the 10 habits of highly effective auction marketers workbook 20130702
DESCRIPTION
ÂTRANSCRIPT
Copyright held by LJ Hooker Limited 2032. No duplication, copying or reproduction is allowed, whether in part or in full, without the express written authority of LJ Hooker Limited
The 10 Habits of Highly Effective
Auction Marketers
Student Workbook Verson 20130611
P a g e | 2
Contents Page
Program Outcomes & Our Values
Introduction
Live Auction Roleplay
Debrief – Auction Roleplay
Auctioneers Briefing
Reserve Meeting
Buyer Meetings
Open Home Roleplay
Vendor Communication and Education
Marketing Campaign
Listing Presentation/Consultation
Creating a Listing Opportunity
P a g e | 3
Program Outcomes
At the completion of this course participants should be competent in the following:
Increase List to Sale ratios and reduce Days on Market by discovering how to successfully list, market, negotiate and sell with the best process in the marketplace. This course covers:
Prospecting for Auctions
Listing Auctions – how to get in the front door
Perfecting the Listing Consultation
Expectation Meeting
Creating excitement in your Auction Advertisements
Effective buyer and seller communication throughout the process
Pre-Auction Meetings and Offers
Staging an extraordinary Auction Marketing Event
Post Auction Activities for Success
** Includes a live role-play auction event **
Our Values
We agree to turn our mobile phones completely off (not vibrate)
We can disagree with one another and provide feedback as long as we do so constructively
and respectfully.
We will all put on our listening hats when someone else is speaking.
Everyone will participate to the extent that he or she feels comfortable. You get out of a
workshop what you put into it.
We agree that this is the place to make mistakes and to learn.
We agree to each be responsible for our own behaviour.
We agree to be on time for each session
Sellers want 3 things:
1. Sell at the highest price
2. Sell within their time frame
3. Get on with their lives
P a g e | 4
Section 1
Introduction
The LJ Hooker Priceless Marketing Strategy and Auction Process is the purest form of property marketing available that has many benefits for buyer, sellers and agents. In order to master this method of sale you need to have a comprehensive understanding of the auction process, practise your questions, dialogues and listing consultation on a regular basis and be prepared to build more marketshare than your competitors. Circle which 7 traits you think are consistently displayed by our top auction marketers; Amicable Accessible Consistent Reactive Disciplined Information based Persistent Charitable Unmotivated Question Based Sarcastic Solution Focused Life Long Learners Arrogant Cautious Aimless What other traits do you think they regularly display? _____________________________________ Tick which sentences below you think our top auction marketers would use?
There are 2 main methods of sale, auction and private treaty, which one would you like to use? or There are 2 main methods of sale, would you be happy if I explain both of these to you?
The owners are very motivated to have a sold sign on the property on or before 25th, what price range have you been looking in?
or The property is going to auction on 25th, we think it will sell between $350,000 & $380,000!
Thanks for coming through the open home today, I would appreciate if you could provide some price feedback for the owners after you have had a look through!
or Here is a fact sheet on the property and after you have had a look through we can have a chat about your level of interest in this property. By the way, are you researching buying or
selling today? The contract contains relevant documents that will assist you to have confidence in bidding at
auction, when would be a good time that I can meet with you to discuss a strategy whereby I can assist you to purchase the property?
or Here is a copy of the contract for the property, look forward to seeing you on auction day!
P a g e | 5
Session 2 Fun Auction Roleplay 30 mins 3 bidders, 1 auctioneer, 1 listing agent, 1 supporting agent, 2 vendors,
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 6
___________________________________________________________________________
___________________________________________________________________________
Auction – 21 Molakai Drive, Mountain Creek Feedback: $460-$490K Bidders Sheet Reserve: $520K Total time for Bidding Sequence: 5 minutes Wait for 10 seconds before opening bidding then quickly move
Bidder 1 – Commence with opening bid $400,000
Bidder 2 - $410,000
Bidder 3 - $10,000 increase ($420,000)
Bidder 2 - $5,000 more ($425,000)
Bidder 1 – $430,000
Bidder 3 - $440,000
Bidder 2 - $5,000 more ($445,000)
Bidder 3 - $5,000 more ($450,000)
Bidder 1 – and $5,000 ($455,000)
Bidder 2 - $460,000
Pause bidding
Vendor Bid at $475,000
Bidder 1 - $485,000 – Wait until salesperson encourages you to increase bid
Bidder 2 –$5,000 increase ($490,000)
No further bids until salesperson approaches and encourages improved bid.
Bidder 3 - $495,000 }
Bidder 1 - $500,000 }
Bidder 2 - $508,000 }
Bidder 3 - $510,000 } Salesperson should be constantly talking to bidders
Bidder 2 - $2,500 increase ($512,500) }
Bidder 3 - $1,000 more ($513,500) }
Bidder 2 -$515,000 }
No further bids until auctioneer seeks instructions and salespersons advice from seller is property is on the market for definite sale.
