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

The 10 Habits of Highly Effective

Auction Marketers

Student Workbook Verson 20130611

P a g e | 2

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

P a g e | 3

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

P a g e | 4

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!

P a g e | 5

Session 2 Fun Auction Roleplay 30 mins 3 bidders, 1 auctioneer, 1 listing agent, 1 supporting agent, 2 vendors,

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

P a g e | 6

___________________________________________________________________________

___________________________________________________________________________

Auction – 21 Molakai Drive, Mountain Creek Feedback: $460-$490K Bidders Sheet Reserve: $520K Total time for Bidding Sequence: 5 minutes Wait for 10 seconds before opening bidding then quickly move

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 } Salesperson should be constantly talking to bidders

Bidder 2 - $2,500 increase ($512,500) }

Bidder 3 - $1,000 more ($513,500) }

Bidder 2 -$515,000 }

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

P a g e | 7

SOLD

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

P a g e | 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

P a g e | 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

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

P a g e | 16

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.

_____________________________________________________________________

_____________________________________________________________________

_____________________________________________________________________

P a g e | 19

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

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

P a g e | 22

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

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

P a g e | 25

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

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

P a g e | 28

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

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________