Real Estate
Listing & Sales
Techniques
Prepared for the
Georgia Real Estate Association
by
Gail Lyons,
ABR, CCIM, C-CREC, CIPS, CRB, CRS, DREI, QSC, SRES
Overview
1. Getting started: learning your market
2.
3.
4.
5.
6.
7.
finding prospects
Working for sellers
Working for buyers
Negotiating the purchase contract
Due diligence & closing
Ethics & professional practice
Continuing education
Getting Started:
Who Are You &
What Are Your Skills?
1. Please complete the Survey (handout #1)
2. Form into groups of threes (3s): decide who will be
the “broker”, the “prospective agent” and the
“observer”.
Using the questions on the Survey, the broker will
interview the prospective agent (5 minutes) while
the observer listens.
Switch roles so that everyone has a different role
and repeat (5 minutes).
Getting Started:
Who Are You &
What Are Your Skills?, continued
3. Prospective agents: If you were the broker,
would you hire yourself?
4. Brokers & Observers: What did you like best
about the Prospective Agents?
This interview may be similar to one you’ll
have in “real” life.
The rest of today’s class is designed to
prepare you to be as successful as you can be!
Getting Started:
Learning Your Market
To be successful, you must know your market
as well or better than anyone else.
1. Develop a data base to organize information
2. Collect information in as much detail as possible
a.
b.
c.
demographics
market size and activity
price range
Getting Started:
Learning Your Market
3. Where are shopping, schools,
recreational facilities, etc. located?
4. What laws govern property use?
5. What laws govern real estate
transactions?
6. What else do you need to know
about your market?
Getting Started:
Your Tools
1. Professional wardrobe
10. Purchase contracts
2. Listing catalog
11. Mortgage calculator
3. Brief case
12. List of mortgage
4. Tape measure
5. Screwdriver, pliers
13.
6. PDA or appointment book
14.
7. Maps
15.
8. Data base
16.
9. Listing forms, contracts
17.
companies, surveyors, etc.
Signs, lockboxes, etc.
Company policy manual
Buyer’s handbook
Seller’s handbook
___________________
Getting Started:
Finding Prospects (handout #3)
1. Develop an effective data base to
retain names, addresses, phone
numbers, contact history, etc.
2. List potential referral sources
a. Relatives
b. Friends
c. Business contacts
Getting Started:
Finding Prospects, continued
3. Contact referral sources
a. Send an announcement letter
b. Include your business card
c. Stay in touch: 4 times/year minimum
4. Join organizations: meet people =
“social farming”
5. Establish a “geographic farm”: become
the expert (handout #2)
Getting Started:
Finding Prospects, continued
6. “Opportunity time”
7. Target likely prospects
a. Mailing lists/membership rosters
b. Announcements in newspapers
8. Increase your visibility
a. Develop & distribute a newsletter
b. Hold open houses
c. Advertising
9. “Cold calls”
Understanding Why People Buy
& Sell Real Estate:
It’s Usually Personal!
1. Death
7. Marriage
2. Divorce
8. Birth
3. Illness
9. Promotion
4. Financial
10. Expression
pressures
5. Loss of
employment
6. Job transfer
11. Unexpected
wealth
12. Prestige
13. Investment
Duties Owed to
Your Clients
1. Usually based on law/regulation/custom
2. Six primary “fiduciary” duties
a. Loyalty
b. Keep personal information confidential
c. Obedience
d. Reasonable skill & diligence
e. Disclose all known facts
f. Accounting for money & documents
Conflicts of Interest
1. Occur when the duties you owe to one
person conflict with the duties you owe to
another person, including yourself!
2. Conflict must be disclosed immediately
and a solution agreed upon; put the
solution in writing signed by both parties
3. If no solution can be agreed upon,
terminate one or both relationships
Responsibilities to
“Other” Party
1. Fair and honest treatment
2. Disclosure of all known facts about the
transaction and property
3. Disclosure of fact you are expected to
know
4. No misrepresentation: know the facts
and don’t guess
5. Fully explain any documents that
require signatures
Responsibilities to
the Public
1. No discrimination
2. Provide competent service
3. Don’t undertake a job you’re not
qualified to perform
4. Do not do any advertising that’s false,
misleading or a misrepresentation
5. Do not do anything contrary to the law
Responsibilities to
Other Agents
1. Do not knowingly make false or
misleading statements about your
competitors
2. Do not take any action inconsistent
with the agency of another agent
3. Disclose your client relationship to
other agents at first contact
LISTING: Working for Sellers
Finding Potential Sellers
1.
2.
3.
4.
5.
6.
7.
8.
Geographic farming
Divorce/marriage
Death/illness
For-sale-by-owners
Expired listings
Foreclosure notices
Neighbors of new
listings
Out-of-town owners
9. Advertising for
10.
11.
12.
13.
14.
15.
16.
specific properties
Moving companies
“Furniture for sale”
Business transfers
Homebuilders
Social farming
Attorneys/bankers
Referrals
LISTING: Working for Sellers
Seller Counseling Session-1
1. Prepare yourself
a. Dress professionally
b. Be prompt
c. Prepare CMA (handout #4)
2. Prepare prospective seller
a. Establish rapport
b. Agree on common agenda
c. Permission to ask questions
LISTING: Working for Sellers
Seller Counseling Session-2
Using Seller’s Handbook (sample) as a guide
1. Discuss your role as advisor/advocate, your company &
yourself
2. Discuss your role as marketer
3. Discuss CMA (actives, solds, expireds) /importance of
pricing
4. Review seller’s options
5. Review listing contract (sample & CD)
6. Discuss how you & selling agent are paid
7. Determine seller’s motivation, timing
8. Discuss preparing the home for the buyer’s eyes (book)
LISTING: Working for Sellers
Seller Counseling Session-3
Ask: “If we find a buyer today willing to pay
your price, are you ready to sell?”
