00:00:06:08 - 00:00:34:03
Speaker 1
All right. Welcome back to the weekly round up with the P.S. Coaches. I'm Dylan Silbernagel and I go, That's Jenn. That's Mike, that's Mel. This is a podcast for realtors where we talk all things real estate. What's going on? The market, ways that you can better serve your clients, how to deal with troublesome clients better lead convert. And actually, before we jump into this week's topic, Mike, I need an update on that Facebook ad for everybody.
00:00:34:03 - 00:00:53:03
Speaker 1
So the behind the scenes is me and Mike ran a contest a couple of years ago to figure out what was better for Facebook advertising. Was it directly through Facebook or through command? We clearly found that command was the better platform to run our Facebook ads through Mike one. And the follow up from that was he got a transaction from it.
00:00:53:03 - 00:00:58:10
Speaker 1
But Mike, it's the gift that keeps on giving. Where are you at right now? He's just giving us an update before this.
00:00:58:12 - 00:01:22:01
Speaker 2
Yeah. So as you know, we're I think we've updated in the past that one transaction. I then went on to sell their place and then they went on to refer me to somebody else who then I then sold their home and just this morning I got my fourth referral for a deal. I'm meeting with them on Thursday. Everything sounds good so far, so we'll sit down with them on Thursday and go over the listing process and the next steps.
00:01:22:01 - 00:01:32:10
Speaker 2
But it sounds like I might have a fourth one in the bag on on that Facebook ad competition. If you ever want to run another competition, you let me know. It's seemed to be very profitable for me.
00:01:32:11 - 00:01:42:08
Speaker 1
So I love it. I think we should let's get let's get more money under your belt. What? What's that?
00:01:42:10 - 00:01:43:14
Speaker 3
How many of you like?
00:01:43:16 - 00:02:07:02
Speaker 1
Oh, bagels. Do say. But it was. It was Facebook's fault, not mine. That's clearly what the top layer is there. But yeah, no, I think we should definitely do another one because that's a that's a campaign that cost you, what, 12 $14 bucks. Yeah. With it with the cost of a lead of like $0.86. $0.86. Yeah. Yeah, yeah.
00:02:07:05 - 00:02:17:03
Speaker 1
Now that's something that we should definitely do again. And you know, what I like about it is like challenges and competition. They always bring out the best in us, so we should definitely do another one.
00:02:17:05 - 00:02:29:20
Speaker 2
Yeah. No, it's been good. And we did that in 2021. I think it was. Yeah, it's been like, yeah, a little while. It's been over two plus years that we've done that because it was when you sold Castle Rock. Yes, because I believe that was the ad. It was Castle Rock.
00:02:29:22 - 00:02:52:05
Speaker 1
Yeah, I think that was 2021. That's fun. Yeah, yeah, yeah. It's been a while. I think you got another one from a major Mac. One that did, you know. Could have been 2020. No, no, I don't think so. Anyways, long story short. Yeah. Run the Facebook ads through command and make sure you got a solid follow up system.
00:02:52:06 - 00:03:17:08
Speaker 1
Yeah. All right I topic for today is actually focusing on client expectations in what has been a fluctuating market throughout the throughout this year and last year as we've seen interest rates rise markets slowed down then speed up then slowed down again. Different pockets outperforming others. And clients see things that give them certain expectations before you sit down with them.
00:03:17:10 - 00:03:28:22
Speaker 1
And so how do we how do we deal with that? And Mike, I want to throw it to you because this was your topic that you wanted to bring up to throw to the coaches. So give us a little bit of an overview of what you're looking for with this question.
00:03:29:01 - 00:03:43:08
Speaker 2
Yeah, and basically, before I start with this one thing I want to kind of throw in there for the coaches as well is I got a notice on my phone this morning that the injury or the inflation rate has gone up again in August. Right. Which is kind of indicating that interest rates might go up again in the near future.
00:03:43:08 - 00:03:59:12
Speaker 2
And this is kind of adding to that whole pile that I'm kind of talking about. So when you're sitting down with a seller, okay, you have someone come over, they invite you over to your house, you sit down with them and they say to you, I want to list with you and I like your pricing, but I want to list a little bit higher or I don't like everything to do with it.
