The Mindset & Skills to Take More Listings & Crush the Shift

Welcome everybody, to another episode brought to your boy, Lars. There's actually two people in this room named Lars, which is kind of unbelievable. So what I find really wonderful about kind of jumping in and listening to your guys conversation is we're talking about, as Lars teaches us about, is attract, convert, deliver. And what was just focused on is an attraction mechanism on how to get people to raise their hand. And eventually you're going to have to speak to somebody. Yep, you are. I know. Jessica, you're going to have to speak to somebody. Madeline, Spencer, Lori, eventually you're going to have to talk to somebody. Right. So how do we need to be speaking to them? Not just in an environment that's rapidly changing, which our environment is because here we are talking about Mr. Beast on a real estate platform, right? Also, market dynamics are shifting and changing. So, you know, there I was, I was kind of nine months into my real estate career, having got my real estate license, and I was trying to. Trying to figure this thing out on my own, and I made a whopping $13,000. Jeanine. Yes. That is not something people would put you on a panel on to talk about. It is not something people put you on a podcast, right, Anthony, to be like, hey, how did you do that? And it's definitely not something that people would coach you to train them on, okay? And I was trying to figure this thing out on my own, and clearly I was not doing a good job. So what I did is I made a strategic decision. I decided to partner with one of the top agents in the geographic area where I started my real estate career, which was Gainesville, after graduating from the University of Florida. Go Gators. And that was very helpful for me for two reasons. The first one is, is it got me access to some instruction, which we're here to kind of gather to get instruction. It also got me access to leads, right? And probably one of the most important things it did is it got me an up close, up front seat with the difference between working with buyers and working with sellers. Okay? Now that was very helpful for me because here I was trying to figure out and schedule all these things and trying to schedule appointments and going. And the lockbox doesn't work, right? And the keys don't work, and the agent's not returning my calls. Janine. And here the listing agent was chilling at the office online, waiting for offers to come in. And I said, look, guys, I don't know what the way is, but I'm gonna either find a way or make the way. That's what I want to be doing okay. Because that's where all the leverage is. That's where all the money's at. I'm hearing some heads, not seeing some heads, not. Yes, that's where all the money is. That's where all the leverage is. So what's also true is that our game has radically changed since I started selling real estate in 2006. And what's radically changed it is this thing called the Internet. Because again, going back to the conversation you guys were having before I hopped on, you're talking about these different highways. Because YouTube is a highway, Instagram is a highway, TikTok is a highway. And those highways need traffic and they need to be pointed in a specific destination. But having roads with no traffic is stupid and it's expensive. So I need traffic and I need a place to put it. Right. What's also true is that because of the Internet, all of these very sharp, elbowed, highly capitalized competitors have pushed into our space and they're all taking money off the table, right? Zillow, Redfin, Home Light, Ideal Agent. Right? Now, all of these platforms, they need one thing like oxygen to breathe. Without it, they will literally die. Go ahead and drop in the chat what you think they actually need, like oxygen to breathe. Agents, Agents. Data boots on the ground. Attention. Okay, interesting. Well, the person who said they need agents, but they need a specific type of agent and they do need data. Replace the word data with listings. Because without listings, what happens? Marion? They all die instantaneously. They need it like oxygen to breathe. So if I can continue to be a prodigious provider of data, which is what I see myself as, a top producing listing agent, listing 10, 12, 15 homes a month, then I will continue to be disproportionately rewarded for my efforts. Because I promise you, if they could get rid of you for providing data, would they? 100%. Now I'm curious, do they need buyer's agents? We're already starting to see that what's happening on the buy side. They're getting, what, less and less and less money. That's because the system doesn't need them. They can pay somebody to do that, a salary or something of that nature. Or you could be on a team and get 20 splits with your team lead, right? So it needs data, it needs listings. So once I realized those things, right, I spent the last 16 years obsessively and obnoxiously studying sales, persuasion, neuro, linguistic programming. I spent 10,000 hours in role playing practice, gone on thousands of listing appointments. So I could perfect the conversations that are needed in order to sell property in high volume. Pre qualify, present, handle objections. Right. Price reductions and presenting offers. Those are the conversations somebody needs to master if they want all this property in high volume. And what that's provided myself and my family with is a very, you know, good lifestyle. I've sold 2,000 homes in my career, 100 a year for the last 12 years in a row. And I believe that everybody on this call, if you chose to. Right. If you chose to really dive into that particular skillset, you could produce the same outcomes, if not better. Okay, so what I'd like to do over the next 30, 45 minutes of time that we have here is I want to talk to you about how technology has changed people's access to information. Would we all agree on that? For those I can see, shake your head. Yes, if that's true, yes. It's changed people's access to information. And as such, the way we're presenting said information needs to change. If you're still presenting it in a way that is authoritative, as though I know and you don't, that is silly. And you're going to be met with lots of friction, and you'll be met with combativeness, and then you'll walk away and be like, you know, I swear, Renee, I thought I had that listing. And they're going to list with somebody else. Okay, so we're going to talk about that. And then what I'm going to do is I'm going to run through an actual listing presentation, and I'm going to talk to you specifically about what I'm doing and why, as we're doing it. Because again, guys, over the last 18 to 20 months on calls like this, we've been able to spend a lot of time in the clouds. You know what I mean by clouds? Systems, processes, procedures, SOPs, technology. Right. And is all that stuff important? Yes. Now, as the marketplace is changing, do you know what we have to spend more time in? Dirt. You know what dirt is? When a seller says, hey, how come you didn't do an open house? How come it's not selling? Or they say, how, how. How come you're not. How come you didn't send flyers out, Diane, before the open house? I didn't. I didn't like you. You didn't put too many signs out, or is there anything else we could do to market the home? Dirt is handling objections. Dirt is overcoming pricing concerns. Dirt is presenting offers that are less than the asking price. Okay, drop in the chat if you had an offer that was less than the asking price