In the Zone | V II i 3 | Avoid These 2 Words
In the Zone | Focusing on the 4 Profit Pillars of Real Estate
Volume II Issue 3
1. What Successful REALTORS(R) Are Saying
2. Motivational Quote of the Month
3. Prospecting: Champagne results on a beer budget: prospecting
tips from an old pro.
4. Negotiating: The Bad Deal: nine questions you must answer to
discover where things went wrong and how to get them right
the next time.
5. Listing: Why it's so important to understand a seller's
motivation to sell their home
6. Selling: How to use the prospect's questions to confirm
and close the sale.
Hey,
See if you agree with me here:
Most people are too busy to make money.
You might recognize that as a line from Joe Karbo. Joe was a
smart man. And very wealthy. He was on to something when he
said that.
Here's what I take from Joe's words: most people like to have
as many pokers in the fire as they can get, whether it's
making them money or not. Usually not. And the reason why could
range from they have trouble saying "no," they only feel good
when they are doing something, no one can do it better than them.
It's okay for people to be busy, but it becomes a problem when
people are squandering their most precious commodity, time,
on unimportant tasks.
One of my employer's way back when would say, "Be fruitful not
busy." Those words have stuck with me over the years. And one
of the motives behind writing this monthly newsletter is to
help you focus on and hone the four most profitable skills of
real estate: prospecting, negotiating, listing and selling.
You know what? If you zeroed in on and mastered these four
profit pillars, I'm certain within a reasonable amount of time
you'll reach a new level of success you never thought
possible...even if you neglected all of the "small stuff."
See for yourself. The map is in your hands.
Here's to your success,
Gary Elwood
Proquest Technologies
1-800-959-3959
Send prospecting, negotiating, listing or selling ideas,
strategies and tips to inthezone@proquest-tech.com.
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1. What Successful REALTORS(r) Are Saying
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"I just wanted to let you know that Sean and I used our new
marketing system as a listing tool at a listing presentation
yesterday. We had prerecorded the property information on our 1-800#,
and used some of the scripting suggested in your educational
material.
"Our client was "blown away" with the system, and was actually
eager to get the listing on the way! Wow, talk about a
powerful tool!"
Jim Morin and Sean McKeigan
Calgary, Alberta
If you want to learn the secret behind Jim's and Sean's success,
then read our 21-page online report "How to Close More
Transactions in a Month Than You Now Close All Year":
http://www.realestategrowth.com/success_stories.asp
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2. Motivational Quote of the Month
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"When you reach for the stars you may not quite get one,
but you won't come up with a handful of mud either."
Leo Burnett (1891-1971)
Advertising Executive
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3. PROSPECTING: Champagne Results on a Beer Budget: prospecting
tips from an old pro.
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Follow these new and time-tested tips offered by veterans
of real estate and you can make a cheap experience profitable.
1. Don't Cold-Call
If you can avoid cold calling, do it. Work your existing
customers, develop your network, send out marketing emails and
use your 800 recorded info line. Cold calling takes a lot of
time and energy and is now dangerous in a "do not call" world.
2. Identify Your Audience
You can’t be all things to all people. List your audience’s
likes, dislikes, and hot buttons. If you don’t know what those
are, research them. If you still don’t know, guess, and refine
your audience as you go along.
3. Develop a Focused Marketing Message and Value Proposition
Just because you've generated a list of phone numbers, don't
rush for the dial pad just yet. Before the first call, make
sure that you develop a focused 15-second presentation.
4. Make your Calls as Efficiently as Possible
Have your presentation honed to a sharp edge and the comparable
listing data memorized or on hand in an organized format before
picking up the phone.
5. Call and Ask for a Specific Person
Using the first name of a prospect is one of the best ways to
build rapport. Also, even at a large company, it’s surprisingly
easy to get through to the right person if you ask a specific
question.
If you’ve gotten through your opening, explained the benefits
you have to offer and overcame your prospect’s objections, your
prospecting has done its job. Now it’s up to you to follow
through and close the appointment, listing or sale.
Next Month: How to keep your golden geese happy.
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4. NEGOTIATING: The Bad Deal: Nine questions you must answer to
discover where things went wrong...and how to get them right
the next time.
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Have you ever had a deal fall apart on you? Have you ever felt
like you've been taken? Admit it. We all have.
Afterwards, you think to yourself, "I should have asked for
this?" "I should have said that?" Worse, your clients drill
you about some of the things you did: "Why did you suggest
that?"
