AFY Jim Westerfield - Expired V1

HOW I SELL HOMES OTHERS FAILED TO SELL

• • • Jim Westerfield

Published by Legacy Media Networks

V1: STAN

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Table of Contents

PART 1: Pricing and Selling One | 3 WHY SHOULD YOU READ THIS BOOK?

Two | 5 DOES LISTING PRICE MATTER?

Three | 9 WHAT TO AVOID

Four | 13 WHY IT’S SO EASY TO SELL YOUR HOME FOR LESS THAN IT’S WORTH

Five | 15 WHAT STOPS “PERFECT HOMES” FROM SELLING

PART 2: Strategies and Tips Six | 21 HOW TO SELL A HOME THAT DIDN’T SELL — WITHOUT DROPPING THE PRICE Seven | 23 AVOID THIS RULE AT YOUR OWN RISK

Eight | 25 WHY THIS 20% RULE MATTERS TO HARD-TO-SELL HOMES

Nine | 31 GRABBING ANY BUYER’S ATTENTION Ten | 35 LUXURY HOME-SELLER STRATEGY SELLS HOMES FOR 15% MORE MONEY Eleven | 39 WHY HOME STAGING REALLY MATTERS Twelve | 43 WHY BUYERS SKIPPED YOUR HOME

Thirteen | 49 DETAILS WIN HOME SALES

Fourteen | 55 HOW BUYERS PICK HOMES TO PREVIEW

PART 3: Secrets to a Quick Home Sale Fifteen | 63 WHY PICTURES OF YOUR HOME CAN STOP IT FROM SELLING Sixteen | 67 THE 3-STEP FORMULA I USE TO SELL HOMES OTHER AGENTS CAN’T SELL

Seventeen | 71 WHY EVERY BILLIONAIRE HOME SELLS

Eighteen | 73 NEGOTIATION MUSTS

Nineteen | 79 SIMPLE NEGOTIATION IDEAS Twenty | 89 WHY YOUR DOG WANTS YOU TO HIRE ME TO SELL YOUR HOME

PART 4: Home Seller Resources Twenty-One | 95

THIS BIG MISTAKE COST ONE HOME SELLER $36,000 Twenty-Two | 103 READ THIS BEFORE YOU SIGN A CONTRACT WITH A BUYER

Twenty-Three | 105 HOW TO FIND OUT EXACTLY HOW MUCH MONEY YOU WILL RECEIVE ON YOUR SALE

Twenty-Four | 107 SHOULD YOU CONSIDER HIRING A REAL ESTATE AGENT?

Foreword When Jim Westerfield reached out to us to write an introduction to his book, we couldn’t say 'YES' faster.

Here is why:

About one year ago, my wife and I decided to pursue our dream of moving. We decided to build our custom dream home in a new community in Naples. We signed the contract to build our dream home and was told it would take a year to finish it. When it got closer to needing to sell our home, we began to call agents from their ads and we called the neighborhood specialists. We actually interviewed 6 other real estate agents, 4 lived on our same street, but Jim was certainly the last we interviewed! The real estate agents we spoke to understood our situation, and we told them upfront that we needed to sell our home and close in 6 months, but did not want to move out before that time. The real estate agents would make all sorts of promises, but they all seemed to be doing the same thing as everyone else when it came to their marketing strategy. That is, until we were referred by a dear friend to Jim Westerfield and his marketing group. We could tell Jim was a go-getter from our telephone conversations. Then, he did the unthinkable. He was able to show us a marketing system that we thought was ingenious. It was nothing even close to what the other agents were proposing. We gave him the listing that very night.

We had 6 months before we needed to move. So, Jim started to market the home with the traditional methods and priced the home higher than the comps would indicate. Well, our home was extremely well appointed and rightfully would justify a higher price for just the right buyer. Through the traditional methods, we only got a few showings over the next 3 months. Our home had one big problem to overcome: It backed up to I-75 and the noise from the freeway scared a lot of people away. We have to admit that we started to get nervous as our new home was getting closer to completion. When we told Jim we were starting to get anxious, he told us not to worry as he was about to implement the iFiND™ system. This is the reason we thought Jim and his group were so ingenious, but now it was time to find out if it really worked! Jim started to implement the iFiND™ system with very strategic, tactical, and targeted marketing that we thought we were going to have to pay through the nose in order to implement. But, Jim does this sophisticated marketing just because he KNOWS it WORKS. We started getting more showings, but these people all really fell in love with our home. These people actually appreciated all the features of our home, which is what Jim had told us the iFiND™ system does. Long story short, the iFiND ™ really does work! He tweeked the message, the target, and the offer several times, and then it HIT! He secured a great offer for us and got a contract shortly after implementing the iFiND ™ system. To top it off, we closed and moved on the very day that we had told Jim we

wanted to move 6 months prior! Also, our home sold for $750,000, exactly what Jim said it was worth 6 months prior. We were totally impressed at the professionalism, expertise, and kindness we were shown from start to finish. Jim Westerfield will be our agent for LIFE, and we HIGHLY recommend him and his team to anyone. He told us up front he has earned the FIVE STAR REAL ESTATE PROFESSIONAL award for 8 years, but we rank him a TEN STAR!

