Winning the listing is the name of the game, but when there's a shortage of inventory, real estate professionals have their work cut out for them.
During RISMedia's recent webinar—"Winning the Listing Without Discounting Your Fee"—panelists Julie Winter-Paez, broker/owner and team leader of the JWP Group at RE/MAX Property Pros; Christy Buck, broker/owner of The Christy Buck Team at Infinity Real Estate Group; and Shelley Broussard, sales partner with The Christy Buck Team, discussed their top strategies for winning listings while keeping their commission intact.
Moderated by Verl Workman, CEO and founder of Workman Success Systems, and sponsored by Homes.com, the webinar focused on the importance of consistency.
"The No. 1 thing I'm hearing today is that there's no inventory," said Workman. "But if you're looking at your MLS, there are plenty of houses selling, so you need to ensure that your activities are consistent with those who are listing."
For Winter-Paez, who works in a second-home community in Wisconsin, business increased significantly this past year as she and her team focused on their listing inventory.
"It was the search for listings like everyone has been talking about, so we focused on trying to hit everything from the listing side from every possible direction in order to not leave any stone unturned," said Winter-Paez.
A strong player in their market, with 100-plus listings this past year, Winter-Paez emphasized the importance of getting her foot in the door.
"Once I get the opportunity to go out to the house and do a CMA, I try to get as much information as possible on the frontend so that the property stands out among other listings where there may be a bunch of question marks," said Winter-Paez.
Drilling down even further, when it comes to competing with the big discount brokers, Winter-Paez explained to attendees that leading with service is key.
"We start with our level of service, and once they see that, they seldom will hit me up for a commission reduction. If I know that I'm competing with someone who goes in with that first, I begin the conversation by talking about my list-to-sell ratio, how much more I net my sellers and how much more quickly my houses sell."
Having closed 175 listings this past year, Buck reiterated the importance of getting in front of potential sellers and being crystal clear with what she and the members of her team provide.
"Once we show them everything we offer, it's easy to maintain our commission because they see the value in what we're bringing to the table," said Buck. "We never talk about commission on the phone, and once we get in front of them and show them what we are providing, where we rank—and why we rank where we do—the commission conversation usually dissipates."
"It's not just where we rank," added Broussard. "It's that we try to do quality transactions with our clients because that's what they remember."
For those looking to hire a friend or family member to help them through the home-selling process for less, leveraging your competitive differentiation is critical.
"Always ask to be given the opportunity to show a potential client what you can do for them," added Broussard.
Breaking down the numbers is yet another strategy real estate professionals can employ to ensure everyone is on the same page when it comes to commission.
"Saving $3,000 on commission could ultimately cost the seller $10 - 15,000 on not properly staging their home and doing the correct things," said Buck. "An agent who's willing to reduce their commission is often just ready to get rid of your listing."
As we kick off a new year, now's the time to buckle down in order to take advantage of every opportunity that's out there.
"My biggest challenge when following up with my clients is that they aren’t following up with the leads they get," concluded Shalynn Atkins, an account executive at Homes.com, who encouraged attendees who are looking to up the ante when it comes to winning listings without discounting their fee to take advantage of Homes.com's Lead Connect, Lead Concierge and City Sponsor products.
View the webinar in full below:
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