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R

Retrieve G
Golden
ld Results
R l with
h Ch
Cheryll
Hi! I’m Cheryl Ritchie, with RE/MAX 100. I’m a Realtor just like you
and I Service the Southern Maryland Marketplace right outside of
Washington, D.C. If you think of Annapolis
p or Baltimore or
Washington,
h D.C,
C think
h k off me ffor your Southern
h Maryland
l d Referrals.
f l
It’s a Kaleidoscope of Bay and Boats and Beach and Barns and
Cows and Fields and Horses and it’s a pretty place to be right outside
of Washington
Washington, D
D.C.
C
Welcome to my 2010 Golden Results Pricing Workout!
FIRST: Internal Pricing Dialogs..This is a Front Row Seat
to my Pricing Approach..

SECOND: External Scripts… then A Real Live Pricing Workout


P
Practice
i Session…Already
S i Al d Delivered
D li d on a
Southern Maryland Listing (with signed price reduction attached)!
This is what I say…Have your PDF ready to practice today!

THIRD: Toss Me Your Objections and Q&A!

FOURTH: NEW Powerpoint Listing Presentation Rehearsal Upon


R
Request.
t PPricing
i i S Scripts
i t Ab
Above IIncluded.
l d d Thi
Thinkk , S
Say, D
Do!!
If the Lord’s Prayer, the Gettysburg Address and
the Declaration of Independence can all be read in
under ten minutes, we can do this in 30-45!
Think about Noah’s Arc. His boat had to float. He had to
select the correct cargo and crew and shipmates so he could
sail everyone to SETTLE on safe shore. Sound familiar?
Remember, when you do not take or do not get the listing,
sometimes Sellers
S ll h
have d
disqualified
l f d themselves,
h l so send
d them
h
roses in your thoughts.

Not all people


“Not p opl ddeserve
s rv a front
ront row seat
s at in your life.
li . Some
Som you
send loving thoughts to from a distance.”

And some you just throw off the bus. That’s my rendition of the
quote.
t O Or iin thi
this case, th
the b
boat,
t or th
the A
Arc …as iin N
Noah’s
h’ AArc.

It’s Okay. That’s what I want you to know, Leslie, it’s okay.
How is taking an Overpriced Listing Like
D
Dating a Married
M d Man?
M
They are not available
available.

There is no to low return on investment.

There is opportunity cost. While you are busy with the


wrong thing, the right thing cannot come along.

And if you are unlucky enough to get one of them, they will
make your life miserable.
It does not matter who wants you. What Inventory do you want? Who do you
want? Who has a compelling reason to sell? It’s like a woman in her 50’s
approach.
pp Sometimes
S the best lesson you
y get
g is that you
y know everything
y g y
you
do not want. Which means you know everything that you do want. YOU
KNOW. This Pricing Workout places the decision clearly in front of you.

How many hours


H h d
do you spend d Marketing
M k ti g and d Selling
S lli g a Listing?
Li ti g? ANSWER
THIS! This has increased with Social Networking and Tech Tools! Look at
your hourly time investment versus return on this investment. Can you afford a
p
stuck in concrete, overpriced listing
g with a Seller who has alreadyy disclosed to
you that they are unreasonable and unrealistic ? And in addition who most
assuredly is going to be a daily Brain Drain? NOTE: This Rhymes with Pain!

Remember the Garth Brooks song


song, “Thank
Thank God for Unanswered Prayers.
Prayers ”
You know the story about the man on the sinking Boat? No Noah Story
here. Well a boat and p
plane arrived to rescue him and he kept
p waiting
g for
God to arrive. When he asked God what happened at the pearly gates,
God said, “Well, I sent you a boat and a plane…why didn’t you take them?”

My question is, is why don’t


don t you listen? They may be disqualifying
themselves and you need to HEAR so you don’t get yourself kicked in
the REAR. Cut your Losses HERE on overpriced listings. You are a
store with an inventory to sell and you cannot afford to stock your shelves
with
h inventory that
h d does not or willll not sell.
ll DDo you want ffresh
hbbread
d or
stale bread on your shelves? Stale Bread that’s been on the shelf too long
sells for stale bread prices. You see my Levitz Background here.
Q
Quietlyy do the MATH. If it will take them a couplep of months to g get
that their number is wrong and then another month or so to admit it, by
the time they get it and they admit it and you have gotten the correct
number there is not enough time to get the job done. You have been a
BUN Warmer for the next agent to get compensated
compensated. Why be a
BUN Warmer when you can be the whole plate that rates for a
Settlement Date?

Bottom line, the boat that’s booked to cross the ocean is not loaded
with enough gas to get there so you need to book another boat ( or
jump aboard to get another Listing) . Visualize the opportunity cost.
It can be expensive being cheap. Pick up vs. Delivery Costs. While trying to
recoup the funds for this or that, the Parade has gone by. There is no Tivo
f aL
for Live P
Parade.
d

While you’re busy being right, you can be busy being wrong. Think about
the Maytag Repairman.