About Jim Westerfield Jim was raised in Dayton, Ohio with 4 siblings. As a child, Jim aspired of owning his own company. In 1980, after graduating with a Bachelor of Science Degree and a concentration in Marketing, he started a computer company in Michigan. With a lot of blood, sweat and tears, over a period of 18 years, he was able to grow the business from a two-man company to a company with over 120 employees. His company was recognized as being in the top 5% of its kind of business in the United States. Implementing strategic and targeted marketing systems was one of the keys to their tremendous success. He sold his company in the late 1990's and "retired". Well, truth be known, he had too much energy to retire and found himself moving to SW Florida and getting into the real estate industry. Jim was taught at a young age that if you want something in life, you must work hard for it. So that’s what he did. Starting in real estate in the early 2000's, Jim learned what all the 'industry experts' said to do to market homes. But, after doing what they advised, he realized that virtually every agent was doing the same thing to market their listings. They were merely HOPING some buyer would see their home with mass marketing techniques and status quo strategies like flyers, open houses, a sign in the front yard, and entering the listing in the MLS. Jim has never been one to just follow the crowd. He has constantly searched for better ways and creative innovations to better the systems to get better results. Frustrated with the status quo, Jim developed a proprietary marketing system called "iFiND™". iFiND™ goes way beyond traditional mass marketing. Tapping into his marketing and technical background, he and a team of very gifted gurus developed a marketing system that is revolutionary for the real estate industry.

iFiND™ uses sophisticated computer technology, database profiling analysis, and creative marketing to FIND the most likely buyers for a home based on that home's and/or that community's unique attributes. Jim is quoted to say "We actually develop and design a unique marketing system for each home that we list. We don't JUST HOPE any buyer finds your home, we go FIND the right buyers! We know that the RIGHT BUYER for the home will truly appreciate the attributes of the home, and thus maximize the selling price." Jim got into the real estate industry 17 years ago and has now helped hundreds of buyers buy and sellers sell homes in virtually every community and every city from Marco Island, Naples, Bonita Springs, Estero, Fort Myers and Fort Myers Beach, and up to Cape Coral and the Islands. Throughout his real estate career, Jim has earned numerous awards and certifications, including: • Top Sales Agent for 17 years in several brokerage firms in SW Florida. • FIVE STAR REAL ESTATE PROFESSIONAL - for 8 years as of 2019. This is a highly coveted award that very few agents ever receive (less than 2% of agents), much less receive for 8 years! This award in not based on being the top sales agent in SW Florida, but rather on having the HIGHEST CLIENT SATISFACTION ratings of over 15,000 agents in SW Florida.

• PLMC™ - Premier Luxury Marketing Consultant - Certified Luxury Marketing agent.

• ILHM™ - Certified by and prior member of the Institute for Luxury Home Marketing.

• Who's Who in Luxury Real Estate - Associate of this Elite Group of International Luxury Home Real Estate Professionals.

• Premiere Plus Realty - Sales Associate and member of the Luxury International Division.

Jim lives in Bonita Springs, Florida with his wife of 44 years. In his free time, he enjoys spending time with his incredible family of two children, their spouses and 7 grandchildren who live in Estero and Ft. Myers. Jim also enjoys all that the Florida sunshine activities offer (yes, even in the summer months!) including walking on the beach, golfing, fishing, and exercising. In addition, Jim loves helping people and is involved in ministry at Destiny Church in Naples, Florida. Jim aims to provide the highest level of service to his clients and has developed a dynamic team to ensure each clients’ ultimate satisfaction. He takes deep pride in helping each and every client achieve their real estate goals. That is why Jim has a whole team to ensure each clients' complete satisfaction.

Testimonials & Reviews for Jim Westerfield Here’s a list of people whom I have helped buy or sell a home, and what they said about working with me: Jim had a tough job, but he did it! We already had our home listed by two other "local agents" and they could not sell our home in Bonita Bay. Then, a friend recommended we list with Jim and his team. Being quite skeptical that anyone was good enough to sell our home, what Jim had to say was so different than the other agents and we agreed to let him have the listing. Jim had previewed the home and made several recommendations to us before he would list the home. We did what he said, and it cost us about $1,300 to do it. He then listed the home and sold it in two weeks for $720,000, which was higher than we expected! His expertise is way beyond most, even the "local" experts. Jim is the best agent in the area! I’ve used Jim three times so far and was impressed every time. I bought my dream home with Jim four years ago. He worked long and hard to find me the perfect home, and then negotiated the best deal with my VA loan situation. After my wife passed, he recently sold it and helped me buy another property. Everything went quickly and smoothly. All three of my real estate deals were done very quickly and professionally. Jim is honestly the BEST in his business. I highly recommend him!