over the last two months. Yes. All of them. Dirt is overcoming where they're like, madeline, this is way less than what you told us. I'm a little disappointed in your efforts. That's dirt. So now, like, yes, we can spend time in the clouds, but we have to spend time in the dirt because otherwise stuff's not going to move. Right. So that's what we're going to be doing today. Drop in the chat. If you're ready for that. Say, let's go. Yeah. Lfg. Little Tom Brady in the house. Let's go. All right. So there was a time, guys, I don't know if you know this, 30 plus years ago, where consumers had absolutely zero access to any information regarding real estate. None. They didn't know what their neighbor's home was listed for unless they personally talked to them. They didn't know what sold in the neighborhood. Nothing. Okay, now I'm curious. Does that time still exist now? No. Are they looking at that information more than you look at it? Yes. Every day, Diane. Every day they're on Zillow or Redfin looking at the price of their home. Why? Because 90% of Americans have 90% of their net worth tied where to their house. So they're studying this stuff all the time. So if we're going in and saying, well, Anthony, you know, I study homes and prices every day, therefore I assume you'll list with me at a price, it'll cause it to sell. That's dumb, because they're looking at this information all the time. Okay, so because our technology has changed the way we think, it's changed our expectations. So if we separate it from real estate. Let's think for a moment. Let's say you're interested in a product or a Service. Paul, in 2022, is the first thing that you do do you pick up the phone, Zachary. And you call somebody. Is that what you do in 2022? Look, he's smiling. He's like, that's ridiculous. Who would do that? That's dumb. No, you don't do that. What do you do and where do you go? Google, typically. And then how do you make decisions about who get your money? What are you looking for? Drop in the chat, what you're looking for. So you go to the person I like the most. Okay. Reviews. Yes. So digital assets, reviews, website videos. Then you either put your credit card in and you buy it, or you pick up the phone and you call somebody. Right. And Zach, if they don't say something stupid, then you pay them. That's how that works. So now put that into the context of presenting to homeowners about, you know, what's going to actually get their home sold. Because let's be honest, guys, if you took a property that was priced properly and you disappeared off planet earth, would it still sell? Oh, hey, do you notice the energy in the room? Everybody's like, well, I don't know. My marketing is special, Edwin. Hey, just a secret. We all use the same photographers. Just telling you. Yep. Nothing special about that. Okay? We all do the same thing for the most part. So now that in the environment's changing, we gotta get really skilled at presenting price. And if we're doing it in a manner that is authoritative, you're screwing it up, because it's not in. In the environment that we live in anymore. Okay? So because technology has changed access to information, we need to be changing our approach with the way that we're presenting it. And if you're taking notes, there's three methods of presenting information, okay? And where I got this from is a book called On Being Mortal. And it actually has nothing to do with selling real estate. This is a guy who is a like super high level physician. And you know what's interesting about the medical world? They went through the same transition we did. Because I'm curious, 20 years ago, Renee, did WebMD exist? No. And when you went to the physician, they just told you what you needed to know and that was it, Period. They'd be like, what's wrong, Galena? And you're like, my head hurts. They're like, okay, we'll take this. See you later. Have a nice day. Gone. Now you come in, you're like, well, I've done extensive research on WebMD and I can tell you that I think it's this. Now, keep in mind, your homeowners are doing the exact same thing. Okay? So the first way of presenting is what's called paternalistic, authoritative. I know you don't. Right. Like I'm the guy or gal, and I'm going to tell you what you need to know. And are you prepared to list your home with me today at my price? Right. I believe I think the market can deliver. Which, by the way, do you have any control over any of that? No. Were you posting? We sold it for $50,000 above the asking price over last year. How many people did that? Don't lie. Are you posting now, Renee? We had to reduce it three times to sell it. No, you take credit over here. Richard. But over here. No, no, no. That's not my fault. That's the market. But this one, that was me. Have nothing to bro. They're both the same thing. They didn't have anything to do with either one of you both times. Okay? So paternalistic. I know you. You don't. Trying to lead with authority. Can you imagine if you went into the bakery and they were like, hey, Zachary, are you familiar with the techniques that I use to make bagels? I don't know if you know this. I'm kind of a big deal. You see that award over there? I'm the best bagel maker in this little town. If somebody actually said that to you out loud, Justin, what would you do? Would you would, like, you look at your person? You're like, this guy, kid. Is this guy serious right now? Is this real? Like, I just want a bagel, bro. Like, what are you doing? And yet we do this as an industry. It's kind of ridiculous, okay? So paternalistic. The second way is informative. An informative way of presenting is like, hey, here's all the information. You decide, okay? Now, what's interesting about that form of presenting is over the last 18 months, you've been able to get away with that, because, Liam, you would go on an appointment, and they're studying their stuff all the time on Zillow and Redfin. And they're like, well, you know, Aaron, I want to list it for 650. And you're like, okay, it seems a little high. And then they would get 700. And they thought they were a genius, Jessica, and they're not. Write this down. Most humans confuse luck with skill. Most humans confuse luck with skill. Okay? Now, as the marketplace shifted and changed since March of last year, we went from 3% interest rates to 7% in nine months. Somebody who was approved for a million bucks is now approved for, like, 750,000. Anybody besides me have listings that are sitting on the market? Not selling. I remember in April, some of my coaching clients are, oh, my God, it's been on the market a week. It hasn't sold yet. Aaron, what's going on? I'm like, oh, you thought that was normal? That's not. No, that's not real estate. That's an auction. You thought you were so skilled in negotiating. Where is there any negotiating when it's at price or over? Removing all contingencies? There's no skill in that, guys, okay? Informative. The third way, which is the sweet spot, is interpretive, because that's actually what we want Think about it. When you're doing all of your research, let's say you're going to make a big purchase, Renee. Right? A big purchase. You're going to buy, spend five, ten thousand bucks on something. You are definitely going to do some research on that. Correct. But then you're going to speak to a professional and you want them to help you to interpret the information so you can make the decision that you feel is best. Correct. That is the exact same thing here for us, guys. So interpretive would sound something like, you