How to Leverage LiveBy Local with Clients in Negotiation and Under Contract – LiveBy

Best Practice #1: Leverage LiveBy Local to secure the best deal for your client

Why It Matters: Securing the best deal while creating a stress-free experience requires data-driven decision making and expectation-setting

How To Do This:

Leverage market data to create a data-driven pricing strategy, set market speed expectations, anticipate challenges, and navigate offers and counter offers.
Reference the best practices below for step-by-step guidance on each of these elements.

Pro Tips:

Remember to provide emotional support and education in addition to tactical support to your clients during this critical phase of the journey

Why It Matters: A strong pricing strategy is informed by market data, and helps build trust and put your clients at ease

How To Do This:

Start by examining market trends where the property is located, inspecting key metrics like price per square foot and median sale price.
Consult other data sources as needed, like comparable sales, and unique elements of the property.
Combine all the data, set a price, present it to your client, and adjust from there!

Pro Tips:

Curious which price ranges are a buyer’s or seller’s market? Consult the market conditions by price range chart
If clients are hesitant about the pricing strategy, reassure them using the market data from your research
For high value clients and luxury markets, create a pricing strategy presentation for your client, using visual aids

Why It Matters: Setting timeline expectations using market data sets context and avoids hidden surprises for both buyers and sellers

How To Do This:

Open LiveBy Local, search for the property, and open a market report for that location.
Determine market speed using the questions below for guidance:
- How quickly are houses selling in this neighborhood?
- How does that speed change across different price ranges in that market?
Communicate those market speed expectations to your client and ask what follow up questions they have! If need be, share the market report with your client.

Pro Tips:

Refer to Days on Market and Months of Inventory for that community and that property’s specific price range
Filter the market report by property type to achieve even more accurate data
Compare the market speed indicators for different geographic areas (neighborhood versus zip code versus city) for a clearer picture

Why It Matters: Every great plan anticipates obstacles using data and top agents scenario prep with their clients

How To Do This:

While creating your pricing strategy, consider challenges that may arise at any point until closing day. Consider the following:
- Are interest rates expected to change soon?
- What are typical list-to-sale price ratios for this location and properties in this price range?
- Are there any other market conditions that your client should be prepare for?
For each challenge, draft a simple response if it arises
Discuss your battle plan with your client!

Pro Tips:

For an evidence-based strategy, google Gabriele Oettingen's WOOP (Wish, Outcome, Obstacle, Plan) process

Why It Matters: The market is always changing, so having up-to-date market data is essential to making the best decision

How To Do This:

Open LiveBy Local, search for the property, and open a market report for that location.
Analyze the market report to inform your client’s offer / counteroffer decision:
- Is this a buyer’s or seller’s market for this community?
- Is this a buyers or sellers market for properties in this price range?
- What are the inventory levels for this community?
Synthesize this information, then have a conversation with your client about their next step.

Pro Tips:

More advanced and savvy clients may want to see market data directly and participate in the analysis process
In case of a dispute, use market data to mediate between buyers and sellers
Low supply, high demand often justifies more aggressive offers whereas high supply and low demand offers more negotiating room