Preisstrategie für Verkaufsgespräche: Masterclass

0:00So, hey everybody. So, um we have been on over $1,000 listing appointments and we have taken over two billion dollars of listings across price points in marketplaces. There are no two people in the real estate business that have done what Andrew and I have collectively done. Now, not only have we figured out what works, but we have figured out what most of the mistakes that agents make in the living room. So, we know the mistakes as well. So that's why today we're going to break down for you a bulletproof strategy to explain pricing in a listing appointment. We're going to give you the strategy, the tactics, the psychology, and the exact how-to on what we have learned from the trenches. So the plan for today is a three-part plan.

0:42Number one, the mistakes that agents are making while discussing pricing. Number two, the exact way to actually run the pricing strategy discussion. and number three and how to finally handle the price adjustment conversation and any objections you may get. That is our plan for today. So, if that plan sounds good, give me a number three in the chat if that plan sounds good to you right now. All right, fantastic. Um, what we did last time that many of you probably saw is Andrew and I broke down the art and science of a listing presentation.

1:13Andrew, I want to you've been on probably uh several dozen appointments since that time. uh if you could rewind and and give you know our our friends a piece of advice and you say hey if there are one or two things outside of pricing that are is important for an agent to know in today's market when it comes to a listing like what would be those one or two pieces of advice and maybe I'll share one after you >> well the number one thing for me always has been and I'll double down on it is your conviction of having a plan and a system that's shackles the consumer just with logic and and rationale behind behind it. If you're wishy-washy, they're wishy-washy. If you're not certain, they're not certain. And you, it's hard to be certain unless you have a bulletproof plan that you believe in.

1:57You can't rob yourself of the conviction. So, that's one. And two, one thing I changed, Chiron, is, you know, you can start with the tour first, you can start with the strategy first. And we discussed this a little bit on the call and I found it quite effective. When I meet the sellers, I give them the choice and I say, "Hey, would you like to do a brief walkthrough of the of the property or would you like to sit down and strategize?" When you give someone the choice, because half the buyers say, "We'd like to just sit down and talk." Beautiful. Because I want to do what they want to do. And half the time they take the tour, it's not in a vacuum.

2:28It's such a fluid environment that if you're confident and you know what you're going to do, it doesn't matter where they guide the the situation. You're prepared. And whoever asks the questions is in control. Confident, collaborative, consultative, and in control. You can only do that if you ask good questions. is like, "Hey, would you like to start with giving me a brief tour of the property so we can determine what distinctive marketing features we can exploit or would you like to sit down and strategize?" That guy knows what he's talking about, >> right?

2:54>> So, that's a big takeaway and it kicks things off nicely. >> So, super good. By the way, uh for those of you who have not spent any time with my friend Andrew, Andrew is probably uh one of the best real estate professionals and team leaders in North America today. He is in the greater Baltimore market and runs the Shure Sales Group. um they're on track to doing over thousand transactions this year. Andrew is not only a great team leader and runs a large team, but he's also in the trenches um selling real estate day-to-day, not only representing clients, but also representing builders and institutions. Andrew also has an insane media presence, so he figured out the media game many years ago. He also owns a property management company and an investment company. So, Andrew knows all the pieces of this puzzle and um is a student of this craft. So, Andrew, man, I'm so excited to be doing this doing this with you. Um, I will share one thing that, uh, Andrew, you and I have talked a lot about, and these are three words that all of you should think about that Andrew and I are going to show you today. And these three words are show, flow, and demo. All right, show, flow, and demo. The a lot of us uh in the real estate business think that yes how you talk and how what the words that you share and the script that you have is important but that is only a small portion of how you get to influence somebody. The show flow demo is really important. Show is actually you show them something which is the proof. Flow is you show them the flow of how something is going to happen because the real estate transaction is a sequential formulaic transaction if run well. And the demo is people don't know when you say, "Hey, I'm going to get your property on 23 different websites.

4:26I'm going to actually do drone marketing." They don't know what that means. You assume they know what that means. So, do you actually have to demonstrate the thing that you're talking about? So, anytime you're presenting a concept or an idea or a topic or an insight, and if you think you're trying to provide validation for something, if you don't have a show, a flow or demo associated with it, it will not hit the mark that you wanted to have hit. And that's what Andrew and I and I want to talk about today to combine the framing of the conversation along with the show flow demo. I will tell you this, if you heard Andrew, he uses one strategy very very thoughtfully, which is what we call the sorting question. A sorting question is, hey, did you see the signs or did you find us online?

5:04Would you like to do a tour first or would you like to sit down and strategize? What it does is it gives them the illusion of choice, right? And the illusion of choice allows them to say yes or no and still allows you to be in control. So you'll see Andrew and I using the sorting question often because when you sort then you can actually go down the chain in this process. So if you are good with those two things that we sh talked about which is who's in control and the show flow demo. Give me a four in the chat. That way I'll know that we are crushing this and we're ready to the next one. All right Andrew let's talk about pricing if you will.

5:34>> Sure. >> Um I want to talk about uh to set this big topic up. I want to talk about uh when you discuss pricing in the appointment. So talk to me about the idea of u um ideally at what point in the flow of a listing appointment do you like to discuss pricing and why? Well, if you remember from our last session, I'm big on demonstrating the flow throughout the whole presentation on a timeline so people can really understand what happens when and why it happens in this sequential order. I talk about price only after I've fully drawn out the full timeline, the process because process is more important than price. And we're going to get into this.

6:17You're selling a process, a systematic process that's going to deliver one thing because people aren't clear what their job is. Chiron, with most sellers, and I get some people want convenience, some people want to sell quickly. Most people want one thing. They want to maximize their equity. Your job is to maximize your sellers's equity. You can't do that unless you have a process to maximize the equity. That's actually what your seller wants.

6:42So, I demonstrate the process and all the key things we went over last time. Hey, we're going to prep the house. Here's how we're going to do buyer profile, demographic targeting. Here's what coming soon looks like. Here's what active looks like, etc. After I do that, then I go into commissions and I end with price. I end with price. Now, caveat to this, Shiron, is I'll always like to give the seller a choice because if you ever been in a listing presentation, they say, "Hey, can we just get to the price?" And we're going to cover some of this. So, a lot of times I'll say, "Hey, I brought some marketing strategies. I want to show you kind of our signature system for launching a listing. Do you want to start with the marketing or would you like to talk about price first?" Doesn't matter. I like to do it at the end, but if they want to talk about price, you can talk about price.

7:24>> So, Andrew, let's talk about that for a second. So, if um I want to call one thing out for everybody if they just heard this, if you heard what Andrew said, he said, "Hey, do you want to talk about our signature system for how we deliver this result?" What did he do? He he he actually built a brand around the system that he's delivering. Right? That's super super important. So, you can say our seven-point marketing plan, but that's not enough. The the the adjective, the signature system shows that there is a thought process that went into it. You're branding the system with a particular result. So, that's really good. But Andrew, what if they say that they want to talk about price and pricing even before you're ready to do it? Do you do you kind of do you still say yes and scratch that itch and then move them back or how do you actually get them to the point where you want them to go?

8:08>> If they want to talk about price, you're talking about price. You don't fight the client. It's a bad move. If they want to talk about price, we're going to go into pricing and how I'd kick that conversation off. on and caveat everything I do when I talk about the proprietary listing launch and strategic launching price versus um you know these these languages are these are all things I've learned from Chiron over 10 maybe gez 12 13 years ago I still go back to the Telus podcast for the OGs with him and Peter Hernandez going over this stuff it doesn't change tactics change these principles and strategies don't So, I'm not coming up with this. I've learned it from Chiron. And I'm I'm excited to be a student today, too, because there's going to be some things I know I'm going to implement and change when he starts drawing on the iPad for how we can get these pricing reductions and and future pacing and and framing um these things as the market changes. But to answer the question, Tron, okay, so let's talk about pricing.

