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AI Revealed 5 Ways Realtors Can Win More Price Reductions — Transcript

by Jimmy Burgess · 2,648 words · 359 segments · language en · Watch on YouTube

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0:00Listing sitting on the market a little
0:01longer? Well, what I did is I asked AI,
0:03"What can I do as a real estate agent to
0:06get a home price reduction that'll help
0:08me get a house sold?" This is exactly
0:11what it told me. But, let's be honest,
0:12one of the most difficult conversations
0:14we have as a real estate agent is is
0:15asking for a price reduction, even if we
0:17know that it's the right thing to do.
0:19And here's the reason why. We don't want
0:21to damage the relationship. We don't
0:23want them to think we're giving up, and
0:25we don't want them to see us as someone
0:27who is just giving them and asking them
0:29to reduce reduce the price so we just
0:31get a commission fast. What we want to
0:32do is is we want to build trust through
0:34this process. And so, I wanted What I
0:37wanted to do was is to understand were
0:38there things that maybe I hadn't thought
0:40about? And actually, when I asked AI,
0:41"What should we be doing here?" It gave
0:44us an option a few options that I hadn't
0:46thought about. It gave me some
0:47conversation pieces that I hadn't
0:48thought about. So, I'm going to break
0:49this down into the five things that AI
0:50said on this, and I know these are going
0:52to help you with your opportunities to
0:54come across as the professional you are,
0:56as the consultant you are, and as the
0:58person who positions them to get their
0:59house sold, which is ultimately the
1:01goal. All right, the first thing to do
1:02with all of these conversation is is to
1:04focus back on the goal instead of the
1:06price. Has the goal changed? I mean,
1:08initially, did they have a goal because
1:10they needed to sell because they wanted
1:11to be able to move in time for school to
1:13start, have the kids in that new house?
1:15Did they have a goal because they were
1:16relocating because of a job and they had
1:18a certain time frame? Was it because
1:20they really wanted a a bigger house as
1:22they were getting prepared for something
1:24that's happening in life, or a smaller
1:25house? Whatever it is, the key is is to
1:28focus back on what was the initial goal.
1:31So, here's what the questions look like.
1:32As you're reviewing this with them, you
1:34want to shift this to back to that
1:35conversation on this. So, the
1:36conversation is is hey, I just want to
1:38review the ultimate goal we had when we
1:40talked, which was that you wanted to
1:42make sure that we got the home sold
1:43before the end of the summer so that you
1:45could relocate and have the kids in
1:47school by the time that this next school
1:49year started. Has anything changed with
1:50that? And once they reaffirm that, now
1:52we're going to go back into the
1:53conversation. We've reframed it. We're
1:54not talking about the price. And then
1:56what we're going to do is is we're going
1:57to break down some of the things that
1:59we're seeing in the market now. We're
2:00going to talk about what's happening.
2:02We're going to talk about the things
2:03we're seeing, the feedback we've gotten,
2:04and then we're going to shift to one
2:06specific question. So, once we've
2:07reframed the conversation and we've
2:09gotten back to really talking about the
2:11ultimate goal, which is that, now it's
2:13the time for us to shift a little bit.
2:15And here's what we're going to say there
2:16is. All right, with that in mind, since
2:17the goal is not changed, I want to talk
2:19to you about some options we have to
2:20make sure that we keep that as the main
2:22strategy and that we get the ability the
2:25best likelihood for us to get that at go
2:27to be achieved is to do this. And we're
2:29going to make a list of things, okay?
2:31The price is going to be a part of that.
2:33We're going to talk about some of the
2:34repositioning of some of the photos.
2:36We're going to talk about some of the
2:37things where we're making the house more
2:38attractive as people come in. All the
2:40things that we do, but ultimately we're
2:41going to talk about and in reality the
2:44biggest thing we can do right now is to
2:45position ourselves price-wise where the
2:48buyer see value and this is the
2:50suggestion that I have. Again, we
2:51started by focusing back on the goal,
2:53because ultimately if the goal is this,
2:56what's the price or what's the price
2:58emotionally it's going to cost if that
2:59is not achieved? When they start
3:00thinking from that standpoint, you have
3:02softened the ground, so to speak, to be
3:03able to get the price reduction we all
3:05know you need. The second step that AI
3:07said was is to show the market's
3:08response and not give our opinion. In
3:11other words, when we think about this,
3:13people will argue with opinions, but
3:15they will react to statements of fact or
3:18things that are happening. So, we want
3:20to lead with those details. And one of
3:22the ways we can do this is make sure
3:23that we've got everything up to date.
