Ouch! The Real Reasons You Lost That Listing!

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So You Didn’t Get the Listing - WHY NOT? 

Fact: Of all activities in real estate, listings require the highest skill level.  Working with buyers is physical labor; working with listings is mental labor.  

Myth: It's okay and you can expect to list only 50% of what you go on, in terms of listing appointments versus listings taken.

Yet you wouldn't accept a grade of 50% from your kids, so why do you think it's acceptable for you? Let's take a look at the top ten reasons agents don’t walk away with signed paperwork on a listing appointment.

Fact: Listing agents make more money and have more solid businesses and more free time than buyer’s agents. The more listings you have, the more security you'll have mentally, emotionally, and financially.

Fact: Becoming a successful listing agent is the most challenging, most skill-based, and highest-paid part of your job. Not becoming great at this is a liability to your career. Make the commitment to learn the most important part of your job as a real estate professional.

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The Top Ten Reasons Agents Don’t Walk Away With Signed Paperwork

1. You assumed it was yours and were lazy in your presentation.
You took the business for granted. This manifests in several major mistakes. You showed up late or you did not give a real presentation. Or maybe it was a lack of prequalifying questions, or not being careful with price. Some other mistakes are things like rescheduling and not looking and sounding your best.  

This mistake is more common with veteran agents when they assume their past clients or friends won't talk with other agents.  Don't make this mistake!

2. You didn’t know you were competing for the listing.

This is a result of not using a prequalification script. If you don't know whether you're competing or not, you're at a disadvantage. You should almost always go last in the line-up because that's the closing position.

3. You didn’t know what price the seller had in mind before you showed up.

This doesn't mean they're right about the price, but you should know what's going on in their pricing brain before you present your CMA. 

Sometimes sellers know about private sales that may affect pricing. The market is full of sales like this currently.  

Secret: Don’t ever allow the seller to know more about comparable sales than you do.  The only solution to this is the Seller Prequalification script, where you ask questions like: "Which recently sold home in your neighborhood is yours most similar to?"

4. You don’t know the competition or the neighborhood well enough to speak with authority.

Secret: Preview the competition! Know the average Days on the Market not just for the town or city, but for the actual neighborhood. Know the list-to-sell price ratio for the latest comparables. Know if that’s going up or down or remaining stable.  

5. You were overly rigid with your commission and/or pricing.

In addition, you didn’t create a game plan so the seller still feels like they're winning. “No. Any other questions?” is not an effective script, especially if the seller is doing multiple transactions, a repeat client, a referring client, or someone who’s tight on funds to make the move, etc.  

Secret: Learn how to use the Unique Selling Propositions our coaches teach so the commission objection won’t even come up.

Secret: If they HAVE TO sell, consider listing it a bit over the price you believe is correct, but have the PLAN to reposition the price if you don't get offers in 2 weeks.

6. You used a canned presentation instead of asking what the seller needs and presenting that.

Secret: It’s easier and more effective to present based on what the seller actually values, rather than assuming you know already. Show respect by asking questions and addressing their real concerns.

7. You showed up late.

Being late is a huge mistake. Arriving late shows disrespect and will mean that you are already on bad footing before you even open your mouth.  Early is on time, on time is late and when you're late, you lose.

Secret: It’s not just analytical types that look to see if you’re on time. Show up early and don’t park in their driveway. Call first to confirm! Be a professional if you expect to be paid like one.

8. You didn’t use a pre-listing package, or your pre-listing package looks like everyone else's.

Without a great, proven Pre-Listing Package, you're signing yourself up to hear objections at the end of your presentation, instead of closing at the end of your presentation. Handle all objections before you get there so all you have to do is talk about pricing, answer questions, your light presentation, and close.

9. You didn’t close at all.

If you find yourself walking out the door saying, “okay, I’ll follow up in a few days...” You’re not closing.  You didn't actually ask for the business. This seems like such a small point, but many coaching clients report that simply asking directly for the business has made a huge difference in their appointment-to-listing taken ratio.

10.You overdid the pre-qualifying and talked yourself out of the listing appointment.  This is a common mistake that is rooted in fear of success.  Remember the previous rule that if they HAVE TO sell, you have to take the listing (unless they are severely overpriced or just too combative).

11. You weren’t prepared for any or all of the common objections:

I’ve never heard of your brokerage/I’m considering bigger-name companies.

I’m going to probably list it with the “neighborhood expert/specialist/etc.”

I’m considering listing with my friend.

I’m also interviewing the agent who sold me the house.

I’m not sure I can move since there’s nothing for me to buy. 

Why do I have comps that you don’t have?

Secret: ALWAYS research your competition. Who sold them the house? Who markets their neighborhood? Whom did they say they were interviewing when you used your pre-qualification script?  You did use a pre-qualification script, right?

Secret: ALWAYS know the stats on those agents. What’s their expired rate? How long have they been in the business? How many listings do they sell versus buyer sides? Do they have any suspensions to their license?

Of course, the biggest mistake of all is not having enough lead generation in place to have many listing opportunities, so you can earn while you learn.

Fact: You don't have to be perfect at everything to be a successful listing agent but you do have to be perfect about some things.

Start to polish your listing skills by improving the following: 

Generating the lead in the first place.

Following furiously fast lead follow up.

Use a proven pre-qualification script every time.

Send a proven pre-listing package every time.

Use our proven, 7-step listing process.

Always show up 5 minutes early.

Ask questions and deliver your presentation based on what's important to them!

Follow up relentlessly if you didn't get the listing at the appointment.

Join Premier Coaching to help you achieve all of this more quickly, more effectively, and become accountable to building these skills. 

Secret: It’s our goal to turn all of you into powerful listing agents. 100% ratio is the goal. The only reason you shouldn’t take a listing is if you don’t want it for some reason.

Most importantly, recognize that being a great listing agent is an acquired skill. To move beyond random friends, family, and referrals, you must seek out coaching so you can earn while you learn. There’s an income cap to only working friends, family, and referrals!

There's a reason that not every agent you know has a large number of listings, or perhaps ANY listings.  Develop the skills necessary for you to take your business to the next level.

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