© 2011 Cengage Learning. Servicing the Listing Chapter 10 © 2011 Cengage Learning.

Servicing the ListingServicing the Listing

Chapter 10Chapter 10



RATIONALE FOR CHAPTERRATIONALE FOR CHAPTER

• 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.


RATIONALE FOR CHAPTERRATIONALE 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.


Focus of PresentationFocus of Presentation

• This chapter analyzes a marketing plan in detail.

• The importance of “staging” a property is discussed in detail.

• How to conduct a thorough agent-property inspection for the transfer disclosure statement is discussed.



• Several types of marketing and advertising are discussed, including effective use of the Internet.

• A section on good communication is presented.



• 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.


CHAPTER TEN OUTLINECHAPTER TEN OUTLINE

10.1 YOUR MARKETING PLAN10.2 GOOD COMMUNICATION10.3 MODIFYING OR EXTENDING THE

LISTING CONTRACT


CHAPTER TEN OUTLINECHAPTER TEN OUTLINE

10.4 PRESENTING OFFERS TO YOUR SELLERS

10.5 HANDLING SINGLE OR MULTIPLE COUNTER OFFERS

10.6 RELEASE OF CONTRACT


YOUR MARKETING PLANYOUR MARKETING PLAN

• 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.



• 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.



• 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.



• 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.


MARKETINGMARKETING

• Explain virtual tours, email & social networking.

• Online lookup sites on facebook.com, twitter.com and others.


GOOD COMMUNICATIONGOOD COMMUNICATION

• Good communication with the sellers can create an atmosphere of trust.

• Two different phases of an agent’s relationship with the sellers • marketing period• escrow period

• What type of communication must take place to keep things running smoothly?



• 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.



• 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.



• Proper pricing strategy• 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.


MODIFYING OR EXTENDING THE LISTING MODIFYING OR EXTENDING THE LISTING CONTRACTCONTRACT

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.


MODIFYING OR EXTENDING THE LISTING MODIFYING OR EXTENDING THE LISTING CONTRACTCONTRACT

• 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.


PRESENTING OFFERS TO YOUR SELLERSPRESENTING OFFERS TO YOUR SELLERS

• 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?



• Handle writing and presenting an offer on your own listing.

• Handle requests from the seller for commission adjustments.



• 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.


HANDLING SINGLE OR MULTIPLE COUNTER HANDLING SINGLE OR MULTIPLE COUNTER OFFERSOFFERS

• 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).


HANDLING SINGLE OR MULTIPLE COUNTER HANDLING SINGLE OR MULTIPLE COUNTER OFFERSOFFERS

• 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?


CREATING THE ESCROW TIMELINECREATING 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. Servicing the Listing Chapter 10 © 2011 Cengage Learning.

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Transcript of © 2011 Cengage Learning. Servicing the Listing Chapter 10 © 2011 Cengage Learning.