Real Estate Techniques

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DaleSams
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22277
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Real Estate Techniques
Updated:
2010-06-07 01:04:41
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Real Estate Techniques
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Daniel Pendley's Interactive Techniques
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The flashcards below were created by user DaleSams on FreezingBlue Flashcards. What would you like to do?


  1. Hi, I saw your ad. May I ask, Are you the owner?
  2. May I ask, are you the sole owner?
  3. Are you cooperating with real estate professionals?
  4. Are you willing to sell your home for current market value?
  5. Current market value is = the highest price qualified buyers are willing to pay for this type of home at this time. In otherwords what current properties have actually sold for in this area.
  6. If I had a qualified buyer who was willing to pay current market value for your home, would you accept such an offer through my company?
  7. Great, I need to see your home briefly so I can describe it's features and benefits to potential qualified buyers. Would 7 or 8 be better?
  8. What does what you have to get, have to do with current market value? Great I need to _____
  9. May I ask? When will both you and your spouse be home?
  10. Personally, I would feel more comfortable if both of you were there.
  11. I would like both of your inputs on the features and benefits. When will both of you be home?
  12. Do you realize interest rates are lower than they have been in the past 22 years? May I ask, what is your interest rate on what balance?
  13. Are you serious about selling your home? Do you want the highest price possible in the quickest time, with the most convenience to you? Great
  14. What you want is the highest price in the quickest most convenient time line, isn't that right? Say yes.
  15. If you knew you could get the highest price in the quickest most convenient timeline by dealing with a professional real estate agent would you do so?
  16. No, I do not have a buyer for your property, because their is no way that would be possible until I know what the property offers and what the buyers need.
  17. If you believed you could get an extra $5,000 by dealing with a professional real estate agent would you do so?
  18. Why are you selling? Do you need to make the sell of this home to move?
  19. Has anyone explained how the "Cost of waiting system" works? Here's how it works. You have an amount you believe you need from your present home to buy your future home, so you price your home at that price instead of current market value. Fair enough?
  20. Now, It takes a little longer (say 6 to 8 months) to sell. But you finally get your price. The home you sold will appreciate or depreciate at the same rate or greater than the home you are purchasing. Right?
  21. By waiting 6 months you gain $40,000 in appreciated value. Right? Wrong, If your home appreciated $40,000 on a $200,000 value home, then the new home you are planing to purchase for $300,000 appreciated by $60,000. Your loss on your purchase price alone on your new home is $20,000.
  22. Interest rates are lower than they have been in the past 22 years. Would you agree with that basic fact? May I ask, what is your current interest rate? If property values do increase, what will immediately increase along with inflation? Interest rates right?
  23. By waiting 6 months to get your price, if interest rates go up only 2% on your new loan, the wait will cost you over $80,000 at least, in a 15 year period over the life of the loan. Did you realize that?
  24. Do you see how you would benefit in pricing your home at current market value and save thousands of dollars in your future investment home
  25. Do you see how you would benefit by selling your home at the highest price possible in the quickest time line. Are you now willing to sell your home for current market value?
  26. If I can show you how I can get you the highest price in the quickest most convenient time line, May I have your commitment to list? Other than that is their any other reason?
  27. (Why, When, Where) Why do you need to move? When do you need to be there? and Where are you moving to? Do you really need to sell to purchase your new home?
  28. What will happen if you do not sell your home in the next 90 days? Would that create any problems or inconveniences such as double payments?
  29. So why don't you just keep it? So, What's the benefit of selling vs keeping it?
  30. Tell me, Would it be in your best interest to have your home sold in the next 90 days?
  31. Let me explain, once I have a deposit receipt, an offer to purchase, and an acceptance from you it takes 45 days to actually dispurse funds. That means your home should sell in the next 45 days. So you can move to ____ buy the larger home, have the extra_____ in the next 90 days. Does that sound like a good idea?
  32. If you believed you could actually get the highest price in the quickest most convenient timeline, by giving me an exclusive right to list, Would you do so today?
  33. Please sit down, I have something vitally important to show you. (Take control, clear off the table, ask for the phone to be taken off the hook, and place clients in the chairs you want)
  34. Interest rate, on what balance, is their a second, third? Do you need to reinvest to avoid tax consequences? If so by when? Are their any other mitigating circumstances I need to be aware of?