9:09Pricing a property is a strategic exercise. Say that every time. Okay. So, pricing a property is a strategic exercise. What I don't do is come in here and pretend to know what your house is worth because if you took all the top agents in your market in Baltimore and you asked them, "Were you surprised at how h how high a home is sold recently?" Every hand would go up. Do you know why that is? Because they don't know the price. And I don't know the price for your home, but I know the freaking process.

9:40>> Do you actually say that? Like how how much of that do you actually admit to not knowing the price or what do you admit to from a pricing perspective? >> Well, how could I possibly pick the sales price? We don't know what the sales price is going to be. You don't get to pick the sales price. We have a strategic launching price and there's strategies around that that we can go over and we'll dive into that. That's a lot of what we're going to cover today. But you're you're never in a corner. And you have to realize if you're very confident and you have a control, a command over this conversation, you're never going to feel any pressure. Hey, you're not selling the house. You don't have to move. You probably, if you're a good agent, you're on this webinar, you have other things to do. So, I don't It's got to be a carefree conversation.

10:21And what you're really there to do is provide advice, perspective, and guidance. When they feel that, and they do feel it, especially if you feel it, they're going to match, you know, how you feel on the inside radiates to those on the outside. Tom Ferry's been saying that forever. So true in a listing appointment. And if you can articulate your command over the pricing, which is simply, hey, I don't know what the sales price is going to be. >> Yeah. How I don't know how high we can get it, but I can give you some pricing strategies, and it's a strategic exercise. So, I'm not going to come in here and just throw out some random numbers for you, but I will go back and I'm going to detail a a pricing strategy breakdown. And at the end of the day, you're going to make the decision.

10:59You're the president. I'm the vice president. Again, advice and perspective is all good. >> Dude, that's so good. You're the president. I'm the vice president. It's so good. >> Yeah. So, that's kind of how I frame it. And sometimes in real life, they'll say, "Well, what do you think?" And then you can just look talk about Showoff Flow demo. You can pull it up, pull up whatever app you want. I kind of like Homes.com's app. You just go, "Oh, well, here's your neighborhood. Here's everything that's sold. You see, but these I don't believe I believe we can market these better. I know most of these agents don't have a launching process that's going to maximize your equity. So, we'll dive into that. But hey, I don't look just in the rearview mirror. I'm looking out the windshield.

11:34>> Yeah. >> If you've only priced based on the f the previous closed comps and what's active and pending, how would the prices ever go up? They wouldn't. >> So, Andrew, I think you you nailed the transition for us on this one. Um, I I shared in our promise today for our plan that we would talk about the mistakes that people generally make and I want to start with one and I'd love to hear a couple of those and then we can actually pull up our iPad and pull up our talking points and actually walk through a pricing strategy here.

12:00>> I will tell you the the number one mistake that I have seen agents make is that they don't realize that a client ties their personal identity a lot of times to the list price of the house. Which is why it in a lot of ways it's it's hard to have a price adjustment conversation. Our job, I will tell you if you're not listening to this, biggest takeaway number one is your job in a in a listing presentation is to disassociate sales price from list price. As what Andrew just said, he's like, I don't know where the sales price is going to be, but I can give you a pricing strategy for the list price. The number one job when it comes to pricing is to disassociate sales price and list price. Now the interesting part about this is to use a various numbers that are nowhere close to where the list price is going to be. So for example, you would say Mr. Mrs. say it's a million dollar house and make easy math.

12:52Mr. Mrs. Client, we could probably list the home at $1. And let me tell you what may happen with that. What I'm doing is I'm disassociating their personal identity from that list price. Or I can say if we listed the home at $10 million, we probably are not going to get a lot of traction. Wouldn't you agree? I'm disassociating sales price from list price. And the interesting part is Andrew, I've seen when when we get very close to talking about the pricing where it's in the ballpark of everything and they attach their identity to this this list price, every move that you make around it, every pricing strategy that you make around it, it becomes a personal attack on them because they have tied their identity to that price. And it's that's why you'll see their face contort when you say I want to use a little lower price or make it make an adjustment, etc. So that I've seen as mistake number one. Um, what have you seen as a another mistake that or or something that agents tend to do which you don't think is is useful?

13:45So, this is there's two schools of thought on this, but I've never once brought comps to a listing. I don't bring them. I don't bring them because I feel like when you're taking out comps, you're almost saying like, let's look at some comparable children. This is their baby. This is their biggest asset. This is they have so much tied up in this. And you say, well, your neighbor sold for this. Oh, and you're opening up Sean. what do you call it with the the resistance? It's just you're going to get so much sales resistance when you're reviewing comps.

14:11Well, they don't have a pool and our bedroom's bigger and our trees do this. It's like, oh, it's it's relevant, but it's not it's not relevant for that time and place. What you're really trying to do is make sure they understand that you have a system and a process to maximize their equity because that's actually what they want. >> Yeah. So, good. So when you come in, I I that's one thing a mistake I make when people assume because everyone's got a number in their head. You're a human being. And if you know your market cold, like most of you do, you kind of have a pretty good idea of where this thing might end up. Even if you know that, that's not what you share because it's much more powerful to say, "I don't know how high we can get it."

14:50>> Oh, dude, that's a great phrase. >> I don't know how high we can get this now. The market's changing. That was, you know, 21, 22. That's the truth. And another line I like to bring in is to say, "One thing I don't do is I will never gamble with my client's equity." >> Yeah. >> I've heard you say that before. Yeah. >> If in a market like this, I don't gamble. So, what you're saying there is I'm not just going to pick a number and and stick to it. Now, here's the thing. You have to end up picking a number, a strategic launching price, and we'll get into some language around that,

15:21>> but you're not picking the sales price. >> So, a big mistake is going over the comps. But to go back to your point, Shiron, disassociating the sales price from the list price is so unbelievably key to hit right out of the gate when you're opening up that pricing conversation. >> Yeah, I will give you one more phrase and then we can get into the the absolute tactics on this one. Um, if there is any phrase, Andrew, that I probably have used over and over in a listing presentation when it comes to pricing at different points in the pricing discussion is this. Mr. Mrs.

15:50client, pricing is about positioning and the list price is just an invitation. Mhm. >> Pricing is about positioning and the list price is just an invitation. I say it over and over again. Anytime I'm trying to adjust the price up, adjust the price down, move it sidewards, not sure what we do something, how we actually bring it to market, when we bring it to market, how we use price as a marketing strategy. Pricing is about positioning and the list price is just an invitation. And when you do that, what it does is it again starts to disassociate sales price from list price. So, Andrew, let's um let's let's say you are in a point, let's actually dive into the pricing discussion. Let's say you're in a point where you're getting ready to have the pricing discussion. Can you talk through like the beginning frame? How do you set it up so that you can actually get into it?

