WHY WE DIDN'T GET THE LISTING....

By
Real Estate Agent with Alain Pinel BRE 01367196

We've all probably gone after listings, thought we had a good chance, but ended up not getting the job.

WHY?

Because the agent....

PRESENTATION

... didn't submit a formal presentation to a client who places a lot of weight on marketing materials

...or provided a presentation but used an old MLS picture of the property BEFORE the prospective client made tons of improvements, and ended up infuriaring the client. The agent should have at least take a new picture. It might have been better to have NOT used a picture than using one that shows the property as looking run-down

... made a fabulous presentation to a prospect who was wowed, but is only one-half of a couple. The other one who wasn't present during the presentation has a friend who has a friend....and made the decision

... used the wrong or poor comps in the comparative market analysis

... refused to negotiate a commission (okay, some of us may really dig in our heels --- but is getting zero listing better than a listing at 5% versus 6%?)

 

LISTING AGREEMENT

... didn't bring the listing agreement at the time of presentation, even though the prospective client seemed receptive and may have signed....and by the time the agent brought the agreement, the prospect was contacted by another agent who was well-prepared

...or did bring the listing agreement, but left without having it signed, thinking that he can pick it up later

 

BEHAVIOR, BODY LANGUAGE, APPEARANCE

... made an appointment, but was late and thereby creating a first and negative impression?

... didn't recognize the buying signals, such as a question like "Would you list it a $825K instead of $799K" and said "NO" too quickly without qualifying or overcoming the objection

 ... didn't read the client well. Where the prospect wants empathy and understanding, the agent was too pushy and overbearing?

... started pointing out everything wrong with the property before establishing rapport with prospect or before focusing on things that ARE right with the property

... dressed inappropriately.  What's inappropriate: too short skirts, too high heels, overpowering cologne or perfume, looking (and smelling) like one just came from the gym

... got lazy. Didn't prepare anything for the prospect to see, to review.  Didn't bother establishing rapport, trust and confidence

,,,assumed that because the seller is a friend or relative, that he would get the listing. And therefore didn't even bother preparing, reaching out and asking for the listing.

 

MARKETING SKILLS AND INTERNET KNOWHOW

...couldn't speak with confidence about marketing online, or creating visual tours, or other forms of internet marketing such as craigslist, Vflyers, Postlets. Instead, could only talk about print advertising and open house.

...not familiar with other sites like Zillow, Trulia, Cyberhomes, and couldn't explain how the property would be promoted on such sites

...not familiar with social networks like Facebook or Twitter or LinkedIn --- where the prospective clients may be active

....did not research the property well, did not research the history of the property, last sales price, recent work done, permit history

....did not know the area, what makes it special...and therefore did now know how to promote it

 

How many other reasons (and experiences) can you add?

 

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Topic:
ActiveRain Community
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Almost Anything Goes
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"Whacked"!!!
Tags:
listing presentation
getting a listing
losing a listing
listing agreement
alameda realtor
alameda real estate

Comments 64 New Comment

Show All Comments
Rainmaker
504,217
Rob D. Shepherd
Principal Broker ABR, GRI
Coldwell Banker Coast

I have had two times this year that I said no too quick to the sellers pricing. I suggested where it would close in price at escrow. It turns out I was right,but that still doesn't get me a commission. I guess a slower approach to meeting in the middle might have worked.

September 06, 2009 03:05 PM
Rainmaker
1,085,380
Bryant Tutas
Broker/REALTOR, Tutas Towne Realty, Inc
Bryant Tutas-Tutas Towne Realty, Inc

Pacita, It's been quite a while since I actually had to sit through a listing appointment. The last one was a referral from an AR member. I didn't get it. It was a short sale and the sellers were still having an issue with denial. Plus the wife didn't get my humorous videos on my blog. But I have to say I did not enjoy doing a listing presentation at all. Isn't that weird?

The reason is that almost all of my sellers are contacting me off of my blog and are just calling to hire me. Most are short sales and are absentee so actually going to an interview is just so rare these days. BUT....I think I have had everything in your post happen to me at one time or another.

Very good post. Well done.

September 06, 2009 04:24 PM
Rainmaker
325,145
Esko Kiuru

Pacita,

Marketing knowledge probably is a key ingredient in today's real estate market to be comfortable with and be able to convey to the prospect how it can get his home sold quickly. Prepare well for that.

