In the Zone | V III i 5 | 2-Letter Word Leaves 'Em Dead-in-Water
In the Zone | Focusing on the 4 Profit Pillars of Real Estate
Volume III Issue 5
1. What Successful REALTORS(R) Are Saying
2. Motivational Quote of the Month
3. Prospecting: Six Questions to Rapidly Qualify Hot Buyers
(Critical stuff if you want to earn a paycheck in the
next two months.)
4. Negotiating: How to Leave Pushy Negotiators Dead-in-the-Water
with One, Two-Letter Word.
5. Listing: One Simple Question to Determine Exactly Your
Probability of Closing the Deal...and the crucial moment when
you must ask it.
6. Selling: Why the Often-Disregarded People in Your Market Are
Floodgates to More Referrals
Hey,
I remember hearing Peter Drucker, probably the brightest business
management mind of the 20th Century, once say that successful
executives recognize that business is fundamentally simple.
And it is.
It boils down to a handful of basics. In real estate, it's four:
listing, selling, prospecting and negotiating.
Complicating the model beyond that is a recipe for a sudden
disaster--or a slow death. It just depends on how long you
hang on.
But if you want to grow your business, earn profits and get paid,
then you must become obsessed with executing these four basic
principles almost flawlessly.
You must know how to rapidly dig through unqualified, cold
leads to unearth that vein of hot, ready-to-pounce buyers. Six
questions will get the job done.
You must know how to stand your ground and fight for your full
commission in the face of aggressive people. One word will make it
a breeze.
You must know how to evaluate the chances you could win or lose
a listing--and respond in rapid, real-time to rescue the deal.
The right question at the precise time is all you need.
And finally, you must know how to recognize a rich, potent but
forgotten source of referrals...before your competition does.
Read on and you'll be the first to see it.
Study this newsletter now. All four of this month's articles will
help you not only earn that precious paycheck in less time, but
also beef it up to an unprecedented size.
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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In 2004 my gross closed commissions have reached the
$250,000 level. Next year $500,000. By the way in 2004 I
also achieved taking 4 vacations of at least one week
and numerous mini vacations. I’ve estimated the time off
has been around 2 and a half months, so doubling my income,
increasing my vacation time and working less. All this
for about $100 per month for your service?
Gary, please please increase your prices to $1000 per month,
if other local agents finally wake up like I did and could get
this whole thing for a hundred a month, I may have to work
harder.
Oh, 3 listings this past 10 days where the clients actually
come to my office to list! All verifiable info...Wow clients
come to my office to list the house? What a paradigm shift!
Chris Giddings
Nevada Hot Properties
If you want to learn more about how Chris Giddings 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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"The difficult can be done immediately...the impossible
takes a little longer."
Army Corp of Engineers
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3. PROSPECTING: Six Questions to Rapidly Qualify Hot Buyers
(Critical stuff if you want to earn a paycheck in the
next two months.)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
One hot buyer's lead can mean lots of things.
It can mean mad money for a summer vacation; it could mean an
Ethan Allen leather Paloma chair; or it could mean a mortgage
payment.
Whatever it means, you may need to sift through dozens of
leads to find it--now.
The best agents are highly skilled at finding and quickly
qualifying the hot buyer. They can separate the A from the B
from the C lead easily, determining who is going to act now
versus act 30 days versus not act at all.
Critical if you want to earn a paycheck in the next two months.
Ask these six questions and you'll close that wide gap between
you and your next check. Guaranteed.
1. How long have you been looking for a home?
2. Do you need to sell your current home before you can buy?
Most sellers truly can’t buy anything because they have to
sell first.
3. Are you working with another agent?
4. Have you met with a lender yet?
5. Have you been pre-qualified or pre-approved?
6. Then ask, "If I call a lender and he has an opening available
tomorrow or the next day, would you consider sitting down
with him to determine what he can do for you?"
The goal is to get them to meet with your lender. If they meet
with your lender then your relationship with them will solidify.
