In the Zone | vV i6 | Don't Enter a Negotiation Until You Read This
In the Zone
Volume V Issue 6
- What Successful REALTORS® Are Saying
- Motivational Quote of the Month
- Prospecting: How to Get Buyers Off the Fence Every Single Time...Without Breaking the Law or an Arm
- Negotiating: Don't Enter a Negotiation Until You Read This
- Listing: Enjoy a Whole New Level of Confidence, Power and Comfort at Listing Appointments
- Selling: How It Came to Pass That Some Social Scientists Taught You to Close More Deals
Dear Friend and REALTOR®,
Getting win-win solutions is old hat to me. But it wasn't always that way.
I bull rushed girls to get dates in high school. I tended to butt heads with anyone who disagreed with me. Refused to budge on issues early in my marriage. Stormed out of a colleague's office when I didn't get my way (which happened a lot.)
But today I get nearly everything I ask for...and things generally go my way. And that's not an exaggeration.
Of course, I still hit obstacles and run into people with their own agendas. But here's the deal: I've learned to overcome them.
My secret can be summed in two words: understanding people. In fact, that's what this issue is all about.
With an easy mental "audit" and a smidgen of compassion you can move buyers off the fence in ten easy minutes. Check out this month's Prospecting article to see how.
Read the Negotiating article if you plan to negotiate any time soon so you can understand how and why people use this tactic...and how it can help or hurt you.
Discover the unconventional secret action steps expert listing agents use to list more homes in the Listing article.
And finally, in our Selling article real estate trainer Bob Corcoran will tell us how social scientists are changing the selling landscape and making it easier for you to close more deals.
Enjoy!
Best wishes for your success,
Gary Elwood
Proquest Technologies
1-800-959-3959
P. S. Be sure to check out our Listing, Buyer, Marketing and Advertising Reports for new articles published weekly. We've published three recently on our Home Buyer Tips pages. Read them today for easy money-making advice.
Any questions about anything you've read about in this newsletter?
Just call 1-800-959-3959 and ask to speak to Brad or Ann.
Find past issues of ITZ here:
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1. What Successful REALTORS® Are Saying
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"I've had my license for 3 years and never was helped in anyway. I was asked to pay dues, fees and more dues and fees, but never did anyone show me how to start opening doors...I was given no motivation or knowledge on what direction to go or how to even choose a direction. I've read all of your motivation letters and listened to you speak and I have more knowledge now than ever. I ran an ad like you said and got a listing from it. From that listing I got a another listing...in no time I HAVE TWO LISTINGS. More than anyone else did for me.
Ms. DuFrey | Broker | Porum, OK
If you don't already know, see how Provantage can become a key, indispensable ingredient to your success—like it is for Ms. DuFrey, click here for more information.
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2. Motivational Quote of the Month
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"The more you seek security, the less of it you have. But the more you seek opportunity, the more likely it is that you will achieve the security that you desire."
Brian Tracy
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3. PROSPECTING: How to Get Buyers Off the Fence Every Single Time...Without Breaking the Law or an Arm
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The next time you have a buyer sitting on the fence, there's no need to shrug your shoulders and wait...get squished by your questions...appear pushy and harsh...or simply get abandoned after ten hours work...
That is, not when you could force the hand in an acceptable, satisfying way.
How?
1. Do your conversations go deep?
By that I mean, do they uncover the buyer's true motivation? Don't just get defensive if someone objects and throw out reasons why they should buy one particular home over the other. Find out their motivation for giving that objection. Because once you know the motivation, you can focus in on what really sells.
Ask lots of open-ended questions and then—by all means—be quiet. Find out why they're looking in a certain area. Is it schools? A job transfer? Is it retirement? Learn why they want a basement or a view or a deck. Go three, four or five questions deep.
For example, start with the top three items a buyer wants and as you find homes that fit those criteria, go back and learn more about what the buyer wants and continue to trim the list to approximately 10 homes.
Then spring this on them: "Remember those top three items you wanted in a home? Well, here we have 10 homes that have those three items plus all the other things you want in a new home."
You've given them more than they wanted—you've over-delivered.
2. Do your conversations reflect your knowledge of the current market?
Understanding the nuances of the real estate market is precisely what buyers expect from an agent—especially in a buyers' market.
Yes, you want to know about the interest rates and the number of homes on the market, but you also want to be able to match your services with those current market conditions. Make sure you're sharing your track record and experience. When you do, your credibility skyrockets.
3. Do your conversations create a sense of urgency?
Use the fact that rising interest rates can do just that—rise and rise quickly. And yes, there are plenty of homes on the market. But don't think there are plenty of buyers who know that and the balance can shift quickly—buyers can start snapping up those good properties at any time.
And remember the old adage about the power of suggestion. Make sure you give buyers suggestions. "Here's what I recommend we do…" kind of language will often get the buyer moving toward action.
