Recruiting & Retention of Agents
Written by Rich Casto
on 10/2008 - Word Count: 629
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One of the most crucial skills sellers’ want from their agent is the ability to negotiate. Most agents have no strategy. No strategy means it is not addressed in the listing presentation. This makes the agent vulnerable to discounting agents.
Below is actual dialogue that is based on principle: “Mr. and Mrs. Seller, the most critical piece in the process of getting your home sold is the negotiation. Let me specifically detail how I will negotiate an offer on your home.”
“When we receive an offer I will immediately call the buyer’s agent and thank them for their hard work. Commend them for a job well done, recognizing the fact that it takes a lot of hard work to find the right home for buyers and also to go through the contract process. I will also commend them for making the offer on (my sellers’) home.
“I want to enroll the other agent. We want to make this a win-win situation. Most agents negotiate win-lose or they have no negotiating strategy at all. Did the other agents explain their specific negotiating strategy? Wouldn’t you agree that this is the most important part of getting you the highest price?”
“Ok, back to this offer. I will let the agent know that we will get back to them promptly.”
“No matter what the offer looks like, even if it is way too low of a price, we do not have to get upset. The reason? We don’t have to sell it for that price!”
“At that point, I will show you a snapshot of the market, both houses sold and those currently in competition with you. Then we will come up with a counter offer price. At that time, I will gather all the evidence possible that proves that your counter offer makes your house the best house at that price in the entire area. I will attach this evidence (comparables) to the counter offer.”
“I will put a cover letter on the counter offer, covering a few items: 1. Thanking the buyers for their offer. 2. Letting them know their agent is working hard for them and has earned my respect. 3. Letting them know that our counter offer, based on the evidence attached, makes the property the best house in the area for this price. And to please review the offer with their agent. 4. Telling them that the sellers (you guys) are very thankful for the offer and want to insure that all parties are pleased with the contract and want to create a win-win.”
“Mr. and Mrs. Seller, wouldn’t you agree this is by far the best way to get the highest price for your home? Did the other agents demonstrate their skill and understanding in negotiation? Would you agree the ability to negotiate could get you 2, 3, 4 or 5% more for your home? So, you may be getting a listing fee discount of 1%, but it may cost you much more on what you actually receive from selling your home.”
If you want your agents to have more value in the listing presentation coach them to be more skillful. That is the value you should bring to your agents. Provide that kind of value and you will stop recruiting, and start attracting.
Rich Casto is the Founder of The Real Estate Coaches, a Recruiting and Management Solutions Company that supports brokers, owners and managers in the management and recruiting solutions arena.For more information,