Next Month: Four Questions to Rapidly Qualify Hot Sellers
Willing to List Now (a highly coveted technique that will have
astronomical affects on your listing inventory).
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4. NEGOTIATING: How to Leave Pushy Negotiators Dead-in-the-Water
with One, Two-Letter Word.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You've been there before.
Sitting in a sofa, your hands folded just after you finished
explaining why you don't think it's to your prospect's benefit
that you cut your commission. Only your full service will get
their home sold within the 70 days before he relocates. Anything
less and he may be paying two mortgages.
You think he's with you.
Suddenly your prospect stands, shoves his hands in his pockets.
He's staring at the floor. After a few moments of silence he
sighs and says, "Cut the commission and we'll do it."
You pause, look at the ceiling--even stick one of the ear pieces
of your glasses into your mouth. You're thinking hard. You
finally look at him and say, "No, I can't do that."
He stares at you, speechless. Then he smiles. Twenty minutes
later you walk out with the contract...and your full commission.
Sometimes the most effective tactic when negotiating, especially
if you are dealing with someone who is testing the waters to
see if they can get it, is to say "No."
This is an easy tactic to use. But it's not for the
faint-hearted; it takes courage to say "No." It takes courage
to stick to your guns.
But sometimes you have to do it; you have to assert yourself an
stand by principles. People respect and honor people who are
strong, who don't back down. And they are willing to work with
them.
Next Month: Discover His Thumbscrew (Everyone has a weakness, a
gap in the armor. Once found, it is a thumbscrew you can turn
for your advantage.)
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5. LISTING: One Simple Question to Determine Exactly Your
Probability of Closing the Deal...and the crucial moment when
you must ask it.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Are you making the biggest listing presentation mistake that
nearly every agent is guilty of at one time or another?
It's a situation that new agents are tragically hazy on. And
veteran agents are sometimes indifferent on. But committing
this one mistake is probably the reason you've lost three or
five or six listings in the last six months.
What is it?
When your prospect says, "We'll need to think on it," you
say, "Oh, okay, that sounds good."
The next time you hear from them (if you ever get a hold of them)
they tell you they listed with someone else.
Ouch. You've just murdered another commission check.
Instead, before the topic even comes up, at that point you sense
they're about to ease you toward the door, ask your prospects
this...
"On a scale of one to ten, ten being 'the job is mine' and one
being 'get out of my house,' where would you say we are on this?"
Watch as their faces light up and the mood changes. They might
look at each other and noodle on the thought for a moment. They
may come back with a "four," but at least you've bought yourself
some more time and positioned yourself to dig and identify what
you can do to raise that "four" to a "ten."
And if they say "eight" or "nine," identify how you can raise
it to a ten. All that stands between you and a listing
is asking an open-ended question like, "If I do that for
you, are you ready to go ahead and list with me?"
Next Month: How Two, Easy-to-Remember Scripts Can Ensure That a
Near-Expired, Deadbeat Home Sells Successfully
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6. SELLING: Why the Often-Disregarded People in Your Market Are
Floodgates to More Referrals
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Over the last ten years I've heard a lot of sales agents
attribute their success to "Intense follow-up."
Lots of salespeople send a follow-up "Thank you" note to their
clients after they help them buy or sell a home.
However, smart agents tend to take the time to send a personal
note to the agent representing the other side of the deal as well.
Not a bad strategy.
But wealthy agents not only send a "Thank you" note to their
client and their agent, but they also send one to some of the
most unlikely people.
They'll send one to the overlooked buyer's agent or listing
coordinator or administrative assistant--anyone involved in the
real estate contract, too.
The note comes as a pleasant surprise to them and sets these
wealthy agents apart from their peers.
Best of all it helps break down barriers.
On your next contract with these agents you usually get a warm
welcome from everyone, which makes for a smooth process and
allows room for better negotiations.
Plus, these people could be the source for more referrals in the
future. You never know unless you try.
Next month: How to Jet Propel Your Referrals and Spread Your
Name Through Your Market at a Geometric Rate
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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.
