Open House: Strategies For Success

So the traditional open house now a real estate agent is going to put out maybe two or three signs. Now, let's recognize that you get out of things what you put into things. So the more signage you have, the more attention is going to be drawn to the open house. And the more people you're going to get engaged with it, do a neighborhood only open house from 11 to 12. And from 12 to three, it's a general public open house. See, many of the people in the neighborhood would love to come to your open house yet. They feel a little bit awkward. If you invite them directly to attend and only the neighbors are going to be there, chances are they're going to feel more comfortable and more confident being of them going and tour the inside of their neighbor's home.

Now, prior to the open house, I'm also getting encouraged to go Oh, around the neighborhood preview every other listing within that neighborhood, take copious notes, invite your lender to attend the open house with you. When a prospect shows up at the open house, of course, you'll hand them a survey on a clipboard. That'll ask all the qualifying questions that you need to know such as what price range they're comfortable with. And let's answer the question. Do buyers look at open houses that they can't afford? Yes or yes, of course they do. So you got to get their price range. How many bedrooms they're looking for? How many bathrooms are looking for? Are they pre-approved for their mortgage? How soon do they want to purchase home? Are they working with another agent? All of those questions should be on your survey. And when they complete the survey appropriately, you know, if you want to follow up with this prospect during the open house, so you can approach the prospect and say, how does this home compare to others?

You've seen, how would you rate it on a scale of one to 10 and anything less than a 10? You'd say, what would you change about this home to make it a 10? And they say, well, we need a bigger kitchen, or we need a bigger backyard because you've previewed the other homes within the neighborhood. You can say, you know what? Based on what you just said, the home right around the corner at one, two, three main street that actually meets your needs better than the one we're in. Have you got five minutes right now, run over and show it to you immediately. So you're switching them from the open house that they're looking at to run over and show them another house, your lenders at the open house. So they'll babysit the open house while you're gone. Now here's something I suggest that you write down for your open house.

I want you to bring a laptop. I want you to have wifi access. Also bring in an ink jet printer with you. What type you can buy over at office Depot for just $79. It's lightweight, it's portable. And I want you to bring that to the open house with you. When the prospect comes in, they fill out the form. Let's say you're holding a $350,000 home open. They can only qualify up to 300,000. If you let them leave, you're dead in the water. Rather. You've got your laptop there. So based on their criteria, what they've completed on the survey, you say, I'll tell you what let's do. I'd like to just input your criteria, the multiple listing service platform. In a matter of moments, I'll be able to tell you exactly how many properties match your unique criteria. And I can print the list for you right here right now.

So tell me what part of town are you most interested in? How many bedrooms do you need? How many bathrooms, how many car garage, newer home, older home, any particular style of home. And you're inputting this data into the MLS platform. And then you click the, how many buttons let's say there's 10, good in print, all 10 of them. And then I'm going to ask you to give them an assignment, to take these forms and create an, a list of properties, beans. These are the ones you want to see the inside of a B list of properties. These means it's not right for one reason or another. Yet once you've got that a list of properties and you positioned yourself to possess something that the prospect wants. Let me ask how easy is it to set an appointment? It's super simple. So guys, I trust you to take these little tweaks to your traditional open house and improve your conversion rates, improve your effectiveness and increase your profit.

Expired Prospecting: Get An Appointment

Now, let's recognize and agree that these expired listings, while they may be a little bit jaded. I mean, let's face it. Their homes probably been on the market for six months and it hasn't sold. So let's get into that mindset for a second. Let's let's figure out, well, why do you think that their home didn't sell undoubtedly? They're thinking that it's because of their last real estate agent, maybe that agent didn't market the home aggressively, maybe they didn't hold open houses or maybe they didn't even call them for feedback. I'll promise you. One thing, chances are that agent did not call the expired listing and ask for price reductions either. So this seller mother prime do they're ready to go. And I'm going to share with you two introductory scripts that are designed to get you to them.

Hi, this is Shon Kokoszka with XYZ Realty. And I'm certain that by now, you know, that your home has shown up as an expired on our multiple listing service platform. And undoubtedly, I was calling to find out when you plan to hire the right agent for the job to sell your home.