know what, Renee, I'm aware that you've probably done a little bit of research and you went online and looked at some of these sites that give estimates of value. So I want you to be clear that my intention today is to help you to get as much as you possibly can. I'm also the mindset. I want to earn your business with integrity, being honest and straightforward about what's reasonable and realistic versus promising you something I know is not going to happen and not be able to deliver. So we're going to review this information together as a team, and what we're going to see come to the surface is not a pinpoint to the penny in terms of price. Instead, what was it's going to be is a tight realistic range as to what's reasonable. And then from there, it'll come down to strategy, and we'll go over the strategies that you have because I want you to feel comfortable with the one we end up choosing. And whatever you decide, I'm going to support you 100%. Fair enough. Now, being on the receiving end of that drop in the chat, how would you feel? Do you feel like you're in control? Do you feel like you're part of the process? Right. Do you feel like this is a collaborative conversation? Yeah. Versus, well, Rene, I'm the neighborhood specialist and I study homes and prices every day. Therefore, I assume you'll listen to me to prices, cause and sell. I believe it's this. Are you prepared to list your home with me today at my price? How would you feel if somebody approaches you that way? Drop in the chat. Yeah. By controlled defensive. Yeah, yuck. Thank you. That's exactly what would happen, guys. So we have to be very, very clear that technology has changed people's access to information. And as such, the way we're presenting said information needs to change. And if you do not change this, I am telling you with 1000% certainty, you will be met with combativeness, you'll be met with kind of disagreement. You'll be met with argumentative. How many people besides me have ever gotten to a conversation with somebody and noticed, like, hey, we're arguing with each other about this. This is silly. It's like, wait a minute. I'm trying to earn your business, Richard, and I'm arguing with you like, yeah, how's that going to go? Not well. So we have to be clear on this. And for those people who understand this, they understand people's access information, and they change the way that they're presenting to a more interpretive approach versus an, a paternalistic approach and versus an informative approach. Because now can you get away with letting them decide where they want to list the property at? No. Janine's like, oh, I wish that was the case, but no. Because if you do, you know what's going to happen? How many people have properties that they listed in April that aren't selling? That's what's going to happen, because you're going to list it, and then it's not going to move, and then you're going to have to go back and get adjustments. Okay, good. So now what I'd like to do is I'd like to go over with you the actual framework of the listing presentation. Okay? And again, this is a presentation that I've used to list over a hundred plus properties a year for the last 12 years in a row. It's very specific, it's very defined. It leads to a very clear, purposeful destination. What I'm also going to do is I'm going to stop while I'm doing this and tell you why I'm doing it, because I think that's more informative. And again, why? What I'm aware of is, guys, this is the dirt of our business. There's nothing wrong with clouds. It's all awesome. And, and, and we need clouds. But you also need dirt. Otherwise, stuff's not moving. Okay, I don't know if you know this. There was a statistic by the association of Realtors. It was first six months of the year. It's like, out of 1.7 million agents, 1.3 million had sold less than four homes in the first six months. Ta da. Hey, write this down. When times get tough, only the skill get paid. Times get tough, only the skill get paid. Look, see my T shirt skills pay what? The bills they do. Okay, so what we're going to do is we're going to, you know, show up 15 minutes early, dress fresh, like a million bucks, ready to rock and roll. Showing up early is a demonstration That I value your time, okay? You don't want to run up all hurried and frantic and rushed, right? You want to be cool, calm, and collective. We knock on the door. We knock on the door. You know what we have to remember to do? Smile. I remember when I first started doing so serious, like, here to do business, right? Smile. And then when they walk me, when they offer me to come in, I'm like, great. Do you want me to take my shoes off? Just respectful. This is your space. If you want me to take my shoes off, I will. And then immediately, somebody needs to be in control, guys. And if you don't take control, you're going to end up on the couch all scrunched up with a little dog in your lap, like, what the hell's going on? Anybody But Renee's apparently been there, right? You're like, how the hell did this happen? What the hell's going on right now? Right? So you want to take control right out of the gate. It's like, okay, so what I'd like to do is just take a quick look around the property. Would that be okay? And they're like, yeah, that's fine. Now we're going to say something like, hey, you know, I'm noticing that the home is really tastefully furnished. So when we have offers come in, Renee, are we going to be including the contents, or do you want to take that with you to your next destination? Now, what am I doing there? That's an assumptive. What close? When who has offers? We have offers. I'm telling you, your boy's good at this. There's more to come. Okay, so when we have offers, right, they're going to be like, no, you know, we don't want to take it with us, or, yes, we want to take. Okay, cool. I'll make a note of that. And then as they continue to walk me through, it's like, okay, great. And if I remember correctly, Chris, in preparation for connecting, you shared with me that you're not interested in kind of putting any meaningful capital into the property prior to me starting to bring buyers to. You just want me to help you to sell it as it is where it is. Is that right? Assumptive. Close number two. Hey, by the way, have we talked about anything yet? Price, commission, marketing? No. So then after we take a look around, it's like, okay, great, we can go ahead and take a seat here in the kitchen. And again, you need to be directing the where we're going, okay? Because somebody needs to be in control. And if you leave it up to them, you're going to end up in some weird, you know, situation. I also want to position myself at the head of the table where I can speak to both people or I'm the focal point. If I'm speaking across from somebody, it creates an adversarial dynamic like it's me versus them. Okay, then when we sit down, we're going to begin with, first and foremost, I just want to begin our time together just by saying thank you. Smile, mean it, because they're about to share a lot of their money with you. Thank you. And they're sharing some of their time on planet Earth that they're never going to get back one hour, however long it is. And we only get about 75 years. In the industrialized world, women have a tendency a little bit more than men. That's what's average. So they're going to share some of that time with you and that's pretty remarkable. And they're going to share money with you. Pretty cool. So when you say thank, you mean it. So first and foremost, just want