I am interviewing them, they are not interviewing me. The 5 minute value of
time story. The “overwrite “ Levitz Story.

I am not a marriage counselor, financial counselor, or grief counselor. I am


there to sell their home and give them the facts they need to know to do so.
They
T y decide what to do with the facts but it’s my
y boat that’s g
got to float.
Those
h are my internall scripts when
h I arrive at a llisting. You are
interviewing them to see if your boat will float with them aboard. Yes,
Gail, sometimes it is what is in your head that makes all the difference.

Next are some of the scripts I actually use during the Workout.

Then, I’ll repeat a Pricing Workout with these scripts interspersed


that
h Iddid
d this
h weekk withh the
h Price
P Reduction
R d Paperwork
P k attached.
h d It’s
I
Golden!
It’s a Price War and a Beauty Contest and you have to win at Both. This is
the BIG Kahuna. This is the Real Deal. This is where it’s at.

Price is the Great Equalizer. Think about Foreclosures. They Sell. Price
Adjusts for Everything.

Casper Showings..Slippers and Jammies. Get the date to get Engaged!

The sound of Microwave Popcorn

New Kid on the Block or NEW Kid at School..New Broom sweeps Clean!

10% ARE Selling. 90% ARE NOT. Do the Oprah thing.


Buyers VOTE with their Feet…No Pitter Patter thru the Door…
You Spirits
p need not Soar, the vote is already
y cast and this vote has a
ROAR!

The Market speaks to us. The Silence is Deafening.

Athlete, Olympics…There’s just one Number One Winner.

Pretend you Won the Lottery and have to spend the winnings this
weekend
k d on a home
h in this
h area in the
h price range on this
h already
l d
researched paperwork ( which is your competition). How do we stack up?
Let’s “Shop the Actives.” Let’s spend some of that Million Dollars on
a home. Let’s
Let s compare. Are you buying your home back … at what cost?
The Grocery Line…The Slinky

The Maytag
T M y g Repairman…Pick
R p P up p vs. Delivery
D y Costs
C

The Depthfinder

Th P
The Petite
tit St
Store…The
Th PParade…The
d Th Prom
P

Who shows up at the Party? You have to have someone to negotiate with…

As a Seller….Time is not your Friend. (In my world, neither is chocolate)

My favorite book is “Gone with the Wind.” Those are Gone with the Wind
Prices.
Prices
You are the Gatekeeper for the “Guests”…You determine how many come thru
the Gate with the p
pricing
g you
y determine. Picture a Drawbridge.
g How many
y
Buyers are you going to allow thru?

NAR Stats 1-2 /2-3 showings then 10 then Overpriced. I don’t need to tell
you! You’ll
You ll tell me.
me

Healthy Market is 6 months. This is 10. This is a Buyer’s Market. RAZOR


Sharp Pricing is how you get in the 10%.

Why would someone buy Overpriced Home in an Underpriced market?

The Algebra Check…the Checks and Balance System…the Turnip Truck


You may not need to sell. But your competition in that ten percent
does. And that is who yyou are competing
p g against.
g You have to
position yourself to win. You choose to be in the ten percent.

Have No Regrets, No Tears Pricing.

Who stole our sale?

There’s no second chance to be first choice.

Nine Months to Hatch and Longer…Radar Ready to spot Razor


Sharp Pricing…Ready to Latch on the correct home that’s hatched.
The Market has rejected this price. You need to reposition your home in the
marketplace
p so it will sell.

What is your monthly payment and monthly cost to maintain this home? I want to
add the closing costs and price reduction a buyer may request in an offer, say
3-5% and up,
up to this monthly cost
cost. Those numbers add up to roughly
roughly___ for all
the estimated months to sell . Now let’s compare this to the number you are
thinking and let’s discuss a pricing strategy. You’re going to pay to play.

Buyers want more ffor lless. A


B At this
h price, you offer
ff lless ffor more, not more ffor
less. And remember, this is a Buyer’s Market saturated with a ten month versus
a healthy 6 month inventory with only 10%, in the very best sales pace zip codes,
of the inventory selling.
The Buyers see the Days on Market on the Printouts. The good homes
go in 30 days or so, still, even in this market. They’ve watched for nine
months and they y know this. AAfter that 45-60
5 day
y mark or so theyy are
asking how much the seller will take. Why would they offer the list price or
close to list when no one else has in al l that time? These Homes become
the leftovers. Why would a Buyer pay list price for leftovers? To them,
th
these are ready
d for
f the
th Clearance
Cl R
Rack.
k DDo you wantt tto b
be on th
the
Clearance Rack or in the Bargain Basement Department? Or do you
want to be in the Retail Store where you deserve to be? Think about it.