And here's the second option for you to consider.

Hello, This is Shon Kokoszka with XYZ Realty. Thank you for taking my call. Undoubtedly, your home has shown up as an expired and on a multiple listing service. And since I specialize in homes that didn't sell the first time, I was wondering when I could stop by for just 15 minutes and show you the marketing materials that I use to get houses sold.

Expired Objection: Found Another Agent

So, here's what you should do first qualifying. I understand. And let me ask, have you already signed a listing agreement with that new agent? If the answer is yes, then thank them for their time and hang up the phone. If the answer is no.

Well, now's your opportunity and here's what I'll suggest that you say. I understand. And what I'm sensing is that you want to make sure that you're doing the right thing. Correct. Excellent. Well, let me ask, let's just say that you had to go to the doctor because you found out you had an illness and it required surgery and having forbid, right. Wouldn't you want to get a second opinion now? I know this isn't surgery yet. It is financial surgery. So let's meet for just 20 minutes. I'd like to show you all of the marketing tactics

That I use. That's going to sell your home for top dollar in the shortest amount of time. I mean, it certainly wouldn't hurt to hear what I do to get home, fold with it. Perfect. Then let's just get together for 20 minutes. Let me ask, do weekdays or weekends work best for you?

Expired Objection: Taking It Off The Market

The objection is we've decided to take it off the market. We're no longer going to move. So I'd encourage you to say this. Well, let me ask if, uh, if an offer were presented to you tomorrow, would you still consider selling? If they say yes and you say, well fantastic. So there is still some desire to move. Tell me why is it that you had listed your home in the first place? You know, Mr. And Mrs. Expired listing, I specialize in homes that didn't sell the first time around, you know, even the best homes sometimes don't sell the first time around. It just takes a different approach, a different marketing strategy, like I use to get home sold.

So let me ask, why do you think your home didn't sell now? You already know the answer to this. They're going to blame the agent, the lack of the marketing and the number one thing that sellers are looking for when hiring an agent is a solid marketing plan. They listed their home for sale. They've had it on the market for six, eight, 12 months, and it hasn't sold. And the reason that it hasn't sold in the mind of the seller is that they age agent didn't market it enough. So the follow-up question to this is, so what will you look for in the next agent you hire? And undoubtedly, you already know the answer. They're looking for somebody with a solid marketing plan. We have that solution.

So now it's time to go for the close. So let's do this. I'll stop by take a look at your home. I'll show you some of my marketing materials and show you why so many sellers choose me to get their home sold. I'll show you why we can get you top dollar in the shortest amount of time possible. So tell me when's the best time we can get together is that weekdays or weekends.

Seller Objection: 47 Ways To Sell Faster

Get started by downloading 47 ways to make your home sell faster. We've all been in that situation where you show up to list a property and that property is not in the best of condition. Maybe it doesn't smell very good. It's not a comfortable conversation with the seller.

However, download this form, present it to the seller and walk them through each step. Also ask them on a scale of one to 10, how direct would you like me to be with you?

Ideally, they say 10, and then you reply, I'm so glad you said that because I care about you. I care about your goals and the only way I can help you get top value for this property, I used to be completely candid and upfront with you. Is that okay, can have that conversation. It's not comfortable. So guys download the form, present it to your sellers, walk them through step-by-step and I promise you, they're going to fall in line. They're going to get that property in a better condition for you to market.

Seller Prospecting: Circle Prospecting Script

Now, once you take a listing within a subdivision that I'm going to encourage you to contact all of the other neighbors within that particular subdivision. And here's what you'll say.

Hi, this is Shon Kokoszka with XYZ Realty. The reason for the call is I just listed the home right around the corner at one 23 main street for X number of dollars. It's got four bedrooms, four bathrooms, the three car garage. And the reason I'm calling is because of our extensive marketing plan that we employ when marketing this home for sale, we've identified many buyers who would like to purchase the home within our neighborhood. Now I'm curious, have you yourself, or do you know any of your neighbors who are considering selling their home for sale to take advantage of the buyers that we've generated for our neighborhood?