to begin our time together by saying thank you for providing me the opportunity to share some information with you and potentially help you with the sale. And I always like to begin these conversations just by asking a few quick questions just to make sure we're on the same page. Would that be okay? That's fine. Great. So the first question I have, which I'm pretty positive I know the answer to, Jim, based on our initial conversation, you guys have definitely decided that you're going to sell this home. You're not interested in holding onto it or maybe renting it out or anything of that nature, Is that correct? And they're like, yes. Okay, great, check. Now I know it's a yes because I've done a really good job in prequal. I'm not going to go in depth on pre qual. Maybe, perhaps next time we connect we can do that. Leads into my second question, which I'm also pretty sure I know the answer to is you want to position the property price wise to sell. You definitely don't want to give it away. Right? That's for sure. At the same time, you're not interested in having it sit on the market for like six or seven months, just testing the market, is that correct? And they're like, yeah, that's right. Good. And then that leads me to my third question. Dan, you know I'm aware I sent you over some information in preparation for connecting. I'm sure you did some due Diligence. You checked me out online. You saw our track record and reviews. So have you already decided that you would like for me to help you with the sale again? Smiling, Subtly shaking my head. What? Yes. Not like, like. And they're either going to say yes, no, or maybe now, if they say yes internally. Happy dance. Yay. And you're like, great. So the good news is we only have to focus on a couple things today during our time together. The first is your motivation. Second issue, price. We go into pricing conversation. Let's say they say no. Or maybe either one of those. You're like, okay, that's cool. Liam, you know, I know this is a big decision. You want to make sure you're making the best decision possible. But I want to be clear that that is my intention today. So provided that what I say makes sense and you do feel comfortable and confident with me that I can help. Kira, I have all of the appropriate paperwork with me and I'm prepared to go to work for you asap. Fair enough. How many times have we closed? Four. Remember? Two. Two walking through. The third was I asked them straight up, have you already decided you would like for me to help with the sale? And then now, that is my intention. Hey, by the way, we talked about price, commission terms and conditions. Anything. No. How many times? Drop in the chat, how many times do people say no before they say yes? Statistically? Five. Seven. Three. Seven. Seven. It's. Yeah. Whoever said eight is right. It's eight. So if I'm doing a whole presentation and I'm waiting to the end to ask them for business, I'm only at one. You see, there's a method to the madness, guys. Okay, so. And along those lines, you were kind enough to share with me that in terms of the selection process of an agent, you wanted an agent that had a great track record, somebody who can help you position the property price wise to maximize value. Somebody who could refer you to an agent in Texas, where you're going, and then somebody who would look out for your best interest, make sure all the T's are crossed and I's are dotted. So I'm clear. Galena, is there anything else you would be looking for for me today that would cause you to feel comfortable and confident just to proceed and put me to work. And they're going to tell you, well, Diana, I want to talk to you about your commission. Okay, no problem. Or, Jessica, we want to talk to you about the length of the agreement or want to know what you're going to do in Market dwell, whatever they say. Fine. Great. I've made a note of those things and it sounds like if we can check off all those boxes and we come to a meeting of the minds as far as terms and conditions, and I'm sure we will, that there's a good chance we'll be able to get started today. And I'm super excited to have that opportunity. Another close. Okay, so the good news is that the culmination of our time together, there are only a few potential outcomes. The first, which we seem to be moving in that direction. Madeline, another assumptive close is that you may decide to list your home with me. And again, I'm very excited to have that opportunity. Myself and team and staff, everybody standing at the ready to go to work for you asap. The second potential outcome is there's an outside chance, for whatever reason, you may decide not to list the homeless, me. And that's okay, too. And the third outcome, guys, is if for some reason at all, if I honestly felt, truly felt, that I would not be able to help you get what you wanted in the time that you wanted, I may decide to very humbly decline the opportunity to list your home. The reason I would do that is I much rather earn your business with integrity, being honest and straightforward about what's reasonable and realistic versus promising you something I know is not going to happen and not be able to deliver. And any one of those three, I feel comfortable with. Fair enough. Now timeout. That last one there is a takeaway close. So now we're at seven. Like, I don't even know if I'm interested in this. Which, by the way, how different is that than what most people do? Most people going, oh, please, pick me, pick me, pick me. Oh, you have a dog, Jim. I have a dog. We should be buddies. Oh, my God, that hat you have on, Chris. I love that hat, bro. I got the same hat, but you should list a home with me. Can you imagine if you went into the doctor and you're like, hey, like, I think I broke my arm. And he was like, oh, my God, Janine, that sweater and those glasses. Oh, that goes so well. Where did you get him at? You'd look at the physician, him or her, and be like, are you serious right now? Like, we could talk about that shit later. I. You need to get with this right now. Or can you imagine you went to the physician and you were like, hey, here's the deal. And they're like, wait, wait, wait, wait, wait. I'm not really ready for that. Okay? Come back, I gotta go do some homework and study and come back to me. Then that's like, if somebody hits you with the commission objection sitting right there, they're like, dan, I know you're a rock star. Your commission's too high. And you're like, well, I'm not really prepared for that right now. Can we talk about that later? Guys, These conversations are 15, 20, $30,000, okay? You either get it or you don't. And if you want to make sure you get it, you got to be prepared. Okay, so there's three stages to listing presentation. The first stage is from the time I hit the door to the time I start to talk about price. And what I just have gone through is that stage with seven assumptive closes before we've even talked about anything. Okay. Now we're going into the actual pricing portion of the listing presentation. And the bridge that gets us there is. I'm going to ask you some questions. So I'm going to say like, so before we, you know. So what I'd like to do at this moment, Lars, is I'd like to just, you know, ask you a few questions just to make sure that I could do a great job for you. Would that be okay? Yep. So you shared with me that the home's free and clear, is that right? Yep. You're not interested in acting like a bank and holding a note for a new buyer. You just want from me to help you to get