In the Zone | V III i 3 | Most Valuable Four-Word Question
In the Zone | Focusing on the 4 Profit Pillars of Real Estate
Volume III Issue 3
1. What Successful REALTORS(R) Are Saying
2. Motivational Quote of the Month
3. Prospecting: Parkinson's Law - The Most Important Reason to
Give Up Prospects
4. Negotiating: How to Use Concessions So the Other Side Feels
Like They're Getting the Best Deal Possible
5. Listing: How to Land More Listings in the Hard-to-Please
Seller's Market
6. Selling: The Most Valuable Four-Word Question You'll Ever
Use
Hey,
Our brains are trained to follow the money. We think business,
designations, numbers, formulas, dollars and profits.
But it's the personal, the relationship side of real estate
that truly resonates with us...and equals success.
That's why it's not always the best policy to pursue every
prospect--as pointed out in our Prospecting article.
Relationships suffer when you do; so does your business.
On the other hand, people will reward you in a big way for
demonstrating that you care and are concerned about their
situation. Our Selling article gives you a simple tool
to make developing relationsips ridiculously easy.
Also, I'll finally explain the critical difference between
the right and wrong way to give concessions in the Negotiating
process.
Then learn how to make it crystal clear to any seller that
what you have to offer really is bigger and better than the
competition. Ahh...listing paradise.
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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"I am a new user and I received over 200 calls the first month.
Not one customer has asked me how I got their phone #. Most
of them thank me for calling. I have added at least 15
customers to my pipeline with one closing scheduled for
Jan. 28, and 3 loan pre-approvals are being processed.
"I’m really glad my loan officer recommended your firm.
"Thanks for your great service."
Al Fackler
Boise, Idaho
If you want to learn more about how Al Fackler took the leap
to the next level in his career, 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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"If you would win a man to your cause, first convince him that
you are his sincere friend."
Abraham Lincoln
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3. PROSPECTING: Parkinson's Law - The Most Important Reason to
Give Up Prospects
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In 1955, Economist magazine published an article by
British historian C. Northcote Parkinson where he wrote
"Work expands to fill the time available for its completion."
Since then, this administrative dictum has become known as
Parkinson's Law.
How does it apply to real estate? More importantly, why is it
the most important reason to let go of prospects? (I mean, come
on, more clients mean more money!)
Most professionals are afraid to give up prospects. But if you
apply Parkinson's Law and rate the level of service you
can give to each prospect, you will see a diminished level of
quality as your prospect base rises.
Imagine if you were working with 50 prospects this month. If
that's the case, then you'll fill up your days helping those
prospects. Each prospect gets a very small sliver.
If you were working with 25, you would fill up your time
helping them. Now, each prospect would get twice as much
attention.
The end result: you'll be able to develop a closer, more
trusting relationship with each prospect. And the likelihood is
high that those who you gave up were high-maintenance and
demanding, a dangerous combination when time is scarce.
The lesson?
Focus on your highest quality prospects and devote 90% of your
time serving them. Then force yourself to let the time-wasting
prospects go.
Next Month: The Lost Art of Disqualifying
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4. NEGOTIATING: How to Use Concessions So the Other Side Feels
Like They're Getting the Best Deal Possible
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Last month we talked about the three common mistakes people
make when giving concessions. This month we'll focus on how
to properly give concessions so that the other party feels
like it won.
The three mistakes we discussed last month--equal-sized
concessions, making the final concession a big one and giving
it all away up front--are all wrong because they create a
pattern of expectation in the other person's mind.
The first concession you offer should be reasonable enough to
close the deal. Then, after that, any future concessions should
be smaller and smaller.
By reducing the size of your concessions, you convince the
other person that he has pushed you just about as far as you
will possibly go.
And this is the secret to walking away from the table with
both sides feeling as if they won.
Next Month: How to Stop the Buyer from Grinding Away at You
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5. LISTING: How to Land More Listings in the Hard-to-Please
Seller's Market
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I've got good news and bad news. First, the bad news.
More and more sellers are putting agents through a rigorous
screening process before choosing an agent. And with over one
million agents out there, the clutter is deep and the
competition is stiff.
Dawn, my real estate agent aunt, told me that on one of her
first listing presentations she was petrified to discover that
she was the seventh agent interviewed. The seller was
obviously very picky about who he chose. With nothing to
differentiate herself, she knew she was never going to survive.
Here's the good news: there is a way to rise above the clutter.
Create a Portfolio of Credibility and Unique Listing Proposition.
Step One: Create a strong resume.
Step Two: Collect strong, emotional testimonials.
Step Three: Create a brochure or cover letter that appeals to
the immediate needs of the seller. (Consult books on
copywriting to help you do this. Or have a professional
copywriter create one for you.)
Step Four: Organize these materials in one folder, call it
your "Portfolio of Credibility." Deliver it to the seller
before the presentation.
Step Five: During the presentation briefly walk through your
Portfolio to answer any questions. Then say, "If that was all I
had for you, then I might be shoulder-to-shoulder with the top
agents. But it's not. Now I'm now going to demonstrate how
we can create a bidding war to sell your home for more money,
in less time and with less hassle. It's my Unique Listing
Proposition."
If you do this, trust me, you can wrench a listing from even
the best agent in your market. For more ideas on how to create
a Unique Listing Proposition, visit this web page:
http://www.realestategrowth.com/listing_pres.asp
Next Month: 30 Days to Closing 19 out of 20 Listing
Presentations
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6. SELLING: The Most Valuable Four-Word Question You'll Ever
Use
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It's only four words. It's grammatically incorrect. It probably
clashes with your style.
But once you use it, settle in...
Prospects and clients will start sharing volumes of valuable
information with you about their problems, issues and concerns.
As they give up position, you rapidly gulp it up.
Overcome a deadlock with a seller. Soothe a hard-nosed skeptic.
Woo an angry prospect. With four words. That's it.
What is the most valuable four-word question you'll ever use?
Nothing more than...
"How do you mean?"
Suppose a seller says "I appreciate your efforts in putting
together a proposal to sell my home, but I'm concerned about
the commission."
The natural response is "What do you mean?" This, however,
pulls a conversation backwards. It usually forces the speaker
to repeat exactly what he just said, which stalls the
conversation.
Your goal is to go forward, to get to the next level, to go
deeper.
"How do you mean?" magically communicates to the other person,
"This person is sincerely interested in what I just said. She
wants to know more."
And when a person recognizes that you are not an adversary but
an advisor, a near friend, you'll be surprised at how much
information you receive and how much position they give up.
Ask it as many times until they have nothing else to give.
This could be the key to unlocking more listings this month
than you did in the last six. See for yourself.
Next month: How to Harness the Obsessive Desire Every American
Has for Personal Freedom to Get What You Want
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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.