Now? Chances are, they'll say no, I can't think of anybody. Then I want you to narrow your focus directly at them and ask the question. Well, if you were to move, where would you go next? Interesting. And why is that important to you? I love it. So tell me when might that be? They might say a year, if that's the case, put them on a drip campaign and follow up with them within six months, divide whatever time that is by two, and then follow up with them aggressively. Now take the simple strategy, implement it, and I promise you you're going to develop more buyer and more seller leads from your farm area.

Seller Objection: Competitive Pricing

Now, the objection we're going to be talking through another agent said they could get me more money for my house than what you've quoted. So here's what I'd encourage you to say. You don't Mr. And Mrs. Seller, I can appreciate that other agents haven't studied the numbers and haven't studied the market like I have. So I could go ahead and list your home at that price. Yeah. Can I share with you what terrifies me about that? See, a lot of agents they'll take an overpriced listing because they just want the buyer calls that come from the sign. And what they ultimately do is they convince that buyer to purchase another property. So they have signs up all over the place in an effort to get buyer leads.

They don't care about your goals at all. They care about making a mortgage payment, making their car payment. I, on the other hand, I care about you. I care about your goals and if I listed it, that Christ will then unfortunately, you're not going to get as many showings as you deserve, and you're not going to get the offers that you deserve. And ultimately we would have a conversation 30 days, 60 days, 90 days later about reducing your price. I would much rather see you list the property at a price that's going to cause it itself. Give me an opportunity to get multiple buyers interested in purchasing your home. For example, this kitchen table that we're sitting at, let's say we listed this for sale on Craigslist and you had one buyer show up to purchase this table. And we were asking, Oh, I don't know, $500 for it with just one buyer. The most amount of money you're going to receive is $500. Now let's just say we listed this for sale at $450. And we got six buyers show up all at the same time, all wanting to buy the table. Now what's the maximum price we could get for it. Well, it's certainly more than $450 because we've created a frenzy. So let's do the right thing and price the home competitive.

Seller Objection: Being Direct About Condition

I want you to ask them the question on a scale of one to 10, how honest and direct would you like me to be with you now? Chances are, they're going to say 10. Say, could you share an example with me of when somebody was that honest or that direct with you and how did you respond to that? Excellent. With your permission, I'd like to speak frankly, about the condition of your home, because it's my true intent to get you the most money I possibly can. And now I need your help though, in order to do that. And there's several items within the home that we must address in order to get you top value.

Are you open to this conversation? May I be completely direct and candid during this time, before our relationship? Excellent. I choose to be completely direct and candid because I care about you. I care about your goals and I want to see you fulfill them. Is that okay? Now, once you've postured in such a way, you can be completely candid and very direct with the seller and they're going to respect you for it. So guys, I just encourage you to fight away those feelings, get rid of the butterflies and have those candid conversations with your sellers.

Seller Objection: Can You Reduce Your Commission?

So you presented your commission and let's just use a round number and say, you've presented 6% as the listing commission. The seller says, well, I'd list with you, but you need to reduce your commission. I'll pay you a four and a half percent.

So here's what I encourage you to do. Have a prop for this particular script. In fact, if you just simply had six, $1 bills, each dollar bill representing 1% of the commission, this is a visual demonstration. I think the seller can really get their mind around. So you put them out on the table and you say out of these $6 in each dollar represents 1% of the commission, see three of these dollars. Well, they're going to go to the buying agent. We're going to pay half the commission to the agent that brings the buyer that leaves over $3.

As you know, uncle Sam is going to get their piece. I intend to invest this in marketing your home so that we can get the highest price possible. And this is what's left over for my business expenses. And for me to take care of my family, now I could list it at a lower commission yet, you know, which, which dollar is going to suffer. It's the marketing dollar it's going to cause your home to sell for top dollar. So it just makes sense to make certain that I have the marketing money to market your home aggressively and get you the highest price.