  35. Is it possible to borrow against equity to purchase or invest in your new home? Do you understand how a short payoff works? May I ask, What are your maintenance costs? Home Owners association dues? Pool fees? Other?
  36. What you want is the highest possible price in the quickest most convenient time line. Isn't that true? Say yes.
  37. You have two decisions to make when you put your home on todays market. First, Who will market your home? Second, Decide on the highest possible price your home will actually sell for.
  38. Many sellers will list their home through the agent who will bid the highest, Actually purchasing your listing. However that is not the best way to sell your home.
  39. You should list with the agent who gives you the most effort with the best result. Would you agree with that basic statement?
  40. One of the many reasons you will benefit by having me to represent you is I know how to get you the highest price, in the quickest most convenient time line. Do you see how you will benefit by having me to represent you in selling your home?
  41. Other than talking to another agent, Is their any other reason you would hesitate to list with me today?
  42. In todays complex market many homes do not sell due to lack of preperation, poor marketing, and improper pricing.
  43. The pricing of your home is much to important to guess at. Wouldn't you agree?
  44. My job is to market your home to the top agents in the area. My job is to give you enough information to make a good decision where to price your home so you can get the highest price in the most convent time line. Your job will be to select the best price. Your job will be to prepare your home for showing. Fair enough?
  45. In order for you to get the absolute highest price in the quickest most convenient time line, Your home has to show better than other properties to compete successfully.
    Wouldn't you agree with that?
  46. I know how to prepare your home for showing. Often times buyers are looking for more space. By removing any unnecessary items we can make your home appear larger. Let Me show you how.
  47. One of the reasons you would benefit by having me prepare your home for showing is I will use a curb-to-curb check list to prepare your home for selling. Once you have given me the right to represent you I can give you a copy and go over carefully. That's one way we can get you the highest price in the quickest and most convenient time line which I really know you want. Fair enough?
  48. I have a great idea, Why don't we view the home so we can discuss a price, you can select a price, and I can get started right away.
  49. Here's how it works. We'll start out front at the curb and look at your home through the eyes of potential qualified buyers. We'll make a list of things that will help sell your home. Fair enough. (When done walk to the front & they will follow)
  50. Do you see how using a detailed check list we can compete with other homes in the area. Do you see now how you can benefit by having me sell your home?
  51. Well make a list of all the items you will fix or not fix. Well discuss a price. You can select a price and I can get started immediately, Fair enough?
  52. Here's something else I'll do. I'll use special feature cards to help buyers find all the special features in your home. Many agents will bring customers to your home but they will not point out all the special features. So here's what will do. Well have two ways of using the special feature cards. First is to simply place them on a stand or to actually tape them to the special features through-out your home. The second is we make up a card the buyer will see when they walk through the door it says please look for these special feature cards. There a 8 hidden through-out this home. Please try to find all 8.
  53. Example: Buyer will wank through first door and find card that says #1 Large Home built by ____ in ____ by ____builders feature loads of cabinet space. Go directly to kitchen for card #2. In cabinet they see Congratulations this kitchen boasts of loads of cabinet space, large bay windows and a new tile floor. Go directly to the living room and sit down in recliner and in bottom left find card #3.
  54. Great, their are 8 cards. Why don't you make a list of each of the 8 features you would like to high lite. (This gets the client involved and committed to list the house today)
  55. I'll measure the house and when I come back we can review the cards, discuss the price, you can select the price and I can get started right away.
  56. I'll place a high lite feature stand inside the front door so it will be the first thing a buyer/agent will see. Everyone does a high lite sheet, he problem is the sheet never gets into the hands of the potential buyer because 98% of the high lite sheets features the agent with their picture, phone #, and office address instead of the house.
  57. Do you see how I first sell your home to agents and second to buyers. Do you now see how you will benefit by having someone like me to represent you. Do you see how this will help us compete successfully with the other homes for sale? Do you see how I can successfully prepare your home for showing?
  58. Highlight sheet will help. I have a great idea. Make a list of all the special features you would like on your highlight sheet. Fair Enough.