00:03:59:12 - 00:04:17:02
Speaker 2
I want to I want it to be my way. How do you guys assess the risk factor in taking on a listing that might not sell with all the investment that you have with your marketing, you know, possibly staging costs, whatever it is that you guys do to support your clients, how do you look at it as a risk factor?
00:04:17:02 - 00:04:38:01
Speaker 2
Do you sometimes take a listing at a higher price point because the seller wants it or you stick to your guns and say, No, it has to be at my price point because this is what's going to move. How do you guys offset that and what do you do? Because, you know, there are bigger teams out there that can kind of have the resources to sustain that, whereas, you know, a smaller team might not be able to.
00:04:38:01 - 00:04:39:15
Speaker 2
So what are you guys doing that for us?
00:04:39:16 - 00:04:55:22
Speaker 1
And real quick on that, Mike, the bigger teams are also more susceptible to taking a loss because if you're taking ten of those listings at the cost of whatever you're staging or your marketing budget is, you're at way higher risk than somebody that's just taking one or two of those. So I think that's something to pay attention to as well.
00:04:55:22 - 00:05:13:00
Speaker 1
While big teams do have big budgets, sometimes in these situations, they're actually the most vulnerable. And on that, I want to I want to throw it to I want to throw it to you first, Mel, as I know that we've been talking a lot. I'm eager to share my story. But, Mel, I want to know what's what's your approach when you guys are looking at that?
00:05:13:00 - 00:05:26:16
Speaker 1
You are a bigger team as well. You guys have been growing. What does it look like for you guys in terms of when a client says, I want to take this not at your price, but at a higher price.
00:05:26:18 - 00:05:49:00
Speaker 3
So when? So we do a couple of things. One of them is we make sure that we bring good stats to really show what what the market is. If they say, I just had this happen to me actually, and if they say they want higher, I ask questions. You know, find out what it is about the higher price that they that they want to like.
00:05:49:00 - 00:06:19:08
Speaker 3
Why is that so important? You may be surprised at the answer. You think it's going to be, oh, I just need more money. It may not be there may they may not understand all their expenses and what they're going to net. There's a lot of things that can be discovered at that. So definitely ask questions. So I ask them those questions and then if they and then I gather they're understanding that they can clearly see based on the market and I always use the market not my own opinion like based on the market with the market is showing, this is where we would expect you to sell.
00:06:19:08 - 00:06:37:05
Speaker 3
Can you see that clearly or do you have a challenge with the comps? Because I want to make sure that they can clearly see it. They may not they may not agree with me based on what I brought. So making sure first seeking for clarification and then if they still want to list higher and it would depend on what how high we are.
00:06:37:10 - 00:06:57:03
Speaker 3
But if they want to go higher, I always set expectations. I said, okay, look at we've already agreed that this is where we expect it to be in this market, especially time is not on our side. So if you want to list at this price, I will list if you agree that within seven showings I usually say ten.
00:06:57:03 - 00:07:20:07
Speaker 3
But in this day and age, no seven showings or seven days, if in seven showings or seven days after we've done open houses and market it to its fullest. If it hasn't sold and the feedback doesn't say, you know, there's a raccoon running around the house when you're not there, then we're going to lower that. Then we agree to lower that price and have that conversation, keeping in mind where where the market sets.
00:07:20:09 - 00:07:48:18
Speaker 3
So that's one of the things I do the most. Most of them can be cleared up, though, with those questions. Usually when you dig down and ask those questions and you you take that time, it'll it'll clear up like they will usually come to your side. But I definitely do that in stage. And I think that maybe one of the last ones that still pays for the staging and I hadn't asked for any money back.
00:07:48:21 - 00:08:14:07
Speaker 3
I do add a Schedule A to my listing agreement, right? You can add any schedule you want and I add a schedule that states that if if it is taken off the market or doesn't sell for any reason, that that money will be repaid. Now, I think it's loosey goosey that can go either way right? Like what if what if the listing gets canceled?
