submit to you that is likely not enough to dissuade them of what they have seen and possibly experienced.   
 Think about yourself.  What gets you to accept a new way of thinking?  For many of us, numbers are the game changer.  
 In real estate, it is critical that we show people numbers but not just the numbers of what you think their homes should list.  The listing price is where many novice listing agents stop.  We must show people the numbers behind our value.  I call it T.A.P.   
 The great thing about the T.A.P. method is it can be done by both new and experienced agents.  This method can help new agents gain confidence to compete in "Sally Sales-A-Lot"'s neighborhoods and help veteran agents get their passion for the job back. 
 It is time to quantify in WRITING your value.  Here's how to T.A.P. into your value: 
 TASK 
1)  List EVERY task of the home selling process that you perform.  Most top-producing agents can get to a list of over 100 tasks that they perform for clients.   Aim to get close to 100, with more being better.  Make your list and check it twice.   
 As a new agent, this will help you become more confident in your understanding of the services you provide.  
 For some sellers, including FSBO sellers, this extensive list convinces them of your worth and ability.  But this is not all. 
 AGENDA 
2)  Assign the time it takes to complete each task from start to finish.  Very few homeowners, including FSBOs, have the time or patience it takes to complete the tasks of a real estate transaction proficiently if they are juggling family time, work, and other life activities.  Seeing these numbers in writing gives potential home sellers a reality check.  If you just verbalize this, it does not have the same impact (especially if they are daydreaming, planning tonight's dinner, etc. as you talk).   
<div>
 </div>
PRICE 
3)  Define the price/cost of each activity at market value, not with your discounts. You or your office have built irreplaceable relationships.  For example, if you need to contact your preferred attorney for a legal description, you will likely get that free. But, without those relationships, one would have to pay potentially several hundreds of dollars for each hour of an attorney’s billable hours. This is true for photography, videography, staging, inspections, and the whole gamut of the real estate process.  Your industry relationships (or those of your team or firm) pass various savings on to home sellers that, on their own, they may not ever see.  It's your job to explain and quantify this  -- show the numbers. 
 
 
<blockquote class="tr_bq">
If you let people undervalue you, they will. We stop the mentality that real estate sales agents are overpaid door-openers by quantifying our value and not allowing client past experiences or edited TV shows to regulate. #LearnWithLee</blockquote>
 
 
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgO6mPii1qCdFStEXTD7719t0eq4z1ZW1fir0yLxgVwCkrnEA0NdAnuAfhn4E7ySUOg3umW7Jd6fR-w2Oz7mme4cTSH5eTPdQfrqzGRyRj9e7Azye197gQWq-mLHhsmzBh9pRB8X4t4rgo/s1600/TapIntoYourValueEasilgemhousingacct.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgO6mPii1qCdFStEXTD7719t0eq4z1ZW1fir0yLxgVwCkrnEA0NdAnuAfhn4E7ySUOg3umW7Jd6fR-w2Oz7mme4cTSH5eTPdQfrqzGRyRj9e7Azye197gQWq-mLHhsmzBh9pRB8X4t4rgo/s1600/TapIntoYourValueEasilgemhousingacct.jpg" /></a></div>
 The beauty of the T.A.P. method is that once you create your list for each letter, you have it for the rest of your career -- it's a "one and done" process.  I hope you can now see why agents that have used this thorough method of quantifying their value have no longer had their commission/value challenged.    
 I encourage you to block off an hour this week and T.A.P. into your value. 
 Sound off - I would love to hear from you!  Give me a shout on <a href="https://www.facebook.com/LearnWithLee.REALTOR/" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;" target="_blank">Facebook</a>, <a href="https://instagram.com/learnwithlee.realtor/" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;">Instagram</a>, <a href="https://www.youtube.com/user/leedavenport8?sub_confirmation=1" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;">YouTube</a>, and <a href="http://google.com/+leedavenport" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;">Google+</a> or by visiting <a href="https://www.learnwithlee.realtor/" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;" target="_blank">LearnWithLee.Realtor</a>.   
 Want in on my full Listing Leader class that has been updated for 2018? Message me for a local training for your team or be on the lookout for the on-demand class coming soon to my Vimeo channel (http://www.vimeo.com/ondemand/learnwithlee). 
 Want more of the best practices of our nation's top producers? Grab your copy of the short read, <a href="http://www.learnwithlee.realtor/p/resources.html" target="_blank">Profit with Your Personality</a> and, the classic, 5-star rated workbook, <a href="http://amzn.com/1508652325" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration-line: none;">Plan to Win</a>, to transform their real estate sales game plan.   
 Here's to your success! #LearnWithLee

commision, listing leader, tap, tap into value, value

How to Answer "Is Your Commission Negotiable?" And Similar Nonsense

As featured in Inman News . Home Owner: Is your commission negotiable? Why should I hire you and not "Sally Sales-A-Lot"? Tra...

