Marketing Question

[Farm Gal]

Good advice from Tom! however that sounded like more than a '10 minute talk'

I'd make sure to make the point that ensuring reasonably accurate GLA to all listings helps the database to the benefit of all parties involved in buuying/selling,

and WHY APPRAISERS CANNOT CONSIDER BELOW GRADE as LIVING AREA....

 

[DWiley]

I have done many such meetings. In fact, I have done two in the last week. These are excellent PR opportunities.

Ten minutes is a VERY limited amount of time. You cannot possible cover very many topics in such a short time. Knowing that, I would boil it down to 2 or 3 topics you feel confortable that you can cover well. If you try to cover too many things you are likely to miss something and/or appear rushed.

I would also count on the Q&A session going longer than expected. If that happens, rely on the host of the meeting to let you know when you have gone too long. You want to be infromative, but you don;t want to wreck the meeting by shorting the time for other things on the agenda.

I suggests preparing something to put in their hands. A copy of a PowerPoint presentation, local news stories copied on your letterhead, etc. Leave them something (in addition to your business card) that has your company name on it. This is not only good marketing, it shows that you took time to prepare.

I also take a couple of prepaid gas cards. I give one privately to the person who invited me. I take up business cards from those who attend and draw for the other one at the end of the presenattion. This ensures that you get all of their cards and can follow up with a note thanking them for attending.

 

[VolcanoLvr]

Be sure to emphasize that you are a team member in the property sale process, but will not neccessarily agree with them on a home's value, just because it has a signed contract for a certain price. Ask them to restrict criticism of you if your value is different. Remind them that their, the seller, the RE agent perspective and your perspective and responsibility when it comes to a property value are different

Help them understand that 'someone else's' value is not necessarily the accurate value, and that they should not count on their next Beamer payment being made by your appraisal.

Pass out your cards, and brochure if you have one.

Explain your knowledge of the area, the thoroughness of research you do, and the confidence you have in establishing a supportable value for the properties you appraise.

If they give you 20 minutes, use 8, then open it up for questions. If few questions, be prepared to discuss items not covered in the first 8 minutes.

Don't dress in a suit and tie...but in your normal attire. If they are dressed better than you, explain that you have to negotiate cob webs once in awhile while measuring .... they'll get the idea!

Attempt to come across confidently and knowledgeable. Nervousness will be evident if you talk too much with prepared statements. Keep your presentation short. Let them respond to you with questions, relax, and you'll have a good time. And don't drink a bunch of coffee before hand...........I think you know why!

Use prepared notes on a tablet or cards if you need to. But DO NOT read your presentation. Just chat with them.

Have fun! You'll do fine.

 

[nauthead]

Bama, what do you have against lunch or donuts? I have done quite a few of these presentations, all at lunch time. It's simply a marketing tool and this approach has worked well for me. The reason to do any sort of presentation like this is for future business. Odds are they will forget 99% of what you said a day later, but they will remember that you fed them.

 

[Tom Eichholz]

Bama, what do you have against lunch or donuts? I have done quite a few of these presentations, all at lunch time. It's simply a marketing tool and this approach has worked well for me. The reason to do any sort of presentation like this is for future business. Odds are they will forget 99% of what you said a day later, but they will remember that you fed them.

Serve Lunch, or coffee and donuts?

Uh, OK? But, I would think that since you are usually a guest speaker they've invited to come to their place... With them as the host, don't they provide the goodies? I believe I'd take a pass if they didn't...

 

[Kevin A. Spellman]

Read the report thoroughly, not just look at the value and the photos
Rotation system for the valuation service providers
A valuation service provider must promote public trust
No second chances, if a report is not credible, remove the service provider

 

[Kevin A. Spellman]

deleted the same post from above

 

[Mike Boyd]

I would piggyback on Richard's advice and discuss the concept of market value versus cost and price and also discuss the components that make up the definition of market value.

I agree and make sure you talk about the most PROBABLE selling price as opposed to the old definition that was the HIGHEST price a property would bring....etc. Most loan officers think that if ONE house sold as high as the subject, ALL should sell for that price...or higher.

You might also develop a very good answer for "why comp checks are really an appraisal" and offer a future seminar on how they can use MLS for their own comp checks.

 

[Mike Boyd]

Most advice I have seen posted so far are issues for appraisers....not loan officers.

What loan offiers want to know is why comp checks are not graciously offered by appraisers and when I think values will turn around and start going up. Most are wringing their hands because they can't make a living without sub-prime loans.

1. I would make a point on why THEY should make certain the order was for a full 1004 report. I know, that is for OUR benefit.....so show them how it would be to THEIR benefit, also.

2. Explain the difference between the modern definition of market value (most probable selling price...etc) as opposed to the older definition (highest price a property will bring...etc)

3. Explain how FHA can be at least a partial cure for lack of sub-prime loans. You might want the assistance of a good FHA underwriter to stand up there with you. Emphacise that sub-primes are gone FOREVER.

4. Offer to teach them how to do their own comp checks, pull public records and about zillow.com. Talk about how important it is that THEY visit the property that they are seeking a loan for.

Then go to Qs and As. There will probably be no time left for many questions.

 

[Mike Boyd]

Most advice I have seen posted so far are issues for appraisers....not loan officers.

What loan officers want to know is why comp checks are not graciously offered by appraisers and when I think values will turn around and start going up. Most are wringing their hands because they can't make a living without sub-prime loans.

1. I would make a point on why THEY should make certain the order was for a full 1004 report. I know, that is for OUR benefit.....so show them how it would be to THEIR benefit, also.

2. Explain the difference between the modern definition of market value (most probable selling price...etc) as opposed to the older definition (highest price a property will bring...etc)

3. Explain how FHA can be at least a partial cure for lack of sub-prime loans. You might want the assistance of a good FHA underwriter to stand up there with you. Emphacise that sub-primes are gone FOREVER.

4. Offer to teach them how to do their own comp checks, pull public records and about zillow.com. Talk about how important it is that THEY visit the property that they are seeking a loan for.

Then go to Qs and As. There will probably be no time left for many questions.