Usually it's long after the deal is done that things come back
to haunt you: your buyers said that the dead tree in the
backyard was supposed to be removed; the sellers weren't
supposed to take the curtains.
Then your hindsight taunts you like a Monday morning
quarterback: "I should have thought to ask to have the tree
removed." "I should have stuck to my guns on price." You hear "I
should have...I should have...I should have" until you want to
scream.
Now, it's possible you did everything right. However, sometimes
bad deals just happen. But more often than not, there is
always something you can do to avoid the same situation again.
First, don't avoid the post-game wrap up. This is a prime time
to shave strokes off your score. Ask yourself these nine tough
questions to help you evaluate what went wrong:
1. How did you contribute to the problem?
2. Did you miscommunicate or not communicate at all?
3. Did you forget something?
4. What will you do differently next time?
It's important that you think deeply and introspectively when
asking yourself these questions.
5. Why did you make the mistakes you did?
6. Were you too stubborn to ask for help?
7. Were you too easily cowed by the other party?
8. Were you too greedy?
9. Did you let things get too personal?
Whether the deal is salvageable or not, above all else, forgive
yourself. To be great at anything requires making thousands
of mistakes. If you're clever, those mistakes will teach you
how to put together a better deal. If you're wise, those
mistakes will teach you how to build a better life.
Next Month: "What if they won't play?" Three basic approaches
to turning a hard-boiled negotiator on to the merits of your
offer.
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5. LISTING: Why it's so important to understand a seller's
motivation to sell their home
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Without pressing too hard, try to find out why they're selling
before you commit to a meeting. Unless you know why, you
can't give them the best possible service.
Sellers can sometimes be a little suspicious: they fear if the
agent knows they have to relocate in 75 days, the agent will
twist their arm for a price reduction. So the decision is to
keep the agent in the dark.
The result is usually disaster for the seller. The unrealistic
pricing causes the home to sit on the market for too long,
ending in an expired or canceled listing. In a week another
office sells the home for thousands under market price.
Your best defense against this kind of fiasco is a genuine
concern for the seller's welfare. And this means knowing the
precise reason for moving.
Sometimes, for personal reasons, sellers are reluctant to
discuss their reason for moving. Personal reasons could
include:
+++ Family break up
+++ Serious illness
+++ Career is jeapordized
+++ Financial security is uncertain
+++ Death
Be empathetic. Knowing the sellers motivation will tell you
how to act during your meetings with them. Otherwise you may
have some very upset people on your hands...which doesn't
translate well to a referral...let alone a closed transaction.
Next Month: How to eliminate competition at your next listing
appointment.
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6. SELLING: How to use the prospect's questions to confirm
and close the sale.
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When you answer a prospect's question, avoid two words...
"Yes" and "No".
There are two reasons why: first, you always want to stay in
control of the presentation. Answering with "yes" or "no" is
the fastest way to put your back against the wall and the
prospect in control. If that happens, you are now the one being
interviewed, not the other way around...like it's supposed to
be.
The second reason you don't want to answer with a "yes" or a
"no" is that you might be able to close the sale at that point.
Let me explain.
In most situations, a prospect's question is a buying signal.
And if you return with a closed-ended answer like "yes" or
"90 days," you've effectively shut the game down. It's like
playing catch where you field all of the balls, but never
return them. It's up to the prospect to keep the game
alive...which is dead wrong.
The rule is...use the prospect's question to keep the game
alive and confirm the sale.
For example:
+++ "How long do you think it will take to sell?" Would you
be satisfied if it sold in 90 days? If they answer "yes,"
all you have to do is determine when they want to get
started and you're finished.
+++ "Will the entryway chandelier stay with the home?" If
I can include the chandelier, would you like for me to
write an offer on the home?
+++ "Do you have references?" Here's the list. If my
references meet your standards, when would you like to
get started?
One more thing: crafting a response question is difficult and
requires creativity and a good deal of practice. Delivering a
soft and smooth response question is the mark of the master
agent. And usually the one who gets the listing or sale.
Next month: An important lesson about closing...or should I say
how NOT to close.
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Proquest Technologies, Inc.
inthezone@proquest-tech.com
1-800-959-3959
In the Zone: Focusing on the 4 Profit Pillars of Real Estate
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"In the Zone" is a Proquest Technologies publication.
(C)
Copyright 2005. Proquest Technologies.