Jim’s perseverance sold my house

My experience with Jim during the entire home-selling process, from start to finish, has been nothing short of exceptional. He found a buyer within two weeks, but then the buyer wanted out of the contract due to an inspection item. Jim used his incredible negotiation skills and human behavior knowledge to get the buyers to come back! I needed to sell my home quickly and Jim made it happen. I do not think any other real estate agent could have pulled this off, but since he did, we were able to move into our new home stress free. I was an out of town seller, and Jim was incredible I was frustrated as could be with my experience with trying to sell my home. A friend recommended I talk with Jim and had nothing but good things to say about him. I told Jim that my home had been on the market for over two years, and I had 3 agents try to sell it with no success. Jim told me he would preview the property for me and let me know what he thought. He came back and said the house was in need of a number of maintenance items and that if I did what he said, it would get what I wanted for the house. He even personally supervised the handyman who did the repairs. It cost me almost $9,000 to fix my house up. He implemented the iFiND system and brought a full price offer, an offer of $100,000 more than any previous low ball offer within a month of him listing it. I would recommend Jim to anyone looking to sell their home, even if they are not there to supervise it personally. Jim can be totally trusted.

Jim is patient, friendly, and extremely attentive We selected Jim as our realtor from the internet on a whim during a vacation to Florida. One year later, we concluded the purchase of a condo in a high rise in Bonita Bay that we are delighted with. He carefully listened to our needs and guided us accordingly in finding just the right property. It wasn't easy finding a condo that would allow my size dog, but Jim found it. He carefully listened to our needs and guided us accordingly. He went the extra mile seeking properties that might be coming on the market in the future. Jim was easy to work with, knowledgeable, exhibited the highest integrity, and made the experience fun. We found our perfect retirement home, thanks to Jim My husband and I travelled from Pennsylvania to Florida to purchase our retirement home. We had been working with another agent but was not able to find what we wanted in 7 days of searching. She went on vacation and the next day, we searched on Zillow and thought we had found what we were looking for. We called the number that Zillow listed and Jim immediately returned my call. After he inquired about our likes, dislikes, budget, and what we wanted to do in retirement, he scheduled a few showings for us the very next day! One home he showed us was the one we thought we would fall in love with, but it was not it. Then, Jim showed us a home and a community that we absolutely fell in love with. He has an uncanny ability to hear what you want and then line it up with a community to match! We are so glad to have found Jim. Thank you, Jim, for your professionalism, your knowledge, your promptness and your caring spirit.

All we can say is WOW! We were so blessed to find Jim Westerfield and his team. I know he is a 5 STAR Realtor which rates him in the top 1% of realtors in regards to Customer Service, but we experienced first hand what that truly means. Not only did he and his team help us find our house with immense patience I might add, the help and support we got along the way in regards to truly "representing" us and looking out for our best interests was greatly appreciated. We were nervous on which realtor to engage with as we have heard horror stories of people working with bad or inexperienced agents. You could be rest assured, these guys are NOT that. If you are looking for your Southwest Florida Dream home, you need Jim and his team to take care of you. Because finding a realtor that your can trust, is a Certified Negotiation Expert (CNE), deeply knows the real estate market, and understands your needs is a rare find! Very attentive to concerns, details, and negotiations Jim helped me find a house by literally picking it out for me. Every house I wanted to go to, I got there and didn’t love it. Jim was busy taking note of the likes and dislikes I was stating and said “I have a house that you’re going to love”.... AND I DID! I went back 4 or 5 times to show other members of my family, and he accommodated me without complaint. He was available 24/7 to answer any questions I had. My husband had always dealt with buying a home, but this was my first time. He walked me through the steps of everything, gave me advice, and constantly followed up to make sure I was doing OK. With his help, I

had a very smooth closing. I think my family has used Jim about 6 times already, and every one of them have nothing but great things to say. I would recommend Jim to EVERYONE, buying or selling. Jim is the first agent I would call Jim was an absolute pleasure to work with. He has incredible market intuition and superb negotiation skills. He sold our house for exactly what he said he would, in the time frame he said he would. He implemented his marketing system called iFiND™ and found just the right buyer for our home. The entire process was one of integrity and efficiency. I would recommend Jim and his team for ANY real estate transaction. Jim kept us calm throughout the process! Jim always made himself available to answer questions. He worked hard to find the best fit for our new home. I must admit that we got weary after looking at over 51 homes. It was not that we did not like the homes, but I have severe allergies and the homes just did not like me. I would say that he has the patience of Job! He and his team worked with us through the entire process and kept us calm when we got anxious and giving us confidence we really would find the perfect home. Well, we did and we love it! I am 100 percent satisfied!! I have moved many times in the past, but Jim and his team made the long distance purchase of our home absolutely painless and the easiest buy I have ever had! From the very beginning, Jim was attentive to our needs, desires and wants for a home. He carefully laid out the showings and

was careful to show us the community centers in each community we looked at. We are extremely busy people and only had 8 hours allotted to find a home. Jim was extremely efficient for the 8 hours we had. Then, when it came time to negotiate, his is one of the very best. We love our home in Mediterra! Every little detail was looked after including all the communications with the different players. On top of that, we received a fantastic referral to a contractor with whom we are working with in our new house. TOP MARKS! Jim SOLD our home for 22% over comparables! My wife and I needed to sell our home and we knew it would take a miracle to sell it for what we needed. Jim coached us how to make our home perfect for when buyers came to see our home. He said he wanted the buyers to say "WOW" upon pulling up and upon entering into our home! He then implemented several marketing strategies and found the perfect buyer for the home. Then, the buyers got cold feet and did everything they could think of to get out of the contract. With Jim's expertise, he held it together! I cannot say enough on how highly I think of Jim and how highly I recommend Jim. Jim sold my home in 7 days! Jim was the first real estate agent I've ever worked with, so I was really not at all familiar with the whole process. My experience with Jim was flawless! He's thoughtful, kind and a top notch negotiator. I would highly recommend him for any real estate transaction and would personally never use any other agent. There was never a moment in which I questioned my decision to work with Jim. He knows his business and masters the transactions like a pro.

