This Memo is a continuation from last week when we discussed the C-L-M (Come-List-Me) call ☎️ and the Seller Information Form.
Here’s how to explain why you need their email addresses:
“I’m going to send you a link from our system showing ALL of the recent comparable sales so that you can view each one of them in detail before our appointment.” – This piques their interest. They WANT this information!
“This will save time during the appointment.” – Everyone wants to save time!
“The reason I need both your email addresses is that some email servers have different levels of security for messages containing links, so I want to make sure that at least one of you receives the information.” – True and understandable!
Having both email addresses (for a typical situation with two decision-makers) also increases the odds that both decision-makers will look at the information before your appointment.
You want to get this information to them as soon as possible, but you also want to give yourself enough time to carefully consider how to extract the best possible comparables— the ones that will guide your clients to the correct price.
Even if your Listing Appointment isn’t for several days, the sooner you get started on the CMA, the more time you will have to “stew” on the best strategy, even on a subconscious level.
I can’t tell you how many times I would think I had it all figured out, but then I had an epiphany moment —sometimes in the middle of the night—that helped me to look at the pricing of a property from a completely different and unique perspective.
Your brain is far more powerful than you realize, but you’ve got to get it started and let it run.
If you give yourself enough time, it’s always good to come back to your CMA the day after, and re-examine your criteria. This process is both an art and a science, so don’t rush it.
The opposite of the above is the agent who waits until the last minute, runs off a few comparables on his way out the door, checks them at the stoplights, and shows up feeling flustered and ill-prepared.
Please don’t be that guy. He’s poor, you know.
Back to the email:
As mentioned, there’s a balance on the timing. You want as much time as possible beforehand to think about and re-think your criteria, but you also want to send the information at least 24 hours before your appointment. This is why you should always try to book your listing appointments a minimum of two days ahead, preferably three.
If your appointment is on Thursday evening, for example, try to send the email on Wednesday afternoon, and ask for a confirmation that they received it! If they don’t respond to the email, text them! Emphasize the importance of them reviewing this information before you get there.
I typically would send a link for TEN sold comparables, using the best available format from their perspective, and explaining the exact criteria I used:
“Attached are ALL of the sold comparables matching the following criteria:
- Geographical Area;
- Size range;
- Type of property;
- Price range;
- Date Range;
- Etc (anything else that is relevant).”
The exact process I use to establish the criteria, including how I exclude outliers (the ones that risk drawing your client to the wrong conclusion), is beyond the limited scope of this Memo, but it is logical, learnable, and powerfully convincing.
Here’s WHY you’re sending this information BEFORE the Listing Appointment:
It’s to allow your clients to look at all the data in as much detail as they wish, in the comfort of their own home, on their personal computer monitor, for as long as they want.
Remember, this is the most important and relevant information they can get. Why would you want to rush this part of the process?
Here’s a simple, powerful fact that most REALTORS® don’t seem to get:
The BETTER the information you provide, the more likely people will make informed, intelligent decisions.
If you do this right, what conclusions might they gather, based on the valuable information you’ve given them?
It’s the cold hard truth that their home isn’t worth what they thought it was.
It’s not their fault they thought their home was worth more! Before you sent them proper data, all they had to compare to were the over-priced active listings, or as I like to call them; the FAILURES.
You’ve now completed the most difficult, time-consuming, and contentious part of the listing presentation, without saying a word, and before you’ve even met them.
Does this really work?
Well, I can only speak from my own experience.
I was known for consistently pricing my listings at the sweet spot—not too low and not too high. This meant that my clients typically sold their homes quickly and very close to the asking price.
I hardly ever had to argue over the price. If anything, sometimes they wanted to start too low, and I had to talk them up.
Guess who was a hero to his clients, thrived on a constant stream of referrals, and never made a cold call once in his entire life?
Me. That’s who.