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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  1. Sandy Childs 09/06/2009 11:01 AM
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Topic:
ActiveRain Community
Groups:
Almost Anything Goes
Club Chaos
Dedicated Bloggers
Diary of a Realtor
"Whacked"!!!
Tags:
listing presentation
getting a listing
losing a listing
listing agreement
alameda realtor
alameda real estate

Comments 64 New Comment

Rainmaker
657,393
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
657,393
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Rick  --- I love referrals!

September 07, 2009 12:06 PM
Rainmaker
657,393
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
657,393
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
Rainmaker
657,393

Pacita Dimacali

Alameda/Contra Costa Counties CA
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