I nicknamed Jim "the Closer", it's a fitting title for this 5 STAR gentleman. Excellent experience topped with a personal touch Jim Westerfield is a perfect choice as either a buying agent or a selling agent! We chose Jim as our selling agent and he was extremely professional, organized, and has wise, experienced advice on how to value your home and sell it quickly. We even had some road blocks once we had our home under contract that without Jim's professionalism and experience in this industry, we may have lost our contract. Everything was first class and he delivered on everything that he promised! As a result, we sold our house in less than 2 weeks, and for 15% more than the bank appraised it for!!! We think highly of him as an agent and even more as an incredible person. Sold our home in a week! Jim was an absolute dream to work with. Professional, responsive, efficient, and my moral support when in time of need...unfortunately for him. We sold the home within a week. What else can you ask for? Grateful, grateful, grateful!!! Jim is an absolute PRO Jim, who was recommended to us by our bank, is an excellent agent, helpful, prompt, knows his stuff, and is a nice guy to boot. So glad that we picked him. We will always recommend him to anyone looking to buy or sell in the area. It felt great having Jim sit on our side of the table, his negotiating skills and advise were exceptional and he works hard to close the deal.

Part 1: Pricing and Selling

CHAPTER 1

WHY SHOULD YOU READ THIS BOOK? Ever wonder why one house sells quickly, while a similar house doesn’t? Why does one house sell for $188,000, while another house, that’s identical in every way, brings in $202,000? It just doesn’t seem to make any sense. The truth is, similar homes sell for varying prices all the time. It takes place all over the country. It happens in markets large and small. Surely, there must be some reason! These houses do not sell for more money by accident. No magic trick helped one seller get a better deal than the other. On the contrary, higher prices and quicker sales are the direct result of careful planning. Sellers can command higher prices for their homes if they use the right techniques. A few simple strategies, known only to the best sellers, can make a huge impact on the success of your sale.

The following chapters break down those secrets. See how each strategy translates into real-life examples. Houses brought to market with these tactics consistently sell quickly, and for more money. Gather the information you need to apply the same formula to selling your home. When you sell, you’ll be able to take advantage of these techniques. Carefully follow the same formula to get your home sold.

Thanks for taking time to look through this book. I sincerely hope it will help you make more money on the sale of your home. If you have any questions, please don’t hesitate to ask. I’d be glad to help. • • •

Real Estate Buyer Trends 2 most common types of home buyers:

• Married couples: 65% • Single women: 18% Top 2 information sources used for home search: • Internet: 95% • Real estate agent: 89% • Number of buyers who found a home online but still closed on it with an agent’s help: 88% • Number of buyers who pay list price or higher for a home: 42% Source: National Association of REALTORS® 2017 Profile of Home Buyers and Sellers

CHAPTER 2

DOES LISTING PRICE MATTER? Are you sick of being told the reason your home didn’t sell was because it was “overpriced?” Most people think a home that didn’t sell was probably priced too high. Nothing could be further from the truth.

The reason homes don’t sell is not always because of the price. It’s usually because the home was not marketed properly. It isn’t easy to sell something for full market value. After all, buyers are always looking for a deal, and shoppers now have more information at their fingertips than ever. You might need to negotiate the price with a buyer, but good marketing will help bring you a full-price offer !

Here’s a perfect example: John was trying to sell his house. He put it on the market for $499,900. He hired an agent to help him sell it. The agent worked at a reputable firm and made a good effort to sell John’s house. + + The pictures of the house were top-notch quality. + + The marketing of the house was first class.The home was advertised extensively online, in the newspaper, and other marketing avenues. + + The agent held an open house. Yet the agent’s efforts failed to attract a buyer. John’s agent suggested he adjust the price. After all, most of the similar homes in the area were priced around $400,000 to $450,000. He recommended dropping the price to $450,000.

John owned one of the nicest homes in the area and his home had many features the other homes didn’t have. John knew this. He was reluctant to reduce the price. John hired another agent, who also failed to sell the home and also offered the same “advice”: Reduce the price. At this point, John had two options: Option #1: Drop the price. Most of the agents he talked to told him his home was not worth what he wanted. They told him he should just “be reasonable” and drop the price to $450,000. Option #2: Hire an agent who could sell the home for what it was actually worth. This agent’s marketing would need to get a buyer so excited about the home that they would be willing to pay full price. Fortunately for John, he picked Option #2. He contacted an agent who specialized in selling homes other agents could not sell. This agent worked at the top real estate company in his area and had a bunch of accolades. He took a closer look at the home, and launched his own specialized marketing plan : + + New pictures were better than the first agent’s pictures. + + The marketing was better. There was even more advertising than before. + + The agent didn’t just do a regular open house. He also did a Broker’s Open House and invited other agents to view the home. The agent looked at his house and could clearly see it was worth the price. The agent put the home on the market for the same price as the previous agents did. Only this time, something different happened. Sixty-three days later, the home sold for $480,000. The other agents were stunned. After all, they had told John his home was worth no more than $450,000. And since most homes sell for slightly less than their asking price, an asking price of $450,000 would have most likely resulted in a final sales price of $430,000 to $440,000.