16:32Well, it's such a natural thing because that's what they want to talk about. Every seller typically wants to know, hey, what are you going to do to get my home sold? What do you charge? And what's my house worth? So, the beginning frame is to say I and I already said it once, which is, hey, pricing your property is a very strategic exercise. and we have a few different strategies you can deploy on the route to maximizing your equity. Okay, now you're in it. And this and then I flow right through the three things. And Sean, I want you to cover because this is your baby. The event perceived, not fair market, but perceived

17:06>> and the um uh aspirational. >> So you go through those, but I don't pick numbers on those. >> Yeah. Yeah, tell them what the strategies are and then it really helps you when you're giving the range because again we're not picking the sales price, we're picking a strategic launching price and you can give them a range. One would fall under the event pricing, one would fall under the perceived market value and one would fall under the aspirational. And wherever they want to go, I'll go. But one other piece of this I always bring up when I'm talking about pricing is

17:36>> I'll say a lot of sellers think homes don't sell because of price. There's only one reason a home doesn't sell, and it's because of ineffective marketing. >> Price is part of marketing. Marketing is not part of the price, but price is part of the marketing. >> It's good. >> It's really important to explain this to a seller because once they get it, you say, "Look, marketing is this. This is like business 101. The four piece of marketing are product, that would be the house, right? Product, price, promotion, how, and placement." And in real estate, you can call that the location of the house or where your ads are going to go and how you're going to do the promotion. product, price, promotion, and place. Price is simply part of the marketing.

18:14Pricing is about positioning. >> That's so good. >> Price is an invitation. So, you can use those those lines, what they do is instill confidence in the seller, in you, because you actually know what you're you're talking about. >> Yeah. Yeah. Um, here's what I'll do. Um, Andrew, what I want to do is I want to break down I have a worksheet that I like to take people through. Um, uh, team, if you could just spotlight me, it may be easier to, um, get the

18:41>> You don't want to spotlight my sty. You want to get me on. >> You're so funny. So, here's what I here's the thing that I want to break through because you got a big fat Chiron head right now. U, one of the things that, if you saw the previous presentation that Andrew did, he draws out a timeline. Whenever you're working with something that is complex, you want to draw it out. You want to actually have what I call a joint artifact of success. If you just talk at them, you're talking about your expertise and it's it's very hard for a successful person to turn around and say, "What does that mean? What is the MLS? What is that? What is that?" They don't want to ask the questions. But if you draw it out with them, then you give them the permission to ask for the pieces of the puzzle and ask for clarification accordingly. With pricing being a very crucial part of the appointment, what you want to do is since it's important, you want to take them through a worksheet and you want to show them that you worked on this joint artifact together. So, I'm actually going to take you through what I call the pricing matrix. And the pricing matrix has two parts to it. So, this is how I would start with the client. I would say, "Mr.

19:42Mrs. Client, I would have this live in the appointment. I'" and I would have a piece of paper. I'd say, "M, Mrs. Client, pricing is about positioning and the list price is just an invitation. Our job after going through this pricing matrix is to actually determine and agree upon the list price together so that we can get the maximum attraction possible." And then they'll say, "Cool, that's great. Now the way I approach this is I go through the first box and the first box is this. This is where you show the difference between you being um a a consmate professional and everyone else in the marketplace. So Andrew, what I like to do here is I like to draw this line and I say here's the 10% and here is the 90%. And I say 10% of the agents the the market works for them.

20:29the market works for them. And for 90% of the agents, they work for the market. And what am I trying to do here? I'm trying to show that I am the top 10% of the agent. I can actually make the market work for me. Here's a really important thing that you don't want to share. The thing that you don't want to share is you don't want to say, "Mr. Mrs. Client, I can get you $820,000."

20:54You never want to say that because you, unless you are buying that home, you can't get them $820,000. You can't do that. And that was taught to you by someone from 48 years ago who's never sold a piece of real estate in their lives because they want you to make yourself pump yourself up to say, "I can do this because I have confidence in your house." Please do not do that. Instead, you're also not going to relinquish all control to the market. You don't want to do that either. What I want to show them is that we have the ability to influence the market. So I say the top 10% of the agents, the market works for them. But for the bottom 90% of the agents, they work for the market.

21:30And then my key part here, Andrew, is let me show you. Let me show you. And the what I'm trying to do is I'm trying to set up market dynamics. I'm trying to set up a frame where I can show them how the market's working so that we can position inside the market. This is when you talk about Andrew does this very well. You talk about the relationship between activives, pendings and souls. What is market dynamics? What is the CMA? The CMA is not saying here are the comps. The CMA is explaining the relationship between activives, pendings, and souls. I will tell you over 50% of the agents do not understand the relationship between activives, pendings, and souls. You have to be able to say, Miss Mrs. Client, when the activives are high and the pendings are low, here's what the market is saying in a market like right now. That means you have higher inventory, lower pendings, which means we have more competition in the market. If you have lower activives and higher pendings, which means homes are flying off the market faster, which means we can actually be more aggressive with our pricing. Like you have the show the ability with that because then when they actually tell you that they have a different way of pricing, you can go back to the market dynamics. The key part of explaining the comps is to explain the relationship between activives, pendings, and souls. That is why otherwise there's no other way Andrew that I found to set up this overall because what this sets it up for me is it sets up I know you don't bring in the comps but it sets up some form of CMA or market analysis for me if you want to actually do that because um agents are like well let's go through the comps and they bring a book that's fine but you don't want it's not about the book it's about setting up the frame for the book. Um that's part one. Andrew any comments on this before I actually talk about the most crucial part of this this chart? Well, I want to make sure everyone caught the fact that I've never not said that the market dynamics are simply a relationship between active spendings and solds. That is crucial.

23:22And two, when I say I don't bring the comps, I don't bring homes that I think are comparable to theirs so I can come up with my pricing. But what I always have is a statistical analysis of the market in that general price frame. So, I can say things like average days on market here is about 23 days. List to sales price ratio is about 98, which means people are getting 2% off their list price. But I know I can beat that because these people didn't have a signature uh listing launch process. So, you have to have data. So, I I disassociate comps with understanding market dynamics. Market dynamics aren't the comps. It sets up the comps.

24:01>> So, I just wanted to make that clear. I'm not just going there blind with nothing. You have to know what's going on in the market because a big part of pricing as you just hit which is you have to explain what market dynamics are and it's not complicated and you don't need an MBA to do it. You don't need to be be as smart as Chiron to do it. It's simply the relationship between activives and pendings and souls. >> So good. Awesome. So Andrew, this sets me up for part two. And by the way, Andrew talks about process and um I'd love to go back to to full screen on this one. I want to show this process which I believe it can be super super helpful if you get this right. So, if you can give me the spotlight team, that'd be great. Awesome. So, here's what I do. I actually draw out a funnel and I have this funnel in place and I I break down this funnel and you you have the chance to show people how the entire process works. So, I say, "Mr. Mrs.

24:46Client, we are going to pick a list price together." And when we pick the list price, based on that, the list price acts as an invitation. This is where we get more people or less people. And by the way, this is where I explain something really interesting. If we list the home for $1, Mr. Klein, do you think it's a bigger invitation or a smaller invitation? Of course, it's bigger. So, you get more people on the top end of the funnel. If we now list this for $10 million, do you think it's a bigger invitation or smaller invitation? Again, what am I trying to do? Disassociate sales price and list price. Right? And then I say based on the invitation, we go to the next phase, which is selection.

25:32I'm trying to show that we are in control of this process. The selection has two parts of the puzzle. These are showings and offers. So now I'm explaining my depth of understanding in this process. Now they're like, "Wait a minute. There's so many pieces to this puzzle. I can't just throw it up with an average agent." I say, "At the end of this process, we get to pick an offer to accept. This is called acceptance.

26:02By the way, this is where most people stop and I want to tell you where you are going to win. That is going to be unbelievable in this process. So, let me explain this. Then I say once we accept an offer, Mr. Mrs. client, the buyer unfortunately has what we call the three outs. They have three ways to get out of this agreement. The three ways are they have an inspection contingency, they have an appraisal contingency, and they have a loan contingency.