3:25And the other thing that happens a lot
3:26of time and why price reductions are
3:28hard is is because they haven't heard
3:29from us. It's been 6 weeks and we
3:30haven't talked to them and then we call
3:31them up and say, "Hey, look, nothing's
3:32happened and we need to reduce the
3:34price." And they just think you're just
3:35trying to get a quick sale. But, if
3:37you're giving them weekly updates, which
3:39is what I suggest, I typically did this
3:41where I would record a video with
3:43BombBomb and I would show what had gone
3:45pending that week in the price range in
3:46the neighborhood they're in. I would
3:48talk about the things that had come on
3:49the market and the things that had sold
3:51that will affect what the appraised
3:53value would be, and I would explain each
3:55of those on there. I would then talk
3:57about the market we did. I would talk
3:58about any showings we had, but
3:59ultimately what I was doing was is I was
4:01showing them the facts of the market.
4:04And when we show them the facts of the
4:05market, look, they may not It's
4:06ultimately their house. They may not
4:08want to do a price reduction because of
4:10their situation, but they can't argue
4:12with the facts. They can try, and they
4:14can do those things, but in reality,
4:16they're going to argue more with your
4:17opinions, but when you present
4:19everything way that's factual, the ones
4:21that really truly need to sell, they may
4:23not want to do that, but they understand
4:24they have to, and that's when we're
4:26going to get that price reduction. The
4:27third step that AI recommended was to
4:29help them understand the cost of
4:31waiting. You know, a lot of times this
4:33is something that's kind of lost in the
4:34minutia of asking for the price
4:36reduction. All they're focused on is is
4:37the cost that will have by reducing the
4:39price. What is it going to cost them?
4:41But there are costs involved if the
4:43house stays on the market. There's
4:44monthly mortgage payment. There's HOA.
4:46There's service fees. There's risk of
4:48loss that a storm can through. I mean,
4:50in in in the coastal areas at least. And
4:52in other areas, there's always the
4:54option to understand what is it that the
4:57true cost on a monthly basis is. So, if
4:59you can calculate that, and you can
5:01figure that out, and you're looking for
5:02a minimal price reduction, or you're
5:04looking for a price reduction that
5:05re-positions this this house on the
5:08marketplace, a lot of times when you
5:09show them that, "Hey, look, your overall
5:11cost for this on a monthly basis is
5:13going to be between three and $7,000, or
5:15whatever it is. If we sit out here for
5:17three more months, it's going to cost us
5:18$20,000 that we're talking about." And
5:20this gives us the ability to reframe it
5:22and state that this re-positioning of
5:25the price is actually going to save us
5:27money potentially in the long run if
5:29we're talking about what it looks like,
5:30and what would be the cost of us not
5:33having this whole house sold in the next
5:34three months. Again, refocus. Again,
5:37we're educating them on exactly what it
5:39is, and we're putting it into a
5:40perspective that maybe they haven't
5:42thought of before. The fourth suggestion
5:44that AI had was is to use buyer
5:45psychology, not seller logic, because a
5:48lot of times what happens is is they're
5:50just thinking about the loss of this.
5:51So, what we need to do is is educate
5:53them from a from a buyer's perspective.
5:55So, we need to flip the hat so to speak
5:57and say, "I'll tell you what, I want to
5:58go at this a little different
5:59perspective. I'd like to look at it from
6:01how are buyers going to view your house?
6:02How are we positioned as a house?" And
6:04then begin to educate them them on that.
6:07So, let's say that you have a house
6:08that's listed for $810,000
6:11and then you can show them how many
6:13searches and that people are typically
6:14searching between 700 800 750 and 800
6:18800 and 850. And by moving that price
6:21reduction down to where it's at 800,000,
6:23we're going to be able to catch both
6:24people on both of those searches. It
6:27really positions us better to have it
6:29priced at this level so that we expand
6:31the group of people that are searching
6:33online. Then we want to think about it
6:34from a buyer's perspective and I like to
6:36present it this way. I'll say, "Hey,
6:37look, I want to flip this a little bit.