Yet, the new agent had sold the home for more. It had taken only two months to capture a buyer’s attention. The unsuccessful agents were shocked (and a little bit embarrassed)! What had they missed? Why did the first two agents fail to sell the home, while the third agent sold it with ease? It’s because the new agent used a marketing strategy most agents don’t use. The details on this secret marketing strategy are explained within the following chapters. But first, we must be clear on one very fundamental point. Many people believe a house sells for exactly what it’s “worth.” That simply isn’t true. The price of a house is merely the final amount agreed upon by the buyer and seller. Many circumstances affect the final sale price. Houses do NOT always sell for what they are “worth.” While that statement may seem like a no-brainer, it’s imperative you understand this. Strip away misconceptions, such as the idea that “worth” determines the sale price of a house. Now you are free to examine the real factors at work. Identify those factors and you can leverage them in your favor. Take Cheryl and Richard, for example. They owned townhouses, only five doors apart. Both put their homes on the market at the same time. The builder had used the same floor plan for all the townhouses in their neighborhood. Both had the same layout. At first glance, each townhouse seemed to hold the same basic appeal for a buyer. You might think they were “worth” the same amount. Nope. Cheryl and Richard sold their homes within one month of each other. These townhouses seemed identical, but there was a $14,000 difference in sale price! + + Sometimes they sell for more. + + Sometimes they sell for less.

+ + Cheryl sold her home for $202,000. + + Richard sold his for only $188,000.

Why the large gap in price? In a later chapter, you’ll see exactly what Cheryl did to make more money on her home. For now, just know that you simply can’t afford to guess the “worth” of a home! POINTS TO REMEMBER: ; ; Homes that don’t sell easily aren’t always overpriced. Houses don’t always sell for what they are “worth.” ; ; The selling price of a home is merely the final amount agreed upon by the buyer and seller. ; ; The most skilled sellers use special techniques that can help sell homes faster and for more money. • • •

CHAPTER 3

WHAT TO AVOID

Here’s another example of a stupid mistake that caused a seller to lose about $50,000 — yes, that’s $50,000 — on their home sale.

An alert buyer was able to snatch up a $280,000 property for only $230,000. It was being sold by an out-of-town owner. The agent was not familiar with the area and suggested the low price. The agent did not bother to put a sign on the property, and hardly anyone knew it was for sale. Two buyers both wanted to buy this property. One buyer really wanted it because it was right next to his house. He would have a bigger yard with more room for his kids to play. The other buyer lived in the area and wanted a larger yard. He wanted to buy this property and build a house on it. The first buyer bought the property before the second buyer even knew it was for sale. As soon as the first buyer found out it was for sale, he made an offer immediately. The seller accepted the offer, and the property sold soon thereafter. This buyer would’ve gladly paid full market value for the property. But he didn’t need to, because the seller accepted the offer he made. The second buyer never found out the property was for sale until it had been sold. Even worse, the seller never realized the mistake.

Bottom line: The seller lost $50,000 because of his agent’s incompetence. While stories like this don’t happen every day, they happen more often than you’d think. It’s a very real risk you take when you hire an agent who doesn’t have a proven marketing plan. Had a sign simply been on the property, it definitely would’ve attracted more interest, and possibly even started a bidding war, driving up the price. At $50,000 below market price, the listing would have been bid and counter-bid several times, possibly even up to fair market value. Here’s a similar story. In this case, a seller hired an agent whose incompetence cost her $25,000. Her agent completely flubbed a “perfect offer.” The buyer submitted an offer at full price for her home, no strings attached. Her agent dropped the ball and let a little problem—one that would’ve been easy to resolve—ruin a perfectly good sale! The house sat on the market for another year and ended up selling for $15,000 less than the original full-price offer.

Even worse, the seller wound up having to make another 15 house payments while her home sat on the market. Ongoing house (mortgage) payments are a frequently overlooked cost of not finding a buyer quickly. Please don’t become another one of these stories! Take time to know the true value of your home. Do

your homework and prepare for the sale before putting your home on the market. The good news is that by reading this book, you’re already ahead of the game!

POINTS TO REMEMBER:

; ; Amarketing mistake—such as not using a “for sale” sign—can drive down a home’s price. ; ; When you put your house on the market, make sure you— and your real estate agent—address any problems that could disrupt a sale. ; ; Continuing house payments are a hidden cost of selling a house too slowly. • • •

CHAPTER 4

WHY IT’S SO EASY TO SELL YOUR HOME FOR LESS THAN IT’S WORTH At a certain point, many home sellers feel like throwing in the towel. “I’m just going to drop the price and get rid of this house,” they think to themselves. Fortunately, reason (usually) prevails. The temptation to “throw in the towel” tends to increase the longer your home sits on the market. It even happens to highly intelligent people. Here’s an example: In 1997, entrepreneurs Larry Page and Sergey Brin were looking for a seller for their Internet search engine. They called it BackRub. The two were seeking $1.6 million for the new online portal, and were working a deal with Excite, a popular search engine at the time. The problem for Excite was that BackRub was far too effective a search engine. Users were finding what they wanted and moving off the site too quickly, which would be bad for Excite’s advertising business. Page and Brin cut the price dramatically by more than 50 percent. They offered to sell BackRub for $750,000. (Yep, even geniuses cut their price.) Excite considered the offer, but ultimately balked. There was no deal. BackRub’s co-founders decided to commercialize and release the product themselves. First, they renamed it. They called it Google. Less than 20 years later, Google is now worth roughly $360 billion. Excite was eventually sold to Ask.com. Bottom line: Fight the temptation to drop your price. Just because something isn’t selling does not necessarily mean it isn’t worth the price you’re asking.

