UnSold Listing Inventory
Have you ever heard or thought:
“I need help. My listing is getting shown a lot — but I haven’t had a single offer. I know it’s priced right!”?
“I’ve had this listing way too long, why won’t anyone show it, or make an offer?”
Whether a listing is shown frequently or attracts Chihuahua sized showing numbers and zero offers, there are two actions you can do. Both of them aren’t easy. If it was easy, everyone would do it. Here you go:
1. Property Presentation (Merchandising & Staging) – Humans are human. We make snap judgments. We comparison shop. When house shopping, buyers mostly use their physical senses; eyes, ears and nose to pick and choose. If it doesn’t look, smell or sound attractive, we pass. If the property doesn’t compare favorably, buyers keek looking. There’s no skirting around human behavior.
The first step to amping Property Presentation is to be honest with yourself and your seller. Ask yourself, is every aspect of the property merchandised and staged in excellent fashion. Not 80% or 90% – 100%. Or better than your competition. Be honest with yourself and your seller(s). You know if your listing is attractive or not. You get paid to educate and persuade your sellers to take the actions required to merchandise and stage the interior and exterior of the property so that it compares favorably with it’s competition. It’s for their own good, you have to be strong in this area.
When sellers won’t agree to merchandise and stage their property in a positive light, they can compensate for the shortfall by adjusting the price downward. Downward to the point where a comparison shopper would think, “I know it doesn’t look so hot, but the price is so compelling, I’d be foolish not to buy it.” If you don’t get the property merchandised or staged
favorablycompetitively, it won’t sell.
2. Positioning Price – If you’ve you taken steps to make the property attractive inside and out, and your property promotion is generating a favorable number of showings, there’s only one thing left to adjust – the Positioning Price. It’s a bitter pill to swallow. Asking for a price adjustment sucks for everyone. Yet, it’s one of our most important responsibilities. Everyone involved will feel better about this if we’ve done our in-depth homework. Which means we’ve updated our market analysis and we’ve previewed our competition (just like a buyer does). After we’ve presented our data, if the seller remains reluctant, set showing appointments to physically show them their competition — then ask again for an appropriate reduction.
If you’ve done your part with the property promotion and intergalactic syndication, you’ve shared the value and importance of Property Presentation and choosing a competitive Positioning Price, and the seller(s) remains unmoved and resolute, you should not go down with the ship. Instead, consider asking the seller to release you from the listing – hit the eject button.
Like all other types of business, the goal is to make a profit by selling inventory – not lose money by holding onto unsalable listing inventory. When we hold onto unsalable listing, everyone loses. When we let lazy or fear prevent us from wisely advising the seller, everyone loses.
The next 90 days or so will be the most active of the year, it’s time to suck-it-up and kick ourselves in the butt and come correct. If we want happy endings we either need to advise and adjust – or release – that’s life my friends.
PS. There is one other thing that could be out of whack. Success is doomed if the real estate agent doesn’t have clue-one about the importance of persuasive and pervasive property marketing, promotion and syndication. In this post, I’m assuming you’re on top of your game in this department.
10 must-listen-to podcasts for business owners
(MARKETING) If you’re a business owner and want to learn something…anything…give one (or all) these podcasts a listen.
As podcasts grow more and more popular, it has become increasingly difficult to sort through the sea of excellent options out there.
From interviews with business leaders to industry-specific advice from experts, podcasts are an incredible free and convenient way to get a small dose of inspiration and knowledge.
This short list offers just a taste of the myriad of business podcasts available. Whether you’re an aspiring entrepreneur looking for some tips on breaking into a new industry or a seasoned vet hoping to get some new inspiration, we hope you’ll find something here worth listening to.
How I Built This, hosted by Guy Raz.
Podcast fans will recognize Guy Raz’s name (and voice) from TED Radio Hour. While that show can be a great source of inspiration for businesses, one of the most consistently inspiring shows is his new project that shares stories and insight from some of the biggest business leaders in the world. In just four months, Guy has talked to everyone from Richard Branson and Mark Cuban to L.A. Reid and Suroosh Alvi. While there are plenty of excellent interview-driven shows with entrepreneurs, if you want to hear about the world’s best known companies, this is your best bet.