26:34Let me explain what we do. So, our job, if these are the three risks, our job is to mitigate each of those risks. Let me tell you what we do to mitigate each risk. For the inspection contingency, we actually recommend that we meet the inspector upfront and it's probably the best $400 you spend and we will do the pre-insspection of this so that way we can uh submit it along with all the other documents available for diligence on the house. That way we reduce the risk of an inspection contingency. Second, on the appraisal contingency, most uh agents don't even show up to help help the appraiser create the right appraisal for the property. Sometimes appraisers are shown as a representative of the bank just to protect the bank's equity. I would show up and actually help the appraiser understand what happens in their market, what the active spendings and souls are and give them the proof so they can build the right appraisal report so we reduce the risk of the appraisal contingency. And the last part of it is the loan contingency. We are actually I'm actually going to call if there is a loan in this process to call the lender on behalf of the buyer and help them understand what is what are they going to take to actually buy this home and reduce the risk of all of that. When we do this, it is a significantly better process because at the end we get a final sales price.

27:45Now what am I doing? I'm trying to show them that these two are different. What have I done here is this is a showflow demo, right? A showflow demo. The first period, the first idea here was to get to the CMA and the next idea here was to get to the process because in the process I have now hit up on the final sales price.

28:11Right now, Andrew, what I what I get to do is now what I've done is I've given them the truth of the market of the process, but I don't know their truth. So, the next thing I want to ask them is, hey, I'd say, hey, Andrew, since we have kind of talked about the final sales price, I want to kind of ask you about timing. um if we were to get the perfect offer tomorrow and it met all your needs and terms, uh what would be the earliest you would be willing to move? And then Andrew may say, "Hey, I can't move anytime before August 1." I say, "Awesome. What would be the latest you need to move so that you can still get to Scottsdale and have the school process start?" Well, we have to be out by September 15th. So, what have I done here? I have hacked motivation.

28:54Right now I know the happy path of that sometime between September 1st se August 1st and September 15th is when they have to be moved. But I'm reducing the stress on this based on the timing overall. Now then I say well Andrew now that we've talked about the timing um what would be can you give me a number that you want to say that hey Shiron under this under this pricing overall don't even bother bringing me the offer. Now Andrew will say well I don't want to see anything under 850,000. And I don't even want to see it. Even if you could negotiate it up, I don't want to see it. I say, great. Well, then Andrew, what number would put a smile on your face when we actually do this? Andrew will say, well, 1.1 million. So now I have found the happy pricing path of the two. What have they just given me? They have given me the entire they've given me the the pricing and the timing. The two questions you're very difficult to get answers to. The crazy part here is you want to you've always been taught to hack motivation, but you never hack motivation this way. You have to tell them that one, you can cheat the market, and number two, that you have a better process than anyone else. If you don't do those things, you don't earn the right to ask them those two questions.

30:03But check out this part. I have a joint artifact. I'm still working through now, I've got three out of four pieces where actually I'm working through this process of getting the right thing. And Andrew, this is the last part and and I I'll frame this and then I'll love for you to talk about this, which I say, Mr. Mrs. client. Um, there's three pricing strategies we often use in uh when we when we when you determine the list price because pricing is about positioning the list price is just an invitation. And the way I frame that is I ask a question. I say, um, Andrew, have you ever seen a home that has been, you know, priced in a certain way and it's sat on the market for a while and it's had a bunch of price adjustment. It may still sell, but have you ever seen that strategy? And Andrew will say, "Yes." And you can say, "That's actually a good strategy. It can work from time to time. This is called aspirational pricing.

30:53Did you notice I didn't shove it down their throat. I just asked if they have seen something like this because now it frames how I can actually use that. Then I say Mr. Mrs. client and I and and you have to qualify what that is. This is generally used for unique homes that are custom builds or homes that have celebrity factors like recently when Rihanna sold her home. What am I trying to say? You are not Rihanna. That's what I'm trying to say, right? They understand that. So now I'm automatically if needed I if I need to I'm taking this off the table if I need to take it off the table. The second most important thing I say is uh Mrs.

31:31client, have you seen sometimes where you see a home come on the market and it feels like it feels just right? It feels like Goldilocks. It feels like that home is similar to your home and that's what the market's worth. You're like, "Yeah, well, that's what we call perceived market value pricing." And it's perceived because you perceive it that way. By the way, a lot of agents will say fair market value. Whenever someone says fair market value, you should know that they are an inept agent because fair market value is not determined by an agent. is determined on the day of closing between a buyer and a seller. After that day, it's not fair market value anymore because after that day, everything has changed with related to market dynamics. By the way, sidebar, do not use fair market value ever again in your pricing strategy because it's got nothing to do with fair market value. It has only got to do with perceived market value, which is what a buyer perceives in the marketplace. And then I say, Mr. Mrs. client. Have you ever noticed that sometimes a home comes on the market, it's priced a certain way, it looks like an interesting pricing, but it gets so much activity, it has a lot of open houses, it has uh it has a a lot of offers, a ton of marketing, and it feels like it started off like below market pricing, but it actually ended up above. Have you seen that? Well, we call that event based pricing. And then the event pricing is you create an auction-like environment to allow for all the invitationbased pricing to actually drive the value of the pricing up. Now given that we are not doing aspirational pricing since we're not unique, we are now between perceived market value and uh and event-based pricing. Which one feels more, you know, which one resonates with you more? Now you have the ability to actually get to the right price. All right. So, Andrew, I'll pause there, but what I wanted everyone to see here is that you have now worked through something with a joint artifact where they have seen that you didn't shove your pricing on them. You took them through a process so you can get to whatever we're going to get to as the final list price.

33:27Guys, that's a master class right there. There's so many there's so many nuggets and I've seen Chiron go through this again. I've worked through this for years. That in and of itself, that four square is in and of itself not just a pricing conversation. It's a marketing proposal because you're talking not just about pricing, but you're talking about a critical piece when he's talking about the inspections, the appraisal, the loan.

33:52A line I always like to say is, you know what a great agent's job is, not just outside the marketing and pricing the property properly to maximize your equity. So, we don't gamble with that. We're going to maximize. Careful, we don't pick a price. We pick a strategic launching price. We don't pick the sales price. We don't know what it's going to be. How would I know? I don't know. Nobody knows. The appraisers don't know the price either. They just justify it. Which is why you can't say fair market value. Fair market value is in the past.

34:18We're going into the future. So that >> that's so good. That's I love you said that fair market value is is in the present or the past. It's not in the future. So good, man. >> And we're working in the future on the timeline. But the big piece here is you have to clearly articulate that you understand on the path to maximizing your equity. One of your jobs is to effectively manage the entire real estate ecosystem. That's what I'd say at the bottom of that funnel. What does that mean? Well, we have to derisk the situation because my job is to make sure on every single turn throughout the course of this transaction and I do the whole thing on a timeline. That four square does fit on a timeline. It's just in different pieces. So that be after you're under contract, here's the the issues we have to solve is have to effectively manage the entire real estate ecosystem. And how many stakeholders do you think there are in an in the real estate ecosystem in a given transaction? They won't know. And you answer it for them. You're not it's not like put them on the spot. Well, you're going to have a buyer, a buyer's agent, a lender, an appraiser, a home inspector, who knows how many inspectors, title. You say, "My job is on every single one of those stakeholders, we're maximizing the equity." And that means getting the lowest price and stacking your side of the settlement statement because what they have to feel is it's you and them verse the world.

35:37>> It's not me versus you. I'm not trying to fight you on pricing. I don't know the price. I know the process. Process over price. Process over price. You don't even have to get stuck on the price. what Shiron just gave you. You can spin that any number of ways as long as it's clear we're not picking the sales price, which we've been pretty clear on that. And you're going to effectively manage the whole real estate ecosystem on their behalf because you are one. That's actually what agency is.