That clearly was true for Google, and it’s probably true for your home, as well. While the buyer of your dreams hasn’t yet emerged, it certainly doesn’t mean they won’t. Selling a home for top dollar fast is actually pretty simple. You just have to find the one person who’s willing to pay more for your home than anyone else. If they want it more than anyone else, then they will be willing to pay a higher price than anyone else. POINTS TO REMEMBER: ; ; Many sellers get frustrated and reduce their price prematurely. ; ; If your house isn’t selling, it means you haven’t found the right buyer yet—the buyer who wants your home enough to pay top dollar. • • •

CHAPTER 5

WHAT STOPS “PERFECT HOMES” FROM SELLING Have you ever wondered why no one

bought your house? I know exactly why no one bought your house, and I’ll explain the reason in the following chapter.

Have you ever heard the saying, “Build a better mousetrap, and the world will beat a path to your door?” Even though the saying might appear to be correct—at least on the surface—it’s false. More than 4,400 people have invented what they thought was a “better”mousetrap. At least, that’s howmany patents have been filed with the U.S. Patent Office. But despite all the new mousetrap inventions, the classic mousetrap, first patented in 1894, is still the best-selling design. I’m sure each of those inventors is frustrated. “Why won’t anyone buy my mousetrap? It’s genius!” they say to themselves. I’m sure you can relate to their frustration. Have you ever thought the following? “Why won’t anyone buy my house? It’s a great house!” Fortunately, there’s an answer to this question: “One cannot throw a great product out on the street and expect people to gobble it up.”This rule applies to inventions, homes, and evenmovies. Yes, even great movies need to be sold! Here’s an example of a great movie that didn’t do well when it was first released.

On September 23, 1994, the movie, The Shawshank Redemption, was released to the world. Adapted from a short story by legendary author Stephen King, the feature film centered on a pair of imprisoned men. The film, based in a prison but built on the idea of friendship, hope, and dreams, was nominated for seven Oscars and won more than a dozen awards. The film was immediately a critic’s favorite. Over 20 years later, The Shawshank Redemption is now considered one of the greatest movies of all time. In fact, it’s ranked as the best movie in cinematic history on well-known and respected website Internet Movie Database (www.imdb.com), ahead of the likes of The Godfather; The Good, the Bad and the Ugly; and Schindler’s List. Another movie came out that year. The Flintstones, a live-action remake of the 1960s cartoon show, starred John Goodman, Rick Moranis, and Rosie O’Donnell. The Flintstones, perhaps needless to say, was not nominated for Best Picture at the Oscars. “It falls flatter than a granite slab,” noted a national film critic. Though the filmwas praised for its costume and set design, it also won “Razzie Award” for Worst Female Performance and Worst Screenplay, and was a nominee for Worst Movie of 1994. Its IMDb.com user reviews are roughly half of what The Shawshank Redemption receives, and it’s rated by users as one of the worst movies of the 1990s. A team of salespeople masterfully marketed The Flintstones to its targeted demographics. The result? The film grossed $131 million in the U.S. and $358 million worldwide. That’s the power of targeted marketing. On the flip side, the people at Universal Studios, who promoted The Shawshank Redemption , admitted they couldn’t figure out how to sell the movie to the public. They had a great product; they just didn’t know how to sell it. It grossed only $28 million in the U.S. box office and $60 million worldwide. It ranked 51st in box office success in 1994—two spots behind In the Army Now , starring Pauly Shore.

Look at those numbers, then look at them again. Still don’t believe good marketing and salesmanship matter? The folks at Universal learned their lesson—even the best products need to be “sold.” Is your home a great product that wasn’t marketed properly? As we discussed earlier in this book, selling a home for top dollar fast is actually pretty simple. You just have to find the one person who’s willing to pay more for your home than anyone else. If they want it more than anyone else, then they will be willing to pay a higher price than anyone else. POINTS TO REMEMBER: ; ; Having a great product—or house—isn’t enough. ; ; Whether you’re selling films or houses, you can’t beat the power of targeted marketing. • • •

Part 2: Strategies and Tips

CHAPTER 6

HOW TO SELL A HOME THAT DIDN’T SELL —WITHOUT DROPPING THE PRICE It is entirely possible to sell your home without dropping the price. I’m going to let you in on a little secret. The standard approach is all wrong . It’s based on the faulty premise that if you tell enough people about your house, someone will buy it. Your home isn’t selling? Tell more people about it. While having more people look at a home does increase the odds of it selling, this doesn’t actually sell the home. The bottom line is that not everyone wants to buy your home. Yes, they’d love to buy it for a bargain basement price. Even if they hated it, they’d still buy it for half price—only to turn around and sell it for a quick profit. The key to getting top dollar is finding that buyer who wants your home badly enough to pay full price. Sometimes, if you’re lucky, you’ll find a buyer who’s willing to pay more than full price. Yes, that does happen.

