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How to Conduct an Effective Pricing Discussion Using the Price Trend Analysis

How to Conduct an Effective Pricing Discussion Using the Price Trend Analysis. The Objectives of Today’s Workshop. Review key techniques that will help you have an effective pricing discussion.

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How to Conduct an Effective Pricing Discussion Using the Price Trend Analysis

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  1. How to Conduct an Effective Pricing Discussion Using the Price Trend Analysis

  2. The Objectives of Today’s Workshop • Review key techniques that will help you have an effective pricing discussion. • Explore how using the key techniques will help you guide the seller to the ‘the right price’ to sell in their local market. • Practice conducting the Pricing Discussion using the PTA and applying the key sales techniques.

  3. Your Seller is Thinking… • I need my house to sell for $X in X amount of time. • I have heard mixed information about the current real estate market and I don’t know what to believe. • What do YOU know about today’s market? • What do YOU know about this local market? • What do YOU think is the right price? • What are YOU going to do to get my house sold?

  4. How Does Our Approach to the Pricing Discussion, Using the Price Trend Analysis Differentiate YOU? • Goes above and beyond showing the MLS sheets and comps. • Demonstrates YOUR expertise and knowledge of the current real estate industry and their local market. • Provides an organized, professional overview of the market. • Factually guides the seller to determine the correct price. • Differentiates YOU and Weichert from all other competitors.

  5. Key to an Effective Pricing Discussion Demonstrate Your Value First: • Step 1: Get to Know Your Sellers and their Home • Step 2: Share the Weichert Value Story(use the customized marketing plan) • Step 3: Prepare and Present the Price Trend Analysis

  6. Step 1: Getting to Know You and Your Home Sellers Think: Do I like you? Do I trust you? You’re using the “Getting to Know You” tool to: • Build rapport. • Demonstrate your professionalism. • Show sincere interest in the sellers. • Learn about the sellers and their home. • Separate yourself from the competition.

  7. Step 2: The Weichert Listing Presentation Sellers Think: Are you competent? Can you represent me? Can you bring me buyers? Will you work hard for me? You’re using the Weichert Listing Presentation to: • Demonstrate value • Show you have a plan • Express your commitment • Gain their confidence

  8. Apply Key Sales Techniques • Value Statements • Differentiate Yourself • Engage the Seller • Defer Technique • Closing and Getting to Yes In the Weichert Value Story video, do you remember how Ann effectively delivered the customized marketing plan and demonstrated her value to the sellers?

  9. The Pricing Discussion • Share the big picture. • Review the boxes across the Price Trend Analysis. • Drill down on the facts. • Ask the seller for a price range for their property. • Agree on price and close for the listing. • Distribute and review the Pricing Discussion Checklist • Show segment #3 of the Weichert Value Story video

  10. The Pricing Discussion • What did you see Ann do well? • What would you do differently? • Which steps did she follow? • Did the discussion help guide the seller to determine and agree on a reasonable price?

  11. Tips for an Effective Pricing Discussion, Using the Price Trend Analysis • Do the work to properly prepare. • Use more data if challenged with comps. • Add Expireds and Withdrawn data, when necessary. • Calculate and prepare to explain the Market Absorption rate. • Follow the 5 steps. • Engage the seller. • Use a highlighter or pen to point out key data. • Give the seller time to read the data.

  12. Sample Dialogue: Sharing our Approach to the PTA with Prospective Sellers “I’d like to talk to you now about our approach for pricing homes. We not only look at comparable homes in the local marketplace, we research trends from 12 months ago, 6 months ago, Under contract and Actives.” “Before we look at the boxes across the page, let me direct you to, what I consider, is the executive summary of what’s happening in this market, the Current Inventory Analysis Snapshot.”

  13. Pricing Discussion Skills Practice • Each will take a turn to role-play the part of the Sales Associate, Seller, and Observer • Take few a minutes to Review Sample PTA Handout to prepare your for the role-play • Sales Associate will conduct the Pricing Discussion applying the 5 step process • Observer should take specific notes on the Pricing Discussion Checklist • Distribute and review your prepared PTA materials • Distribute and Review Pricing Discussion Checklist See next slide for more instructions…

  14. Skills Practice Breakout Instructions • Break into groups of three and assign each person a number between 1-3 • You will have 20 minutes per round, including 5 minutes for to give feedback using the checklist See next slide for more instructions…

  15. Skills Practice Feedback Session Observer conducts a feedback discussion: • Have the Sales Associate state… • What they did well • What they would change next time • Have the Seller give feedback next • What they think the Sales Associate did well • What they would recommend they change next time • Observer gives feedback based on their notes from the feedback form • Be very specific • Observer gives the feedback form to the Sales Associate

  16. Skills Practice Debrief • What worked well? • What would you focus on for next time? • What specific steps in the process did you find particularly helpful? • How are you feeling about using the Price Trend Analysis to conduct the Pricing Discussion?

  17. Additional Resources • Related online courses • Pricing It Right • Weichert Listing Presentation: Dialogue & Tips • Weichert Listing Presentation: Effective Closing Techniques • Effective Presentations: How They Can Make or Break Your Transaction • Overcoming Common Seller Objections • Overcoming the Commission Objection • Weichert Tool Kit • Tools for Sellers tab

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