September 06, 2009 05:05 PM
Rainmaker
161,677
Christine McInerney
The McInerney Team, Knoxville TN Homes For Sale
The McInerney Team with Realty Executives Associates

I listed an expired listing earlier this year and my clients had interviewed 7 other agents before us.  After meeting with us they immediately signed.  The said that they had asked another agent they interviewed "what do you do about Zillow and Trulia" and agent replied that he "had not had the pleasure of meeting them yet, but that they could be rest assured as he always abided by eqaul housing practices." (And I am sadly not joking about this either)

September 06, 2009 06:54 PM
Rainmaker
818,757
J. Philip Faranda
Broker-Owner
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

1. Knocked the competition. It makes people uncomfortable, especially if they know how cooperative selling works. 

2. Knocked the house. I have been the beneficiary of people who felt insulted after a snoot excoriated their home. 

September 06, 2009 06:57 PM
Rainmaker
135,521
Elayna Fernandez
Marketing Success Made Possible
Designed 2 Impress, Inc.

What a great post! I am not a Real Estate Agent, but have worked with many.  I am very familiar with listing presentations and I agree with all the points you make. Being on ActiveRain and using Localism is a great way to impress your prospect clients.

Thank you!

September 06, 2009 07:52 PM
Ambassador
1,803,694
Jeff Dowler CRS
Carlsbad CA Homes for Sale (760) 840-1360
Solutions Real Estate

Pacita - you have reallt hit the naiul on the head here. I would guess that tha majority of agents going after listings could benefit from this, in spades.

I LOVE Christine and Julia's comment above! LOL

Jeff

September 06, 2009 11:13 PM
Rainmaker
660,729
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Rob --- we negotiate all the time. whether we're the salespeople, or the buyers ourselves. We look for bargains and sales. We haggle. so this is to be expected when we're selling our services.  I do think that a bit of empathy goes a long way.

Bryant --- you have reached that apex where people look for you. I'm working on getting there. Thanks for the compliment. Coming from you, it's much appreciated.

Esko --- marketing knowledge includes knowing about, and knowing how to use some marketing tools that can set us apart. I am in awe of folks who have mastered so many of the tools of the trade. And I can only strive to get there myself.

Christine/Jennifer --- ROLF!

J.P. --- something I should have added is the mistake of prejudging the client, and thinking the client isn't knowledgeable about real estate practices, etc. which leads the agent to talk "down" to the clients. You're right about knocking the competition. As a salesperson myself, whenever I am buying anything and the salesman knocks the competition,  I immediately look for another salesperson to help me.

Elayna --- thanks. Being on Active Rain, my initial goal was to bve a sponge and soak up as much good info as I can. And when I have something to share, this is a good venue to do it. Isn't it great?

Jeff --- we should all learn from our mistakes, and also learn to avoid making the mistakes other people made.

 

 

September 06, 2009 11:58 PM
Ambassador
1,851,251
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

Bryant- Hey! I know that listing where the lady did not like your videos, LOL!

Pacita- I am of course going the course of a totally different viewpoint based on many, many listing appointments over many, many years. In the early days back in the 80's, the WOW factor won the listings and we had a dynamo presentation that won the listings. Then the 90's came, and the presentations evolved and we added internet content and talked about marketing on the web and all that- the consumer was becoming more in tune with what was going on and the way to win a listing in the 90's was about showing your marketing expertise.

Then came the 2000's- totally different ball game!

We get 9 out of 10 of the listings we go on and most of them we don't even go to their home. We get the listing over the phone.

Out of the ones we go to their properties on- those are only luxury properties, I have a five minute presentation of our online dominance that is all about working their listing online. And Nestor has a very thorough CMA that would WOW anyone. But that is NOT what gets the listing.

I can not tell you how many times we never even get to the presentation.

This is because in this era- it is all about listening and asking questions, connecting and communicating, it is about feelings and emotions, it is about finding the common thread to bond the seller to the listing agent. And when that clicks- the seller will sign a listing agreement without any objections whatsoever.

Nestor walked out on a listing the other day because they were just not ready for the low price their house commands today- they were coming after him in the door asking him why he would not take their listing, they wanted us to represent them. Nestor told them it is not in our business model to take listings we can't sell. They will have to list with someone who will take an inflated listing and when it expires, they will call us again and this time be out of denial about the market.