The problem is, most people are so focused on telling everyone about a home for sale that they forget about the most important thing. You have to find that one special buyer. The question is, how do you find the perfect buyer? First, you need to understand a universal rule, discussed in the following chapter, and the role it plays in bringing in those ideal buyers.

POINTS TO REMEMBER: ; ; The standard selling approach is based on the faulty premise that if you tell enough people about your house, someone will buy it. ; ; In truth, you must find the one buyer who wants your home so badly, he or she is willing to pay full price. • • •

CHAPTER 7

AVOID THIS RULE AT YOUR OWN RISK

The key to the successful home-selling approach is a revolutionary finding discovered by an Italian economist. His name was Vilfredo Pareto. The most important thing we can learn from him is the Pareto principle, better known informally as the 80/20 rule. The 80/20 rule applies to all aspects of life. In 1906, Vilfredo found an intriguing correlation. He noticed that 20 percent of the pea pods in his garden held 80 percent of the seeds. Studying the seeds prompted him to take a closer look at this ratio. In one of his initial discoveries, he discovered that 80 percent of the land in his area was owned by 20 percent of the people. After detailed study, he observed this ratio held true in many aspects of life. The Pareto principle—or the 80/20 rule—is a result of his findings. The 20 percent is vital, and the 80 percent is trivial. For example: + + 80 percent of your income is derived from 20 percent of your work. + + 80 percent of a business’ income is derived from 20 percent of their customers. + + 80 percent of your value to an employer is derived from 20 percent of your work. You might wonder what all of this means. In a nutshell, it means some things are substantially more important than other things. In other words, things aren’t equal. Approximately 20 percent of what you do matters. The other 80 percent is insignificant.

It’s important to understand that this isn’t always split at exactly 80/20. It can be 70/30 or another percentage. The key is that the two numbers are not equal, and they are usually close to 80/20. How can you apply the 80/20 principle to selling your home? Understanding this concept can save you time in selling your home. Unfortunately, many sellers buy into the false idea that more is more. They completely ignore the Pareto principle. Now that you know what the 80/20 rule is, you’re probably wondering how it applies to selling your home. Whenyouuse the 80/20principle in selling, you stop trying to sell people on the entire home. Based on the rule, only 20 percent of your home’s features are important. The remaining 80 percent are trivial. That’s because they are the same features many other homes in your neighborhood have. Instead of focusing on those trivial features, you need to focus on the vital features. When you sell your home, focus on unique features to grab the attention of buyers. These features make your home different from other homes. These features will make it easier to sell your home for the full asking price. Let’s look at a few real-life applications and examples of how the 80/20 rule can have an impact on selling your home. POINTS TO REMEMBER: ; ; According to the 80/20 rule, approximately 80 percent of effects come from 20 percent of causes. ; ; Following that principle, buyers will focus on 20 percent of your home’s features. The other 80 percent are probably common to other homes. • • •

CHAPTER 8

WHY THIS 20% RULE MATTERS TO HARD-TO-SELL HOMES

Let’s paint a hypothetical situation. Let’s say there’s a buyerwho’s looking for a three-bedroom, two-

bathroom home. Let’s now assume the agent found him five houses to preview. Each meets his general criteria, and is located in the area in which he hopes to live.

He and his agent drive out to look at the five houses. All have very similar features. The prices are comparable. In theory, you might think the buyer will have a hard time deciding between houses. In real life, that’s not the case. No matter how similar they might seem, no two houses are exactly alike. The 80/20 rule comes into play. Imagine four of the houses don’t have a pool, but one does. The buyer isn’t aware of this, though, because the agent didn’t mention it. The buyer sees the four houses that don’t have a pool. He isn’t particularly interested in any of them. Then he sees the fifth house, and the pool! Suddenly, he’s ready to make an offer. He might even pay full asking price, even though this house is more expensive than the others.

THE 80/20 RULE IN ACTION: BUYERS FOCUS ON UNIQUE FEATURES

His offer isn’t based on the 80 percent of features this house shared with the rest. Instead, his bid is based on one unique attribute—a pool (the 20 percent). The 80/20 rule predicted the sale of this house.

