Transcript Chapter Ten

© 2011 Cengage Learning
Servicing the Listing
Chapter 10
© 2011 Cengage Learning
RATIONALE FOR CHAPTER
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This chapter stresses the importance of
constant, honest communication with the
sellers.
You will learn what information to
convey, and when and how to convey it.
© 2011 Cengage Learning
RATIONALE FOR CHAPTER
This chapter also shows how all of the
activities necessary to service a listing
can be incorporated into an agent’s
marketing plan.
© 2011 Cengage Learning
Focus of Presentation
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This chapter analyzes a marketing plan
in detail.
The importance of “staging” a property
is discussed in detail.
How to conduct a thorough agentproperty inspection for the transfer
disclosure statement is discussed.
© 2011 Cengage Learning
Focus of Presentation
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Several types of marketing and
advertising are discussed, including
effective use of the Internet.
A section on good communication is
presented.
© 2011 Cengage Learning
Focus of Presentation
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Preparing the sellers for an offer and
presenting offers to the sellers is
discussed in detail, along with how to
handle single and multiple counter
offers.
Describe the advantages of creating an
escrow timeline for the parties.
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CHAPTER TEN OUTLINE
10.1 YOUR MARKETING PLAN
10.2 GOOD COMMUNICATION
10.3 MODIFYING OR EXTENDING THE
LISTING CONTRACT
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CHAPTER TEN OUTLINE
10.4 PRESENTING OFFERS TO YOUR
SELLERS
10.5 HANDLING SINGLE OR MULTIPLE
COUNTER OFFERS
10.6 RELEASE OF CONTRACT
© 2011 Cengage Learning
YOUR MARKETING PLAN
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Discuss the sample marketing plan in the
textbook (Figure 10.1).
The C.A.R. Residential Listing
Agreement gives the broker the right to
cancel within five days of execution if the
broker does not agree with its terms.
© 2011 Cengage Learning
YOUR MARKETING PLAN
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What should take place with the sellers
at the next follow up meeting?
Importance of conducting a verbal
investigation with the sellers and a
thorough “red flag” walk-through
investigation of the property’s condition
for the transfer disclosure statement.
© 2011 Cengage Learning
YOUR MARKETING PLAN
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Types of passive advertising, such as
for sale signs, talking signs, etc.
Informational brochures.
MLS and how commissions are split
when a co-op broker represents the
buyer.
© 2011 Cengage Learning
YOUR MARKETING PLAN
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The Internet and how it can be made
more effective.
The effectiveness of, and use of open
houses, virtual tours and MLS tours or
caravans, Just Listed postcards and the
agents e-mail database as advertising
and marketing vehicles.
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MARKETING
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Explain virtual tours, email & social
networking.
Online lookup sites on facebook.com,
twitter.com and others.
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GOOD COMMUNICATION
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Good communication with the sellers
can create an atmosphere of trust.
Two different phases of an agent’s
relationship with the sellers
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marketing period
• escrow period
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What type of communication must take
place to keep things running smoothly?
© 2011 Cengage Learning
GOOD COMMUNICATION
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Discuss the benefit of using a weekly
activity report to detail in writing all
activities that have taken place on the
sellers’ behalf.
Comment on the benefit of the broker
sending the sellers a letter thanking
them for listing with his or her firm or
office.
© 2011 Cengage Learning
GOOD COMMUNICATION
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Preparing the sellers for the distracting
issue of being in “showing mode” at all
times and how flexibility is a must.
Importance of explaining the company’s
advertising policy up front, instead of
after the sellers are already angry about
a perceived lack of advertising.
© 2011 Cengage Learning
GOOD COMMUNICATION
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Proper pricing strategy
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how it opens the door to price adjustments
at a later date, if necessary.
Why it is not wise to use the word “price
reduction”?
Changing market conditions on
marketing and pricing strategy.
© 2011 Cengage Learning
MODIFYING OR EXTENDING THE LISTING
CONTRACT
Who owns the listing contract?
What to do about an agent’s listings
when he/she is severed from the listing
by the broker or leaves voluntarily.
© 2011 Cengage Learning
MODIFYING OR EXTENDING THE LISTING
CONTRACT
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Discuss the timing of meeting with the
sellers to extend a listing.
With the Modification of Terms form
(figure 10.3) in hand, briefly go over the
various paragraphs of the form.
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PRESENTING OFFERS TO YOUR SELLERS
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Properly notify your sellers of the
existence of an offer and how to set up
a meeting to review it.
What should an agent do when he or
she is notified of the existence of
multiple offers?
© 2011 Cengage Learning
PRESENTING OFFERS TO YOUR SELLERS
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Handle writing and presenting an offer
on your own listing.
Handle requests from the seller for
commission adjustments.
© 2011 Cengage Learning
PRESENTING OFFERS TO YOUR SELLERS
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Presenting co-op offers with agents of
various skill levels.
Presenting multiple offers and how to be
as fair as possible to everyone while
complying with your fiduciary
relationship with your sellers.
© 2011 Cengage Learning
HANDLING SINGLE OR MULTIPLE COUNTER
OFFERS
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Review the contents of the Counter Offer
form and be prepared to discuss it.
Handle writing and presenting single and
multiple counter offers.
Importance of excellent communication
with the agents and the sellers when
dealing with multiple counter offers (The
Golden Rule).
© 2011 Cengage Learning
HANDLING SINGLE OR MULTIPLE COUNTER
OFFERS
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Importance of prioritizing offers from
best to worst when dealing with multiple
offers.
Go over the checklist of do’s and don’ts
in the textbook, page 295.
How do you release a buyer who does
not meet a contingency?
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CREATING THE ESCROW TIMELINE
Discuss the benefits of setting up an
escrow timeline and delivering a copy to
each participant to the escrow.
© 2011 Cengage Learning