00:08:14:07 - 00:08:27:04
Speaker 3
Does that schedule and the listing agreement even stand up? So you are still taking a risk? As far as I'm concerned, on the on the staging parts. Yes. But yeah, that's kind of what we do.
00:08:27:06 - 00:08:46:02
Speaker 1
Yeah, I love that. I love that. I like I like that you're kind of seeking to figure out why that price is important to them, like asking those questions and establishing as well. Like, look at all this data that we've looked at. Do you agree with where I'm at or is there something that we're not on the same page that like you're clarifying a lot there.
00:08:46:02 - 00:09:10:16
Speaker 1
And I think that that's that that's an important approach, especially at the beginning when you're having those discussions. Jen, what about you? What would you what would you add to this for a realtor that's sitting there and saying like, Oh man, I've cut these clients that, you know, they don't agree with my price, maybe they're out to lunch, but whatever the the scenario is, they can't get the client currently to go to the price that they're recommending for the sale of their home.
00:09:10:18 - 00:09:44:09
Speaker 4
Yeah, I think firstly, obviously I kind of agree with a lot of what Mel said, right? Ask the question, seek understanding and all of that. I do think and and there are times where we've coached to this even in the past when we have an agent that, you know, gets an opportunity to list a home and, you know, it's in a great neighborhood or it's in their farm area or it's in a high traffic location where they're potentially going to get more sun calls, more exposure for themselves and and lead gen.
00:09:44:09 - 00:10:07:09
Speaker 4
And obviously, I'm speaking on the client perspective, the agent perspective. Yes. More so than the client piece that yeah, there are times when I would say roll the dice on it, you know what I mean? Like take the listing, do your best to sell it. I would clearly exactly what Miles said. I would set the expectation and I would always say, you know, here's what my professional opinion is.
00:10:07:13 - 00:10:28:03
Speaker 4
I'm willing to try this strategy out for X amount of days. But we're going to also sign a listing agreement for two weeks from now with my price or with an adjusted price and amendment going on. So I'm going to do this for two weeks to give you the window of opportunity to test the market, see what feedback we get, see if there's no traffic.
00:10:28:03 - 00:10:43:05
Speaker 4
The buyers are going to tell us what our value is. So let's let them tell us. Right, Because you're 100% right. There is a chance that I could be wrong, right? I've done my research. I showed you the data. I believe in what I'm telling you. But is there a chance I could be wrong? Sure. Right. It happens.
00:10:43:05 - 00:11:04:00
Speaker 4
It does. So let's test the market now. In a market like the one we're in where, you know, like we just talked about, inflation's gone up and we're anticipating another rate hike. I don't know if that's what I would do right this moment. I would be trying my hardest to get that price point as aggressive as I could and to get that property go quickly so we don't take a bigger hit.
00:11:04:00 - 00:11:25:14
Speaker 4
And I would explain what that looks like to them. However, if they were adamant and some people are, yeah, as long as long as the location is good and the visuals are good, I would potentially say to someone, Look, if you've got nothing else going on and you need some extra leads, work the listing as hard as you can run those Facebook ads, get four referrals, right?
00:11:25:14 - 00:11:32:20
Speaker 4
Like do something with the opportunity and then work on chipping down your client as as time goes on.
00:11:32:22 - 00:11:57:18
Speaker 1
Yeah, I love that. So what Jen's adding in there is like, okay, we've, we've taken all the steps that Mel have has said this is how we're going to try to work with the client to get a price that we're looking for. But at the same point, as long as I'm mitigating my risk, like I wouldn't maybe take a listing like that and be in a situation where I have to spend a lot like if I'm putting, you know, five grand in staging and I'm taking over price listing, it's harder to justify the opportunity.
00:11:57:20 - 00:12:16:19
Speaker 1
But if you're just in it for, for some photography and you've had the discussion about pre signing a commitment to reduce the price, for example, like after two weeks, if we're still not sold, let's agree that we're going to move down to my price. But looking at it as, Hey, this is an opportunity for me, I've got a sign up in the neighborhood that I want.
