Did you get into real estate just for the money? Or is there more beyond real estate?

To be really successful in real estate, you have to be winning in all areas of your life because they’re all connected. When you fail or succeed in one part of your life, it affects everything else.

To give you a framework, here’s an overview of the 7 Domains of Life:

1. FINANCE. Are you making enough money to secure your family’s future?
2. FOCUS. What are you focused on? What is your major purpose in life?
3. FEELINGS. Your emotions (whether it’s fear, uncertainty, or confidence) drive your actions.
4. FITNESS. Watch your health because your body is the only vehicle that will help you achieve your goals.
5. FAMILY & FRIENDS. How are your relationships with the people that matter most to you?
6. FUN. Laugh, play, and do something you love so you can recharge & function well in the other domains.
7. FAITH. This is not necessarily religious, but what do you believe? It’s your moral compass. It’s your values of what you believe about right and wrong and about power and about the universe, about God, about people. 

How do you handle this FSBO objection when they say they’ve already sold their home?

1. Congratulate them. First, take it at face value and congratulate them. And then ask them a few questions (Have they signed the offer? Has the earnest money been deposited?). Never sound skeptical or make the FSBO wrong. 
2. Offer help. Ask if they have any questions or if they need help going through the process of making sure that the transaction closes. You can offer your services for a reduced commission (1 or 2%). 
3. Don’t buy their story. Don’t believe that they’ve actually already sold the property. They’re inexperienced with the entire process, so the deal could still fall through. 
4. Follow up every week. Don’t worry about being annoying or pushy. Call them to simply touch base and find out how things are going and if there’s anything you can do to help.
5. Come to the rescue. There’s a good chance that the transaction won’t close, so be ready to come to the FSBO’s rescue. Because you’ve already established credibility and trust with them, they now feel that you’re on their side and that you’re genuinely willing to help.

More and more price reductions are happening as the market continues to shift. So how do you do a price reduction? What do you do when a listing sits on the market too long? 

1. START WITH THE RIGHT PRICE. It’s better to start with the right price rather than come in weeks later and do a price correction because the most motivated buyers have already seen and rejected it the first week it came on the market. 

2. BE UPSET ABOUT IT BEFORE THE SELLER GETS UPSET. If the listing doesn’t sell 4-5 days after it goes on the market, have an honest conversation with your seller about the situation. When you let them know that you’re not happy about what’s happening, it shows them that you care and that you’re on top of things.

3. SHOOT STRAIGHT WITH THE SELLER FAST. Tell them that you have to do a significant price reduction ASAP so you can reach the most number of potential buyers.

4. KEEP IT ABOUT THE MARKET. It’s all about the market & what buyers are willing to pay.

5. GIVE THEM FAIR WARNING. Four or 5 days after it goes on the market, suggest doing a price reduction to your seller.

6. REDUCE THE PRICE SOONER RATHER THAN LATER. A listing becomes stale the longer it sits on the market. When people see that a listing has been on the market for so many days, they will wonder, “What’s wrong with that house?”

7. BIG PRICE REDUCTIONS ARE BETTER THAN SMALL PRICE REDUCTIONS. When you do a big price reduction, you reposition your listing on the market & increase your chances of getting multiple offers. 

Most importantly, have certainty and confidence with your sellers to lead them to make sure that they get the right price for their home. 

If you want to win in a changing real estate market, these are the 2 Most Important Market Stats to track EVERY WEEK.

1. Total number of active listings in your market right now. How many homes are on the market today? Tracking this every week lets you see trends in supply and demand over time.
2. Number of price reductions in your market every single week. How many price reductions were there in your entire market in the last seven days? Also break it down into the micro market level of individual suburbs, towns, or cities.

When you know what's happening in your market, you gain confidence & knowledge. This helps you communicate better as you’re marketing to your database, doing lead generation, and handling pricing objections.

If you want more winning strategies for adding 2-3 more deals every month, I’d like to invite you to join me for my FREE live webclass called, How to Win in a Changing Market. Register for free HERE >  https://bit.ly/3wUq9Hs