36:05See, what drives me crazy is people don't understand what their job is. Your job is to maximize the equity. And selfishly, it's actually good for you, too, because you're the guy who sets the record. You're the guy who doesn't leave any stone unturned. You're effectively managing the entire ecosystem. And then you can actually say things like, I influence the outcome of transactions. You know who doesn't say that? Almost any agent. Hey, the market's hot. Let's put let's get it on the market. And Sean, what you didn't say there in a line I stole from you many moons ago, which is when you're getting to the price, you'd always say, hey, is there any critical dependencies on um on pricing for you? I'll always ask them that and then they'll open up and just say because it's tough sometimes if you have a tough seller they're not going to say well I what do you mean I wouldn't be I would be ha I would be pissed I wouldn't look at it if it was this and I'd be happy if it was this they'll spin it on you well what do you think I don't know you said well is there any critical dependencies on the pricing for you to get from here to your next move and often times that frame that question that cue will say hey I owe 300 I need to get at least 800 so I can take this you know450 5,500. So, I have 20% down on my $2 million purchase.

37:19>> By the way, I think Andrew, you nailed it because that is a phenomenal opening frame on the pricing conversation cuz you could literally pull out the sheet of paper or pull out your MCMA or whatever and be like, "Hey, Shiron, as we're going through this, um, before we kick this off, is are there any critical dependencies for you as we set up the pricing conversation?" Now, they they if they don't know what the language means, they'll say, "Well, I don't understand what you mean." And you can say, do we need to hit a certain number or a certain timeline for you to get where you want to go next? Oh yeah, I have I owe 300 on this. I already committed to that. This timing has they will tell you all the details. And when you know all the details, you can design exactly what they want. And Andrea, I will tell you this.

38:01The reason why Andrew and I are stressing on the language and the artifacts so much is because most of the agents have been taught to um to generate referrals after the closing of the transaction. They say how well you stay in touch determines how many referrals you get.

38:24No, how much you blow them away and delight them during the process. and how much they are engaged in the process with you. They co-create the process with you is how much they're going to refer you. I don't ever have to send a referral email. I don't even have to give a closing gift. You know what's going to happen after this appointment. Let's say Andrew and I are going into an appointment and we present this way and you present some other way. They're going to dinner that night and saying, "Man, that Andrew guy, like I felt like he did this and every client that friend that they talk to, man, I talked to this guy Andrew and in one page he actually broke down for me how everything works and what my price should be. you need to meet with Andrew. They will start to sell your value prop and your process as part of the evangelism that they do to refer you. You don't need to send them a closing gift or send them a $5 Starbucks gift card. By the way, you need to stop doing that if you ever send somebody a $5 Starbucks gift card because that's what you actually value their referral as, which is freaking ridiculous, by the way. But instead, you just do a delightful job in the appointment. They see such a big delta between you and the average agent that that's how you win.

39:26>> Well, Sean, two things on that. You mentioned the the goal between you and the other human, the seller, is h you have to ask yourself beginning with the end in mind. How do I want them to feel? And you want them to feel confident in you, not their house, not anything. They need to feel confident in you, and your ability to maximize their equity. I keep going back to that because that's what every seller wants. Even if you want convenience, everyone wants the most money. we don't have to beat around the bush. Two other caveat is when you open that up and say, "Is there any critical dependencies on pricing?" If they pause, if they push back, a lot of times they'll just go. People love to hear themselves talk. They want to talk about it. Is there any critical dependencies on pricing?

40:13If they don't go into it, then you simply say, "And by the way, whatever you say doesn't matter because all I do is I maximize the equity." So, whatever you say doesn't matter because wherever it is, I'm going to go for the maximum number. >> Yeah. >> Totally deescalates the situation. I'm not trying to trick you into listing lower. And that's what agents do. A lot of agents, they want to get a sellable transaction going, but that's not your job. Your job is not to sell the house.

40:41And no one's ever told, "See, you never thought of that." Your job is not to sell the house. Your job is to maximize the equity through a process. And again, pricing is part of the process towards maximizing equity. >> So good. >> If you don't have the process, you're gambling. You're gambling. We don't gamble with the client's equity. >> By the way, I will tell you if you love what Andrew is sharing, what he's teaching from the trenches, um, Andrew's actually broken down his entire process for you in the BMX community. Uh, I have seen it. I've gone through it. It is freaking badass. Um, so if you are not part of the community, which I think is not only the honest voice of real estate, but probably the best uh value in the real estate business, you should highly consider this because Andrew can you actually go through exactly what's Andrew talking about. You can stop, reverse, and walk through it. And um, if you are one of the chosen few, Andrew may even choose to do a consulting opportunity with you to rebuild your presentation from the ground up. So, uh, definitely check out the BAMX portion of what Andrew's literally broken down for you so that you can get the entire value from it. Andrew, I want to ask you this.

41:43I talked about the three pricing strategies uh at a at a high level. Could you maybe go through how you present that just from a language and framing perspective so that now they can uh just just everyone can hear it as to how you may do it. Just give them a little bit of a different language flare around it. >> Yeah, sure. What you what's really critical when you take the the language everyone probably likes the idea of asking the seller do you have any critical dependencies on pricing and laying out three different unique pricing strategies which will have an impact on chasing the market or making the market work for you once once you're having this pricing conversation what I like to say is say I go through those three pricing strategies real quick see is a little more eloquent and what I love about the way Shiron does it is I second grader can understand that. But you also have to read the room. If these people are have a little bit more of an ariodite sense to them and you know who you're meeting if you've done any research, you can talk to them in a little bit more sophisticated manner and some you want to maybe break it down like that. It's okay. It's giving people what they want in a fashion in which they want it. It's going to be consumable for them. So that's that's a whole another uh diet tribe we can go down. That's not for today. By the way, I just so just for everybody to hear what Andrew just said, right? There's one part about reading the room. Did you also notice that in this entire conversation, there have been very minimal us ums, like you know, you know what I mean? I mean none of those. Do you know why?

43:16There's a reason for that. And the reason is this is not scripted. This is practiced. There's a big difference. You're not memorizing a script. You're practicing key phrases that you can tie together in a sophisticated way based on the audience. So you also have noticed a tonality shift, right? I can go fast and talk really fast about making sure you can do three things in a in a very structured way or I can be very specific and very intentional when I explain the three specific pricing strategies. When you have depth and mastery over the material, it is practiced. So, a lot of people I will tell you right now that the average agent is walking into a listing appointment and has zero idea how to present pricing. Zero. And that is the only conversation if you do well need to be at a 10 out of 10 that you have full control over.

44:05And the the mastery that you hear in Andrew's language patterns, I will tell you right now, are practiced. And that practice and polish comes from time on game. And the more you listen to this, what you should actually do, you should listen to this over and over. And if I were you and you really wanted to get this right, you should transcribe parts of the key notes because it will get get it right into your nervous system so you can deliver with as much mastery as Andrew does in this process. So Andrew, curious about how you would structure the three pricing strategies.

44:36>> Well, and the with the three pricing strategies, keep in mind, as Sean said, these are arrows in your quiver. You can pull them out any time. It doesn't have to be in the middle of what I call a customized marketing proposal, aka listing presentation. You could be at the bar, someone say, "Yeah, my daughter's house isn't selling." Say, "I wonder did they did they align their process with a strategic launching price?" Did anyone go over the different uh pricing strategies there? Is what are you struggling with? It's just a you you pull them out at any time. You're dropping little bombs. But when I say, "Hey, at the end of the day, again, I don't pick the sales price, but we're gonna have to pick a strategic launching price because we can't write process in the MLS, right? We're gonna have to pick a price. So, what I'm going to do is I'm going to break down all the data for you, and I'm going to send you an email.

