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The concept of a “listening consultation” has a 30-year track record of success in all price ranges with a 92 percent conversion rate when followed as written. Even amid all the commission chaos at this moment in time, it’s still the most effective approach you can take because it’s based upon truly listening to what matters most to your sellers, building connection, and earning their trust.
Now more than ever, you must be well-prepared if you want to win the listing against all the other competition, and this includes addressing the issues around the commission lawsuits. Here’s what to do.
What you will need
According to the most recent NAR Profile of Home Buyers and Sellers, over 80 percent of the time, the agent who meets with the seller first when their ready to list is the one that wins the listing. Here’s the list of what you should have available on your phone/iPad/laptop where you can access it immediately when you get a listing lead.
Pre-listing package
- The cover page of your pre-listing package should be the flyer you will put in your brochure box. It should include a color photo of the property, key features, and a QR code to instantly convert any buyer leads that click on the code to obtain property information. Have a template made up ahead of time where you can pop in the photo, the features, and QR code from one of the online QR code generators.
- If you haven’t done so already, download the NARRPR app that allows you to generate beautiful property reports by merely entering the property address and send it immediately to the listing lead when they first express an interest in selling their property. See this article for the details to learn exactly what to do to use this app to secure the appointment. (Please note, hold off on doing a CMA until you have seen the interior of the property.)
- Online reviews and video testimonials from past clients.
- Marketing photos/videos from your past listings. BoxBrownie.com allows you to take existing photos and virtually stage the property, create twilight photos, and as well as removing items from the photos you don’t want on the MLS.
- Premium Marketing Plan: Your “Listening Consultation” will ask whether the sellers would like to obtain the highest possible NET price for their property in the shortest amount of time. Virtually everyone answers, “yes,” however I’ve seen two divorces where that question generated a “no.”
When the seller says “yes,” then show them your Premium Marketing Plan that helps them achieve maximum exposure to the marketplace that results in the maximum NET price. You should include this in your Pre-List package. Here’s a sample of some of the things you could include.
It’s extremely important that you share what all brokers do, the tools your brokerage provides (especially if you’re with one of the big brands), as well as what you do that makes you different.
The Premium Marketing Plan also positions you as an “premium” agent who should be paid a full commission for the services you provide as opposed to a “limited services” broker who offers less service. NEVER use the word “discount” to describe other agents, since almost everyone loves discounts. No one wants “limited service,” however.
This plan also assumes that the sellers may be interviewing other agents. If they are, invite the sellers to compare your “premium” services with what other agents are offering and then choose the agent who is most likely to help the sellers get the highest possible NET price for their property.
- You can drop this off personally (print copies can be quite effective,) or text/email it to them when you first meet them and they express an interest in listing their home.
At the listing appointment, you will need the following, preferably in a digital format:
- Laptop, iPad, other mobile device, or a pen and paper to record the seller’s responses to your Listening Consultation questions.
- All required listing contracts including agency, the listing contract, required federal, state, and local disclosures, etc. available in DocuSign or other digital signature format.
- Lockbox or key safe authorization plus yard sign authorization if appropriate.
- All the materials from your Pre-Listing Package. Again, they’re not likely to read this before your appointment, be sure you include this material anyway.
Your step-by-step ‘listening consultation’
This approach is simple, direct, and easy to use. Since it’s question-based, it’s extremely important that you write down what the seller tells you. This builds connection and trust because when you write down what they say, they know you have heard what matters to them.
At the appointment
When you arrive at the property, do the following:
- Silence your phone so you won’t be interrupted.
- Avoid parking in the driveway — you don’t want to interrupt your appointment to move your car or have an oil leak on the seller’s driveway.
- When the answer the doorbell, smile, and extend your hand to shake hands. (Please be culturally aware. Many people from other countries avoid handshakes.)
- Immediately thank the sellers for the opportunity to discuss listing their home.
- Practice consultative selling. (You are a conduit of information to help the seller make the best possible decision in terms of selling their home.)
- Stay 100 percent focused on providing the best possible service for your clients.
- Always remember, it’s their house, and it’s their decision—avoid being attached to the outcome.
- If viewing their house for the first time, ask about features that may not be obvious as well as any improvements or upgrades — take notes on what they tell you.
- After viewing the property ask where they would like you to sit.
- Begin by asking, “Did you have an opportunity to read my marketing proposal?”
- Whether or not they have read it, cover the key points of differentiation during your appointment.
9 ‘listening consultation’ questions
No. 1: What have you enjoyed about living in this property?
Script:
Agent: An important step in effectively marketing your property is to understand what is most important to you about your home. With your permission, I would like to make a list now of the things you have enjoyed about living in this property. Making a list now will help me to provide more accurate information to prospective buyers and write a more effective ad. So, tell me, what should I put on my list now of the things that you have enjoyed about your home?
- Your purpose: to identify the highlights of the property and how to best advertise it.
- Make a detailed list of what the seller says.
- Follow up by asking, “What are the most important features you would like to see highlighted in the advertising?”
- When you ask the sellers about how they would like you to advertise their property and they answer your question, they are already acting as if you are their listing agent. This is known as a presumptive close.
No. 2: What’s motivating you to sell?
Find as many positives about the property as possible to be used in your marketing of the property.
Script:
Agent: Mr. and Mrs. Seller, you have such a beautiful home, and the view is wonderful. What’s motivating you to sell?
Identify what they like about their property as well as the pain points they would like to avoid in their next home.
