“When the market slows, I have three goals:  first, add more prospects to my database, second, practice my sales skills, and third, make money.  Here’s how I accomplish these and come out of hard times stronger than ever…

I follow these three steps in slow times to build my business:

Step 1:  Show Rental Properties

I search the MLS and identify good rental properties to show.  I also start advertising rental properties on free websites or put cheap classified ads in the local paper.

Here are two great (and free) places to post local ads for renters online:

• Craigslist.org
• Kijiji.com

Here’s an example classified ad I use to pull in renters:

Renters!  Find your perfect place.  Free

consumer report shows you how to

negotiate your lease and save money.

Call 24 hr. recorded msg 888-8888

Step 2:  Provide Excellent Service

Even though I’d rather sell someone a home, with renters I want to build a life-long relationship for future business.  So, I take them through the same process as I would with buyers and provide just as excellent service to WOW them.  This really pays off in referrals as renters are around other people who are just like them—ready to find another place to rent or buy a home.

Step 3:  Follow-Up After the Transaction

After a renter signs their lease, they get added to my database and I follow-up with them throughout the year until they are ready to buy a home.  You can use regular post card mailings or a monthly newsletter for this since you know their exact address!

Rentals usually pay anywhere from $200-$500 and I now have a prospective home buyer. I love it!  And these steps will help you too during this slow market.”

Here’s a strategy to get clients to agree to a price reduction at the listing presentation.  This virtually guarantees your listings won’t sit on the market for months.

Agent Francine Hoffman created 1) a simple script that educates clients on why they need a price reduction and 2) a form that spells out the adjustment details in crystal clear terms.  This way there’s no begging, arguing or hard feelings.

You can use this price reduction script and form “as is” or modify it to fit your personality.  Either way it helps to overcome tension and allows you to get an agreement from sellers before it’s too late.

Here’s Francine’s description, script, and form below:

“I created this many years ago when I sat back in my chair one day and asked myself this question, ‘What is the worst thing I have to do in my real estate business?‘

I thought for a few minutes and this is what I came up with.  I hated calling my clients up and asking for a price reduction.  It is such a negative call and no one is happy at the end of the day.  So I came with a way to make it a more pleasant process for everyone involved…

When does the client love you?  Answer:  When they sign the listing agreement with you.  So why not stay a few minutes longer and educate the client on what will happen from that day forward.  This is how my script goes:

Next, I pull out my form that I call my ‘Price Adjustment Schedule‘.  Here’s a snapshot of what my form looks like:

click to enlarge image

Now this is signed at the same time as the listing agreement.

This way the clients know what to expect.  They have signed the agreement and now when I call them I say, ‘Folks, I have some good news and I have some bad news.  The good news is we have had ‘x’ showings.  The bad news is we do not have any offers, so we will have to put plan ‘B’ into place, the Price Adjustment Schedule.’

They already have a copy and you ask them to pull it out and you can go through it with them.  Also make sure they have a copy of your marketing plan so they know that you are not just adjusting the price of their home, you are doing other things as well.

This form and process works wonders for me and I don’t feel like I am beating people up anymore, they know what to expect.  And as a result I’m able to sell my listings faster at realistic prices, and build a base of clients who respect me and stay with me for the long-term.”

You may already know that short sales can be a long and involved process, and frustrating for everyone involved.  The secret to eliminate many common headaches is getting the property ‘pre-approved’ for a short sale offer, while gently guiding the sellers in order to avoid potential disasters.

Would you like a quick reference for exactly what you need to get short sales pre-approved in record time?  Agent Terrence Hassett explains how to do just that in three simple steps.

Here’s Terrence’s description in his own words:

“Co-op brokers are wary of short sale offerings, due to the risk of last minute fall-out or problems over commissions.  By counseling your sellers to submit EARLY, you can usually get a ‘pre-approved’ short sale offering, and head off some of these problems.  Here’s the best way to approach this…

A. Start by obtaining the submission package from the lender or have your own, including:

B. Counsel your sellers as to the potential problem spots up front, like:

C. Let sellers know that the lender will likely ask for:

If you can get your short sale pre-approved, you can offer the listing with a higher probability of closing.  And these three steps will put you well on your way to a complete package for an offer submission.”

“What are some of the things buyers look for in a new home?  Many times they look for things they don’t have in their current home, like a ‘showcase’ bedroom.  What is a showcase bedroom?  It’s a bedroom that looks like it came right out of a major magazine.  More than that, it’s a room where buyers can imagine themselves living in the home.  Here are four tips for creating a showcase bedroom:

The bedroom is a personal space for the buyer.  Creating a great bedroom isn’t just about the furniture, but it’s about turning an ordinary bedroom into a place that will comfort a buyer to escape from the rest of the world.  So spend a little time and energy to really look at the bedroom from a buyer’s eye and your house will sell faster.”