00:12:16:19 - 00:12:43:21
Speaker 1
I can use it for lead generation. I can use it for sign calls. I think that that's a great point in terms of evaluating if you still want to take this listing or not, like if it's if it's an overpriced listing out of my market area and I've got to drive really far to get it, get to it and it's oversaturated, like, yeah, there's not a lot of upside to me to take this listing and it's a much easier one to walk away from if I so chose that after our discussions that they're still not there at that point, maybe I wouldn't do it.
00:12:43:22 - 00:13:04:21
Speaker 1
The other thing I'd like to add in, you know, from my perspective just recently, having had a few of these discussions ourselves, is a scenario that I found is sometimes the challenge is in the comparables and who's looking at the comparables. Right? We we ran through everything we're doing, everything that Mills talked about at the beginning here and now we've got these two comparables.
00:13:04:21 - 00:13:24:03
Speaker 1
We've got one that we're looking at in my seller says, Well, we're way better than those guys. We should definitely be up here. You know, it's hard for me, it was hard for me to argue. I'm like, I, I get it. These guys, these guys performed really well for what they are. And you could argue that we should be X amount more than them because of what we are versus them.
00:13:24:05 - 00:13:53:14
Speaker 1
However, on the flip side of that, there's another comparable that's our ceiling. And now if you were the buyer and you're talking about because of this comparable, you need to be up here. Well, you're now only 30,000 under that other comparable on the top side that has bigger square footage renovated bathrooms, maybe an extra bathroom. Now, if you're the buyer and you could buy yours for let's call the million or you could buy that fully renovated one for 1,000,020 only $20,000 more.
00:13:53:18 - 00:14:30:16
Speaker 1
Which one are you going to buy if you're the buyer. Right. And that really struck a chord with the sellers of like, oh, okay. I moved them away from getting so fixated on the comparable that helped them to understanding that buyers who set the price are going to be looking at that other comparable and that like you're right I would spend 20 grand more and buy the superior product and not buy ours and so I think that trying to help them put their buy your hat on instead of their seller hat, especially when you're reviewing different comparables, will help you in that segment of it where Mel is talking about bringing a lot of data,
00:14:30:16 - 00:15:01:22
Speaker 1
bringing a lot of stats, and being able to show and educate your client about what's going on. The market is sometimes get them to put on the buyer hat while they're there, and that might be the change that that they need to kick start. The other thing I would I would just add quickly before I pass it to Jen, there is that in terms of how I look at taking an overpriced listing, it varies as well on how overpriced and what the other comparables or available listings show.
00:15:01:22 - 00:15:25:15
Speaker 1
Like if say my my recommended price is 1.1 and there's nothing else for sale until 1.2, but my guys want to take it at 1.3. Then sometimes I'm open to taking that listing because yeah, are we overpriced? Sure. There's no I can't see something that would justify why we should sell for that. But the same point, there's nothing else that a buyer could purchase in this moment in that window.
00:15:25:17 - 00:15:47:12
Speaker 1
So I'm okay taking something a little bit overpriced in that scenario, or even maybe a lot overpriced, depending on, you know, the price points, knowing that a buyer will see like, hey, there's nothing else. This is the one that I want. Maybe I'll negotiate with them. And, and sure enough, on a listing that we just took like that we did take it at a little bit higher of a price than what we recommended.
00:15:47:14 - 00:16:10:04
Speaker 1
We still sold at the price that we said it was going to sell for. So that felt good at the end of the day, but nonetheless, because there was nothing else available in that window, the buyers still came to us and just negotiated to what value was essentially. So sorry for taking that there from you, Jen, but I wanted to make sure that that point was was shared as well in terms of if you're going to take an overpriced one, how does it situate you in the market?
00:16:10:06 - 00:16:10:18
Speaker 1
Mm hmm.