Remember you must have confidence, know your answers and know your boundaries before you walk in that door or get on the phone. YOu need to know when to walk away, never beg, and never appear hard up or desparate. Remember to be in control. The person in control is the one who is asking questions. That is the most valuable communication fact I ever learned and it serves me well. Katerina

September 06, 2009 11:59 PM
Rainmaker
698,676
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

Pacita, you have highlighted some good points that we all need to remember!

September 07, 2009 12:12 AM
Rainmaker
660,729
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Nestor and Katerina --- thanks for the wonderful feedback and story. I too, have "met" clients online, where I sent them links to my posts and visual tours promoting listings.

The best story I have is of an expired listing who was referred to me by someone I must have impressed during an open house. After 6 months of nothing happening to the listing, he decided to find someone else.

We communicated via emails. He asked me to check out the listing. After seeing the property, I created a matrix of what's right, what needs work, action steps to prepare the listing, and then a plan for marketing. He faxed a signe agreement (this was before Docusign), and told me to do what I need to do. I had several people clean the house, the pool, the yard. Hired a stager and a professional photographer, got a video tour going. Finally met him when he came to my first open house. Sold the house in two weeks.

Have sold three more houses for him....and he's still my client!

September 07, 2009 12:32 AM
Rainmaker
660,729
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Sharon --- it was part of my therapy posting various reasons why people lose listings. Some have actually happened to me, others to people who shaed their story. I was feeling blue, and was looking for some distraction. Writing this blog inspired me to gear up!

September 07, 2009 12:34 AM
Anonymous #60
Anonymous
Anonymous

Pacita,

I get almost all the listings I want to take - and turn down some too.  Why? Because I prepare just as thoroughly as you do. Because I tailor my presentation and approach to each seller. 

While I normally will not negotiate commission at the first meeting, yesterday I grabbed the bull by the horns. The incomer-earner had just lost his job, so I addressed the "net in pocket" right up front. My bet is that I'll get the listing at our follow-up meeting!

September 07, 2009 08:01 AM
Rainmaker
895,352
Brian Madigan
LL.B., Broker
RE/MAX West Realty Inc., Brokerage (Toronto)

Pacita,

That's an excellent summary. I'm glad to see that you permit reblogging since I'd like to use that in the future.

Brian

September 07, 2009 09:07 AM
Ambassador
1,550,726
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

I think preparation and presentation are the keys to getting the listing.

September 07, 2009 09:53 AM
Rainmaker
660,729
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Irene --- preparing a net sheet is always helpful. One can also prepare a net sheet to show what the seller will net in 2 months, 3 months, 4 months.....then compare that with what it will cost him for every month the propery doesn't sell.

Brian --- re-blog away!

Christine --- as the saying goes, Plan your work, and work your plan.

 

September 07, 2009 12:05 PM
Rainmaker
660,729
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Rick  --- I love referrals!

September 07, 2009 12:06 PM
Rainmaker
660,729
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Judi --- My post enumerated a lot of reasons why an agent wouldn't or didn't get the listing in different circumstances, including not negotiating a commission. When you responded to my post, you said: "I really resent this statement.. .that is bad news.. that is the same as BUYING THE LISTING...And since this is a public post, you have just told the public that they should negotiate commision ..." it sounded like you held me responsible for making it known that one can negotiate. How else should your comment be interpreted?

In sales, whether we're buyers, sellers or salespeople, negotiation is part of our process.

Yes, I have lowered my commission --- as noted in a previous response. The sellers wanted 4%. I walked. But I came back and got them to agree to 5%. This resulted in three sales over two years, worth nearly $3 million.

Another story: I brought a buyer to a homeowner who wasn't planning to sell his property, but agreed to sell it for a 1% commission (remember, this is someone who wasn't planning to sell). In turn,  listed the buyer's own house for $1.4M at 6%.

So in my case, some negotiations helped in additional sales and referrals.

September 08, 2009 05:33 PM
Rainer
26,570
DriveBuy Technologies
DriveBuy Technologies

In general:

...was caught off guard by the client and failed to adapt (not being prepared to deviate from a rehearsed presentation).

 

September 09, 2009 05:49 PM
Rainmaker
660,729
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Ian

That's a good one. It really helps to knoiw your material inside and out, forward and backward. Memorizing will never be as good as being able to think fast on your feet.

September 09, 2009 06:26 PM
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Rainmaker
660,729

Pacita Dimacali

Alameda/Contra Costa Counties CA
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