45:22It's going to have every single listing. You can click through it. All the activives and pendings and solds, and I'm going to explain what the market dynamics are. You'll get it. It's simple. You're stroking a little bit. will totally understand it because it's just the relationship between activives, pendings, and solds. I'm going to attach a PDF with a result statistics, a statistical analysis of every active, every pending, and every sold based on that. And I'm going to get up in front of my monitors and my screens. This is a strategic exercise, guys. You can't be lazy with pricing. So, you're going to end up hurting yourself.

45:54I don't gamble with my client's equity. So, we're going to take this seriously. Once I deliver that to you, I'm going to make three recommendations. And it's going to depend on which strategy you want to go for. But be careful. I don't pick the price. We pick a strategy. It's part of a process. If you deliver that in a way they're going to feel pretty confident and then of course you make the recommendation. Like normally, unless it's a unique property, you can pick an aspirational price. That's just an invitation. I'm not saying we won't get the aspirational price. We might get more. I don't know. But what do we want the invitation to look like? and it's going to impact how we're going to market the property in the process, guys. Process, not price. Process, not price is the big takeaway. It's all process. And then I'll tell them, hey, look, you're probably between 729 and 759, depending somewhere in there. I like 7399, but that's totally up to you. I've never had someone fight me on price. It's just like when people say, "How do you overcome objections?" Honestly, if you have a a command and you know it works and it does work and you have artifacts of success and you can clearly articulate your plan and process, you don't get many objections,

47:04>> right? >> And when you get them, all you have to say is that's interesting. How do you want to handle that? >> It's not my job to solve your problems. I can't solve my problem. I can't solve your problems. Only you can solve your problems. I'm here for advice and perspective and guidance. That's called being a real estate consultant versus somebody's going to put a sign in the yard, take pictures, put it in the MLS. Come on. That's called gambling. We don't do it. I don't like to do it. I won't do it. By the way, I want to share this to someone. So, listen to this.

47:34If you ever get objections, you should listen up. There are three reasons and three reasons alone why you get objections. Number one, your presentation is not clear enough. Number two, your process is not good enough. Number three, your brand is not big enough. That's it. Most people can get two out of three. For example, not good or bad. Let's say Ryan Sirhand walks into a living room and the reason he's going to get fewer objections than someone else is because he has a bigger brand. Now, you don't need that, but you can now overcome that by having a clear process and a clear and and your clear and a clear presentation, which is what Andrew is talking about. And a clear process and a career presentation gives you confidence. And that confidence translates. So if you get a lot of objections, you should probably think, is my presentation not good enough? Is my process not clear enough? Is my brand not big enough? Your job is to improve all three all the time. Why does Andrew make content to build a bigger brand?

48:32Why does Andrew work on drawing out the show flow demo to create the process so that he gets no push back on the process? Why does Andrew work on the language patterns that allow him to work through the question and answers to actually position it the way he wants so that he's presentation's good enough? Presentation's not good enough. Your flow is not clear enough. Your brand is not big enough. Those are the reasons why you get objections. If you solve those and you know what the average agent does, they just say, "Well, I get objections because his sister is in the business." Well, no, his sister is in the business is not why you get objections. You suck. That's why you get objections.

49:03>> I'm sorry to tell you that you're on. If they like you, they're not going to object. and they say, "Oh, but my sister's in the business. How do you want to handle that?" >> Exactly right. >> Go ahead. Go handle it. >> You don't need to handle it. >> And one of the I just saw a comment, Sean, this is funny. Someone just said, "I'd give him a 10% commission or something like that." >> Now, this isn't a commission conversation. This might be part three if we can drag Shiron back into the real estate world out of PE uh craziness that he's dealing with right now. I love saying this. Here's another little line.

49:32Remember this one. when they're talking about the commission, if they start fighting you on the commission or they're fighting you on the price, I always say, "Hey, by the time this is done and we maximize your equity, you're going to offer me a bonus, but don't worry, I'm not going to accept it." >> So good. What a great frame. >> They won't even come back from that because once you realize that people don't actually have to believe what you're saying, they have to believe you believe what you're saying.

50:01>> Oh, so good, man. And if you believe, because I really do believe it. I believe I have a process that'll help you maximize your equity. And I do believe you're better off with with me. >> I'm gonna run it. You're only dealing with me. It's you and me versus the world. They feel that the objection thing is just not going to be something you have to worry about. But you're only going to get them if you're not convicted. >> Yeah. >> Zon said, which would be number two. Are you clear enough? And I don't think people are clear on what their job is.

50:27It's not to sell the house. Are you clear on your job is to maximize the equity? That doesn't mean selling it for the highest price. That means effectively manage the entire real estate ecosystem. So at settlement, they get the biggest check. That doesn't always come with the biggest sales price. >> Yeah, >> we can play the game. Sean, remember you taught me, hey, you pick the price, I'll pick the terms. >> Dude, it's so good. >> Well, that's a whole another thing. Um, hey everybody. If you want more of how Andrew breaks this stuff down, um, our friends at BAM have made it uh, just so easily accessible for you, BAMX is probably my most favorite no-brainer membership in the real estate business, and Andrew has done such a great job of breaking it down for them. Also, I've done a lot of my trainings and shared it with the BAM community because now we want all of you to be able to get the exact value, the exact process that you can use in your business and in your lives right now. So, please, it is a no-brainer to actually do. I'm sure there's a free trial in this process as well. Just a big thank you to our friends at BAMX uh for hosting us and allowing us to do all of this. Now, here's what I would offer. Andrew, um I want to I want to share something. So, so which I think will be beneficial for everybody.

51:32A lot of folks right now are working through price adjustments, price reduction conversations. So, I want to ask two questions of you on how you frame it. So number one, do you do anything to frame a potential price adjustment conversation that may come in the future? Number one. And number two, if you are in the price adjustment conversation, could you maybe talk through how you would handle something like that? >> Yeah, we didn't cover this, but I I would be um remiss if I didn't say I'm a user of BAMX. I make everyone on my team as a symbol of seriousness. Sh online get BAMX because for a hundred bucks a month you get Byron giving you the exact breakdown of everything going on today.

52:11You'll never have to ask what do I need to say to sound smart about the real estate community. That's one. That's part three of Shiron's you have to have a bigger brand. They give you the playbook. Two, they tell you everything to post on social media. It's done for you. And three, there's live role plays every Tuesday. Our team just watched Byron and Tom Tulle go over objection handling because inevitably you're going to get them depending on your your skill in presenting. It's a cavalcade of value for $100 a month. So I'm just very long very bullish on BAMX and Sean mentioned we do a little bit of a I'm not trying to be a coach or anything but so many I get so many inquiries that I've partnered with BAM to say hey look I I'll work with some people if they wanna if they want to be serious about this just like Chiron was kind enough to take me on as a student back in 2016. So, back to the framing a price adjustment conversation. This is coming back um hot and heavy and I think we're going to see more of it. Even if interest rates come down, I think there's going to be a flood of inventory, new build starts are up. Um it's a beautiful thing to be able to to frame this. So, here's how I do it.

53:16Once you know on the timeline we're going over the pricing right on my timeline from the last presentation when I say we're active day zero on the market at that point if you've done your marketing properly you should have created some interest I frame it like this and it's so simple if we don't get 10 showings it's all about showings and offers if we don't get 10 showings in the first week I'm going to be a little bit concerned okay and I'm going say after each week I'm going to talk to you And this is another thing I learned from Chiron is you dictate how the communication's going to go. You don't ask them, "How would you like to be communicated with?"

