Proquest Technologies | V II i 7 | Eliminate Rejection and Call Reluctance
In the Zone | Focusing on the 4 Profit Pillars of Real Estate
Volume II Issue 7
1. What Successful REALTORS(R) Are Saying
2. Motivational Quote of the Month
3. Prospecting: Tips to Eliminate Rejection and Reduce Call
Reluctance
4. Negotiating: The Four Greatest Ways to Overcome Objections
5. Listing: How to Win and Profit Against Agents Who Cut Their Fees
6. Selling: More Sales Are Made with This One Truth Than the Best
Salesmanship Secrets
Hey,
"When I can't decide whether to fight o r not, I always fight."
Those words were spoken by the famous 19th Century English Navy
Admiral, Lord Nelson. They are just as inspiring today as they
were when he spoke them almost two hundred years ago. And I hope
those words stir your blood.
In fact, you can almost say "stand and fight" is this month's
theme. Here's why.
As you know, the real estate landscape is constantly shifting. And
each shift seems to dig a little deeper into your pocket. In this
changing, at times almost hostile environment, you are forced to
do one of two things: roll over or fight.
For instance, nearly half of the agents in this industry either lose
out on thousands of dollars in commissions their first year or fail
completely. And the reason why is they cannot overcome one
particular problem. Overcome it, though, and you have succeeded in
beating one of the most common obstacles to success.
Also agents typically lose sales or fail because they never learn
how to properly overcome objections. They throw their hands up and
say, "How do I respond to that?" This month you'll find four
objection handlers that can answer over a hundred different
objections.
Finally, one of the biggest changes in the real estate landscape
has been the arrival and spread of discounters--brokers and agents
who offer watered-down services for a low price. Thinking it's the
only way they can compete, traditional agents are throwing up the
white flag and cutting their fees. Now you can discover how to
fight and beat discounters, all the while holding onto your profit.
Enjoy and 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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"We had to cut our advertising to every other week rather than
weekly. Our staff could not handle all the inquiries!"
Del Dawson
RE/MAX GRAND VALLEY
Battlement Mesa, CO
If you want to learn the secret behind Del Dawson'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/how_to_grow.asp
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2. Motivational Quote of the Month
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"The men who try to do something and fail are infinitely better
than those who try to do nothing and succeed."
Lloyd Jones
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3. PROSPECTING: Tips to Eliminate Rejection and Reduce Call
Reluctance
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Anne Grosky reviews the MLS to make sure she knows all of the new
listings that might be of interest to her buyers--instead of
following up on her leads.
Hank Murad defers his follow up calls so he can build his industry
knowledge by reading journals and newsletters.
And Chris Haddon finds herself giving in to the impulse to write
proposals for prospective clients rather than pick up the phone.
What do these three real estate agents share in common? You guessed
it, call reluctance.
In their book, "Earning What You're Worth," researchers George
Dudley and Shannon Gooson write that as many as 80 percent of all
salespeople who fail within their first year do so because of
insufficient call activity.
Unresolved call reluctance can cause frustration and loss of sales.
So with this in mind, how do you overcome call reluctance?
Here are five tips:
1. Aim for a number of calls you will make each day. Make this goal
small and comfortable.
2. Next, increase the daily number of calls you will make. Do this
slowly. Here you will start to see that you don't encounter
the bad things you imagined, or, if you do, you find out that
you can handle them.
3. Record each call. In a notebook strictly devoted to your sales
calls, make notes about things you should have done differently.
Keep this notebook handy whenever you make sales calls and
review it every day before you make phone calls.
4. Realize the difference between real and imaginary threats. Over
time you will recognize that ninety-nine times out of a hundred
the bad things you thought would happen, don't. And if you do
experience rejection or fear, realize it's not personal. The
caller is rejecting your offer, not you.
5. Report to an accountability person. Whether it's you're spouse
or friend, broker or coach, invite someone to help you stay on
track and meet your goals.
Caution: Research shows that successful people do the hard things
other people refuse to do. Work through these five steps only if
you want to break through to the next level. Follow the footsteps
of the successful now and within time you will prosper!
Next Month: The Follow-Up Secret: If you haven't done your
follow-up calls within this window of time, your competition has.
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4. NEGOTIATING: The Four Greatest Ways to Overcome Objections
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If you want to handle hundreds of different objections, you can
buy 24 books, take 12 courses, and attend 7 seminars -- or, you
can read this short article.
According to experts, the are only four objection handlers you
will ever need in your real estate career. Memorize them and you
will win more sales. Master them and you will surpass anything
you have ever done in your career or life.
1. Handle the objection. This is the obvious response when an
objection comes up.
Buyer: "My only concern is the house is too big for our needs."
Agent: "You're right. It is too big for your needs right now. But
remember, you told me you and your wife want to start a family and
you also hate moving. Owning this home at this time in your life
you would not only avoid the headache of moving--especially with
little ones--you would also experience the joy of watching
your family grow in this home. You would save time, money and
effort, while building memories that will last a lifetime."
2. Melt the objection. This means simply letting the objection
disappear. There are two ways you can do this.
First, you may address the objection but then lead the prospect
down a different more productive path.