FSBO Prospecting: Window Of Opportunity

You see, a for sale by owner is not going to look for a solution to a problem unless they know a problem exists. So it's up to us to present them with the problem. And here's how we do that. Mr. And Mrs. For-Sale-By-Owner may I just ask, what is the single greatest advantage to use selling your home all on your own versus listing with a real estate agent? And do you know the answer it's to save the commission yet? Follow up with this question may ask, what do you think the single greatest advantage to a buyer is to buy a for sale by owner instead of purchasing through a real estate agent, isn't it to save the same commission that you hope to save.

So use that script. It opens the window of opportunity and lets doubt creep in. Then follow through with this Mr. For sale by owner, may I share the four different types of buyers with you real quick? See the first type of buyer. They're the first-time home buyer. They're nervous. They're timid. They want to be handheld through this process. The second type. Well, we all love these types. They're not motivated by your Caesar buyers, that their home just went under contract and they've got two days to find a home or they might lose the contract on the home that they're hoping to sell, or maybe they're a relocation buyer. They come in for the weekend and they're just going to go, go, go, go, go with real estate agent until they find the home that they choose to purchase. And then the third type of their investors, the fourth type they're looking to lose.

I mean, I don't want them. You don't want him, right? So let's go back to the first site. The first time home buyer they're timid, they're anxious, they're full of stress. They're going to want somebody to hold their hand through the process. Let me ask. Do you think that they're going to go out on their own and look at for sale by owners all on their own or are they going to hire a professional? Somebody who does this? Full-Time a licensed real estate agent, of course a real estate agent. Now let's talk about the motivated buyers that have just a few days to find a home. Do you think they're going to go on or Craigslist or drive through neighborhoods, looking for, for sale by owner signs or are they going to go to a real estate agent? Somebody who has access to all of the listings and can show them 30 or 40 in a weekend and narrow it down to the one they want to buy.

Now the third type investors. Now you may have had some of these calls. In fact, I've even attended investor seminars where, where they teach us how to call and prey upon for sale by owners. They'll ask questions like this. What if I paid cash? How low would you go? Or what if I can close by the end of the month, would you accept this versus that now investors, do you think they're going to call a real estate agent? Well, yeah, maybe yet. They'll definitely Cray up on for sale by owners. And they're going to offer you pennies on the dollar. Now the fourth type looky, loos. I don't want them. You don't want them. They can't afford to buy a house yet. They love looking at homes and you think they're going to call a real estate agent? Well, they may yet the real estate agent is going to attempt to qualify them and learn that they're not really a serious buyer and push them away yet.

They'll definitely call upon for sale by owners because they love looking at, and they'll say things like, Oh, we really like your house. Oh yeah, I'll call you back. And you never hear from them. It's out of those four different types of buyers. The only ones that really call upon for sale by owners. Well they're investors, which explains why the national association realtors, States that for sale by owners on average received 17% less. Then those that actually list with a real estate agent. What I'd love to do is just show you how I get home sold. And by the way, if what I say makes total and absolute sense, and you believe that you'll net more money by doing business with me, would you be open to listing your home for sale with me.

FSBO Prospecting: Get An Appointment (Script #1)

Hi, I'm Shon Kokoszka with XYZ Realty. Thank you for taking my call now. I'm sure you've had several realtors attempting to call you to list your home for sale. I'm not calling for that purpose. You see, I worked with many buyers in the area and I was just curious if I get stopped by tour of your home real quick, take some great notes and compare the features and benefits of your property to the needs of each of my prospects. Tell me when's the best time I could stop by for just 20 minutes. Is it weekdays or weekend?

FSBO Prospecting: Get An Appointment (Script #2)

Hi, this is Shon Kokoszka with XYZ Realty. Thank you for taking my call. I worked with many buyers in the area and the reason I'm calling is to just simply ask, once you sell your home on your own, where do you plan on moving? Just simply let them respond. They might say, well, why would you ask me that if they do you say well, because I worked with many buyers in their area, I'm always proactively looking for buyers for my seller. So I'm curious, once you sell your home, where do you plan on moving? So let's assume that this for sale by owner is going to stay local. Maybe they're selling a $250,000 home and they're buying a $350,000 home. So they say we're moving just a little bit further North.