53:52Then you have 50 different people communicating you 50 different ways. I'm gonna call you every Monday after the weekend and we're going to have we're going to go over our pricing strategy, what's going on with marketing, give you an update just because I want you to know I'm not sitting here not doing anything to try to sell your house because I don't get to paid a penny unless I get you what you want. And furthermore, I better maximize it or you're not going to say nice things about me on the internet. Wink with your sty. Okay, you can wink your side. >> If we don't get 10 If we don't get 10 showings in the first week, our invitation might need a little bit of an adjustment.

54:22>> So good. >> And it it's that simple. >> Based on fact, it's >> Andrew, I will I don't know if I've shared this with you, but um I learned this from my friend Shane Todd in Vancouver, Washington, and he he calls this the 1010 rule. >> Okay? >> He says, "Mr. Mr. Klein, we u based on this strategy, we're going to utilize the 1010 rule. In the first 10 days, if we get no showings or the first 10 showings, if we get no offers, then our invitation price needs to be adjusted.

54:49It's so good. 10 10 in the first 10 days, if we get no showings or in the first 10 showings, if we get no offers, then it begs us to revisit the invitation price. It's the greatest thing because now when you come back in day 11, you can say, Andrew, do you remember we talked about the 1010 rule? In the first 10 days, if we get no showings or the first 10 showings we got no offers, we should talk about the adjustment of the invitation price. Well, we've been here 10 days and we've gotten three showings and in the three showings we got zero offers. Like that is really powerful because now it is not about you're not blaming it on the market and you're not blaming it on your inability to generate those offers.

55:27You're just you're just making it a part of the framework. So now both of you just have to agree on the 1010 zero rule. It's got nothing to do with you. It's got nothing to do with the market. It's only got to do with the agreement of that framework and that takes away all pressure because you're working on a joint framework together. >> Yeah, it's right. Then you give them the choice. You don't have to say, "Hey, no matter what, if we hit the 1010 zero," which by the way, I wrote that down. I'm 100% using that. I'll use that tomorrow. What's key, this is called future pacing, right?

55:54>> This is called being an expert in your field. This is called mastering the craft. You already have the price adjustment baked in based on the 1010, but I wouldn't force them to do it. You say, "Hey, look, based on the 1010 zero framework, here's where we're at. Whatever it is, 12 showings, one offer, but we threw that out. How do you guys want to handle that?" Oh my god. You give them the choice. You give them the choice. And you only stop them if you're kind of not in alignment with what what they're saying. But these people are pretty smart and they want to move. And the other thing is I really don't like adjusting a price. 5K, 10K. You see it.

56:29I know you see it in your market. Oh, look. They think it's moving the needle. We went from 799 to 789. Whoa. It's so much easier when you have this conversation up front. If we get to the point and uncommonly it does happen. >> Uncommonly. So good. >> Yeah. Because you're giving them a little confidence. You're giving them a piece, but you're you're this is all a future frame that you're doing something that future you will thank you for, which is what you should be doing in life all the time, but especially you have one chance to do this in that listing appointment.

56:57If we get to that point, if we have to make an adjustment, if we feel like we're going to adjust the invitation to the marketplace, we have to make it legitimate. What's legitimate? See, we have to get to a different tier. I try to go at least 15, probably 25. And of course, it depends on the sales price, right? $250,000 house is a little different than a million, but you put that up front. I wouldn't beat it to death, but as long as you went over it and it's on a joint artifact of success with your timeline, with your pricing strategy, with your commission structure, with the whole thing, and you put what I'm going to do is I'm going to write 10 zero. I want you guys to remember this. It might not even come up, but if it does, this is what it means.

57:39>> Dude, that's so good. By the way, that is the greatest open loop for the future. >> You just you have it. And I always leave that you leave your artifact with them because what are they looking at, Chiron? What are they looking at? They're looking at your expertise around a process. If you ever leave an appointment, this is with a buyer, this is with a seller, it's with a management, it's with an investor, it's with anything. They need to you need to leave something where they can look at your expertise around a process.

58:08>> Yeah. Yeah. By the way, um, folks, as you're coming on, uh, we probably I have the most important question that I'm going to ask Andrew right now. So, for the price of admission of today, could you just do us a favor? Um, it'd be great for Andrew and I to spend more time with you, to show up in your feeds, etc. We don't need the recognition, but we've understood that the algorithm does better if you take a screenshot of where we are right now or take a picture and just post it and tag Andrew and me. Andrew is unundant out there. So, tag us because once it's tagged, then we get to see more of our stuff together. And that's a nice thank you to the BAM community. I'd love for you to tag BAM as well because thank you to our friends at BAM for actually making this happen. Andrew, here's a question for you. Just kind of bring us home on this one.

58:52We are in a time where we have extremely high inventory numbers. We have tough affordability. We have volatile rates. Um we don't we we we have kind of strange um interest rates from a perspective of who's already kind of has a sub4 interest rate and the the unlocking of inventory. uh low they have builder inventory that is kind of in a volatile way as well. So we are actually going to see more price adjustment conversations. What is one piece of advice that you would offer to folks walking in right now whether or not they've done the pre-framing but to go in and offer when they are having the price adjustment conversation like how should they approach that?

59:34>> Well, if you didn't frame it properly, which I know many of us are guilty of, you're probably thinking of right now. Oh shoot, I wish I would have said that to the Smiths. that house has been sitting and it's a tough conversation. A you can never avoid these things. They respect people more who are not afraid to have difficult conversations in a caring way because again it's you and them verse the world. So how I'd frame it if you've already framed it so simple but even if you haven't said Mr. Mrs. Seller I didn't anticipate this happening. I should have brought this up further but I'd like to share with you and you can bring it up right there. The 1010 zero framework two is I saw Shane in the chat right here said I like to he puts a percentage in there. He likes to reduce it by a specific amount. You can call guys, you can call whatever you want. This is the 10103.

1:00:1510103. We got to adjust by 3%. You don't have to go all the way to three, but you have to have So there's so you got to play with this. Um, so that's how I'd frame it. But more important mentally, Chiron, every market, I don't care. Since the beginning of time, I'm like a rookie and a vet. I like to say Drake line. Every market's different. Now look, I rode the market up the whole way. I got in in 2009. And it's been up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up up and now we're having a little dip.

1:00:40Good. In every market in any market now and into the future, there's going to be brokers and agents that win and there's going to be brokers and agents that lose. >> Yeah. Well, >> you want to be one of the people who wins, >> right? Right. And the only way to win is to control how you make people feel when you're discussing the largest asset transfer they're going to go through.

1:01:08and our industry doesn't take it seriously enough. Which is why I was so infatuated with Chiron in 2016 when I saw him because I said, "This is the first guy I've heard speak to me like I'm not a dumbass and I can actually learn and articulate things in a way that's going to help people actually get what they want in a fashion that's actually feels good. It feels intelligent. It feels like I'm hitting my faculties here."

1:01:33>> Yeah. Thank you, Andrew. I will say um I to piggyback on what Andrew just said if you saw he brought the pre-framing to the now framing right he said you know hey I apologize for not sharing this with you let me share a framework on what happens when we are in a situation like this so what you're saying a lot of times is I didn't have to tell you all the contingency plans but now that we're here I can share the plan with you right that's number one I will offer to you the two mistakes that agents make when they talk about price adjustments in a in you know when you're reducing pricing mistake number is they start to blame the market.