The Art of Charm, hosted by Jordan and AJ Harbinger.
The Art of Charm is a business podcast by definition, but the advice it provides will definitely help you in other parts of your day-to-day life as well. With over three million listens a month, the incredibly popular show provides advice, strategies and insight into how to network effectively and advance your career and personal life.
StartUp, hosted by Alex Blumberg and Lisa Chow.
If you’re an entrepreneur, there is no excuse not to be listening to StartUp, the award-winning business podcast from Gimlet Media. The show’s talented hosts come from incredible radio shows like Planet Money and This American Life and bring a top-notch level of storytelling to the show, which provides behind the scenes looks at what it is actually like to start a company. Now on the fourth season, StartUp is one of those business podcasts that even people not interested in business will get a kick out of.
The Whole Whale Podcast, hosted by George Weiner.
One of the best things about podcasts is the wide variety of niche shows available that go in-depth into fascinating topics. One of those shows is the Whole Whale Podcast, which shares stories about data and technology in the non-profit sector. You’ll get detailed analysis, expert knowledge and can hear from a long list of social impact leaders from Greenpeace, Change.org, Kiva, Teach For America, and more.
Social Pros Podcast, hosted by Jay Baer and Adam Brown.
Navigating the surplus of social media guides online can be a nightmare, so look no further than Social Pros. Recent episodes talk about reaching college students on social media, the rise of messaging apps, and making better video content for Facebook. Plus, there are great case-studies with companies doing social right, like Kellogg’s, Coca Cola and Lenscrafters.
Entrepreneur on Fire, hosted by John Lee Dumas.
One of the original entrepreneurship shows, Entrepreneur on Fire has logged over 1,500 episodes with successful business leaders sharing tips, lessons and advice learned from their worst entrepreneurial moments. Sometimes humorous, sometimes heartbreaking, always inspiring, this show is sure to have at least one interview with someone you can learn from.
The $100 MBA, hosted by Omar Zenhom.
Think of The $100 MBA as a full-fledged business program in snack-sized portions. The daily ten minute business lessons are based on real-world applications and cover everything from marketing to technology and more. Cue this show up on your commute to or from work and watch your knowledge grow.
This Week in Startups, hosted by Jason Calacanis.
This is your audio version of TechCrunch, Gizmodo, or dare we say The American Genius. Each week, a guest entrepreneur joins the show to talk about what is happening in tech right now. You’ll get news about companies with buzz, updates on big tech news and even some insider gossip.
The Side Hustle Show, hosted by Nick Loper.
This is the show if you want answers for the big question so many entrepreneurs face. How do I turn my part-time hustle into a real job? Featuring topics such as passive income ideas, niche sites, and self-publishing, host Nick Loper is upfront and honest about the tough world of side hustles. The show features actionable tips and an engaging energy, and may just be that final push you need to grow your gig.
Back To Work, hosted by Merlin Mann and Dan Benjamin.
Focused on the basics that you don’t think about, Back To Work looks deep into our working lives by analyzing things like workflow, email habits and personal motivation. Somewhere between self-help, and business advice, Back To Work takes on a new topic relating to productivity each week.
Why your coworkers are not your ‘family’ [unpopular opinion]
(MARKETING) “I just want you to think of us as family,” they say. If this were true, I could fire my uncle for always bringing up “that” topic on Thanksgiving…
The well-known season 10 opener of “Undercover Boss” featured Walk-On’s Bistreaux & Bar. Brandon Landry, owner, went to the Lafayette location where he worked undercover with Jessica Comeaux, an assistant manager. Comeaux came across as a dedicated employee of the company, and she was given a well-deserved reward for her work. But I rolled my eyes as the show described the team as a “family.” I take offense at combining business and family, unless you’re really family. Why shouldn’t this work dynamic be used?
Employers don’t have loyalty to employees.