  59. Working from a 7 phase plan of marketing, as a marketing representative I will make certain you get the highest price in the quickest most convenient time line. Fair enough. During the first 5 days I'll _______.
  60. I really have two jobs to sell your home. First I must sell it to the sales people. Second, they must then sell your home to the buyers. So to get you the highest price in the quickest most convenient time we must get sales people sold your house . Other than price is their any other reason why you would hesitate to list with me today?
  61. I'll agree to take your listing now at a price you feel content with. I'll then go back to the office and prepare an extensive market analysis. When I return I'll flood you with enough information for you to make a decision and select the best price. If we agree on price I'll go to work for you. If not I'll ask you to tare it up an throw it away. Fair enough. Where do you feel content on price?
  62. One of the reasons you will benefit by having me to represent you is I can help you determine the best price to place your home on todays market. Often times sellers are mislead by agents that will tell them what they think the home will sell for. I am determined to make sure you have enough information to determine the highest selling price possible.
  63. I'll do an extensive 8 hour CMA. I'll photo and review homes that are for sale, sold, pending, and expired. I will then present the information to you so we can then get the strategically quickest most convenient highest price possible.
  64. First well look at Sold Homes to see what buyers are willing to pay. Next well look at For Sale homes to show us what our competition is. last we will look at Expired Homes to tell us what buyers are not willing to pay at this time. Do you see how this approach well help you determine the best price?
  65. I didn't bring a CMA like everyone else because I know you won't find anyone who will put out as much effort and professional service to get you the highest price in the quickest and most convenient time line. Which I know you want. Right?
  66. Once you make the decision to sell and qualify. You need to chose first who will sale your property. And then with that person determine the best price to offer your home for sale.
  67. If you find someone else who is more committed and will work harder to get you the highest price in the quickest most convenient time line, and I do not do everything I promised such as the check list, highlight sheet, feature cards and my written plan of action. You may have the listing back within 24 hours upon written request. Fair enough. Where do you feel content on price?
  68. The first home is your home location at 1234 Main Street, 3 bedroom, 2 bath, 1400 sq. feet, 1/2 acre lot, and a ranch style home. Is that correct information?
  69. Lets look at what buyers have been willing to pay for similar home. The first home is 111 Main Street is a 3 bedroom, 2 bath, 1400 sq. feet, on a 1/2 acre lot, ranch style home. (Now shut up and let them bring out all their objection about that home. As soon as they are done say, "But wouldn't you agree it is similar in location, bedroom, bath, square footage, lot size and style.
  70. Based on the information I have given you, where would you like to price it? (If the price is in an acceptable range say thanks for the listing, if not go to card 71 and continue.
  71. I understand that you want more than current market value. If you were a buyer today in this market, based on the information you have, what price would you be willing to pay for this home at this time?
  72. Do you see how you will be able to save thousands on your new home by selling your home for current market value by purchasing your new home for thousands of dollars less than current market value putting you in the position of negotiating the purchase of your new home? ( I may want to use the cost of waiting cards 19-26 here)
  73. What information do you have that would lead you to believe that someone would actually pay $3000. So what would happen if no one will pay $3000 in the next 6 months. Lets just speculate that the best someone was willing to pay was $2250. Would you accept it? So you won't get to move, you won't get the bigger bedroom or the benefit.
  74. Before we finalize the listing price could we discuss the consequences of over pricing? First by pricing over current market value it will probable take you longer to get a sale. Next your time may result in spending more money in purchasing your home resulting in a higher rate of interest. Do you understand the cost of waiting may cost you thousands through appreciation and interest rates?
  75. It we place your home on the market at that price agents in the ares may not show your home. Buyers shop by comparing prices through multiple listing services. If it appears to be overpriced the agents may decide to show other like properties. (shut up and let them respond)
  76. Even if we do get an agent to show your property they may use your property to sell other comparable properties to make them appear even more desirable. (Remember to shut up)
  77. It's difficult to get Qualified serious buyers to make an offer. If your home stays on the market for any length of time it appears that something is wrong and they will make low ball offers or none at all making it hard to get an offer.
  78. Even if I could find someone willing to pay $3000 where do I get it financed? Banks are willing to loan current market value not inflated asking prices. So where do I get it financed?
