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PART 2 : TOUR

WHERE DO YOU PARK?

Keep in mind that another family member will arrive home during your walkthrough and need you to move your vehicle. Or they need to get out of the garage. If you can, park safely on the street to avoid being interrupted.

WHAT DO YOU WEAR?

Shorts or a tuxedo? Neither is the answer. But dress at a minimum business casual. Remember they will judge you the moment they see you.

Right or wrong that is what will happen. When I started at age 24 I would wear a suit and tie to the office in Des Peres Missouri. The other agent would often comment or laugh at me. “Bryan, why are you wearing a suit?” I would say I want to be ready for an interview today.

I listed 5 my first month. And again 5 my second month. I was the rookie of the month many times. It should also be known that I found as many books as I could at the library on the topic of job interviewing. I rehearsed every question they could think of and put myself in a position to win. I loved the interview process.

IF THEY OFFER ALCOHOL?

It is a Friday afternoon, and the seller is friendly and offers you a beer. I believe the correct answer is no, or no. However, if during your tour you are able to sit down with the seller, I would ask for water. It will increase the time you are with them.

WHERE DO YOU SIT?

When the time comes to sit down and review your program try not to sit directly across from them. If the table is a rectangle try to sit “elbow to elbow with them sitting at your right side.” This is part of building trust. The physical space between you and them matters.

ENTERING THE FOYER

You knocked on the door and you entered the property. Immediately take control by asking a question. Mr. Jones – could you give me a quick tour of the property? I would like to take notes and observe any recent updates you have done and or the age of things.

TOUR ALONE

I have heard a lot of FSBO trainers say it is ok to tour the property without the seller. I think that is very bad advice. If you leave them alone they may go back to a phone call or their computer. It will be very challenging to re-engage with them.

DID YOU BRING THEIR TAX RECORD?

  1. Their Realist tax record (or some version of their tax record). Ask them, “Is this square footage correct?”
  2. Show them the AVM (Automated Valuation Model) as it shows what a 3 rd party believes the value to be. Ask, “Have you seen this valuation report about your property?”

The seller will often be a little surprised what their tax record shows. I do hope you have practiced and role played the presentation of their tax record. Do it in advance and you will be so much more comfortable and effective when you meet with the seller.

DID YOU BRING THEIR PRIOR MLS RECORD?

  1. If the record shows that this is actually an Expired or Withdrawn listing, ask the seller, “May I ask, what reason did the prior agent give for the property not going under contact and closing?” “And a follow-up to that is “May I ask why you think it did not sell?”
  2. If it shows the seller bought the property in the past 1-2 years, ask them, “It shows you have been here just a year or so, would it be ok to ask why are you moving?”

DID YOU BRING THEIR VELOCITY REPORT?

Some agents call it a CMA. I prefer to call it a Velocity Report because it is rich with data. In your career, you will now have to demonstrate to buyers that you know how to interpret current market trends and how those trends may affect the future. The same is true for all sellers you

interview with. 

Based on your report, does it show that there are 20 for sale and 24 under contract? That would be a healthy market. Or does it show about 20 for sale and only 1 under contract. That would be terrible. If there are 20 for sale to every 1 under contract the market is probably depreciating.

YOU ARE A STORYTELLER

Walk the seller through each of these 3 documents. Ask questions along the way. As you may have realized you not once talked about your company, your years in the business or your proposal to list their home. In a way, when you tell the story about their market, you are demonstrating your insight to their marketplace. You are now worthy of commission.

BUT HOW HIGH WILL YOUR FEE BE?

You will have your ONE PAGE profile that lays out your fee structure based on:

  1. The service plan you are offering.
  2. Your desire to get a win that day.

MY STORY

I had just gone through stage 4 cancer called Squamous Cell Carcinoma. I then went into deep depression and was prepared to end my life. It was a horrible and very hard season in my life. Then came the divorce. Financially I had lost almost everything.

But I had my 15 year old son, and my faith, and a great degree of determination.

GETTING A LOT OF CRAP

In 2016, I returned to the market after being gone for 6 years. I was starting over. I began to list FSBOs at a pretty low fee. I received quite a few calls from agents that said I was paying out too little on the buyer agent side. I simply said to them, “if they would want to make my house payment for me and my son, I would consider what they had to say.” I had agents say, “You are ruining it for all of us.”

I was simply trying to survive. Within about two years I was closing about 100 houses and grossing about $400,000. Yes, the fee I was netting was about 4k per deal. But my 2nd year back I closed 98 deals, the next year 103 deals and the next year 101 deals.

FSBO AND COMEBACKS

When I lost my computer programming job in 1987, FSBOs were my comeback. I listed 10 in my first 60 days. As I said, I mastered interviewing skills at the public library. I did not do marketing. Only prospecting. My 2nd comeback was when I resigned from being a Prudential Real Estate Sales Manager. Once again FSBOs were my path. I earned $84,000 in 1992. And the rocket took off from there as my best year I closed $40,000,000. And that was a lot back in that time. Later in life I needed another comeback. Post cancer. Post divorce. Post financial devastation. In 2016 I found myself once again calling on FSBOs.

And now we lead a nation of Realtors in the By Owner America program. Now it’s your turn.

WHAT YOU CHARGE IS UP TO YOU? (or your broker)

No matter what you do, get momentum. Find wins each month. Get paychecks so you can stay the course. My goal was to get to 5k per month. I needed consistent income. Within a reasonable period of time I was closing over 30k per month. Still shy of my best year in 2001 when I closed $1,300,000 in commission.

TOUR QUESTIONS

Remember the call script. It has on it HOUSING QUESTIONS and also SITUATIONAL QUESTIONS. You want to ask as many situational questions as you can without sounding intrusive. Those questions reveal motivation. They reveal objections they may be harboring.

Please note that this program is not about getting 3 listings. But rather preparing you to dominate your market for years to come. Keep the long vision in mind. Say “I will list 25 FSBOs each year. I dominate my market. I am getting better each attempt.”

ASK THESE

  1. May I ask do all the window treatments stay?
  2. Are the appliances staying with the home?
  3. Do you have an ideal move date?
  4. Could I ask how you came up with the price, was it from a couple of agents, or perhaps an appraisal?

OBJECTIVES OF THE TOUR

Ideally the seller asks you, “So what do you think of our asking price?”

YOU ARE THE PRO

They now see you in a new light. They want your opinion. It is best not to say that you agree with it. It is best not to have any opinion. Your response could be, “I have completed most of the analysis, plus now I have seen it in person, if agreeable with you, I would like to wrap up my pricing opinion and return to you tonight at __________. Or we could meet over a Zoom at ________.”

THE FEE

Of course the biggest question yet to be discussed is “What is your fee?” The reality of the situation is the By Owner may have been offered 0%, 1%, 2, 3, 4, 5, 6%. Possibly $199.00 or $99.00. They have been given quite a few options in the mail, via text, in person, but many of those proposals did not compel the seller to move forward.

TRUST and VALUE

It all comes down to this moment. Let’s do a quick recap of what you have done so far.

  1. You researched their tax record, their prior MLS, and their Velocity Report.
  2. You studied their Zillow ad.
  3. You called them and got an appointment or kept their name and scheduled a 2nd or 3rd or 5th attempt.
  4. You visited the property and presented your service.
  5. You may have set up a follow up appointment to discuss the price of their property.
  6. You practiced all of the listing documents so you handle them like a pro on the day you take that listing.
  7. However, in some cases you will need to follow up a few times.