all the cash out, Is that correct? Yep. Okay, great. And then you shared with me the reason you're making the move is you want to go to Texas. Is that right? Yep. And you want to be out there in the next 120 days, is that correct? Yes. You know, and I was thinking about this in preparation for connecting, is that in order for you to get out there in the next 120 days, we have to actually be under contract in the next 30 to 45, because it takes about 30 to 45 days to close. Have you thought about that? And he'll be like, well, I kind of thought about it. It's like, okay. And that's something to consider when we have the conversation about how to position the property, price wise is the time factor. So tell me this. If on the outside, ch, we were still sitting here, you know, 90 to 120 days from now, and the home wasn't sold, what would that mean for you and your family? And then be quiet and they're going to tell you that's not acceptable. We couldn't do that. I'd have to leave without them. Okay, so that sounds like that's not something that we really want to do. And again, we'll address that as we have this conversation about how to position the property. And then as far as showings are concerned, Lars, like, are you guys typically here during the day or how does that work again? Have they listed the property with me yet? Am I assuming they are going to? And as we start to talk about showings and all this other stuff, what am I doing psychologically, we are moving the process forward. That makes sense. So when he's like, yeah, you know, we work from home, so it's cool. Okay, good. And then what I'm aware of is, you know, some families, they. They like to both, you know, get the communication some. They want all the communication to go through one individual. So just so I know, with showings and offers and stuff, how do you. How do you want the communication to be handled? He's like, yeah, you just call me. Okay, and what's the best number for you? I know you have this number. Do you have a cell phone? When he gives me that cell phone number, what is he doing? Mentally starting to move it forward. Does that make sense? So then I'll say something like, okay, so I'm crystal clear on what you're looking to accomplish and why. And I feel supremely confident. Again, provided the opportunity, we can help you. So the great news is, is we only have to focus on a couple things today during our time together. The first is your motivation to sell this property, which is clear you definitely want to do it. Second issue is the price. Now, I prepared for you, which I sent over to you, that competitive market analysis of cma. The purpose of it, it's really an attempt to make an educated guess regarding value. Notice my choice of words there. What did I say? Educated? What guess? What are you guys doing? It's this just as like a. Like an awareness thing. Do you know what we needed in order to become an agent? You needed to get a 70 on a test which is one grade above a D. You needed a thousand bucks and to not be a felon yet. That's it. So why are we imagining that we are, like, prognosticators, that we are, like, all knowing, all omnipresent, and we know everything about real estate. Like, it's silly. So look, remember how I share with you interpretive. The purpose of which is really an attempt to make an educated guess regarding value. Now, notice, does that put you at ease being on the receiving end? 100% versus somebody who's like, it's this, it's that. Now, now it's combat. Okay? So an educated guess with regards to value. And it's comprised of a few types of research. The first type is what's on the market right now and not selling, which is very helpful to us. Renewal. Because the neighbors, they've done us a gigantic favor. Do you know what it is? And they're going to be like, well, I guess they kind of tested things out for us. Yeah, they tested the market for us at certain prices, and it's not working. And that's exceptionally helpful. Particularly being at the marketplace is beginning to shift and change. We can learn from that information. Now, the second piece of data we're going to look at is what has actually sold and closed most recently, say within the last six months, really, with a focus on the last couple of months. Because as you know, what something's worth is what somebody's willing to pay, right? So in looking at this information, what we're going to see come to the surface again, as I mentioned to you, is not a pinpoint to the penny, but instead a tight, realistic range as to what's going to be reasonable. And then from there, it's going to come down to strategy. And we'll go over the strategies that you have because I want you to feel comfortable with the one we end up choosing. And whatever you decide to do, going to support you a hundred percent. Fair enough. And they'll be like, yeah, that's fair. Again, keep in mind, put yourself in the position of being on the receiving end of this. How different this is than somebody who leads with authority and ego. Okay? Because could I lead with authority and ego if I wanted to? I sold 2,000 homes in my career, man. A hundred and plus a year for the last 12 years in a row, 200 twice. Have you heard me say one thing about myself during this whole presentation? Isn't that interesting? You have agents doing 20 deals a year talking about themselves. I'm so cool. I'm the best. Don't do that. Okay, so now, as I mentioned to you, the purpose of this analysis, it's really an attempt to make an educated guess with regards to value. I always like to ask homeowners, are you guys familiar, Paul, with the way buyers determine value for this type of home in this type of community? Now, they're going to say yes or they're going to say no, or they're going to say maybe there's only a few options. Whatever they say, I Don't care what they say, Galena. The answer is always, yeah, they're going to comparison shop. So essentially what they're going to do is they're going to look at what's active on the market, not selling. They're going to. And then they're going to see what's sold and closed most recently. And from all of that information, the buying public is going to make a determination where they feel comfortable making you an offer. Does that make sense to you? And they're going to say, yeah, makes total sense. Great. So I find this is critical, what I'm about to say. Okay. I find as we review this information, it's exceptionally helpful to really try to do our best to look at it through the eyes of the buyer. Because I'm aware that the buyer's hat is different than the seller's hat. Notice what I'm doing. I actually do that in person. The buyer's hat is different than the seller's hat. Now, when I do that, what do you think all of them do? What you guys started to do? They nod their head yes, because they know that they're different. So I find as we review this information, it's really helpful to be asking yourself a question. The question is, Janine, is that if you made an offer, like if you were going to buy this home all over again and you were a buyer, not a seller, having seen the information, we're about to look at what's on the market, not selling what's sold and closed most recently, keeping in mind current market dynamics and how things are shifting and changing, the question to be asking yourself is, as a buyer, where you personally would feel comfortable making an offer that you believe would be reflective of fair market value. Now what? Like, now we're going to geek out. Okay, why am I doing this? Well, there's