  79. You want me to find someone smart enough to accumulate $3000 but dumb enough to not analyze current market conditions.
  80. Which dollar would you chose first. Why? It looks better. If your home shows best you will get the highest price and the quickest most convenient time line by pricing your home in the competitive price range to start with. Does that make sense?
  81. Their are 3 basic types of marketing conditions. Appreciating. Stable, Declining. In an appreciating market the market values are increasing. Even if you overprice eventually it will catch up with the asking price. Unfortunately the property you are purchasing is also increasing at the same rate or greater. We call this chasing the market up. In this market do you see how you will be in a better position with more leverage to purchase your new home for less and save thousands and purchase competitively.
  82. In a stable market properties must be priced right from the beginning because prices do not increase to meet inflated market prices. By pricing your home too high in this market sellers often hang themselves on the market due to a lack of buyers interest. Eventually the property must be reduced well below what it would have initially sold for months earlier. Does that make sense?
  83. In a declining market it is vitally important to price right right from the beginning. If your not at or below current market today you will be over priced tomorrow. Eventually you will sell months later much below what it would have initially sold for months earlier. (Tie in the cost of waiting techniques)
  84. By pricing your home high to start with most qualified potential buyers never see your home. Buyers usually look at properties they think they can buy at and below current market values. Do you see how you will get the highest price in the quickest most efficient time line by pricing in the competitive price range to begin with.
  85. It's really very simple. The home that offers the most for the least gets the offer. By pricing your home within 3% of he asking price you will be in a stronger position to negotiate a sale of your home. Do you see how by asking less you'll get more?
  86. I'll be glad to come down if you do, but I really don't think it's in your best interest and here's why. The person who really sells your home is the agent. In order to sale your home we must first sale it to the other agents. If you were a real estate agent and their were many homes for sale at 6% and another real estate agent brought in a listing at 4% Truthfully which listing are you going to sell first? Do you still want to buy the bigger home do you still want get the highest price and the quickest sale? Pay 8% that way we can offer 4% to the selling office.
  87. I'm not here to pressure you. My job is to give you enough information to make a logical decision. You get to make the decision. With your permission may I continue?
  88. I know I said I would represent you but I would like to ask you to let me out of that agreement. You see, I would rather turn you down now than to let you down later. (now stand up and take the items away from the client. Use caution)
  89. What I personally think your home is worth doesn't really matter. It's only worth what a qualified buyer is willing to pay for this type of home in this immediate area, Right?
  90. The pricing of your home is much too important than to guess at. Why don't we view the home, We will talk about the price, you may select the price and I can get started immediately. Fair enough?
  91. I don't know, seriously the pricing is much too important to guess at. Why don't we go through the home. I can collect enough information so you can make a decision on price.
  92. Other than price, Is their any reason why you would hesitate to list with me today. Great.
  93. I know you won't find anyone that would be willing to put out as much effort and professional service to get you the highest price and the quickest most convenient time line. Which I know you want. Right? Say yes.
  94. I realize you want to try and sell your home to a direct buyer. However, understanding the problem is 95% of the solution. Wouldn't you agree with that basic statement?
  95. Tell me, Do you understand how you will benefit when you have a professional to represent you to sell your home?
  96. Understanding the motivation of the buyer causes many sellers to reconsider. Do you believe that it may be difficult for you to deal with a direct buyer
  97. Many sellers become convinced that you can benefit most when you choose a real Estate Professional to represent you. After all, The highest offer from a qualified buyer is really what you want. Right?
  98. When you choose a real estate professional to represent you they will: pay to sell your home, do all the work, and take most of the Liability and risk away from you. You pay the agent only after they bring you a net proceeds check that's acceptable and paid out of the buyers purchase price.
  99. Other than selecting a price is their any other reason you would hesitate to select a real estate agent to go to work for you. May I ask, Would you be willing to spent your time and money on someone else's home without any guarantee you would be paid.
  100. Do you now see in some way how you will benefit by having a professional to represent you to sell your home
  101. Basically their are 5 catagories of buyers. 1st is a person who is transfered or just sold a current home and wants to make a decision quickly to purchase.
  102. 2nd is a first time buyer perhaps a buyer looking for a special home and they are qualified to buy now, however not in a hurry to make a decision.