00:16:10:20 - 00:16:41:21
Speaker 4
Yeah, I thought you were done. It was stored on my side. Yeah. I was just going to say, I know when we when we talked yesterday and we kind of talked about this topic and having a conversation around it, one of the the, the points or reasons we were looking at it was because we do have agents even within our own brokerage who live in areas where they might take a market listing, knowing that they're going to have it for six months or a year or five months or like a much longer period.
00:16:42:00 - 00:17:03:02
Speaker 4
So when you're going into that type of a listing where, you know, you know, you've got a longer days in a market like a unique waterfront property or a super high end luxury product that could potentially take a year to sell. What is your cost management look like in that situation? Because, you know, now we're looking at, you know, are you are you staging it at all?
00:17:03:02 - 00:17:23:07
Speaker 4
Are you just doing virtual photography? A virtual staging? Are you, you know, staging it, but only for the first 30 days to get the photos and the initial the first impression and then you're pulling your staging. Like, how does your strategy change when you know you have a product that takes six months, eight months, potentially a year to sell?
00:17:23:11 - 00:17:23:16
Speaker 4
Right.
00:17:23:18 - 00:17:37:22
Speaker 2
What is it that's exactly it. Yeah, because and that's the exact thing. Because if we head into a buyer's market, you're going to see a lot of listings that are that are sitting for six plus months because that's what a buyer market by definition is, is six plus months on the market or six months of worth of inventory.
00:17:37:22 - 00:18:01:18
Speaker 2
Right. So it could take you that while to have your property sell off. And I think one of the biggest things for me in that circumstance is being very competitive with our price point. So especially if they need to move that they need to move. You have to be almost below market. You do? Yeah, which is unfortunate, but just like the stock market is sometimes a year above what the stock should be, sometimes you're below what the stock should be.
00:18:01:18 - 00:18:18:05
Speaker 2
Right? And that's the kind of give or take that you're going to have to take. So in some cases, depending on your circumstances, you will have to be below market value in order to sell your home off and just know heading into a potential buyer's market that if you are looking at long expenses, see where you can cut back.
00:18:18:06 - 00:18:42:18
Speaker 2
Right. For example, see if you can negotiate deals, you know that you can have reduced costs at the beginning and maybe it's heavy loaded on the on the end when the property is sold, maybe there's costs kind of like what Mel said. If there is any cost in the property doesn't sell, maybe you have something that reimburses you for that loss time and energy and efforts and resources that you had lost from leasing a property that long.
00:18:42:18 - 00:18:54:07
Speaker 2
Right, Because then it makes the seller think, okay, yeah, I really got to make sure I'm selling because now I'm in it, right? If this doesn't sell, I got some skin in the game and that's what I think is really important with that. Yeah. Now you got.
00:18:54:11 - 00:19:24:21
Speaker 3
A better, a better way because I just on that, because that's the way I do it, but it's not the best way other people have found a better way and it keeps the seller on the hook. And I like if they, if they have the funds available or the credit available, the schedule A on your listing agreement is the seller agrees to pay for the staging and upon sale of the property will all reimburse that so that what they're already in for the staging with me and they have a deal with me to reimburse.
00:19:24:21 - 00:19:26:14
Speaker 3
So what's that going to look like? Right.
00:19:26:14 - 00:19:46:07
Speaker 2
So and with that in mind, obviously there's some limits set, right? So it's not like the staging is $30,000 all of a sudden. And definitely some limits in sense of how much it's going to cost and this and that. Yeah, and I love that. One last question I want to throw to you guys in this odd event that something like that would happen and you'd have to enforce your schedule.
00:19:46:09 - 00:20:05:07
Speaker 2
Would you enforce your schedule? Right. And that's the one thing that I'm always questioned on. I guess it's it's done on us on a case by case basis. But in the event that someone doesn't sell their house and they decide, you know what, now you did a good job, but I, I don't really want to pay you the difference.
00:20:05:09 - 00:20:07:15
Speaker 2
What not that.
00:20:07:17 - 00:20:10:16
Speaker 1
Yeah. Yeah. So I share that with this.
00:20:10:16 - 00:20:28:11
Speaker 3
Mel Yeah. So it happened. It happened just last year and had them did a whole bunch of stuff for them and then put it in the schedule that they would pay me back. I did it with a few deals, worked out great with a lot of them, and then there was this one, and then she ended up I had a deal like right there too, but whatever.
