Business by design Tom Ferry 4

Summary

This video script provides a detailed guide on converting open listings and for sale by owners into exclusive listings. It emphasizes the importance of building trust, showcasing experience, and demonstrating negotiation skills. Through strategies like consistent follow-ups, providing proof of past success, and offering more comprehensive marketing plans, agents can convince homeowners to list exclusively. The script underscores the significance of responding quickly, being reliable, and offering clear, valuable communication. With a systematic approach and proven marketing tools, agents can successfully secure exclusive listings and build long-lasting client relationships.

Takeaways

• 😀 Trust is the most important factor in convincing sellers to list exclusively with you. It accounts for 49% of their decision-making process.
• 😀 Experience plays a significant role, with 15% of people choosing an agent based on their track record or the agency's overall experience.
• 😀 Demonstrating the ability to negotiate effectively is crucial for convincing FSBOs and open listings to reconsider their current approach.
• 😀 Personal referrals and consistent marketing help create a sense of familiarity, leading to a higher likelihood of conversion.
• 😀 Speed is key in sales. Responding quickly to emails, calls, and messages shows professionalism and increases trust.
• 😀 Your brand can be a deciding factor, as it’s often associated with trustworthiness, especially if it’s well-known like Remax.
• 😀 Use Google Maps to visually display your track record of sold homes to help build credibility and showcase your success.
• 😀 Compare your performance to the competition by sharing your average days on market and list-to-sale ratios to demonstrate superiority.
• 😀 Marketing efforts should go beyond the basics – offering more than the competition (e.g., 37 marketing strategies instead of 11) increases perceived value.
• 😀 Consistent and prolonged follow-up (10 weeks or more) with prospects is critical for establishing rapport and turning open listings or FSBOs into exclusive listings.

Q & A

What is the primary focus of the video?

The video focuses on how real estate agents can convert open listings and for sale by owners (FSBOs) into exclusive listings by building trust, demonstrating experience, and effectively marketing themselves.

How does the video suggest agents can convert open listings or FSBOs into exclusive listings?

The video suggests using a formula: contact 10 open listings or FSBOs, secure 3 appointments, preview 10 homes, and convert at least 2 into exclusive listings by building trust, showing experience, and offering a clear marketing plan.

What was the key finding from the Google research discussed in the video?

The key finding from the Google research was that the most important factor for selecting a real estate agent is trust, with 49% of people choosing an agent based on trust.

Why is trust so crucial in converting open listings and FSBOs to exclusive listings?

Trust is crucial because, in its absence, there is only room for tension and objections. Without trust, clients are unlikely to feel comfortable committing to an agent, which makes trust-building a priority in converting them.

What role does experience play in the selection process of a real estate agent?

Experience plays a significant role, with 15% of people choosing an agent based on their track record. An agent can either showcase their own experience or leverage their office's success to demonstrate credibility.

What is meant by 'demonstratable ability to negotiate,' and how can an agent use this to their advantage?

Demonstratable ability to negotiate refers to an agent's capacity to effectively bring buyers and sellers together and close deals. Agents can highlight case studies or examples where they've successfully negotiated deals to build trust and reduce barriers.

How can an agent use personal referrals to attract open listings or FSBOs?

An agent can leverage personal referrals by showcasing testimonials or reviews from past clients or sharing marketing materials that have reached potential clients multiple times, creating a sense of familiarity and trust.

What is the significance of working fast, according to the video?

Working fast is significant because it shows potential clients that the agent is responsive and reliable. The video emphasizes the importance of responding to calls, texts, and emails within five minutes to build trust and prevent sales resistance.

How does the Remax brand impact an agent's ability to convert open listings and FSBOs?

The Remax brand has significant trust value due to its widespread recognition, especially the iconic balloon symbol. Consumers trust the brand, which can help overcome sales resistance and persuade potential clients to list exclusively with the agent.

What specific tools does the video suggest agents use to display their credibility?

The video suggests using visual proof such as Google Maps to showcase past transactions, displaying average days on market, showing list-to-sale ratios, providing marketing samples, and sharing customer testimonials to demonstrate the agent's ability to sell homes faster and for more money.