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The 10 Habits of Highly Effective Auction Marketers

Student Workbook Verson 20130611

Copyright held by LJ Hooker Limited 2032. No duplication, copying or reproduction is allowed, whether in part or in full, without the express written authority of LJ Hooker Limited


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Contents Page Program Outcomes & Our Values Introduction Live Auction Roleplay Debrief – Auction Roleplay Auctioneers Briefing Reserve Meeting Buyer Meetings Open Home Roleplay Vendor Communication and Education Marketing Campaign Listing Presentation/Consultation Creating a Listing Opportunity


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Program Outcomes At the completion of this course participants should be competent in the following: Increase List to Sale ratios and reduce Days on Market by discovering how to successfully list, market, negotiate and sell with the best process in the marketplace. This course covers: 

Prospecting for Auctions

Listing Auctions – how to get in the front door

Perfecting the Listing Consultation

Expectation Meeting

Creating excitement in your Auction Advertisements

Effective buyer and seller communication throughout the process

Pre-Auction Meetings and Offers

Staging an extraordinary Auction Marketing Event

Post Auction Activities for Success ** Includes a live role-play auction event **

Our Values 

We agree to turn our mobile phones completely off (not vibrate)

We can disagree with one another and provide feedback as long as we do so constructively and respectfully.

We will all put on our listening hats when someone else is speaking.

Everyone will participate to the extent that he or she feels comfortable. You get out of a workshop what you put into it.

We agree that this is the place to make mistakes and to learn.

We agree to each be responsible for our own behaviour.

We agree to be on time for each session

Sellers want 3 things: 1. Sell at the highest price 2. Sell within their time frame 3. Get on with their lives


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Section 1 Introduction The LJ Hooker Priceless Marketing Strategy and Auction Process is the purest form of property marketing available that has many benefits for buyer, sellers and agents. In order to master this method of sale you need to have a comprehensive understanding of the auction process, practise your questions, dialogues and listing consultation on a regular basis and be prepared to build more marketshare than your competitors. Circle which 7 traits you think are consistently displayed by our top auction marketers; Amicable

Accessible

Consistent

Reactive

Disciplined

Information based

Persistent

Charitable

Unmotivated

Question Based

Sarcastic

Solution Focused

Life Long Learners

Arrogant

Cautious

Aimless

What other traits do you think they regularly display? _____________________________________

Tick which sentences below you think our top auction marketers would use?

There are 2 main methods of sale, auction and private treaty, which one would you like to use? or There are 2 main methods of sale, would you be happy if I explain both of these to you? The owners are very motivated to have a sold sign on the property on or before 25th, what price range have you been looking in? or The property is going to auction on 25th, we think it will sell between $350,000 & $380,000!

Thanks for coming through the open home today, I would appreciate if you could provide some price feedback for the owners after you have had a look through! or Here is a fact sheet on the property and after you have had a look through we can have a chat about your level of interest in this property. By the way, are you researching buying or selling today? The contract contains relevant documents that will assist you to have confidence in bidding at auction, when would be a good time that I can meet with you to discuss a strategy whereby I can assist you to purchase the property? or Here is a copy of the contract for the property, look forward to seeing you on auction day!


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Session 2 Fun Auction Roleplay

30 mins

3 bidders, 1 auctioneer, 1 listing agent, 1 supporting agent, 2 vendors,

___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


Page |6 ___________________________________________________________________________ ___________________________________________________________________________

Auction – 21 Molakai Drive, Mountain Creek Feedback: Bidders Sheet Reserve: Total time for Bidding Sequence: 5 minutes Wait for 10 seconds before opening bidding then quickly move

$460-$490K $520K

Bidder 1 – Commence with opening bid $400,000 Bidder 2 - $410,000 Bidder 3 - $10,000 increase ($420,000) Bidder 2 - $5,000 more ($425,000) Bidder 1 – $430,000 Bidder 3 - $440,000 Bidder 2 - $5,000 more ($445,000) Bidder 3 - $5,000 more ($450,000) Bidder 1 – and $5,000 ($455,000) Bidder 2 - $460,000 Pause bidding Vendor Bid at $475,000 Bidder 1 - $485,000 – Wait until salesperson encourages you to increase bid Bidder 2 –$5,000 increase ($490,000) No further bids until salesperson approaches and encourages improved bid. Bidder 3 - $495,000

}

Bidder 1 - $500,000

}

Bidder 2 - $508,000

}

Bidder 3 - $510,000 bidders

}

Bidder 2 - $2,500 increase ($512,500) Bidder 3 - $1,000 more ($513,500)

}

Bidder 2 -$515,000

}

Salesperson should be constantly talking to }

No further bids until auctioneer seeks instructions and salespersons advice from seller is property is on the market for definite sale. Bidder 3 - $516,000 Bidder 2 - $1,000 increase ($517,000) Bidder 3 - $518,000


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Session 3 Debrief from Auction Event Roleplay

1. Identify what participants observed during competitive bidding _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________

2. Identify what participants observed in regard to on floor negotiation ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. Identify what participants observed about communication with auctioneer ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

4. Identify what participants observed about communication with sellers ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