00:20:28:16 - 00:20:50:12
Speaker 3
She ended up canceling the listing and re listing and guys, you know, they always say, Oh, I'm just going to think about it over Christmas. Yeah, in two days she was three listing with another realtor and everything that happens. And so she relisted. And so I very politely said like center attacks. And I said, you know, I see you re listed.
00:20:50:12 - 00:21:12:04
Speaker 3
That's great. Congratulations. I wasn't sure if you needed me to put the letter with the lawyer for your closing or, or how you wanted to go about it and so that she was arguing about the price a little bit and, and of stuff that was already done and fully paid for. But then I left it right because she got a little.
00:21:12:06 - 00:21:32:05
Speaker 3
So I said, you know what? I'm not going to respond right now for sure. I hadn't sold it, took another eight months and then it sold. But I watched it and then I knew the closing and that was another three months later and I watched it. And then about seven days, seven or eight days after it closed, I sent her a notice.
00:21:32:05 - 00:21:53:19
Speaker 3
I said like a text, and I said, Congratulations, I see your house finally closed. I wasn't sure if you had reached out, but I hadn't heard from you about the loan. Just wondering if you can transfer that tonight for me. And that's all like that. And then she. And that's all I said I didn't like. I didn't go into any of it.
00:21:53:19 - 00:22:18:21
Speaker 3
I didn't even go into the amount because she was already like, don't. I didn't want to bring any more details in that. She could argue. I said, So she's a couple days later. Oh, you were on my list of contact. Yes. You know, so-and-so's been sick and I'll get that to you. And sure enough, I mean, I had to fall off the air and about four days later, she e-transfer it it.
00:22:18:22 - 00:22:43:17
Speaker 3
So I said, and it wasn't the entire amount that was like. But it was 3003 thousand. And she sent 24 and I was like, Thank you very much. And I ran to the bank that yeah. And I learned my lesson. Yeah. Just as easily on the way. I would not ever take it to court. If that answers your question, I would not take action.
00:22:43:19 - 00:22:49:12
Speaker 2
Yeah, of course, because we've seen some realtors in the past that have and they always end up on CCB 24.
00:22:49:12 - 00:22:50:15
Speaker 1
And never looks for.
00:22:50:15 - 00:23:11:03
Speaker 2
News. And it never looks good, right? It never was good. So I love the strategy of, you know, the seller pays for it up front. You have that in your schedule A upon closing, you reimburse them versus the opposite way. I think that's the strategy. If anything we learned today, that's the number one thing. So if you're going to put that in a schedule, I make sure that they're paying for it upfront.
00:23:11:07 - 00:23:20:19
Speaker 2
And upon closing, you're reimbursing them those costs, right? If you're trying to protect yourself and and your reason.
00:23:20:20 - 00:23:42:01
Speaker 3
Mike, it just came to my mind when you were saying that instead of saying reimbursing, saying credit it, because what a great substantive argument for your full commission. Look at we're going to do full committee. I mean, it's it's one of many. But if you do full commission, we do full commission. I'll be able to credit you for for the costs of staging, etc., blah, blah, blah.
00:23:42:01 - 00:23:45:14
Speaker 3
So it's been an edge off that.
00:23:45:16 - 00:23:46:15
Speaker 2
Yeah. Yeah.
00:23:46:16 - 00:24:03:10
Speaker 4
I think there's there's a piece to consider too that when you are taking a listing or when the market does shift, if we get to that point where we have six months plus of inventory or you take one of those neighborhoods where it takes a little longer to sell, you've got to look at what's status quo in the area, right?