Bidder 3 - $516,000
Bidder 2 - $1,000 increase ($517,000)
Bidder 3 - $518,000
P a g e | 7
SOLD
Session 3
Debrief from Auction Event Roleplay
1. Identify what participants observed during competitive bidding
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
2. Identify what participants observed in regard to on floor negotiation
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. Identify what participants observed about communication with auctioneer
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
4. Identify what participants observed about communication with sellers
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Identify what participants observed about communication with buyers
P a g e | 8
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. Identify what participants observed about getting property on market
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Identify what participants observed about increasing the bids from highest bidder
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
8. Identify what participants observed about the theatre of working the auction crowd
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. Identify what participants observed about focusing on under bidders
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. Identify how the auctioneer controlled proceedings
P a g e | 9
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Session 4
Auctioneers Briefing
1. What you believe sellers reserve will be?
____________________________________________________________________
2. What has feedback been?
____________________________________________________________________
3. How many if any registered bidders?
____________________________________________________________________
4. How many bidders do you expect to participate?
____________________________________________________________________
5. Where will bidding start and who will start it?
____________________________________________________________________
6. Where would you be comfortable for auctioneer to start?
____________________________________________________________________
7. Where would you like the auctioneer to push to before consultation?
____________________________________________________________________
8. Post auction interest on conditional basis?
____________________________________________________________________
9. Mandatory comments regarding property or people
P a g e | 10
____________________________________________________________________
10. Use of when and how vendor bid will be used?
____________________________________________________________________
Session 5 Reserve Meeting
1. How are they feeling about the process
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
2. Address any concerns they have
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. Discuss 3 possible scenarios
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
4. Discuss use of vendor bid
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 11
5. Ability to vary reserve
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. Strength of being "on the market" in competitive environment
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Protecting integrity of the property if no bidding or bidding is low.
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
8. What will reserve be and flexibility
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. What level should instructions be sought and test them on price
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. Summarize & identify best feature they have enjoyed by living there.
P a g e | 12
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Session 6 Buyer Meetings
1. Identify level of interest – no price discussion
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
2. Identify capability and capacity of buyers versus bidders, handling email and phone inquiries
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. Check contract compliance regarding settlement timing, deposits
P a g e | 13
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
4. Building pest reports etc.
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Bidding strategy regarding how much and when & encouragement to bid
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. What to expect on the day incorporating competition and vendor motivation
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 14
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Understanding buyer motivation and keeping momentum
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
8. Dealing with buyers wanting to buy prior or wanting to wait till after, no counter offers
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. Clarify buyer bonfidies, contract names/s, company names/s, super funds
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 15
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. Give confidence, education and build rapport – they are future buyers and sellers
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 16
Session 7
Open Homes – Roleplay Urgent buyer Sold their own home and will settle in three weeks time, need to buy and may be interested at the right price. When asked give feedback of $400 - $420k Possible Seller Show some interest in property but ask plenty of questions about market, how many buyers have enquiries about this one, will prices rise later in the year No interest/sticky beak neighbour Discuss trouble with noisy teenagers up the road, suggest sellers must be desperate because they are going to auction, give price feedback of $550 -$600k
1. Identify level of interest in this property and reaction to their price feedback
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
P a g e | 17
2. Identify suitability of this property
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. Identify if they have something to sell
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
4. Identify the business opportunity not concierge mentality
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Identify their market knowledge
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. Identify what other agents have commented on about other competing properties they have looked at
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 18
7. Identify specific price range they see property sitting in
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
8. Identify how to handle high volume opens vs low volume
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. Identify history of purchasing property and knowledge of auction process
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. Identify what is dominant buying motive and address with a feature or benefit of the property.
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
P a g e | 19
Session 8
Vendor Communication / Education
1. Post open home / inspection feedback
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
2. Written reports
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. Weekly face to face meeting
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 20
4. Phone / sms / email daily contact
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Weekly CMA's
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. Marketing and strategy changes – motivation
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Accurate honest market feedback by identifying specific price from every buyer
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 21
8. Feedback constructive discontent not negative
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. Structure to meetings to discuss, marketing, inquiry, inspections, 2nd inspections, offers, contracts
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. Vendors weekly expectation of price movement – thermometer
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 22
Session 9 Marketing Campaign
1. Identify buyer
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
2. Media mix
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. Construction of advertisements
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 23
4. Size & repetition, reach and readership
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Level of investment
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. Rotation of adverts and escalating motivation
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Variation of hidden price range in E2
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 24
8. Database marketing to past open home buyers and underbidders
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. Examples of previous successful campaigns
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. HTML emails, my ljhooker and social media strategies
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 25
Session 10 Listing Presentation / Consultation
1. Pre list qualifying
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
2. Using agenda to stay on point
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. JAQ rapport building
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 26
4. Market knowledge
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Methods of sale
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. Buyer behaviours
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Trial closing
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
8. Presenting CMA
P a g e | 27
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. Price discussion
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. Fee discussion & Marketing Investment
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 28
Session 11 Creating A Listing Opportunity
1. Prospecting techniques
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
2. Short term, mid term and long term contacts
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. LJX Sales
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
P a g e | 29
4. Ideal week
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Market monitors / research
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
6. Setting goals and knowing your numbers
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Agent profiling
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
8. Focus Marketing
P a g e | 30
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
9. Social media
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10. Scripts and dialogues – know what to say and when
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________