As the real estate industry changes, perhaps it’s time to get back to the basics. For Dr. Carlton Bell, a well-known Tom Ferry coach and veteran real estate agent, that means conducting seller seminars. He believes hosting seller seminars is the key to gaining more listings–especially in today’s market.
“Everybody [is] wanting to pause and take a step back and not put their house on the market because they’re afraid that buyers, at this particular juncture because of the rise of the interest rates, are not going to either be interested in their property or get out there and buy a property, but that’s the furthest from the truth. The market right now is the market where you should become a listing agent or should be a listing agent, “says Bell. And Bell is not the only one expressing this sentiment.
This week on The Walkthrough™, Dr. Bell shares the strategy that has been helping him increase his revenue and clientele for over 20 years. An integral part of that strategy is controlling the inventory to control the market.
According to recent data from the National Association of Realtors (NAR), housing inventory is on the rise, which means bidding wars are becoming less common. The competition among buyers may have waned, but the market remains favorable to sellers. So, now is the time to use these five tips from Dr. Bell to create a seller seminar that will help you get new listings.
Tip #1: Gather a winning team for a great conversation
Dr. Bell sees these seminars as a team effort. They’re more of an interactive conversation that he facilitates rather than a presentation. He doesn’t use a PowerPoint; instead, Dr. Bell invites panelists, including a financial advisor, home inspector, title company representative, and sometimes an attorney and lender, to answer questions about selling a home. He’s there to provide expertise as an agent while providing valuable resources for those who he hopes to gain as clients.
His seminars last 45 minutes to an hour and a half and are information-heavy. He hands out a packet that includes an overview of the panelists and an incomplete list of 10 frequent mistakes people make when selling a property. He purposely excludes a portion so that if attendees leave before the seminar ends, they will need to contact him for the information not included in the packet.
Tip #2: Target FSBOs
Dr. Bell likes to invite people who’ve concluded they’re better off selling their homes independently. The education they gain from your seminar will underscore your value and how much they need you.
“The emergence of the internet has really cascaded them into a realm to where they absolutely feel at this particular juncture that they don’t need you. But they do need you. The expired seller is out there. Also your average homeowner who wants to sell the property, but they’ve never sold a house before and they just wanna get some education in exactly what they should do, how they should prepare,” says Dr. Bell.
Researching how many FSBOs are in your market is the first step. There are websites that provide that type of information: forsalebyowner.com, fsbo.com, and fizber.com are a few great resources.
Tip #3: Leave time at the end for private conversations
Dr. Bell says that the payoff happens when the seminar is over. Allowing attendees to have one-on-one conversations with you and your team is when you will get most of your listing appointments. He finds that many people prefer to ask more personal questions privately. So be accessible afterward to have those conversations. By doing this, you will gain insight into a potential client’s situation and begin to build rapport.
Tip #4: Have a call to action
Always be sure to offer your services for a listing appointment before the seminar has ended. Don’t assume that attendees already know that this is your goal. Maybe the attendee is planning to interview some other agents. It’s important to be clear that you want to be one of the agents they interview, and hopefully the only agent.
“Our objective is to be in a position where you don’t have to interview those agents. You can just call us and we can come in and handle everything because there are already relationships that started to build. You are familiar with me. You just spent an hour-and-a-half with me. I gave you an additional 15 minutes. I am already familiar with your situation to a certain degree, so you can bring me in,” says Dr. Bell.
Tip #5: Follow up immediately
Do not wait! Call the attendees within a couple of hours after the seminar has ended. Things will be fresh in their mind, and this is an excellent time to ask if they have any more questions or want to set a listing appointment.
It’s also a good idea to send out a survey invite to get feedback. He says that when he first started these seminars, he received more feedback than listings. But this armed him with valuable information that he used to improve his seminars over time and gain more listings.
Dr. Bell says that one of the greatest benefits of doing seller seminars is that the ROI is, as he puts it, “unbelievable.” Just by having one seminar a month, the commission on one listing will more than pay for the cost of the seminar.
While we may not see a future real estate market like we’ve witnessed these last two years for a long time, getting back to the basics is something that we all may find ourselves doing. Seller seminars are a great way to get back to basics and control the inventory.
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