something called the endowment effect, okay? It's a psychological, quantifiable, measurable thing. Do you know what the endowment effect states? What the endowment effect states is, because it's mine, I think it's better. Anybody besides me ever notice that? So there's a very famous comedian, George Carlin. He's like, you ever notice that my stuff is stuff and your stuff is okay? That's the endowment effect. The other thing I'm trying to combat is something called motivated reasoning. Motivated reasoning is also a psychological thing. There's a very good book called Thinking in Bets by Annie Duke. She's a professional poker player, and she goes through all the quirks of psychologically what gets in our way. Of seeing information and accurately, you know, assessing it. Because being a professional poker player and making millions of dollars has more to do with psychology than it does probabilities. So motivated reasoning is where, when I really want something to be true or need it to be true, I will ignore all evidence to the contrary and seek out evidence to support my belief. That's why you guys hang out in chat rooms with everybody who thinks like you. It's motivated reasoning. I'm seeking out evidence to support my belief and ignoring all evidence of the contrary. This is just like when you sit in front of a seller and they're like, I don't care what the comps say. Or they're like, well, you know, Richard, my uncle's grandma's sister who's an agent in, you know, Alaska, said that the marketplace is going great. Or my neighbor told me he had an offer at this amount. And I'm like, okay, when was that? They're like, in January. I'm like, all right, well, interest rates were at 3%. Did you know that? You know what they're at today? Well, no, there's 7%. Do you know that buyer who was approved at that amount, you know what they're approved for today? Like $250,000 less. Did you know we went from inventory that was 0.8 months supply to 2.8 month supply? So we've gone up by a factor of two. You know, sales are down 15 to 18%. Did you know that? You guys, we have to, we have to be professionals, okay? We have to have data, statistics, like, we have to know what we're talking about. But the reason why I'm saying it this way is I'm combating those two things. Because if I put you in the frame of a buyer, are you going to look at that information more accurately? I'm counteracting the endowment effect, and I'm also counteracting motivated reasoning at the same time. Okay, the other thing I'm doing is when I say the word fair, fair market value. Fair is a very powerful word. In America, we have an exceptionally unreasonably belief in fairness. So they've done quantifiable, measurable studies, like where if you put people in a room and let's say we could see each other, it's just a glass thing and separating us, and somebody hands me 10 bucks and you just know that I'm just going to make you an offer, right? And you can either take it or leave it. Well, in America, 60 plus percent of the time, if I don't offer you at least five of those dollars, you will turn it down because it's not what fair, which makes no sense at all because it's three bucks better than no bucks. Renee. Yeah. What gets in the way, it's just a concept. It's fairness. Now, when they do the same studies in the Amazon rainforest that haven't been touched by civilization and they do the equivalent monetarily, like cocoa beans, the opposite happens. 60 plus percent of the time, they'll off. They'll take whatever you give them because they don't have any concept of fairness like we do. So when we know, like, I feel like we know things are unfair, but when we really know, we freak out. So I think we knew that rich people, like, do things to help their kids get into college. I think we all knew that, right? But once we really knew, we're like, no, it's not acceptable. You got to go to jail. So you have a really strong concept of fairness. So when I say to you, Richard. So the question to be asking yourself as you review this information is where you would feel comfortable making an offer that you believe is reflective of fair market value, that triggers in your brain what I need to be fair. Does that make sense? It's very purposeful, very strategic. There's a reason behind what we're doing here. I know. Yeah, there you go. I know. It's awesome information. You want to jump in. I get it. So. And then they say, okay, now we start to have the conversation about the price, and we're just reviewing comps, right? Okay, this one here, it's just like yours. We can see here. 3 bedrooms, 2 baths, X amount of square feet. And I also, guys, if you are not presenting with an iPad, please, like, get out of the 19th century. If you are presenting with sheets of paper. That is ridiculous. Stop it. Like, are you riding to a horse? Like, to the appointment? Like, I don't get it. How are people consuming information in 2022 on screens and tablets? So why are you walking in with sheets of paper from MLS looking like your grandpa? Do you bring like, an abacus to do the net sheet? Like, I don't know. So at, like, I have my iPad and I'm scrolling. You know how many times they've taken it from me? And they scroll? Because that's what they're used to doing. Not only that, if you're presenting with paper, it's one dimensional. If you'd had to tell somebody, like, yeah, you know, this home's a little bit nicer than yours. They Will argue with you if you ask instead. And you're like, well, let's take a look at this kitchen. And we blow the picture up. That's very hard to deny. And you'll be like, well, Renee, like, what do you think? Like, how do you think that compares to your kitchen? Well, it's. It's very nice. Begrudgingly. Yeah. Yeah, it's very nice. Okay, good. Yeah, I'm in agreement with you. I mean, it's. It's very nice. And we can see here, up in the top right hand corner, you see how much they're asking? Like 550. Yeah. And do you know what Dom stands for? Nope. Days on market. They've been on the market 76 days and they haven't sold it yet. Now I'm curious. Now watch what I do here. Watch me. What do you think the marketplace is telling them about their price and product? Notice what I did with my head. What do you think? Subtly. I'm not like, Right. Subtly. What do you think the marketplace is telling them about their price and product? And they're gonna be like, well, it's too high. I'm in agreement with you. Yep. And if they did, if they do have a compelling reason to sell, what do you think they're gonna need to do in order to get it sold? Now, what happened in your brain when I went like this to this? What did. What happened in your brain? You thought, lower the price, didn't you? Oh, that's magic. Did I say that? Guys, it's like Jedi knight shit. Okay? This is how you teach adults. When I went like this in your brain, you were like, yeah, I got to have to lower the price. Yeah, I agree. Now, here's the next one. And then we do the same thing with that one. And then when we look at sold and closed. Right, same thing. And then I'm going to ask them a question. It's going to all circle back, all come together. So having seen this information, right, Seen what's active on the market, Jonathan? Not selling. Seen what? Sold and closed most recently. Again, if you were a buyer, not a seller, and if you were going to buy this place all over again, honestly, where do you think you would feel comfortable making an offer that you believe would be reflective of fair market value? Now, that word, honestly, that's neuro linguistic