Then either
A. Present the listing contract again and
ask for their signatures OR
B. Ask them to review all the information
you’ve provided and make an
appointment to discuss any questions
and finalize the contract
LISTING: Working for Sellers
Marketing
1. Prepare MLS brochure for competitors
2. Put sign in yard, fill brochure box
3. Enlist seller’s help in keeping brochure
4.
5.
6.
7.
box full
Put key box on front door
Give office showing instructions
Create advertising: Internet, newspaper,
flyers
Prepare Property Guide for inside home
LISTING: Working for Sellers
Communication
Communicate with your seller…even when
there’s “nothing” to say!
1. Tell the seller what you are doing to
market the property
2. Collect feedback from showings, tell the
seller
3. Contact seller at least once a week
4. Review feedback with seller monthly,
discuss possible price change
5. Hold “open” houses
SELLING: Working for Buyers
Finding Potential Buyers
1.
2.
3.
4.
5.
Your sellers!
If your sellers are
not buying here,
refer them to an
agent to which
they’re moving
Geographic farming
Social farming
Referrals from
professionals, other
agents, friends,
relatives
6. Your niche market
7. Home buying
seminars
8. Your web site
9. Divorce/marriage
10. Expanding families
11. “Empty nesters”
12. Just promoted/fired
13. Hold open houses
14. “Opportunity time”
15. _______________
SELLING: Working for Buyers
Buyer Counseling Session-1
1. Prepare yourself
a. Dress professionally
b. Be prompt!
c. Prepare information on possible
properties
2. Prepare prospective buyer
a. Establish rapport
b. Agree on common agenda
c. Ask permission to ask questions
SELLING: Working for Buyers
Buyer Counseling Session-2
Using Buyer’s Handbook (sample) as a guide
1. Introduce yourself & your company
2. Explain your role as advisor and advocate
3. Review the steps involved in purchasing
4. Review due diligence between contract & closing
5. Review sample contracts
a. Buyer agency agreement (sample & CD)
b. Purchase agreement (sample & CD)
6. Discuss current market & available properties
SELLING: Working for Buyers
Buyer Counseling Session-3
7. Specify buyer’s wants & needs
8. Determine buyer’s financial
qualifications
Ask: “If we find a property today that
meets your needs, will you be in a
position to buy?”
SELLING: Working for Buyers
Buyer Counseling Session-4
Then either
A. Present the buyer agency
agreement again and ask for their
signatures OR
B. Ask them to review all the
information you’ve provided, make
an appointment to both finalize the
contract and show property
SELLING: Working for Buyers
Showing Properties
Selecting and previewing properties
1. Match buyers’ wants and needs
with currently available properties
2. Preview matches
3. Make appointments to show “best”
matches
4. Plan “tour” route
SELLING: Working for Buyers
Showing Tips
1. Play the “priority” game: keep focused
2.
3.
4.
5.
6.
7.
on just 2-3 properties
Compare pros/cons of properties
Encourage note taking
Encourage client opinions
Ask probing questions
Serve as a “sounding board”
Listen carefully
SELLING: Working for Buyers
Handling Objections
1. Always answer honestly
2. “I don’t know but I’ll find out.”
3. Restate objection as a question
4. Correct misinformation
5. Ask “why” questions carefully
6. Watch for “buying” signals
7. “Have I answered all your concerns or
do you need more information?”
SELLING: Working for Buyers
!!!LISTEN!!!
NEGOTIATING THE CONTRACT
Purchase & Sale Agreement
Essential Elements
1. Competent
parties
2. Timely
acceptance
3. Unique legal
4. Consideration
5. Mutual consent
1.
2.
3.
4.
5.
6.
7.
8.
Terms & Provisions
Price
Possession
Personal property
Means of conveyance
Pro-rations of taxes &
insurance
Closing costs
Contingencies
Property disclosures
NEGOTIATING THE CONTRACT
Presenting the Offer
1. Provide seller with a complete “picture” of
2.
3.
4.
5.
6.
the buyer:
Present terms of offer
Explain contingencies/special conditions
Present buyer’s financial capability
Encourage acceptance
If seller is unwilling to accept as is,
negotiate using counterproposals (sample)
DUE DILIGENCE & CLOSING
1. Coordinate with listing agent
2. Prepare checklist of all steps & dates
3. Maintain transaction file of all meetings,
4.
5.
6.
7.
correspondence, documents, phone notes
Assist your client with timely information,
emotional support
Communicate regularly
Make sure all dates are met
Schedule & participate in closing
“CLIENTS FOR LIFE!”
1. Perform with highest possible
professionalism during transaction
2. Call on client shortly after closing
3. Keep in touch at least 4 times each year
4. Establish yourself as their professional
REALTOR
a. For their future real estate needs
b. To refer friends/relatives/colleagues
Ethics &
Professional Practice
1. It pays to do the right thing
2. Honest & ethical behavior bring rewards
3. The only answer to building a good,
lasting reputation
4. Never let the pursuit of money determine
your behavior
5. NAR’s Pathways to Professionalism
(handout #5): show respect to everyone!
Continuing Education:
Keeping Ahead of the “Game”
1. List the topics you’d like to learn more
2.
3.
4.
5.
6.
about: _________________________
Let’s make a combined list.
Continuing education and training are
critical to your success in real estate.
Sources
Designations
Have an education goal every year.
We hope you’ve enjoyed this class.
We hope it will increase your
success.
I’ve certainly enjoyed being with
you and have learned from you!
გმადლობ, გმადლობთ !
Gail Lyons &
International Real Property Foundation