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SUCCESS STORY 1 (APRIL 2007)
Another Repositioning Experience by Bill Dellea...
261 Shawmut Avenue is an unrenovated single-family townhouse in the South
End of Boston. It is being sold as an estate sale. The executor had the property
appraised in November 2005 for $1,250,000. When the estate was in a position
to sell the property in May 2006, the executor decided that a selling price of
$1,300,000 would be appropriate.
The property was listed in May at $1,300,000 and drew considerable interest but
no serious offers. In July, the price was reduced to $1,200,000, but again no
offers materialized. Several buyers appeared interested in the property but were
wary of market conditions and the amount of renovation the property needed.
As the Fall Market approached, I had conversations with the sellers about the
idea of "drama pricing." I knew there were a few other unrenovated buildings
coming on the market in September. In order to create excitement for the listing
relative to this brand new inventory, we had to drama price the property. This
would give the property "top of mind" awareness even in competition with the
new inventory coming to market. Finally, worried that the home would remain
vacant through winter, the executor and the heirs to the estate agreed that a
drama or energy price should be set for the property in order to elicit a quick
sale. We recommended a price of $995,000 as a way to bring the most interested
parties to the table. We implemented the price change to $995,000 on a Tuesday
and had received three competing offers by the end of the week. We asked each
offeror to submit their highest and best bid, and all three offered over the asking
price. The home went under agreement (at more than 5% above the revised asking
price) by the end of the weekend. Closing is anticipated within three weeks.
Bill Dellea
Sales Associate
Real estate professional since 2000
Coldwell Banker
Residential Brokerage
SUCCESS STORY 2 (APRIL 2007)
Thanks to you all for making the “Getting What You Are Worth” seminar available to so many of us!
I leave with many useful business tools that truly fall in line with my personal business logic. “Education” is the key.
There have been very few times have I walked away from a closing at less than 3%. And felt that the ones I did, were definitely a mistake. My personal stats are 97% List Price/Sales Price and Average DOM is 40 over the past 4 years. I have never had a listing expire but have cancelled 3 because the sellers were not “getting it” and I felt I could no longer do the job without their understanding how it works.
I tell you all of this to let you know that I feel “validated” in my business beliefs after listening to and learning what you have to say.
Most importantly, thanks for your time and efforts on our behalf.
Regards,
Nancy Dansereau, Realtor
Coldwell Banker Residential Brokerage
752 Boston Post Road
Madison, CT 06443
Cell: 860-301-5148
Fax: 203-245-9548
SUCCESS STORY 3 (APRIL 2007)
Hi Denise,
I wanted to thank you and Jay again for the most powerful seminar I have ever attended. Ideas and new thinking are so much more beneficial to us than sending us home with a bunch of material that like you said, ends up in the trunk of your car. The important thing we all took with us is that your timely message is one of truth -- not just another part in a play.
I have already had 2 price reductions since the seminar with my educating the sellers. The second family I met with last night after sending them an email the day after the seminar asking for an appointment to reposition their home in our efforts to get it sold quickly for the highest price. They had listed 3 wks ago (we've had only 1 showing) because they listed too high for the competition -- $674,900. I took this listing before I had the extra confidence you instilled in me through the seminar. After spending an hour going over the CB charts and your important material, they asked me where they should be. They only wanted to drop to $639,000; but shortly after, decided to REPOSITION to $634,500 at my suggestion. They also asked me about their brochures, and I politely explained that now we are at an "energy" price,
Thanks again for the strong reinforcement and fun at the same time!!
Nancy Stewart
Coldwell Banker, WestonTown Center
SUCCESS STORY 4 (APRIL 2007)
Dear Jay and Denise: I just wanted to take a moment and thank you from the bottom of my heart for what I view as the best training program I have ever seen at Coldwell Banker. This program was timely, sorely needed, very informative, and extremely valuable with concrete advice and strategies that I am using everyday now. With this new training I have shortened my presentation time to about an hour total, instead of two plus and even sometimes three hours! Also, I am cutting the time wasted when I cannot get an unsalable, useless listing. Everything is out in the open. The information was jam-packed into these classes, and it has been extremely helpful. I also want to add that I have taken many other real estate training courses, and although I picked up some good stuff and made money I can no longer use their 2-3 hour listing appointment approach!
Jim Gatos
Worcester Park Avenue Office, MA
SUCCESS STORY 5 (APRIL 2007)
Dear Jay and Denise:
My partner Venus and I loved the seminar! We knew we had a listing
appointment in our farm area on Friday afternoon (right after the seminar
ended) with a FSBO that was way over-priced and very concerned about
commission. We downloaded the PowerPoint replaced the
photos in the presentation with photos of their house - added slides with
the "Recent Sales Data" and the icing on the cake, this graph - Thanks
Budge! - showing that the buyer pool for homes between 250k and 400k in
Broward County had not changed at all over the past 14 months, only that the
inventory had grown.
Venus did the educating segment and I went over the "recent sales data" and
the graph above as well as a couple of others I had made up prior to the
super cool i-tool - talk about a time saver.
It was incredible - they got it - as a FSBO they were priced at 399k - when
we started the appt. they said they wanted 389k - when we were done with our
presentation - they had changed their price to 345k - which is not quite a
"drama price" but a great price nonetheless and they know if it doesn't work
we will be back in 2 weeks to "reposition". I then plugged that into my
netsheet on our laptop and showed them best and worse case scenario and that
was it - no commission questions asked! Listing signed at 6% for 6 months.
Did I mention we were up against two big competitors? Talk about
EMPOWERING!!!
Thanks again to Denise, Jay and to all that made it possible, and those
other agents at our office who didn't go to the seminar are going to be at
the next one because we are going to be spreading the word and the
enthusiasm!
Bonnie Shabano Dickey
Fort Lauderdale, FL
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