1:02:07Please don't do that. That is not the job. Because as soon as you start to blame the market, the a the clients can feel the blame game. They feel like you said before, I can get you 830,000 and now you're saying the market doesn't support that. I would not do that. What I would do is I would go back to the two lines that I drew. I'd say Andrew, you said that um you wanted to be in Scottsdale sometime before September 15th. Does that still hold true? Great.

1:02:32You also suggested that there are some uh financial considerations to making that move happen and you wanted to have that happen sometime in this price range. Is that correct? Yes. Given that that is the case and in the current market timing, I have a proposal on how we can kind of navigate this current environment. What you're doing is whenever you want to have a tough conversation, don't have the tough conversation. Anchor to what they want to get. Therefore, they're open to having that tough conversation. That is part number one. always start to anchor with their goal and say based on that I can actually get there and here's number two all the clients are thinking about is wait Chiron came in here and he's now adjusted me down what you want to do is you want to break that frame meaning the thing that I would say is the proposal that I want to offer you is we have to make a couple of adjustments we changed the invitation which also means I have to change the way I market and position the property what you're doing right now is you're saying just because we made a price adjustment change doesn't mean I just sit back and wait. We make a price adjustment change which means I need to send out just reduced. I need to send out a new positioning campaign. I need to refresh my marketing. I need to change the front photo on the MLS. I need to change a bunch of things. And if you're not changing a bunch of things when you actually get the price adjustment, you are not a good agent.

1:03:45That is not fair because when you make a price adjustment change in a lot of ways, it is a new listing. It is a completely new process which means you have to adjust the marketing that you've done by then even a little bit. Now, if you're not even going to adjust the the the the process even by a little bit, that means you messed up in actually recommending the price in the first time. But when you actually take responsibility for doing a lot of the work and all they have to do is make a decision on changing the price, but you say when you make this change, I have to do all of this work, then they show that you are actually in it with them. So, when you're making a price adjustment conversation, three big lessons. Lesson number one that Andrew just shared, bring the framing back to saying, "Hey, in a situation like this, I recommend the 1010 rule or this is what I do."

1:04:24Situation number two is say, "Hey, you suggested that you want to be in Scottsdale by X date with these things. Let me make a proposal." Situation number three, when you actually make this adjustment, I have to make these four daisy chain adjustments, so let's do them in pan in tandem. When you do that, it feels a lot more like a collaborative conversation and not just a you actually ratcheted them down. >> You do all three of them. Those aren't those aren't you can do all three in one conversation. >> Right. Right. >> All three.

1:04:50>> Um, hey everybody. We we are we're a little bit over time, but what I wanted to do is um we'll do two things here. One, if you felt like you got some uh pieces of nuggets that you can take and implement in your business right now, can you give me a number five in the chat? That way I feel like you got something that you can actually use right now in this entire process. So that's super super helpful. Thank you. And we're we're super glad that you were able to do that. Here's number two. If you have not had a chance to go watch the first 80% of the presentation on how you actually get to this point in the conversation with Andrew and I, it's actually live. I think uh our friends at BAM have actually made it live on YouTube. They did not hold it back. They actually made it live on YouTube. So, you should go watch that which is a it's a very rich video. It's very tactical.

1:05:31You should probably watch it a couple times. Andrew, while looking back at our first presentation on kind of setting up the listing presentation process well and the pricing process, what is like one piece of advice you want to leave our friends with today? It goes back to everything in your life, particularly dealing with clients in the real estate realm is everything gets easier if you're a good opener. We have this fetish with closing. I want to be a closer. I'm a closer, dude. I close which which is great. But what you really want to be is a good framer, a good opener. Because if you get really good at the the frame, the open, every domino falls that much easier. That's the one thing. And a lot of it's not knowing what to say, which Sean says, this is time on target. You write it down. You write it down. You write it down. I'm not a role player. I don't role play. I know that's a big thing. I don't like to do it. I like the real thing, but I will. I'll practice in my head 247.

1:06:28247. You got to get so good at setting the expectation and the frame for each piece of this, which is here's how we're going to discuss marketing, here's how we're going to discuss pricing, here's how we're going to discuss commission, and here's how we're going to discuss effectively managing the real estate ecosystem and being able to show flow demo, which is simply show don't tell. >> But it's not always showing them something. You can demonstrate and you can flow. Sean, weren't you going to write a book called Show Flow Demo?

1:06:58Whatever happened to that? We're waiting for your book. >> I was going to write this book, but I will tell you I I want to leave all of you with this, which is the number one lesson that I've learned in all of these presentation conversations that we've had. The thing that separates the good from the great, and all of you are good. You're here. The thing that separates a good from the date is this one phrase, which is proof over promise. Proof over promise. The average agent says, "Mr.

1:07:22Mr. Seller, I can get you that. I will do that. When you list with me, I will do these six things. when you work with me, I will do all of that. When you do something, I will do that. Meaning what? I promise you that I will do a good job. Instead, you backtrack the promise into proof of today. The proofs are the artifacts. The proofs are showing your expertise. The proofs are the framing. The proofs are the show flow demo. When you can build, if you're making a claim about anything, I am the best. I do this. I have a process. Whatever you're making a claim about, if you can attach proof to that results-based conversation, then they have nothing to refute you on. And when they have nothing to refute you on, they believe you because that increases believability and reduces resistance. When you reduce resistance in the sales conversation, you not only get that deal, you not only have a better client, but you create the seed for an insane number of referrals going forward. Proof of a promise. I want to um I want to thank Andrew for you know the team will do close to thousand plus deals this year. You show up not only online, not only on social, not only in the BAMX community where you share all your wisdom, but you were in the trenches doing what you do every single day and not one time have you held anything back. You're sharing exactly what you've learned, all the money that you have paid to learn these things. all the tried and trueue versions of your iterated versions of your scripting, your frameworks, your processes so that everyone else in this community and this industry can benefit from this. Everyone else out there that is a guru that wants to do something like this is not just charging for it, but they hoard things back and say, "Hey, when you work with me, I'll give it to you." The promise, but you show it on the proof of front, man. I really appreciate you and I thank you so much for giving so freely today.

1:09:01>> Hey, it's an honor to be here. I love all everything BAM does. Spamx Scottsdale, what's up? I'll be defending my member guest championship in Maryland. I won't make that one, but um we're probably only going to do 500, maybe four and change deals this year. We're not hitting a thousand. I wasn't going to correct it the first time, but you said it twice. I'm honest. Okay, we're only doing like one or two a day, okay? Not three or four a day. That is the goal. But it's an honor to share.

1:09:25And um Chiron, please keep coming back. Uh I'm so excited that you're on the BAM board now because I was afraid. I'm not even a a real guy. Um, but when Chiron's dabbling in other industries, you know how his brain works, I don't want his stuff to be lost in the past. So, I've made it a a mission of mine purely out of selfish motivation to get really good at this and I just like to take what Chiron does because he's the source and then iterate on it. So, if that's something you like to do, here's my challenge for the the watchers. Can you prove to your peer, to your manager, to your team leader that you are so undeniably good at having these listing type conversations where they'd be stupid not to give you the listing opportunities. That's the proof you should be working on. That's if I'm you, that's what I'm doing. And uh I think that the dividends are inevitable.

1:10:19>> Awesome. Hey, appreciate you all being with us. Take a screenshot. Uh post it if you would like. And to our friends at BAMX, Byron Lazine, Eric Simon, and the entire BAM team. uh without you all we would not be able to get all of this out to the world. So we appreciate you for giving us the platform to serve the industry in the highest level. So thank you all for being on. I know is uh we had a full house today. Appreciate you. We'll catch you on the next one.