Selling Soulfully with Jennifer Allan


Pricing it Right - Some Aha Tips from Wednesday's Show

Loreena Yeo

On Wednesday evening, Loreena Yeo joined me in the SWS Studio to talk with me (and a few hundred of y'all*) about "Pricing it Right - Helping Your Seller See the Light!" Well, I graciously let Loreena go first, thinking I'd get *my* turn soon, but it wasn't to be. Not that Loreena was a microphone-hog or anything - not at all, but the audience clearly wanted to hear more from her than the time I'd allotted was going to allow.

So, being the primary decision-maker here in the SWS Studio, I made the executive decision to save my thoughts for a later day and let Loreena continue to wow the crowd for the entire 75 minute show.

(I just scheduled the follow-up show for August 7th. If you'd like to join us, go here to register:

As the title implies, the topic of the seminar was how to persuade a reluctant seller to price his or her home properly so that it will sell. Sure, KNOWING what that right price is is important, but being able to communicate it effectively might be even more so.

Loreena shared some great strategies and while I won't describe all of them here, here are some of my favorites.

1. Come in armed with your stats
Loreena's listings enjoy a way-below-average DOM, a higher-than-average list-to-sold price ratio and an extremely low fall-out rate (listings that don't sell). In her early conversations with a seller prospect, she shares her statistics with him or her, which accomplishes several things. First, it clearly demonstrates that whatever she's doing is working, which inspires sellers to want to know more. Second, it lends credibility to her CMA and pricing recommendation and third, it helps her turn down overpriced listings because she can respectfully say that her record is important to her and she's not willing to risk it taking a listing she knows she can't sell.

Of course, using this strategy requires that you have a good track record! (And we're going to talk about that at the next SWS Teleseminar, How to Be the Best Thing to Ever Happen to Your Seller. Details here:

2. Spend quality (and quantity) time preparing your CMA
Being oh-so-efficient is way over-rated. Loreena spends several hours poring over her CMA reports so that she is intimately familiar with exactly what those facts and figures are telling her. When she is in front of a seller, she knows her stuff and it's obvious to the seller that she knows her stuff. This gives her tremendous personal power when talking about price.

Conversely, if you wing it, a seller can easily fluster you with his protests that: "The house down the street sold for way more than THAT!" or "The other agent we talked to gave us a much higher price than THAT!"

3. Don't try to be "listing specialist"
I've been singing this song for years. If you work with buyers, you'll be a far better listing agent. After all, who buys listings? Buyers, right?! If you don't hang out with them (buyers) on a regular basis, how will you know how they think, what they want and how much value they place on certain amenities over others?

4. And my favorite from the evening... After you've presented your data, sit back and smile sweetly
Loreena described how she comes armed with lots of paper - charts, graphs, lists, reports, summaries, etc... which she spreads out on the table for the seller to review. Once she's delivered her analysis of all this paper, she sits back and smiles sweetly, and lets the seller take it from there. Numbers don't lie and she just presented a lot of non-lying numbers. With her body language, she subtly forces the seller to acknowledge them.

Oh, there was so much more, but I'm outta time for today ... THANKS Loreena for sharing your wisdom. Can't wait to do it again!

* As you may know, Loreena is Chinese and English is not her first language. She speaks English exceptionally well, but she does have a charming accent. Anyway, during the show she used the word "y'all" in her cute Chinese accent which cracked me up (good thing I had my phone on mute). Must be the Texas influence...

It's Here!


The More Fun You Have Selling Real Estate, the More Real Estate You Will Sell! 
(True Story)
Order Your Here!









Comment balloon 22 commentsJennifer Allan-Hagedorn • July 30 2010 07:11AM
Pricing it Right - Some Aha Tips from Wednesday's Show
On Wednesday evening, Loreena Yeo joined me in the SWS Studio to talk with me (and a few hundred of y'all* ) about "Pricing it Right - Helping Your Seller See the Light! " Well, I graciously let Loreena go first, thinking I'd get.. more
No, No, No! Buyers Are NOT Liars!
I'm going to steal a page from the Broker Bryant rulebook and dredge up an old post from the distant past. In fact, what follows is one of my very first posts here on ActiveRain, but I was inspired to re-post today it by Susan Haughton's excellent… more
Your Sphere is More than Just Your Friends and Family
Got a google alert this morning about an article that was just posted 'bout me in the Pennsylvania Association of Realtors' newsletter. I rather like it, so I thought I'd share… Sphere Includes More Than Friends and Family Tuesday,… more
Live, in the SWS Virtual Studio this Wednesday - Pricing it Right -…
Pricing it Right - Helping Your Seller See the Light! (A free teleseminar at Sell with Soul) REGISTER FOR THE SHOW HERE Pricing is tough enough in today's market (well, any market really), but sometimes the most difficult part of… more
Is There Only One Path to Success in Real Estate? Uh, no. Duh. So,…
In mid-May, I spoke at the F. C. Tucker CE Extravaganza in Indianapolis. I was one of four speakers who each delivered a 2-hour CE-approved presentation on a topic (hopefully) of interest to the crowd of 250 or so real estate agents. The… more
Live in the SWS Studio Wednesday, July 14th - From Expired… to Lead…
In early June, we (expired-listings-god Borino and I) held a teleseminar in the SWS Virtual Studio about Soulfully Prospecting to Expired Listings Our goal was to assure agents who Sell with Soul that they can, indeed, succeed with expireds… more
35 Listings in 90 Days? Do Your Goals Support Your Business Model?
Just got off the phone with an ambitious newer real estate agent who is all fired up about selling some real estate. Some serious real estate. He has a plan. He's committed to this plan. He's passionate about his plan. He WILL meet his goal… more