No. 3: Will these same features be important in your next home?
If the sellers are buying a replacement property, this question opens the door for you to represent them on that purchase. This question may also surface what they dislike about their present home as well as what they want to avoid in their next home.
Script:
Agent: You have told me about the wonderful neighborhood, how much you enjoy entertaining in your private backyard, as well as how important an open floor plan is to you. Will these features be important in your next home as well?
No. 4: Are the sellers also local buyers?
The follow-up question to No. 3 is to ask them whether they will be staying in the area or relocating outside the area. This question opens the door to representing them on their next purchase if they are moving locally or obtaining a referral fee by introducing them to a top agent in the area where they are moving.
Script (Seller is staying in the area)
Agent: In addition to these features, what price range will you be looking in when you search for your next property? (Wait for answer.)
Agent: Will you be staying in the area or relocating elsewhere. (If staying in the area…)
Agent: Would you like me to check the Multiple Listing Service to see how many homes in your price range have these features? I also have access to off-market listings (expired, pocket listings) as well as using a service (Leadflow) that allows me to identify properties that their AI says are likely to come on the market in the next 90 days.
No. 5: Making outbound relocation referrals (Seller is moving outside the area)
If the seller is locating outside your market area, avoid leaving a referral fee on the table. Offer to help the seller find an agent in the new area where they are moving.
If your company has offices in the area where the seller is moving, make an intra-company referral. If not, you can certainly read the reviews on sites like RateMyAgent.com, Yelp, Zillow, etc. If you’re active in your association, Women’s Council of Realtors, YPN or any other large Realtor group, network with those contacts for recommendations.
Finally, contact the top agents you discover, read their reviews, and determine who would be a best fit for your referral.
Script:
Agent: Are you staying in the area?
[Wait for an answer.]
Agent: Where do you plan on moving?
[Wait for an answer.]
Agent: Would you like me to put you in touch with a referral agent in the area where you are moving so you can receive the best possible customer service?
If the sellers already have a referral/relocation agent, ask the following:
Agent: Oh, by the way, would you like me to send the broker a copy of the list we made today, as well as some pictures of your present property? That way, the broker will know exactly what to look for in your new home.
No. 6: Do you want to obtain the highest possible net price for your property?
This question introduces the following:
- The closing sequence for pricing the property.
- How maximum exposure equals maximum price.
- How your Premium Marketing Plan works to help the seller achieve the highest possible net price for their property.
Script:
Agent: Is it correct to assume that you would like to get the highest possible net price for your property?
No. 7: Maximum exposure to the marketplace equals maximum price
It is critically important in our new post August 17, 2024 world that you keep your seller focused on the NET amount they will receive by working with you. Commissions are only part of the puzzle.
Script:
Agent: To obtain the highest possible net price, you must have maximum exposure to the market. May I show you how our Premium Marketing Plan provides you with maximum exposure that results in maximum price? (Discuss primary points of differentiation).
(Review the following for 7 ways to market your new listing at no cost, which also includes how to construct a social media marketing plan.)
Additional items to discuss include staging guidelines, drone photography, 360 virtual tours, listing posted in 19 different languages (through many MLSs and major brands using Immobel.com). Given that up to 75 percent of the searches for digital content in many major metropolitan areas are in languages other than English, if you have access to this service, be sure to include it in your points of differentiation.
No. 8: Which of these services would you like to use to market your property?
When you ask this question, almost all sellers will say, “All of them!”
No. 9: Then all we have to do is take care of the paperwork!
If the seller asks you to discount your listing commission, here’s the script to use:
Agent: Mr. and Mrs. Seller, I only work with sellers who want to obtain the highest possible price in the shortest amount of time by using our premium services. If you would like to reduce the commission, I would be happy to give you a referral to a limited services agent who does not offer this level of service.
Remember, no one wants limited service.
The elephant in the room: The commission lawsuit settlements
Based upon what I heard at Real Estate Connect as well as from a variety of other experts, here are my key takeaways about how to keep this simple for your seller.
- Until you have clarity from your brokerage about how to handle open houses and having a signed agreement in place prior to showing the property, schedule virtual property tours, virtual open houses, and showings only with buyer agents who have signed Buyer Brokerage Representation Agreements.
- When the sellers ask you about how to handle the commissions under the new agreement, it’s very straightforward. You are only negotiating the commission amount that you and your broker will be paid.
- If your seller asks about incentives, concessions, or buyer agent commissions, James Dwiggins made an important point in my article:
“There is zero reason sellers/seller agents should advertise buyer’s agent compensation, concessions or anything in advance of an offer. The only thing agents should state and put in the MLS (which is legal) is the following: Seller is willing to entertain any and all requests you put in your offer.
The end.
If you’re in a buyer’s market, avoid discussing the “C” words — commission, compensation and concession with your seller. Instead use the word “incentives” if the seller wants to offer something to attract more showings or sweeten the deal.
It’s important to advise your sellers that buyers may ask them to pay their buyer’s agent fee, many times since the buyers may have enough money to pay it. Again, avoid asking the seller to negotiate against themselves and wait for the offers to come in.
The nine key listing questions above are simple to ask. The secret is to be prepared to do a listing appointment at a moment’s notice, have the tools outlined above at your fingertips, take notes, build connection, stay focused on what’s best for the seller, and always remember, “It’s their house and it’s their decision.”
Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, and the founder of RealEstateWealthForWomen.com is a national speaker, author and trainer with over 1,500 published articles.