  103. 3rd is a category of a person who must sell their present home before they can purchase a new home. They are not in a position to buy however they are motivated to look at homes.
  104. 4th is a person looking for a deal. A bargain hunter looking for someone who is desperate to sell. They are not in a hurry and often not qualified to purchase a home they look at. They need or want to buy a home 10%, 20% or 30% below current market value.
  105. 5th category is a person that enjoy looking at homes as a hobby. They enjoy seeing your decorating ideas and your personal effects. They can't afford to buy and not qualified to buy. You might say it is cheeper than the movies.
  106. All categories of buyers will occasionally look for homes in the real estate section of the newspaper. Right? When they opened up last sundays classified section of the paper here is what they saw: 85% of all real estate is in the position of real estate firms. Only 15% are now in position of direct sellers. Right?
  107. May I ask, Knowing real estate professionals currently represent 85% of all homes for sale and direct sellers represent 15% of classified offerings. Where are he best odds that the #1 or #2 qualified serious buyers will look first. Answer, Real Estate. So what's left over for you? Deal shoppers, buyers that must sell first, and people who enjoy looking at homes as a hobby.
  108. Do you see how the odds are not in your favor? Do you now see how you will benefit by having a professional real estate agent represent you?
  109. How many of the for sale by owner are in the newspaper? Answer: most all of them. How many of the homes for sale by real estate agents are in the newspaper? Answer: less than 8%. That being a fact do you realize that owners represent less than 1% of homes for sale.
  110. Knowing that real estate represents over 99% of homes for sale. Where do you now believe the qualified serious buyers will look first. Do you see how the odds are against you? Do you see how you will get the highest price in the quickest most efficient time line by dealing with a professional real estate agent. If I could show you how I could get you the highest price in the quickest most efficient time line would you now list your home with me?
  111. Studies show that open houses direct buyers don't usually qualify for the houses they are looking at. Statistics show that less than 3% of all homes sold nationally sale as the direct result of open houses.
  112. If a direct buyer qualifies to purchase a $2000 home. They don't usually look at $2500 or $3000 homes. Do you understand why? They want a deal. Any time we purchase direct we expect to get a deal or at least save the sells persons fee. Right? If you get lucky and they do make an offer it will usually be 10-20-or perhaps 30% below current market value. Do you know why? Because direct buyers are not usually qualified to purchase the homes they look at.
  113. Mr. Home Owner Seller, You obviously have an important reason for selling your home. What is the most important reason for selling your home to a direct buyer. ( to save the commission) What do you think is most important to the buyer about buying your home (To save the same commission you hope to save) You do all the work, take the risk, pay the advertising costs and who gets the deal? The buyer. Was that your intension?
  114. Here's something to consider: Because direct buyers often represent themselves it may take longer to close the sale. Possibly often tying up your home for months without a firm commitment. Do you see how you could lose thousands of dollars by selling your own home to an unqualified buyer?
  115. Statistics very with advertising. Knowing that 85% of all homes are advertised by real estate companies 15% are advertised by owners. When you consider the fact that 99% of all homes currently for sale are presented by real estate professionals and that 1% are in the hands of owners, it is easy to begin to realize that those who are serious buyers go to real estate professionals.
  116. Looking at this stisticistic Mr. seller, your opportunity for the highest net for your home increase dramatically when you list your property with a top real estate professional.
  117. If I can demonistrate how you will actually net an additional $3000 more by listing with me today and still pay a full 7% commission. Would you do so. Lets look at what it would cost you to sell your own home to a direct buyer with your own actual $ figures over the next 90 days. Who pays for advertising (seller 4.3x3) Attorney fees (seller), Misrepresentation (seller)
  118. Just to make a point would you help me with some confidential questions to make a decision and show the real cost to you. What do you do and spouse for a living, what do you earn per hour.
  119. How much of your own time do you spent selling your own home to a buyer. So in a 160 hour week (husband and wife) your home is really off the market 156 hours. Do you see how it might take longer for you to sell your own home than a full time real estate professional. Do you see the seller really does pay the commission.
  120. Another reason you will benefit by having a professional to help you is we are highly motivated to sell your home but not emotionally involved. As a 3rd party negotiator I can ask for a large deposit with out seeming anxious. Do you see how you will benefit by having a 3rd party negotiator to sell your home?