programming. Because everything after the word honestly needs to be, what? Honest, Right? So, honestly, where do you think you would feel comfortable making an offer that you believe would be reflective of fair market value? Now, they're either going to say something reasonable, unreasonable, or they're going to hem and haw. Okay, reasonable is like, yes, somewhere around 520. Yep. I'm in agreement with you. The marketplace is showing us somewhere around 520 needs to be. It seems to be reasonable. Notice who's, who's showing us that? The market. Not, I believe. I think I, you know, with all of my experience and years and my 70 on my test, I. None of that. Yeah, I'm gonna agree with you. The marketplace is showing us somewhere around 520 seems to be reasonable. Which. This is going to help you, too, because if you keep leading with authority and you're like, I believe. I think then you know what's going to happen when you go back and ask for a price adjustment. Exactly. Look at Janine. She gave me this. She could put some stank on it, too. She's like, hey, you know what? You told me that this was good. That's exactly what's going to happen. And don't get mad at them, because you'll go back to your significant other. You won't believe what the Smith said to me. Don't do that. Because who did it? I did. Because I backed myself into a corner. Because it was I, I, I, me, me, me, I, I, I. So instead it's like, yeah, I'm in agreement with you. The marketplace is showing us somewhere around here seems to be reasonable. So now the question is just how do we get there? And we have a couple options that are at our disposal. And again, whatever you decide, I will support you a hundred percent. Fair enough. Now, what does that do? That aligns us. Right? So the first option is, is we can start higher than the 520. The logic behind that is I can always come. Yes. Look, notice you all said that right down. I can't go back up. And I want to leave a little bit of room to negotiate. Why am I saying that out loud? Because they're thinking it, right? And when you do this, they're always. They're going to be like this, yeah, yeah, yeah, yeah. And you're like, look. And there's nothing wrong with that strategy. It's not bad, per se. All right? There are a few considerations or challenges. So it's important that you don't make them wrong or stupid for thinking that, okay? And a lot of people do. Don't do that. Instead, it's like, yeah, there's nothing wrong with that strategy. There are a few considerations, though, and I'd like to review them with you. Would that be all right? Yeah. So the first consideration is time, because it usually takes longer. And I'm aware you shared with me in preparation for us meeting that you would like or need to be out to Texas in the next 120 days. So what that would mean is we would have to be under contract in the next 30 to 45. And because it takes 30 to 45 days to close. And refresh my memory, what would happen on the outside chance if we were still sitting here 90 to 120 days from now and the home wasn't sold? That wouldn't be good. Okay, so that's something to consider strategically because if we utilize the approach of starting high and coming down, we could end up jeopardizing the timeframe that you want. Does that make sense to you? Yes. Good. The second consideration with time is where we are in the economic cycle. So I don't know if you've noticed, Richard, have you noticed that inflation is at an all time high? Have you noticed that at the gas pump or the grocery store? And they're going to be like, yeah. And I don't know if you've heard, we've actually raised interest rates faster in the last 30, in the last nine months than we have in the last 30 years. Did you know that? And they'd be like, no. Yeah, we went from 3% to 7%. And what that means is, for you as a homeowner, the buyers that were approved, let's say, at the 520 that we're going to go at back in January, do you know what they're approved at today? They're like, what? It's like 375, same payment. And then the third factor that we see happening is that the stock market has retreated 7,000 points in the last nine months. So what my general concern for you would be is if we made a decision to start high and come down, we can end up creating an environment where we chase the market. You don't want to do that, do you? Again, when I said chase the market and I go like this, what's happening in your brain? The price is going to come down and you don't want to do that, do you? No. Okay. And then that leads us with our. The second option, and this is what a lot of homeowners like yourself have been choosing to do, is they see these kind of red flashing lights from an economic perspective and they recognize that in, you know, the next six months or so, the probability that prices will like catapult upwards is pretty small. And in fact, there's downward pressure moving forward. So what they decide to do is they position the property very competitively. By that, what I mean is very close to that 520 number, or actually a little bit below. The logic behind that strategy is you can force people to compete, get more than one offer on the table. What ends up coming to the surface is the most that somebody's willing to pay and the best terms and conditions. Can I explain to you what I mean? Well, yeah. So I know you shared with me. You want to be sold and close in the next, you know, really 120 days, which means we need to be under contract the next 30 to 45. So let's say we get more than one offer on the table. Two of them are financed with 5% or 10% down, and one's financed with 50% down. Which one do you think we're probably going to go with? The one with 50% down. Why? Well, because it has a higher probability of closing. That's exactly right. So that second strategy is going to result in you not only getting the best price, it's also going to result in you getting the best terms and conditions. Does that make sense to you? And I'd be like, yeah. So you're like, okay, so either one, Junior, these strategies are okay, whatever you decide to do, I'll support you 100%. Here's my question to you. Based on what you're looking to accomplish and why, Jessica, based on the timeframe you'd like to make this happen in, based on where we are in the economic cycle, which one of these two strategies, Katherine, do you think would serve you and your family best? And then they tell, who, me? Does that make sense? So this is. And then I'm noticing our time. We don't have enough time to go through some, you know, standard objections that they would have, like, well, will you cut your commission or will you do it for less? Or I need to think about it. Which, know, perhaps we can hop back on another time and get into. But that's what I wanted to cover with you guys today. How we're presenting information needs to change. It needs to go from being authoritative and informative to being interpretive. You need to be presenting in a way that's collaborative. Right. With the intention to connect and with the intention to, you know, kind of help people self discover. And you have to have a strategy and approach. Like, notice. Does that seem like I've done that thousands of times before? Yeah. If I was to knock on your door and be like, renee, I need you to do a listing presentation now live in front of 200 plus people. Could you do it? That's the question. Because that's the game that we're in. You know what I mean? So, yeah, hopefully this was helpful or useful to you in some way. I guess we can open it up, Lars. Yeah.

