Here’s How To Start The Right Conversation To Get More Listings
Day in and day out, you’re doing everything you can to get more listings. But it feels like an uphill battle. Even with countless cold calls, networking, and marketing, you’re not seeing the results you want – and the frustration is real.
If you’ve tried it all but it’s just not working, here’s how to start the right conversation to get your foot in the door and finally land more listings.
The secret is getting your clients to think differently about their home. And in today’s market the best way to hook them is to talk about how they can benefit from rising prices. But the standard “do you know what your home is worth?” isn’t going to make you stand out from other agents. Here’s why.
Most homeowners want to know how they stack up against their neighbors, right? So, starting with a question about how much their home is worth isn’t going to hit as hard as you’d like. Instead, what if you tried saying something like industry expert Jimmy Mackin recommends: “Your neighbor just sold their house for [X amount] over asking. Has anyone given you the details?” Now, that’s an attention getter.
Once you’ve got them curious, that’s when you show them what’s happening with homes that recently sold in their area, and how much equity they potentially have in their house. And the way to do that is by supplementing your local comps with the Professional Equity Assessment Report, or as we like to call it – the PEAR.
What is a Professional Equity Assessment Report?
What a PEAR is not: a seller net sheet. It does not go through closing costs or estimate the amount a homeowner will net once the transaction is closed. And just in case you’re wondering, it doesn’t replace your CMA, it’s something you add to it.
What it is: a PEAR is a conversation starter. It’s a powerful and effective tool for you to help your clients see the bigger picture with an easy-to-understand professional visual. Use it to not only impress, but also inspire homeowners to list with you.
A Professional Equity Assessment Report helps you estimate the cash value of a seller’s home in terms that are easy for homeowners to understand. There’s no guessing. And no lengthy calls with the bank or a lender. Here’s how you do it.
Step 1: Offer a PEAR
Whether you’re sending a follow-up email or setting up your first meeting with a potential client, offer a complimentary Professional Equity Assessment Report after you’ve hooked them with a mention of the latest home price stats for their area.
You can download the free PowerPoint template and update it manually yourself. Add in your contact information, branding, and the seller’s information – and you’re ready to go.
It’s great for adding to sales scripts, as a landing page, or in client outreach. But it’s most powerful in a listing presentation where you can really explain that this is a unique service only you can provide.
Use it to differentiate yourself from other agents by showing how quickly and easily you can calculate just how much equity the homeowner has. And it only takes a bit of information to completely flip their mindset about selling their home with you.
Step 2: Ask for Their Mortgage Balance
You don’t need much to do a PEAR, but one thing you will have to get from the homeowner is their remaining mortgage balance. Asking for someone’s mortgage statement may seem like a personal matter. So, to overcome this fear, it’s best to present it as a matter of fact.
When setting up a listing appointment, explain that you want to do a Professional Equity Assessment Report on their home. Tell them that in order to do this, you’ll need their current mortgage balance, and they can find this information on their latest statement.
Chances are, the seller will jump at the chance to learn more and not make a big to-do of giving up their mortgage information. But if they prefer to give you this info in person, that works too.
Step 3: Establish the Approximate Value of Their Home
Running the comps of recently sold homes in the area will give you a good idea of what their property is worth in this market. But let them know you can get an even better gauge on this and offer a more accurate estimate when you’re able to visit the home.
If they’re not open to you coming to the house, emphasize that the value you’ll use in the PEAR is an educated estimate, but you’ll get a better understanding of its true value once you view it in-person.
Step 4: Do the Math
It doesn’t get much simpler than this. By taking the estimated home price (ex. $400,000) and subtracting their mortgage balance (ex. $100,000) you can decipher that they have about $300,000 of equity in their home.
This gives you (and the homeowner) a crystal-clear look at their purchasing power and how much they may be able to leverage on their next home. And if affordability is a concern, that info can be a real game changer in the conversation. Explain how they may be able to use it for a bigger down payment, or even buy their next home in cash – and you’ll see just how quickly this gets hesitant sellers off the fence and ready to work with you.
Bottom Line
You want to get more listings, so it’s time to try something different to spark the right kind of conversation.
Offering a Professional Equity Assessment Report to your clients is a great way to build rapport, prove your value, set yourself apart from your competitors, and ultimately get sellers off the fence and ready to list with you.
When every other agent only shows up with a list of comps, you’ll be the agent that goes above and beyond with a professional visual to make sure your clients are educated, prepared, and even excited to sell.
Want to get your hands on this ultimate conversation starter so you can get more quality listings with less effort?
Download the PEAR presentation and customize it for each listing presentation. We’ll even give you the scripts to go along with it, so starting this conversation is truly effortless.
