A Winning Low Offer Strategy
When you receive a very low offer on one of your listings that is priced right, what’s your strategy? In many cases, the sellers may become angry with you for bringing them a low offer. The question is, how will you handle it?
If your sellers become angry over a low offer that you or another agent has written, here’s a tried-and-true script that works like charm:
Mr. and Mrs. Seller, I would have liked nothing better than to bring you a full price offer. However, the buyers have elected to write an offer that is substantially under your asking price. My experience has been that about half the time we can put these together if you will write a counteroffer and continue the negotiation.
This approach almost always works, but what do you do when it doesn’t?
If your sellers are really angry and they never want to hear from the buyers again, you can always suggest that they counter the buyer over asking price. I’ve had two occasions where the sellers did exactly that. My clients were actually gleeful about giving the buyers a taste of their own medicine. Keep in mind, however, the best course of action is to keep them at the negotiation table.
Setting Priorities: Who’s Closest to the Money?
Most agents respond to their clients on a first come, first serve basis. A much smarter strategy is to focus your efforts on those clients who are closest to writing an offer or listing their property.
To do this, at the beginning of each week, ask the following question: “Of all the leads and clients that I’m working with, who is closest to the money?” In other words, which clients are most likely to list or buy a house?
Tracking who is closest to the money is also smart way to sort through your daily activities. If you have a deal that may be falling apart, it is more important than taking out new buyers. The transaction problem must be your highest priority. If you have to cancel the buyer appointment, so be it.
Once you identify your top priorities, focus your efforts there. Also, if you have unrealistic sellers or buyers who are wasting your time, decide whether allocating time to them or referring them to someone else is the best strategy.
How to Overcome the Fear of Rejection When Prospecting
Do you put off prospecting activities because you fear being rejected? If so, you’re not alone! Here’s a quick tip to help you move past your fear and into the habit of regular prospecting activities.
A great analogy to use is a game of cards. For example, there are 52 cards in the deck—your job is to find the 4 aces that will do business with you now or in the future. There’s nothing wrong with the other “cards”—they’re just not what you’re looking for right now.
Consequently, when someone says “No,” just remind yourself this person is a “discard” not an “ace.”
In contrast, search for and “save” your aces—they’re the ones who put the “pot” of money in your pocket.
Recognizing When It’s Time to Stop
Several years ago, I had quite a few conferences in one month and the travel costs were really adding up. We had just gone to one credit card for our company and one for personal, doing our best to “pay as you go” instead of incurring credit card debt at over 20 percent per year.
After searching multiple travel sites until 1:30 a.m. in the morning, I couldn’t find a flight that worked within my budget and finally called it quits. 
The next morning, I decided to bite the bullet on the airfare costs and went back online to reserve my room. When I clicked on the pay button for my stay, a message appeared: “Sorry, we’re sold out.” Not only was the room block sold out, the hotel was sold out as well.
I called the hotel and asked what was in walking distance. They gave me names of two nearby hotels. I went to Priceline and found a package deal that saved me over $500 for that trip.
So, here’s an important takeaway. When you find yourself in a situation where nothing seems to be working, stop and take a step back from the problem. Sometimes there’s a reason you’re being stopped.
Rather than trying to force yourself deeper into the corner, turn around and walk away. There is probably a much better option once you are willing to look elsewhere.
The One Step You Need to Take Today to Survive NAR’s New Commission Rules in July
Regardless of what happens going forward with the lawsuits at this time, the NAR owned MLSs will stop displaying a buyer’s commission fee sometime in late July. Furthermore, NAR’s new rules will require you to have a signed buyer
brokerage agreement to show a listing through NAR MLSs.
Due to these changes, experts are now saying 40 percent of all agents will be forced out of the business.
While it’s critical that you master the new conversations for today’s post commission lawsuit environment, it’s even more important that you strengthen your overall lead generation and conversion skills.
Today’s interview with Jeff Lobb ran 35 minutes. I was only able to cover about 10 minutes of that content in my article today. Our Listen and Learn Real Estate Premium subscribers are getting all Jeff’s interview content (and ALL my other interview content throughout the year), for only $97.00 per YEAR.
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