Awesome. So it's been asked a couple times, do you have any of this in a sort of succinct document, PDF script?

I do. Do you want me to drop it in the chat?

You can drop it in the chat.

Or, or they can reach out to me or whatever.

Yeah, just, just, just send it, send it to me and I'll, I'll get it out to the group and, and put your contact information on it.

Yeah, I will.

Awesome, awesome, awesome. And it is like, you know, the one thing when I look up my journey, I try to surround myself with folks now that are just better at games that I'm not really that great at. And this was one where I just didn't have the patience. I remember I got up to. And I actually felt proud about it. I got up to 92 listings, but none of them I took through any kind of process like that. They were all over price. I went back to every one of them and said like, obviously the market's telling you that this is not priced right. And they're like, but you told us the price. And I'm like, oh man. I was only like two years into real estate and the market like totally crapped out. So this is really, really good stuff. We are out of time, but we'll definitely have you on in the future. Production masterminds.

Yeah.

Quick tech questions. So iPad listing presentation, are you just going through a PDF sort of thing? Do you have like a CMA software that you use?

Yep. So I don't use CMA software because you know, if you're going to do this in high volume, it's about like efficiency. So we just use in the multiple listing service, the eight photo view and then we use Adobe to like highlight and we send it to them. Actually those that information in the pre listing information, we send a pre listing package. We send those comps and I shoot a bonbon video. You're like, hey guys, just wanted to say hello. Thank you for taking the time to speak with me. I know your time is really valuable. Having heard your story and what you're looking to accomplish and why, I feel supremely confident we can help you maximize value and get top dollar. So as promised, myself and team and staff, we do A lot of homework. And we'll send you an email to this email address. It'll have that market analysis. We'll review, we'll look at the net sheet, answer any questions you may have and then if it all makes sense, we can take the next steps. So I'm even something that pre list.

Bomb bomb is like, that's gold. How many touches do you have before you show up at the front door?

Yeah. So there's the initial conversation and then there's the bomb bomb video. Then there's. We're sending the pre list information after the bombbomb video that has the comps and the pre list package. Then there's automatic text message through bombbomb confirming the. I mean through follow up boss, confirming the appointment. And my staff calls them as well. So five touches before I even see them. And this idea of sending yourself in the digital form, that's really interesting. Right? So the way social works, like we were just. You were talking about that previously, is when people interact with you in the digital form, they feel like they know you already. So that whole like awkward weirdness when you see them, like, hey, what's going on? Like when I send myself in the digital form, they've already connected with me in some capacity. And nobody does it, by the way. And what do you guys think the barrier to people doing it is?

I look bad on camera.

Insecurity. A hundred million percent. Yeah. It's the only thing that stops people from doing it.

Yeah, that's really, really good. Appreciate it. The fifth contact prior was his staff. So the initial conversation, the bum bum video, the staff pre list packet.

Yeah. And follow up boss, does they have a feature that when you book the appointment because we send. Oh, there's actually another touch because there's a Google invite that gets sent out through follow up boss, but you can click something where they will send an automatic text message the day of the appointment. So there's probably six interactions or six touches before we actually physically see them. Awesome, awesome, awesome. All right, brother.

Appreciate you.

Yeah, I appreciate you, man. And awesome. It's.