The Secret Sauce to Making Overpriced Listings Worth It

<div style="text-align: center;">
As featured on <a href="http://www.inman.com/2017/05/26/how-to-prevent-problems-with-overpriced-listings/" target="_blank">Inman News</a>.  </div>
 
Listings, in many parts of the nation, are slim-pickings.  For some, an inventory shortage can lead unknowingly to desperation and compromised business standards.  Case in point: 
 
<blockquote class="tr_bq">
A particular seller was adamant about listing her home almost $75k above what the agent determined as the market value.  The agent, not willing to lose the listing, did the unthinkable.  He agreed.  Fast forward two months and the home had been sitting with only one lonely, low-ball offer.  The sales agent practically pleaded on bent knee for the seller to reduce the asking price during those two months but his request fell on seemingly deaf ears.</blockquote>
 
Can you guess what happened next? 
 
<blockquote class="tr_bq">
The agent got fired by the seller.  In a predictable twist of events, the seller listed the home with another agent at the exact listing price originally recommended by the first agent.  It closed shortly thereafter, with the original agent losing his marketing dollars, his good name with the friends of this seller, and likely a piece of his soul and motivation.</blockquote>
 
This scenario is what drives some salespeople out of our industry, or at the least resent the very people we initially wanted to serve.  So what could have been done differently? 
 
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhO313P8GUjVBNt2f64HJDn5ybSiAYPlPMGk9DXBD5pUfd0ErgiRnfFEe3TrcuhzDcRvEE5QDMUc7-Q5kPnuYiDRdYFyiYa780ciSst5z-B5gbcH5SsyKshMueexQg5ag5Fj0CrRkdB9ZM/s1600/sellers+areyourself..jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1080" data-original-width="1080" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhO313P8GUjVBNt2f64HJDn5ybSiAYPlPMGk9DXBD5pUfd0ErgiRnfFEe3TrcuhzDcRvEE5QDMUc7-Q5kPnuYiDRdYFyiYa780ciSst5z-B5gbcH5SsyKshMueexQg5ag5Fj0CrRkdB9ZM/s400/sellers+areyourself..jpg" width="400" /></a></div>
I have the privilege of teaching my popular workshop, Listing Leader, across the nation and when I share this real-life circumstance, class attendees typically share one of these 3 responses: 
 
A: Don't take the listing in the first place 
 
B: Ask for a retainer 
 
C: Unsure 
 
Do you agree with any of these or a combination of them? 
 
I don't. 
 
The better way is to build into the initial brokerage agreement stipulations that allow for automatic price reductions, eliminating selective seller memories. 
 
Are you curious as to what selective seller memory is? Have you ever heard your seller pleasantly say, "Sure, we can reduce if we get no activity," when you caution them about being overpriced? Later, in a week or two, when you bring back up doing a price reduction, the seller no longer recalls (or does not want to admit to recalling) and you have no way of proving it. Unfortunately, you are at a stalemate, that leaves the listing priced as it was despite the market indicators, feedback from agents and buyers, and your own advice. That, my friends, is the infamous selective seller memory. 
 
Stop relying on memories, which may make you lose control of your business, with a stipulation that is time-bound.  For example: 
 
<blockquote class="tr_bq">
If no offers have been accepted by _______ (date), all parties agree to automatically reduce the sales price to ________ (new listing price).</blockquote>
 
And, don't stop there - have tiered price reductions if need be: 
 
<blockquote class="tr_bq">
If no offers have been accepted by _______ (date #1), all parties agree to automatically reduce the sales price to ________ (new listing price). </blockquote>
<blockquote class="tr_bq">
 If no offers have been accepted by _______ (date #2), all parties agree to automatically reduce the sales price to ________ (new listing price).</blockquote>
 
And so forth. 
 
The beauty of this is at the brokerage signing, typically everyone is the most agreeable they will be during the entire listing phase -- this is the point where you are all still on good terms, perhaps even friends.  Help to keep it that way by stipulating directly on the brokerage how your listing process will unfold. 
 Sound off - I would love to hear from you!  Give me a shout on <a href="https://www.facebook.com/LearnWithLee.REALTOR/" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;" target="_blank">Facebook</a>, <a href="https://instagram.com/learnwithlee.realtor/" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;">Instagram</a>, <a href="https://www.youtube.com/user/leedavenport8?sub_confirmation=1" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;">YouTube</a>, and <a href="http://google.com/+leedavenport" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;">Google+</a> or by visiting <a href="https://www.learnwithlee.realtor/" style="background-color: white; font-family: times; line-height: 22.08px; text-decoration: none;" target="_blank">LearnWithLee.Realtor</a>.  Want the Listing Leader workshop for your squad? Message me for details and booking.  Here's to your success! #LearnWithLee

listing leader, listings, overpriced

The Secret Sauce to Making Overpriced Listings Worth It

As featured on Inman News . Listings, in many parts of the nation, are slim-pickings. For some, an inventory shortage can lead unknowi...

NEW: Tool for the Listing Leader© with Multiple Offers in a HOT Seller's Market

VIDEO: Helping Home Sellers Select the "Best Offer"

7 Fundamentals Every Listing Leader© Crushes

3 High-Performance Habits of Social Distancing Listing Leaders

One Resource LISTING LEADERS© Have That May Save Their Businesses During an Outbreak

How to Answer "Is Your Commission Negotiable?" And Similar Nonsense

The Secret Sauce to Making Overpriced Listings Worth It

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