Posts Tagged ‘selling’

How to Spot a Bad Business Broker

February 16, 2015

detectiveWhen selecting a business broker to help sell your business, make sure to watch for the red flags in their business plan. These few tips can help you save time and money during the selling process.

The broker wants a significant or total fee paid up front:

Many brokers have begun taking upfront fees, but generally the total fee is a combination of an upfront fee and commission paid upon sale of the business. An unreliable broker meets with you, runs some quick numbers, tells you that you can get your price or even more for your business, and then asks for a check to get started. In many cases, business owners are so relieved that they’ve found a broker and elated that they’ll write a check on the spot, without checking any references. “They get to ‘take away’ your check when they leave and you may not see them again, if they can help it. (more…)

It’s Time for a Price Adjustment

September 8, 2014

home_pricingThe story is all too common. During your initial listing appointment, you agreed on a price with your sellers. You’ve worked tirelessly with that listing for several weeks (or months), had plenty of showings, put in the research, and you’ve found there’s only one problem: The price is too high. Your clients have already explained to you that they “need to get this amount out of the sale”, and you know that bringing up a price drop will probably cause some friction if not an outright “No!”

Before you start stressing out, remember that a price reduction in is in their best interest and you have a professional obligation to tell them what they need to do to get them home sold. With proper preparation and solid tactics, you’ll not only get the property priced to sell, but you’ll also gain lifelong clients that will truly appreciate you.

Here are 5 ways to properly handle a price drop:

  1. Set the stage: When you take the listing, tell the Seller that although you are comfortable with the price they have selected, the market constantly changes and it’s your job to monitor the market activity and let them know about any changes that affect the sale of their property. Explain that some changes could make it necessary for them to re-evaluate their pricing strategy.
  2. Stay in touch: Before you can even start suggesting a change in price, your clients need to be able to trust you and see you as a professional. The best way to accomplish this is by having regular contact with your clients, even when there’s nothing to actually report on the listing. I suggest calling them at least once a week to give them an update on their home. If you constantly keep them up-to-date with the latest developments, there’s a much better chance that they’ll understand the reasoning behind the needed price reduction. While they may be disappointed, they’ll know that you’ve been working hard and that this is the best option.
  3. Have an in-person meeting: The last thing you want to do is upset your clients, and there is a much higher probability of them being upset if you simply call, email or text them that they need to drop the price. Plan a get together at their home, a local coffee shop or your office. Face to face meetings are always more effective.
  4. Be prepared: Do your research. Be prepared to discuss the state of the market, recent transactions in the area, showings and feedback on their property. Properly presented, it should be clear why you are recommending a change in the pricing strategy.
  5. It’s a “price adjustment”, not a “price reduction”: A surefire way to upset your sellers is to bring a negative attitude and connotation to the pricing discussion. Instead, you should keep positive and upbeat about the situation, and concentrate on the fact that this will help them sell their home and move on to the next phase in their life. Also, using the word “adjustment” instead of “reduction” is a more neutral term.
  6. Listen and respond: Your clients will definitely have questions during the meeting, and if you aren’t listening to the true meaning behind each question, there’s a good chance you could end with an unhappy client and continue to have an overpriced listing. Listen carefully and be sure to respond to any objections you may hear, but don’t be defensive. Be understanding and mindful, and you’ll end up with happy clients.

What are your tips for price adjustments? Please comment below!

Objections are a Gift!

June 30, 2014

handling_objectionsMost real estate agents hope that their prospects won’t raise any objections. Instead, they should welcome them and see them as a gift! Anytime a prospect raises an objection, it provides an opportunity for the agent to earn their business.

Objections are a good sign because few prospects will bother to throw out an objection if they’re not interested in proceeding. When someone raises an objection, it simply means they have a concern and want or need to know more.

Depending upon the nature of the objection, objections can be dealt with in several different ways: (more…)

Listing and Selling Businesses – Now or Never?

May 28, 2009

now-or-laterIs it a good time to list and sell a business?

Yes, if you follow a few simple steps. First, you need to have an understanding of the business industry. If you want to list a dry cleaning business, take time to really familiarize yourself with the business culture and language. I’d recommend selecting an industry that you’ve worked in or have an interest in. If it’s an area you don’t know much about, again, do your homework. If you don’t prepare for a listing appointment adequately, you will appear less than confident and have trouble earning the business owner’s respect.

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Writing Property Descriptions/Ads That Sell

April 30, 2009

Writing property descriptions/adsI look at listing descriptions every day. I’ve seen some that are great and some, let’s say, that are not so good.

 

If you’re not a writer (most people aren’t), don’t be intimidated. Most of the time, agents look around to see what other agents are saying about their own listings. It’s how ideas are sprung.

 

In this day in technology, I’m almost embarrassed to give you this suggestion…but it works. When you first get a listing, take your digital camera and an old fashioned clipboard and walk room by room through the house and write down the features. If the foyer has hardwoods, write it down. Crown molding in the dining room, write it down. Walk-in closets in every room, write it down. You get the jest of it. And take photos of every room. This will help you when trying to remember details when you get home and start writing the description.

 

Here are a few more tips:

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