Welcome back, Friends! Our podcast has received another award from AVA Digital Awards, an international competition that recognizes excellence by creative professionals in the area of digital communication. We received a Gold Award for Podcast and Audio Production! We have another amazing award-winning guest today! She has been recognized as an amazing instructor, having received the ABR® Hall of Fame Award, the REBI Distinguished Educator Award, REALTOR® of the Year, and Educator of the Year, both from the Illinois Association of REALTORS®. She is one of the primary authors of the ABR® designation course and we are thrilled to have her back with us again. She was with us last year to talk about the changes in the industry and how to prepare for them. We will link to that episode in the show notes. Today, we are going to dig in deeper with Lynn, specifically about ways to show your value to your clients. We must improve our skill in communicating what we do and how valuable our skills are to our clients. We have two episodes this month with Lynn, and I hope you can listen to both of them! They are worth your time! [3:19] Build your value proposition; if you don’t quantify what you’re doing, you don’t know the value you bring to buyers. [4:46] You need the client to know what you do for them. It is sometimes harder and more work to get a lower-priced transaction to the closing table. The average buyer doesn’t know the value you bring if you haven’t explained it to them. [7:39] Lynn notes that “value proposition” is sales language and people don’t want to be sold, they want to buy a house. Tell the buyer about the value you bring them, not about your value proposition. [8:29] A contractor building a house has a standards sheet showing what is included and some optional upgrades. Lynn talks about using a Buyer Representation Agreement. Lynn makes sure the buyer understands the “big bucket” things she does for them. [11:38] A weekly call with buyers keeps them updated on what you have done for them to help them buy a house. Lynn thinks we all should be doing that. [13:46] Lynn tells buyers that not all available properties are on the internet and not all properties on the internet are available. [14:03] If you don’t consistently touch base with the buyer, they go out looking with other people. Stay in touch weekly with your buyers! [16:59] Use your analytical tool in your MLS and communicate to your buyers what the market is doing. Lynn shares a recent example about pricing listings. [18:34] It’s hard for buyers to see we have an inventory shortage when the houses are everywhere. Unfortunately, in many cases, we’re not communicating this to our buyers. [19:24] In your weekly call with your buyer, share data, such as the updated absorption rate. In the market niche you’re looking at, what went under contract this week? [20:03] Lynn shares a story from her travels. Lynn shares more facts about the absorption rate or month’s supply of inventory. [24:36] You would have a license law problem and a code of ethics problem if you showed houses to someone in an exclusive contract to purchase with another brokerage company. [28:16] If something changes along the way, you may need multiple consultations. [31:23] Sellers are now recording the agent and buyers going through their homes. So we have to be careful what we talk about. This is a relationship business. We build relationships in person. [33:54] Some websites pull the new listing data in the middle of the night. That puts them almost 24 hours behind the MLSs. This happens in a counseling session. [34:36] Lynn’s last word: “NAR has a website called Competition.realtor. On there find ‘105 Things that Buyer Agents Do for Their Buyer Clients.’ [35:20] It might help you to formulate your value proposition. Find out what you’re passionate about, that your buyers have benefitted from, and talk about that. [38:05] Kudos for doing your best to get your clients the help they need and want. The Center for REALTOR® Development offers excellent training and you can find live, live virtual, and online courses, designations, and micro-courses. Check out the ABR® offerings locally or at Learning.realtor. Tweetables: “You go too long without talking to somebody and you can’t figure out how to get yourself back on track.” — Lynn Madison “Not all of the available properties are on the internet and not all of what’s on the internet is available. We have stuff in the MLS that they don’t see. Most MLSs do.” — Lynn Madison “This is a relationship business and it’s hard to build a relationship if all you’re ever doing is communicating with somebody via computer and texting.” — Lynn Madison “I talk with my buyers a lot about my having at least 10 different ways to make their offer stronger in a multiple-offer situation.” — Lynn Madison ...