00:24:03:10 - 00:24:37:15
Speaker 4
Like there is a chance that in some pockets and there's lots currently where the agents don't stage and where they do take a discount of commission and where it's standard to pay out less to a cooperating brokerage then the listing agents take in. All of those things occur in different markets. So know the market as well and do your research because you don't want to be in a position where, you know, you go in and you're going gung ho on staging and all these expenses and you know, you have this this expense list that no one else has, and it's still going to take you X amount of days to sell the property because you've
00:24:37:15 - 00:24:53:07
Speaker 4
got an inventory issue that that math won't always make sense. Right. So not to say, one, enhance your property, it will. There are other ways you can do that as well that maybe might be more fitting for that particular marketplace.
00:24:53:09 - 00:25:23:15
Speaker 3
You don't want a lot of people, a lot of since I was looking for houses ahead, going through tons and looking at photos. So I think a lot of realtors are missing the mark, though, on this presentation. Like they are not cleaning up. There is garbage in the pictures. Yeah, no, like minimize help them with storage. Like Jen saying maybe you're not going to stage, but you're going to clean and you're going to like not you're going to hire someone, prepare these people.
00:25:23:17 - 00:25:26:21
Speaker 3
I think a lot of people are cutting costs the wrong spot.
00:25:27:00 - 00:25:27:15
Speaker 1
I agree.
00:25:27:15 - 00:26:02:04
Speaker 4
Yeah. Yeah. We should be cutting costs on photography and cleanliness and that we should be you know, maybe we work with their products, that they have their furniture and we just spruce it up a bit, right. With some of our own stuff where you bring in a stager with to do a stage of accessories and artwork. And so as opposed to furniture staging, which is significantly more affordable, like it doesn't mean cut it completely, but there are avenues you can take to minimize your overheads when you know, you know, your return on your dollar is going to be significantly lower because you about putting away more hours to sell the property, right?
00:26:02:06 - 00:26:20:18
Speaker 1
Mm hmm. Yeah. What our team has done in the past and it's definitely helpful in a market like this where you're trying to manage your costs on a listing that might be long as we've started building our own inventory of staging supplies as well. So as long as it's not a vacant house like our last one we did was a vacant house and it was a much more costly stage.
00:26:20:18 - 00:26:49:06
Speaker 1
You couldn't do anything in-house. We had to hire for that, obviously. But for our in-house stuff, you know, where we pick up a couple of photos for each new listing or a couple of prints. This listing, we buy three prints, this listing, we buy a little foldout table or this listing, it's a coffee table. This one, it's an outdoor set and over time we've accumulated quite a bit where maybe our marketing budget or our staging budget for those specific ones was only seven or $800 because you were just adding one new thing to the inventory.
00:26:49:08 - 00:27:05:07
Speaker 1
And now we've got a supply of like, Hey, we got a lot of prints that we can put in. We've got we did a couch cover for a couch one time, that's all it cost. It was $40 on Amazon and it made the couch look a million times better. And all of a sudden the living room looked great, right?
00:27:05:07 - 00:27:33:22
Speaker 1
So you can be a little bit more creative instead of doing a full on stage where it will still benefit the house, people will be able to see the potential, not be distracted by Grandma's floral couch, like there's a lot of different things that you can do and still protect your budget while making sure that you're serving the client if they don't want to do a full stage because that's how this really started for us was we've got a little bit of an aging demographic in our database that has no tolerance for staging.
00:27:33:22 - 00:27:49:10
Speaker 1
They don't want their stuff interrupted or touched at all. So it's like, okay, well, we can we can move a couple of things and change a couple of prints and the place looks like a different house. So it doesn't need to be, Hey, we're going to remove all your stuff, put it in storage, bring in all new stuff.
00:27:49:15 - 00:27:55:06
Speaker 1
It doesn't need to be that. There's a lot of middle ground that that you can work with for your clients.
00:27:55:08 - 00:27:58:00
Speaker 2
Yeah, absolutely. I love it.
00:27:58:02 - 00:28:15:03
Speaker 1
All right, guys. Well, that was a that was a great discussion for those of you that joined us today. Thank you so much. You can catch us on our Instagram, Facebook and YouTube profiles. That's Jenn. That's Mike. That's Mel. I'm Dylan. Thank you so much. And we will see you next week. Bye for now.
00:28:15:04 - 00:28:15:13
Speaker 2
Bye.