They fantastic. Tell me how many bedrooms are you looking for? How many bathrooms are you looking for? I'll tell you what I'm doing Mr. For sale by owner is I'm logging into our multiple listing service platform right now. And I'm going to input this criteria in a matter of moments, I'll be able to tell you exactly how many homes are currently on the market that match your unique criteria. So tell me, are you looking for an older home or at a newer home? Is there any particular style of home that you're after? How many car garage do you need? You click that, how many button? And it says you've got 11 listings that match this criteria and you say, I have great news, Mr. For sale by owner. There's 11 listings that match your unique criteria. So I'll tell you what let's do. I'd like to simply set an appointment to come over. I'd like to bring these listings to you plus tour your property to see if it meets the needs of any of my buyers. So let me ask, do weekdays or weekends work best for you.

FSBO Prospecting: Get An Appointment (Script #3)

Hi, this is Shon Kokoszka with XYZ Realty. Thank you for taking my call. I'm calling because I worked with many buyers in the area and I was calling to find out how I might be able to help you. Let them respond.

Once you sell your home on your own, where do you plan on moving? How many bedrooms are you after in your new home? How long have you given yourself to sell your home on your own before you'd consider interviewing an agent for the job of selling your home? Well, that's exactly why we need to get together by the way. Are you familiar with what I do to get home sold? Perfect. That's exactly why we should set an appointment for me to just stop by your home. I'll show you some of my marketing materials. Perhaps you could learn something that help you get your home sold. When's the best time we can get together. Is it weekdays or weekends?

FSBO Prospecting: Get An Appointment (Script #4)

Hello, this is Shon Kokoszka with XYZ Realty. Thank you for taking my call. I'm calling. So I know about all of the homes available in the market, not just those homes listed in the multiple listing service they ask. Where are you moving to? How soon do you need to be there? What price are you asking for your home? How did you happen to determine that price? How long have you been attempting to sell your home on your own? Are you willing to drop the price when working with the buyer and what type of marketing are using to sell your home? Are you aware of all of the marketing techniques I use to get home sold? I can come by today at three o'clock or would five o'clock be better? See that way I could show you all of the techniques I use to get you top dollar when selling your home.

Incoming Calls: The First 5 Seconds

So, a prospect is pulled up in front of the house. They've qualified the neighborhood, the curb appeal of the property. Heck they probably know which school districts in. So you've got a pretty motivated lead on the line. So what do you say generally speaking, when the buyer calls in on a property, they're going to ask the, how much is it questioned? Now the question I want you to ask yourself is do buyers call on properties. They can't afford. Well, undoubtedly, the answer is yes. So when they call in and say, how much is it? You've got a couple of choices. Now we live, live in a cause and effect world. So one choice could be, well, I'll give them the price. Undoubtedly, the prospect is going to then eliminate the property and eliminate you.

And you'll probably get a dial tone. You can tell them all about the property and how wonderful it is. And again, the prospect is probably going to eliminate you as well as the property. Now you could also tell them about how great you are and how wonderful your company is, and that doesn't work either. Rather, my input to you is to master the first five seconds of that incoming call. Now, when the prospect calls in and says, how much is it? What I want you to do is utilize a transition strategy. In essence, I want you to keep the bowl. So imagine you're the Matador. You're in the middle of the rink here comes to the bull. It's charging at you. Now, if you give them a short direct answer to that question, how much is it on the bowl? Just got you by the horns.

And you're gonna end up face down in the dirt, removed from that arena on a gurney, because that calls over rather leverage a transition strategy. So they say, how much is it? You say, Oh, that's a great property. It seems like everyone's calling it on that one. So you're in the market to buy a home, let them respond. And you say, well, fantastic, real quick. Cause I look that information up. Tell me what price range do you feel comfortable? See that first five seconds gang it's so critical because you have an opportunity to gain control of that conversation. So I trust you'll download the script, practice it internalize it it'll become part of your sales vernacular.