6:39I'm going to show you the houses that
6:41people are probably going to look at and
6:42they're going to compare to yours when
6:44they're making decision on which house
6:46they buy. And I want you to take out as
6:48much of the emotion as we can and I want
6:50you to look at these houses and what how
6:52they're presented versus how we're
6:54presented price-wise terms-wise as well
6:57as the presentation-wise. And then tell
6:59us what is it that which house would you
7:01choose? Because that's the way buyers
7:02are going to look at this. And from that
7:04perspective when we're sitting down with
7:05them and we're educating them we're
7:06saying, 'Hey, look, these are the five
7:07houses that I see or the four other
7:09houses like yours that people are
7:10probably going to look at. Which one do
7:12you think will sell next?' Because in
7:14this market environment what we want to
7:16do is we want to position ourselves to
7:18be the next house to sell. And there's a
7:20couple of things we can do there. One of
7:22those is being the price improvement or
7:25price re- re-aligning the price in a way
7:27that helps us on the search, helps us in
7:29the presentation, and helps us in the
7:31way that buyers are seeing us compared
7:33to the other places. This is a great way
7:34to reposition the pricing in a way that
7:37shows them that you're thinking about
7:38not just to get a price reduction, but
7:40how do we position ourselves to be in
7:41the best position to be that next house
7:43that sells? The next suggestion AI had
7:45was is to present this as a strategy,
7:47not as a price reduction. In other
7:48words, what it is is is that this is the
7:50next step in getting your home sold. So,
7:52think of it from a standpoint of that
7:54these conversations typically happen
7:57earlier before the actual decision's
7:58made. So, the more you can frame this
8:00when you're getting ready to take a new
8:02listing of, "Hey, listen, we're going to
8:03do all of this marketing, but 3 weeks in
8:05if we're getting this feedback, we're
8:07going to probably have to have a
8:07conversation where I go over exactly
8:10where we are position-wise compared to
8:12the other homes that have sold, gone
8:13under contract, or they've newly come on
8:15the market, and we may need to at that
8:17point adjust our price in a way that
8:19makes it makes us the most attractive
8:21place out there. We're having these
8:22conversations earlier. If you know that
8:24you're trying to get that price
8:25reduction, don't let that be the first
8:26call. Talk about what's happening in the
8:28market, and then just say, "Listen, I'm
8:29going to continue to watch this. This is
8:31what we're watching is we're watching
8:32for this is this just a blip on the
8:34screen, or is this a trend that we need
8:36to address?" And so, 2 weeks from now,
8:37you're going to hear from me. And if we
8:39get confirmation on this, we're probably
8:40going to have to have a discussion about
8:42potentially looking at repositioning the
8:44price to make us the most attractive
8:45house on the market. Positioning it in a
8:47way that it is a strategy, it's not just
8:49a price reduction. So, I want you to
8:50think about this. What I always like to
8:52say is is when we're going through this
8:54process, I position it as, "Okay, the
8:56next strategy is is that we are going to
8:58do need you to do one thing, and that's
9:00going to unlock opportunity for me to do
9:0210 to 15 other additional marketing
9:04things." So, I want to go in with a full
9:06strategy. The strategy is is that if
9:08they will make that price adjustment to
9:09where it needs to be, then now that
9:11unlocks the ability for me to maximize
9:14our opportunities because it's going to
9:15put us on the top of the price reduction
9:17list for the next 48 hours on all the
9:19search portals, realtor.com, Zillow, all
9:22the portals. The other thing we are
9:24going to do is is we're going to
9:25resubmit and let all of the neighbors
9:27know about this adjustment price via a
9:30direct mail, maybe it's an email, maybe
9:33it's social media, all the things we're
9:35going to do. We're also going to reach
9:36back out to all the agents that have
9:39that have shown the house in the past to
9:40let them know and make sure that they're
9:41aware to see if this might make a
9:42difference for those people that have
9:44already seen your house. We go in with a
9:46strategy that has 10, 12, 15 points of
9:49things that we are going to be able to
9:50do and it's going to unlock the
9:52opportunity for us to do once we get
9:54this strategic price improvement. All of
9:56these things are going to give us the
9:57ability to really reposition our
9:59listings, help our sellers reach their
10:01ultimate goal which is get the house
10:02sold and do it in a timely manner.
10:05Following this advice is absolutely
10:06going to help you get the price
10:07reductions and also get more homes sold
10:09faster and also get more and happier
10:12clients as we go along the way. So, the
10:14next video is actually a video where I
10:16broke this down specifically with the
10:17strategy that I've used throughout my
10:19career and that we're teaching agents
10:20right now. So, if you want to expand on
10:22the knowledge and what AI said to more
10:24of a personal marketing plan, the next
10:26video is the one that you're going to
10:27want to watch. Take care and I'll talk
10:28to you guys soon.
10:30Thanks for watching the video. I
10:32specifically chose the video below for
10:34you because it builds on the one you
10:36just watched. I hope it's helpful and
10:38I'll talk to you soon.

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