Want to know more?   Contact us today.

When the Market Turns

During the boom, I heard many salespeople talk up their results. Many of them are quiet now that the market has turned. Now I see many leaders and salespeople in a state of panic. They’re not making sales and they’re blaming the buyers.

It’s time to get out of panic mode and get to work.

Do you have listings? How many are you personally managing? If you have stock, you can talk to the owners about the state of the market. If they want to sell, they must understand that their properties are commodities on a market. Overpriced properties don’t sell.

Are you prepared to recommend that people withdraw their property from the market if they won’t reduce to a price that sells? What good is overpriced stock and stubborn clients? They demotivate you and give you false hope. Some sellers need to be politely ‘fired’.

Are you prepared to prospect to increase your chances of having motivated sellers to work with? Inaction has consequences. So does action.

Don’t blame buyers. They will buy properties that are priced fairly for TODAY’S MARKET. You are not paid to get yesterday’s prices.

If you want to motivate your buyers, motivate your sellers first!
Properties that are priced right sell.

The days of “If we get our price, we’ll sell” are over! This is not the market to ‘try’. This is print-age mentality. In the days of print, about 1 in 30 used to buy the properties they enquired about. In the age of digital advertising, it’s more like 1 in 6. Sellers who sit on the market overpriced, burn good buyers.

Consider the Digital Footprint – if buyers see an overpriced property sitting on the market, they begin to wonder either of two things: What is wrong with the property, or

What is wrong with the owner?

They think that something is wrong with the house, or that the owner doesn’t want to sell. Either is not a good reputation for sellers to have, about themselves or their property.

In the days of print, sellers could sometimes find a naïve buyer who would pay over the market value. They don’t exist anymore. Buyers do their research online and know current market prices as well as agents. Holding out for a price is an outdated strategy, especially in a falling market where the longer you wait, the lower the price you will receive.

The skills you needed during the boom are different to the skills you need when a market turns. Now you must have those tough conversations with you sellers. Put price on the table and address it head on. Avoid those conversations and you’re sure to fail.

Sales success still comes back to this one question:

“If your listings were half price, would they sell?”

A good question to ask your sellers, too.

Gary Pittard

Recent Articles

The True Cost of Incompetence

Leaders often think that the cost of having an incompetent salesperson on the team is the wage paid to that person. There is a lot more to lose with a...

Great Expectations

In this short leadership session, real estate agency profit consultant, Gary Pittard, explains that a team will never exceed its leader's public e...

The Impossible Gap

Agents who inflate the likely selling price with sellers in order to win the listing - who 'buy the business' - might get away with it during ...

Before the Close

In this short sales session, real estate agency profi...

Four Steps to Turn Around Struggling Salespeople

Struggling salespeople - we've all had them. They can be frustrating, and they can cost your company a lot of money. So how do you know whether to per...

Great Leader or Pretender

In this short leadership session, real estate agency profit consultant, Gary Pittard, points out the difference between great leaders and great pr...

Self-Management

Do your results fluctuate? Are they persistently low? Have you ever found yourself blaming outside forces, such as the market or difficult clients, fo...

Doomed to Fail

In this short sales session, real estate agency profit consultant, Gary Pittard, says that salespeople who will not train are doomed to fail. T...

Talent Scout and Coach

To maximise profit, two of the leader's most important roles are Talent Scout and Coach.

Leadership: Not Just Bossing People About

In the 21st century, employees work with leaders, and not for them. "Generational differences have changed the face of employment" says...

Pipeline of Prospects

"The30-Day Rulestates that the prospecting you do in this

Price and Time

In this short sales session, real estate agency profit consultant, Gary Pittard, discusses the danger in allowing sellers to stay on the market ov...

Want to reach your profit potential? Contact us now.

Pittard


Suite 71, Level 4
330 Wattle Street

Ultimo NSW 2007
Australia


Mailing Address
PO Box 2045
Strawberry Hills NSW 2012


: (02) 8217 8500
Fax: (02) 9281 4198
AUS Free call: 1800 663 600
NZ Free call: 0800 448 065
International: +61 2 8217 8500

: info@pittard.com.au

Contact Us