One of the biggest reasons work isn’t family is that loyalty doesn’t go both ways. Employers who act as though employees are family wouldn’t hesitate to fire someone if it came down to it. In most families, you support each other during tough times, but that wouldn’t be the case in a business. If you’ve ever thought that you can’t ask for a raise or vacation, you’ve probably bought into the theory that “work is a family.” No, work is a contract.
Would the roles be okay if the genders were reversed?
At Walks-Ons, Comeaux is referred to as “Mama Jess,” by “some of the girls.” I have to wonder how that would come across if Comeaux were a man being called “Daddy Jess” by younger team members? See any problem with that? What happens when the boss is a 30-year-old and the employee is senior? Using family terminology to describe work relationships is just wrong.
Families’ roles are complex.
You’ll spend over 2,000 hours with your co-workers every year. It’s human nature to want to belong. But when you think of your job like a family, you may bring dysfunction into the workplace.
What if you never had a mom, or if your dad was abusive? Professional relationships don’t need the added complexity of “family” norms. Seeing your boss as “mom” or “dad” completely skews the roles of boss/employee. When your mom asks you to do more, it’s hard to say no. If your “work mom or dad” wants you to stay late, it’s going to be hard to set boundaries when you buy into the bogus theory that work is family. Stop thinking of work this way.
Check your business culture to make sure that your team has healthy boundaries and teamwork. Having a great work culture doesn’t have to mean you think of your team as family. It means that you appreciate your team, let them have good work-life balance and understand professionalism.
Market your side hustle with these 6 tips
(BUSINESS MARKETING) It can be hard to stand out from the crowd when you’re starting a new side hustle. Here are some easy ways to make your marketing efforts more effective.
Side hustles have become the name of the game, and especially during these turbulent times, we have to get extra creative when it comes to making money. With so many of us making moves and so much noise, it can be hard to get the word out and stand out when sharing your side hustle.
Reuben Jackson of Big Think shared five ways that you can market your side hustle (we added a sixth tip for good measure), and comment with your thoughts and ideas on the subject:
- Referrals: Don’t Be Afraid to Ask!
If you’re going to make a splash, you have to be willing to ask for favors. Reach out to your network and ask them to help spread the word on your new venture. This can be as simple as asking your friends to share a Facebook post with information that refers them to your page or website. Word of mouth is still important and incredibly effective.
- Start Where You Are
Immediately running an expensive ad right out of the gate may not be the most effective use of your (likely) limited funds. Use the resources you do have to your advantage – especially if you’re just testing things out to see how the side hustle goes in the real world. You can do this by creating a simple, informational landing page for a small fee. Or, if you’re not looking to put any money into it right away, create an enticing email signature that explains what you do in a concise and eye-catching way. Check out these tools to create a kickin’ email signature.
- Gather Positive Reviews
If you’ve performed a service or sold a product, ask your customers to write a review on the experience. Never underestimate how many potential customers read reviews before choosing where to spend their money, so this is an incredibly important asset. Once a service is completed or a product is sold, send a thank you note to your customer and kindly ask them to write a review. Be sure to provide them with links to easily drop a line on Yelp or your company’s Facebook page.
- Be Strategic With Social
It’s common to think that you have to have a presence on all channels right away. Start smaller. Think about your demographic and do some research on which platforms reach that demographic most effectively. From there, put your time and energy into building a presence on one or two channels. Post consistently and engage with followers. After you’ve developed a solid following, you can then expand to other platforms.
- Give Paid Marketing A Shot
Once you’ve made a dollar or two, try experimenting with some Facebook or Twitter ads. They’re relatively cheap to run and can attract people you may not have otherwise had a chance to reach out to. Again, the key is to start small and don’t get discouraged if these don’t have people knocking your door down; it may take trial and error to create the perfect ad for your hustle.
- Go Local
Local newspapers and magazines are always looking for news on what local residents are doing. Send an email to your town/city’s journal or local Patch affiliate. Let them know what you’re up to, offer yourself for an interview, and give enticing information. The key is doing this in a way that your hustle is seen as beneficial to the public, and is not just an ad.
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