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Get Your Clients Moving!

This was a presentation for the Realtors Association of Maui by Kathy Becklin on 1/31/2014.
by

Kathy Becklin

on 29 June 2016

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Transcript of Get Your Clients Moving!

How Much Is Your
REALTOR Worth?

Are REALTORs who are paid higher commission really working harder for their clients?

Do REALTORs who command a higher commission going to do a better job negotiating on your behalf?
Cost per Square Foot
REALTOR's Toolkit
Property Profile
Price Validity
How good are our Tax Assessments as a determination of value?
Summary



Practice Mastery

Your experience / knowledge selects both comparables and tools.

Guide the client to good decisions.


Get Your Clients Moving!

Comparable
Properties
How Many?

How Did You Choose?

What Decisions Did You Make?

Ask Client to Review and Comment
REMEMBER
There isn't a perfect answer
There is a process that helps your client understand
Decisions belong to your client
Showing is better than telling
Use right tool for right scenario
Mitigate Clients'
Biggest Fears
Sellers
Buyers
Home Owners
1) Being Underwater

2) Missing a Better Opportunity

3) Upgrading w/Blinders to Value
1) Losing Their Favorite House

2) Missing Out on Something

3) Paying Too Much

4) Issues with the House
1) House Doesn't Sell

2) House Selling Too Low

3) Paying REALTOR too much

4) House Taking Too Long to Sell
Comparative
Market
Analysis
Price / Sq Ft Over Time
Time To Sell
Odds of Selling
What is Typical Financing?
Actual Property Sq. Ft.
Line of REALITY
Central Maui All Residential
All Maui Residential - 1 Mil to 3 Mil
Average Days to Sell
Property Priceland
Bright
Buyer's
Bend

Smart Seller's Street
Define Client
Success

XXXXX
% Sold vs. Off Market
What's the Competition Paying?
Does Higher Commission mean more $$$?
Result to Seller
Condition Descriptions
The Chicken Factor
Chickens running around, roosters crowing, no curbs on street, homes have added structures that look like may fall down, yards are filled with old appliances, broken down vehicles and other stuff.

Similar to 5 but in rural settings with 1/2 to 2 acre lots.

Some chickens but there are curbs on street and just occasional home with junk and/or added structures. About 50% of homes have garages vs. car ports or extra rental space. Still lots of cars on the street at night.

Rarely any chickens. Most houses have 2 car garage used for it's intended purpose or storage. Many commercial vehicles in driveways.

Strict CCRs prevent chickens and require upkeep of yard and parking on street.

Everything is perfectly manicured. Usually neighborhoods are gated. Almost everyone has a gardener.

ACTIVE
PENDING
SOLD -------------------------------------------->
What is most important?
$, time, convenience
When do we need adjustments?
Location
The
Perfect
Comp
Same
Neighborhood
or Condo
Complex
Similar
Neighborhood
Same
District
Similar
Districts
Size
Within 10 %
Total Sq Ft.
Within 20%
TSF
Within 30%
TSF
Within reasonable
range
Age
Age
Within 3 years
Within 10
years
Within 5 years
Reasonable Range
Price
Age
Adjusted in
Last 6
Months
Last 9
months
Last 12
months
2 years
Status
SOLD
Pending
Active
(Competition)
Off Market
Selected Criteria
Additional Selection Criteria
Site Size
View
Site (Oceanfront)
Beds/ Baths
Use (Vacation Rental)
Floor / #stories / Cottage
Parking
Pool
Adjustment Criteria
Age
Size
Status
Market Trends
Location
Distressed
View
Condition
Detailed
Site Size
Site (Oceanfront)
Beds/ Baths
Use (Vacation Rental)
Floor / #stories
Parking
The Comparable Selection Wheel
Adjustments

Similar to Appraiser

If Comparable is Better/Larger/More Desireable
Than Subject
--> Then subtract $$

If Comparable is Worse/Smaller/Less Desireable
Than Subject
--> Then add $$



Basic Adjustment Algorithm

(CompAttributeValue -
SubjectAttributeValue) *
(AttributeWeight *
AverageSoldPrice)
Buyer's Tools

Most are Pricing Tools

Short Sale Stats from 2013
Short Sale Average DOM: 292
Short Sale Median DOM: 212
About 57% actually sold. 24% off market.
Sold for about 5% less $/sf
REO's sell for about 10% less $/sf.

Suggestions Welcome
Let clients DISCOVER

Ask Questions -
What does this suggest to you?
How does that make you feel?
Showing is always
better than Telling
You provide the data and
Control the Process


Client makes decisions.
Never Assume Clients Understand

Slow down ... ask confirming
questions.
Based on averages... no guarantees of performance.
Fun Factors

Make the difficult to quantify FUN!
Summary Lane
No one tool gives a perfect answer
A wise man once told me

"If a measure isn't worth collecting by hand, it isn't worth collecting."


Hand written graphs / charts and sketches often work better!
Similar
Full transcript