Sadly, in this case, much time was wasted finding the perfect house. Had the agent known to look for the 20 percent difference, this could have been their first stop. As a seller, you can leverage the rule to work in your favor. Draw attention to defining characteristics in your home. Here’s a real-life example. An agent had a client visit from out of town. The client didn’t have a list of criteria; he just liked the area. She drove him from house to house. In each case, this buyer suggested offers 10 percent to 20 percent below the asking price. He would not budge. She began to worry. The whole day was turning into a big waste of time. As the sun set, they stopped at one last house. It did not have much curb appeal. It was not a good-looking home. She was out of options. Nevertheless, this house broke the tough negotiator down. He was suddenly willing to offer the full asking price! You might wonder what set this house apart from the others. It was not because the buyer had a “thing” for ugly houses. Nope. The 80/20 rule kicked in again. This agent and her client spent the whole day looking at houses that shared 80 percent of the same features. He didn’t care about any of those details. A bedroom was a bedroom as far as he was concerned. This plain-Jane house had something special. And he fell in love with this one remarkable feature of the house. As you walked into the great room, there was a large window. The house sat atop a hill with a gorgeous view. And to top it off, the sun was setting below the distant tree line. That view sold the buyer. The other 80 percent could be improved. He didn’t buy the house because he liked the floor plan or the number of bedrooms and bathrooms. His decision was completely based on the hill and view. That view caused him to stop negotiating and offer full price on the spot. Such is the power of the 80/20 rule. Learn how to tap into this rule and you’ll not have to settle for less than your asking price. Leverage a unique selling point. Buyers who fall in love don’t bother to haggle over pricing—they make good offers. In some cases, the 80/20 rule even helps people make a sale without conducting a showing. This is a huge time saver. The house in the following example had languished on the market for months.

Unlike the previous house, this place was not ugly. On the contrary, it was a brand-new custom-built home. But nobody seemed to care. It sat on the market more than seven months without a single offer. The builder was baffled when his fancy new house would not sell. He ended up firing his agent and hiring a new one. Fortunately, the new agent knew the importance of finding that special feature. He drove out to give the house a thorough investigation. What he found changed everything. The house had a gorgeous five- acre yard. Other houses being sold in the area were all on one- to two-acre lots. Not only was the yard bigger, it was more private than other lots available. The new real estate agent marketed the five acres. He mentioned details and a description of the house. But the house was not the main selling point, so he shifted attention to the five-acre lot. In no time, his phone rang! A buyer was relocating. He had noticed the house was for sale, but it hadn’t caught his eye. That changed when he learned it was built on a five-acre lot. Suddenly, he was very interested. So interested, in fact, that he submitted an offer from 1,000 miles away. He had never even seen the property in person! He was afraid someone else would buy it before he could, and he would lose out on the perfect house. That sale happened in 45 days. The builder was amazed! His house had been on the market close to eight months without so much as a nibble. Suddenly it was sold—purchased sight unseen, all because of the 80/20 rule. By shifting focus to the five acres, the real estate agent captured the interest of buyers immediately. The house was no longer unsellable. On the contrary, for a short time, it became the hottest house on the market. Don’t create an advertisement similar to the ones for every other house in the area. Instead, turn a spotlight on something different about your home. You will attract interested buyers—buyers who are willing to pay full price.

SELLING TO INTERESTED BUYERS Find something unique about your home. Build advertisements around that one item. It will catch people’s attention. Buyers who are looking for that one item will ask to come see your home in person. As a result, you’ll stop wasting time showing to people who just aren’t interested. Instead, you’ll show your home to buyers who are motivated to make a purchase. You won’t have to show quite so often. You also won’t have to sift through lowball offers from apathetic buyers. This means less stress for you. With that in mind, it’s essential you take time to uncover your home’s most attractive and unique features. Compare notes with other houses in the neighborhood to see what makes yours stand out. POTENTIAL UNIQUE FEATURES Each house will have its own unique features. You might already have some in mind. If not, these ideas should help to get you started: + + Hilltop views are an excellent defining feature. As in an earlier example, a high vantage point offers a spectacular view of the surrounding area. + + Maybe your home looks out onto an open field frequented by wildlife. Many people would like that view. + + Your house might even have an unobstructed view of the sunset. That would interest potential buyers. + + Patios are another great feature. Maybe the rest of your neighbors don’t have patios, or their patios are smaller. That vital feature could help you sell your home. + + Location is something else that can set your property apart from others (not your addressed location, but rather your location compared to the surrounding homes). A buyer once paid extra for a townhouse simply because of its location within the complex. Most of the surrounding homes had no yards. However, a few shared a large half-acre “yard area.”

One of the owners whose townhouse backed up to this yard area was able to sell his townhouse for a higher price. It set his property apart from others on the market. His home had a characteristic—the yard—shared by fewer than 10 percent of the others. He had the only available listing offering that feature. With this easy point of difference, the house sold for a higher price. Another townhouse seller in the same complex found a different unique feature. He didn’t have a yard, but he was still able to use his location to his advantage. His property backed up to a lake and fountain. That extra feature helped him sell his townhouse quickly and for a great price. + + You might have a private location. For instance, your lot might be partially concealed by trees, or you might have an empty lot next to you. Use this to market your property. + + Youmight have a unique backyard. If you have a larger backyard than your neighbors do, use that to your advantage. + + A shady backyard can also help you sell your property. Some people like the idea of lounging in the shade, or enjoying the privacy it can bring. + + A fenced-in backyard is also a big selling point. People with children and pets flock to homes with fenced-in backyards. + + You can also look at other features. For instance, a finished basement can help you sell your home. You can also market a large attic, an extra-large garage, a swimming pool, or anything else that makes your home stand out. Look for the 20 percent difference and find a way to market it. That’s how you’ll get results. You can’t just throw the information into your listing, though. You have to take the right approach. POINTS TO REMEMBER: ; ; No matter how similar they might seem, no two houses are exactly alike.

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