"You're right, Mr. Buyer, the house is too big for you right now.
But have you thought about the future and what this home can do
for you?"
Or, you may simply ignore the objection. This can be done
professionally and profitably by introducing a benefit or reward
that trumps the objection and entices the prospect.
Buyer: "My only concern is the house is too big for our needs."
Agent: "...And with four bedrooms, use them now for a guest bedroom,
an office for you and a sewing room for your wife. And with an
unfinished basement, you could easily build two more bedrooms, so
there are really no limits on the size you could grow your family,
something I know is close to your wife's heart."
3. Set the objection aside and then don't bring it up again.
"Mr. Buyer, I think we may be getting ahead of ourselves. Why
don't we leave that aside for a moment, and then come back
to it later after you've seen the entire house and decided whether
this house is a fit or not.
This objection handler works well if you recognize the objection
is coming from someone who is cautious and careful. They are
responding to an uncomfortable situation. Work hard at connecting
and building rapport between you and the prospect and if the house
is a good fit you will bury the objection out of sight.
4. Pre-empt the objection. This is the chief executive of objection
handlers--keep the objection from ever raising it's ugly head.
Finding and memorizing and addressing the most common objections
in your presentation is the best way to flex this muscle.
"...And from what I know about you Mr. Buyer, you are a careful
and conscientious person who hates moving and wants to grow a family
and even though this home may seem a little too big for your needs
right now, with this home you can save time, money, headache and
effort and focus it on the really important things, like raising a
family and building a family. And the best part is it fits in your
budget."
Done right, you will have your clients or prospects shaking their
head up and down in agreement, thinking "Does this guy know me or
what?"
Next Month: The Most Powerful Negotiating Pressure Point
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5. LISTING: How to Win and Profit Against Agents Who Cut Their Fees
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"Will you cut your commission?" she says.
In today's world of discounters, you are likely to hear this
question more often during your listing presentation than you'd
like. While many agents will raise the white flag and submit to
the request to get the business, you don't have to do that.
Here's why.
You can fight back by demonstrating that you can offer three things
that a discounter can not--representation, accessibility and the
power to advise.
Remember, your fees and fiduciary responsibilities are closely
entwined. Determine the premium for each responsibility and create
a menu for service. Offer this option up when a seller asks you to
reduce your fees. Explain to them that you can tailor your service
to fit their needs and pocketbook. But make it clear that your
responsibility to them is limited.
At some point, say this:
"I realize you are trying to save money. I can understand that.
'Can I cut my commission for you?' It depends. Which service would
you like me to cut out of my plan to sell your home? Or would you
prefer the full marketing plan?"
Then be quiet and let the thought settle in their mind. The hope is
they will see that a reduced fee means they will have to do more
work. Allow them to make that decision themselves.
Now if they want to pick a la carte, so be it.
I wish I could tell you that this would persuade one hundred percent
of the seller's to choose you at your full commission. But that's
simply not going to happen. However, what this strategy does is it
allows you to still help them on a limited basis, but also get
paid what you are worth...which allows you to tackle more listings
without burning yourself out on a reduced-commission client.
And that's a win--and a profit--against the discounter.
Next Month: The Key to a Landslide of Listings in Your First Year
in Real Estate...but how it works for both rookies and veterans
alike!
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6. SELLING: More Sales Are Made with This One Truth Than the Best
Salesmanship Secrets
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You can trounce your best competitor on your worst day with this
truth.
You could just about have a bad product, a bad presentation and a
bad haircut and still get the sale. That's how powerful this truth
is.
In the South, it's called the "the good-old-boy network." In the
North, it's called, "who you know."
If you think it's something your born with or that applies only to
the lucky, you're wrong.
What is it? One of the most potent sales secrets is nothing more
than friendship.
Research demonstrates that 50% of of sales are made because of
friends. Why?
Friends don't need to sell using sales techniques. You just ask.
However, this doesn't eliminate your need to be a master salesman.
You must know all the techniques to get the other half of the
market. Also, it takes time to develop a relationship; it takes time
to build a friendship.
Also, your best competitor couldn't pry you away from a customer
who is also a friend. Friendship eliminates competition.
So, to get at least one half of your market, you don't need more
sales skills. You need more friends. Here's how.
1. Join local business associations and clubs.
2. Volunteer for local charities.
3. Hold your own charity events.
4. Connect with the people at your church, synagogue or mosque.
5. Pick up a team sport like softball or soccer.
Plus, once you've established relationships, you will be able to
leverage the credibility you have with them with their own friends.
Ever had anyone call and say, "You're friend so-and-so told me you
were an outstanding agent. Will you help us sell our home?"
It's an example of compound marketing.
And just think, you didn't have to put any more effort in selling.
It simply happened.
So, pull up your bootstraps, smile and start shaking hands. And
believe me, in this fast-paced, trust-nobody world, you will
simply startle people with your kindness. How about that for a
unique selling proposition?
Next month: The Only Closing Question You Will Ever Need to Ask to
Land the Listing, Sale or Appointment
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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
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"In the Zone" is a Proquest Technologies publication.
(C) Copyright 2005, Proquest Technologies.