5. Identify what participants observed about communication with buyers


Page |8 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. Identify what participants observed about getting property on market ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

7. Identify what participants observed about increasing the bids from highest bidder ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

8. Identify what participants observed about the theatre of working the auction crowd ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. Identify what participants observed about focusing on under bidders ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. Identify how the auctioneer controlled proceedings


Page |9 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

Session 4 Auctioneers Briefing 1. What you believe sellers reserve will be? ____________________________________________________________________ 2. What has feedback been? ____________________________________________________________________ 3. How many if any registered bidders? ____________________________________________________________________ 4. How many bidders do you expect to participate? ____________________________________________________________________ 5. Where will bidding start and who will start it? ____________________________________________________________________ 6. Where would you be comfortable for auctioneer to start? ____________________________________________________________________ 7. Where would you like the auctioneer to push to before consultation? ____________________________________________________________________ 8. Post auction interest on conditional basis? ____________________________________________________________________ 9. Mandatory comments regarding property or people


P a g e | 10 ____________________________________________________________________ 10. Use of when and how vendor bid will be used? ____________________________________________________________________

Session 5 Reserve Meeting 1. How are they feeling about the process ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

2. Address any concerns they have ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. Discuss 3 possible scenarios ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

4. Discuss use of vendor bid ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 11 5. Ability to vary reserve ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. Strength of being "on the market" in competitive environment ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

7. Protecting integrity of the property if no bidding or bidding is low. ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

8. What will reserve be and flexibility ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. What level should instructions be sought and test them on price ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. Summarize & identify best feature they have enjoyed by living there.


P a g e | 12 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

Session 6 Buyer Meetings 1. Identify level of interest – no price discussion ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

2. Identify capability and capacity of buyers versus bidders, handling email and phone inquiries ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. Check contract compliance regarding settlement timing, deposits


P a g e | 13 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

4. Building pest reports etc. ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

5. Bidding strategy regarding how much and when & encouragement to bid ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. What to expect on the day incorporating competition and vendor motivation ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 14 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

7. Understanding buyer motivation and keeping momentum ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

8. Dealing with buyers wanting to buy prior or wanting to wait till after, no counter offers ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. Clarify buyer bonfidies, contract names/s, company names/s, super funds ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 15 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. Give confidence, education and build rapport – they are future buyers and sellers ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


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Session 7 Open Homes – Roleplay

Urgent buyer Sold their own home and will settle in three weeks time, need to buy and may be interested at the right price. When asked give feedback of $400 - $420k Possible Seller Show some interest in property but ask plenty of questions about market, how many buyers have enquiries about this one, will prices rise later in the year No interest/sticky beak neighbour Discuss trouble with noisy teenagers up the road, suggest sellers must be desperate because they are going to auction, give price feedback of $550 -$600k

1. Identify level of interest in this property and reaction to their price feedback ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________


P a g e | 17 2. Identify suitability of this property ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. Identify if they have something to sell ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

4. Identify the business opportunity not concierge mentality ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

5. Identify their market knowledge ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. Identify what other agents have commented on about other competing properties they have looked at ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 18 7. Identify specific price range they see property sitting in ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

8. Identify how to handle high volume opens vs low volume ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. Identify history of purchasing property and knowledge of auction process ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. Identify what is dominant buying motive and address with a feature or benefit of the property. _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________


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Session 8 Vendor Communication / Education

1. Post open home / inspection feedback _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________

2. Written reports ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. Weekly face to face meeting ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 20 4. Phone / sms / email daily contact ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

5. Weekly CMA's ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. Marketing and strategy changes – motivation ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

7. Accurate honest market feedback by identifying specific price from every buyer ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 21 8. Feedback constructive discontent not negative ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. Structure to meetings to discuss, marketing, inquiry, inspections, 2nd inspections, offers, contracts ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. Vendors weekly expectation of price movement – thermometer ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


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Session 9 Marketing Campaign 1. Identify buyer ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

2. Media mix ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. Construction of advertisements ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 23 4. Size & repetition, reach and readership ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

5. Level of investment ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. Rotation of adverts and escalating motivation ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

7. Variation of hidden price range in E2 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 24 8. Database marketing to past open home buyers and underbidders ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. Examples of previous successful campaigns ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. HTML emails, my ljhooker and social media strategies ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


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Session 10 Listing Presentation / Consultation 1. Pre list qualifying ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

2. Using agenda to stay on point ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. JAQ rapport building ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 26 4. Market knowledge ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

5. Methods of sale ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. Buyer behaviours ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

7. Trial closing ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

8. Presenting CMA


P a g e | 27 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. Price discussion ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. Fee discussion & Marketing Investment ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


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Session 11 Creating A Listing Opportunity 1. Prospecting techniques ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

2. Short term, mid term and long term contacts ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. LJX Sales ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________


P a g e | 29 4. Ideal week ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

5. Market monitors / research ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

6. Setting goals and knowing your numbers ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

7. Agent profiling ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

8. Focus Marketing


P a g e | 30 ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

9. Social media ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

10. Scripts and dialogues – know what to say and when ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

The 10 habits of highly effective auction marketers workbook 20130702  
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