  121. Another reason is once we have an acceptable offer on your home we will make sure your home stays sold. We will follow up with Banks, Title companies, escrow companies, appraisers, home inspectors, attorneys if necessary, surveyors and other step by step to make sure it stays sold. Fair enough? Other than price is their any other reason to not list with me today.
  122. Because we pretty well know what it takes to prequalify clients we can eliminate unqualified stranger from wondering through your home. When you think about it the convenience and security of having a licensed real estate agent could be priceless to you and your families safety. Wouldn't you agree?
  123. The 5 steps to successfully selling your home: 1st select agent based on effort and marketing plan. 2nd Select plan of action with agent, 3rd Agent then completes an extensive CMA. 4th Agent Presents extensive CMA to educate you so you can strategically price for the highest price and the quickest most convenient time line. 5th You then have the winning combination to strategic price your property and a committed plan of action to get the highest possible price in the quickest and most convenient time line.
  124. Other than your potential buyer is their any other reason you would not give me a listing? Fine. Give me the listing now, and I will give you an exclusive on your potential buyer. If the sale goes through you owe me nothing. If not I will have already started my marketing program. That could save us weeks. Does that make sense? Fair enough.
  125. If you had to make the decision on your own based on the information I've shared with you would you give me the listing. If he or she feels the same way would you give me the listing? Fine, what time shall I call you for the final decision?
  126. Mr & Mrs seller. It would probably be to your advantage for me to cancel any other appointments you have. Here's why. If any other agent gives you their presentation and they don"t get the listing they could be so disappointed that they won't show your home at all. But if I call them I can give them all the information they need and enlist their help. Does this make sense? fine.
  127. Many people feel they should list their home with the agent that tells them the highest price. Many home sellers have felt that way. However they found that when they select the agent that will give them the most effort they will get the highest price in the quickest most efficient time line. Wouldn't you agree.
  128. If the other agent with a buyer goes through you owe me nothing. If not we work together through the multiple listing system. And I will call the other agent and work with him direct. This way your in a win win situation Don't you agree.
  129. If you felt that someone else was in a better position to get you the highest price in the quickest most convenient time line would you still feel obligated to your friend.
  130. Do you feel obligated because of a friendship or because you really believe your friend can get you the highest price in the quickest most convenient time line.
  131. You don't owe me anything but you owe yourself the very best. Don't you agree.
  132. If you had to make the decision by yourself based on the information I've given you would you list with me today? What are you going to tell your wife/or Husband?
  133. Other than wanting to think about it is their any other reason to hesitate to list?
  134. Lets go ahead and fill out the paper work completely, that way you will have something specific to think about. The correct spelling of your name is?
  135. I got a great idea. Let me take the agreement with me tonight. Ill call you in the morning and if you say OK I will start on it right away. And if you say no I will tear up the agreement. This could save both of us some time. Fair enough?
  136. I'll tell you what. Let's select a price and feel out the agreement completely and you keep it. If you feel as good about this tomorrow as you do right now put it in your mail box and I can pick it up and get started right away. Does that sound fair enough?
  137. If after talking it over and thinking about it and seeing the CMA and you have no objectives you will give me the listing?
  138. Do I have your word? Then give a firm handshake.
  139. I'll see you tomorrow at 4pm. You won't find anyone to harder get you the highest price in the quickest and convenient time line. See you at 4:00.
  140. I understand you want to talk with another agent first. But If I have a better marketing plan than him or her may I have the listing?
  141. The correct spelling of your name is? Were in the____school district. The address is? The zip code is?
  142. May I ask? When would you be able to move to give occupancy to the new owners?
  143. May I ask? Will this include the refrigerator, the stove or washer and dryer in the offer?
  144. Lets measure and preview the home. Lets spell out the listing agreement, May I put the for sale sign up. May I see your insurance papers, tax bills etc.
  145. With your go ahead I can still get started with the first stage of the 7 stage of the marketing plan. I can also print a highlight sheet and feature cards for an open House this Friday.
  146. Would you like your listing to be an office listing only? Then when you are ready I can share it with the other agents in the multi-listing service.

What would you like to do?

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