When you are overpriced, you are invisible to those who would want your
home and can afford your home but are rejected by those who can and will
buy more for less. You are in the wrong price category and being
compared to homes that offer lots more so your showings are Caspers.
Caspers
Just like there are checks and balances in our government,
government there are
checks and balances in this system. Even if the Buyer has cash and has
just landed off a boat from some remote island, the agent will represent
the buyer and prepare a CMA before the offer is written… after they
h
have viewed
d dozens
d off homes
h with
h their
h own mentall cash h register that
h
clicks and ticks. The licensed appraiser has his job to keep and the
underwriter has the money to protect for the loan. Then, there’s easy
Buyer
B y access to inventory y and sales data on line. T
There are no secrets.
The data’s all there and so are all the checks and balances.
You’re going to say your home offers so much more so you can price it for
more, right? Each home has special positive features that offer more and each
home has minus features that need to be adjusted
adjusted. Price adjusts for everything
everything.
It is the great equalizer. Focus on square footage and comments for condition
as we go thru the comps. Plus, always remember, there are mental roadblocks on
some of the big price points. Also, to be that Belle of the Ball may be $25K!

Life’s too short to make all the mistakes. Sometimes you have to learn from the
mistakes of others. Let the 90% of the Home Sellers who are not selling make
the pricing mistakes. You have to offer more than each home in your price
bracket. You have to stand out. You have to be hot trot and trot to hot. You
have to win the race, win the battle, win the price war. As every Beauty Queen
or King should.
Pricing Scripts, Blogging, House Tour: One of the most Valuable Services
RE/MAX 100 provides. Real Energy. Not a Garden House Tour. Not there to
rubber stamp.p We
W bring g the eyes
y of the B Buyers
y to y
you,, the S
Seller , so we can
preemptively price and and stage and correct the conditions to sell your home. The
goal is to put you on the path of getting the Good Housekeeping Seal of Approval
before the REALBuyers come through. And if the home is Condition and Price
R d up front
Ready f t ( you’ve
’ won th the P
Price
i W War and
d th
the B
Beauty t C
Contest)
t t) ththen th
the cellll
phones will start humming. Because remember, our next closest competitors average 2-
3X so this is the VERY valuable preemptive feedback. P.S. Please leave just as you
g It’s Good Practice! An aside :The Book “Team of Rivals.” CRS
do for showings.
quote: “If you and I agreed on everything, one of us would not be necessary. “ Your own
version of yourself not someone else’s version. Each Voice Matters. Each person has a
unique and valuable perspective. LISTEN & LEARN..then Sell like H…
Phantom Inventory

You are Buying in this Market, too. These interest rates and these prices.
You make it up in spades this way. It’s a GAIN not a loss in the big
picture…in the long run…Real estate is long range investment.

Add closing to sales price. Create Auction Environment.

Hand me the Four (one to spare) that I need to hand to the Appraiser
b
because that
h is what
h I willll h
have to d
do.

Let’s Review the Numbers. Did you get a chance to review the PDF
already I emailed earlier? Let
Let’ss look at the showing reports first….
THE GOAL? Have the Seller take ownership of the list price
number. You ask them to hand y you the four comps
p that yyou need to hand
the appraiser. When they say it, they own it. They are on your team.
They know to listen for the sound of Microwave popcorn in the number
of showings. They know you are meeting with them the middle of the
month every month to discuss the state of the Listing and who stole our
sale and where we need to position the home to be the next home that
sells . They know before you tell them what they need to do. They need
to mentally move and mentally prepare because when they hire me me they
are going to the
h settlement
l table.
bl SSo, hhand
d them
h a SOLD sign R Rider
d &
ask them to put it in a handy place, because we are going to WIN this
RACE. These are the systems and scripts I use for Golden Results in
Southern MD! Grab some “Gold” Gold to get your Listings Sold!
P.S. Thanks, Janie Coffey for all the hours of guidance you have given
me this past year to learn all the NEW Social Networking Skills to
more effectively promote my listings.
listings I appreciate all the webinars you have
done. I hope this lends a helping hand to each of you as you develop your
own Pricing Workouts your own way. You just might not be able to
mention turnip trucks like I can in Southern Maryland!

Remember, Oprah said she could be a better Oprah than a Barbara


Walters. So, do it your way and have the final say in how you spend your
day$$$$$$$

Your life is the sum of your choices. Yes, even your Listing Choices.
Choose Wisely.
How to contact me in Southern Maryland:
Home Office 301 855 5215
Cell 301 980 7566
EMail GoldenGirl@GoldenResults.com
Website www.GoldenResults.com
You’ll Retrieve Golden Results with Cheryl
y Ritchie, RE/MAX 100
Retrieve Golden Results with Cheryl