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4. NEGOTIATING: Don't Enter a Negotiation Until You Read This
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If you plan to negotiate any time soon (whether it's for business or pleasure), you need to be aware of this following tactic...and how it can help or hurt you.
I know it sounds dumb and I know it sounds ridiculous, but the truth of the matter is that when people make a proposal to you, they are watching for your reaction. They may not think for a moment that you'll go along with their request. They've just thrown it out to see what your reaction will be.
For example, your client is selling a house and the buyer wants to move in two weeks before the transaction closes.
In this situation, the other side may not have thought for a moment that you would actually go along with the request. But if you don't show some kind of physical reactions (i.e. flinch), he or she will automatically think, "Maybe I will get them to go along with that. I didn't think they would, but I think I'll be a tough negotiator and see how far I can get them to go."
Physical reactions such as sudden gasping for air and visible expressions of surprise and shock are common examples of flinching. What makes the flinch so effective is that it happens in an instant, and most people are not aware of it at a conscious level.
Key points to remember:
Now, to effectively combat someone flinching on you, you first need to notice when it happens. Then think about whether they genuinely expected something else, or if they are merely playing a part to lower your expectations. Like most other tactics, if you have noticed the tactic you are unlikely to be influenced by it and can deal with it accordingly. Here's what to do.
Since a flinch is essentially a disappointment on the counterpart's side, take the time to ask "I notice you looked surprised. What were you expecting?" or "I'm sorry Mr. Todd, but does that sound expensive?" This puts you in a position to talk about their unrealistic expectation, rather than your unrealistic terms.
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5. LISTING: Enjoy a Whole New Level of Confidence, Power and Comfort at Listing Appointments
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Within minutes of a listing appointment you could enjoy enormous amounts of trust with your prospect, more free-wheeling dialog, less time pressure...and more listings.
Here's the deal.
Those agents who excel at picking up listings don't blow into a prospect's home, seduce everyone in the room with their charm, elegance and presentation and then whisk out with a signature in a record fifteen minutes.
Even if you get a little wobbly in the knees or stutter during a presentation...it's possible for you get the same kinds of results as expert listing agents
But you have to slow down. Way down. And listen (seriously).
Did you know that expert listing agents usually take twice as long in listings appointments as average agents? There are two big reasons why they do this.
1. They Listen Attentively When Others Speak
Expert listing agents lean forward, face the prospect directly, rather than at an angle, and focus every ounce of their attention on the prospect's face—or her mouth and eyes, especially.
2. They Hang On Every Word
Expert listing agents listen without interruption. They listen as if the prospects were about to give them the winning lottery number and they would only hear it once. They listen as if the prospect was on the verge of listing a $15 million dollar home. They listen as if there was no one else in the world to whom they would rather listen to at that moment than that prospect.
The ability to pay close, uninterrupted attention to a person requires continuous practice and discipline. Takes time. And it's not easy. It is hard to keep your thoughts from wandering, but the payoff is tremendous.
Here are two things you can do immediately to put these ideas into action:
First, imagine that your prospect is the most fascinating person in the world. Hang on every word as if he was about to list a multi-million dollar home.
Second, lean forward when your prospect speaks. Nod, smile, agree and be both active and involved. Listening builds relationships.
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6. SELLING: How It Came to Pass That Some Social Scientists Taught You to Close More Deals
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People. You just never know what they'll do next.
But if you really believe real estate is a people business, then any effort you make to better understand yourself and how others tick will make your business flow and your bank account grow.
Fortunately, a couple of social scientists have developed tools that can help you shed light on the mystery of human behavior and get a better handle on personalities...yours and others'.
For example, Wilson Learning's "Social Styles" puts personalities into four quadrants designed to help you work with individuals in different situations. The Enneagram Personality Insight for Business sends you on a journey of personal and organizational discovery so you can mesh easier with others. And the Fundamental Interpersonal Relations Orientation Behavior program uncovers how your needs affect your behavior towards others.
All have received rave reviews. But the one I've found to be particularly useful in real estate is the DISC profiling system (Dominance, Influence, Steadiness and Compliance).
D relates to control, power and assertiveness.
I looks at how a person approaches social situations.
S is the factor of patience, persistence and thoughtfulness.
C describes a person's approach to structure and organization.
DISC can help you identify your behavioral profile, appreciate different profiles and capitalize on your own behavioral strengths.
It can also help you anticipate and minimize potential conflicts, hire the right people and manage people in sales environments...all essential tasks in real estate.
Bob Corcoran introduced DISC to one of his clients, Valerie Hunter-Kelly, a Realtor in Clarksville, TN, when she and Bob met about three years ago. She says it has helped her better understand how to relate to co-workers and clients on their level.
"Before, I just communicated based on my personality style, but now I understand others' personalities so I don't get as frustrated with them as much because I understand it's not personal it's just the way they communicate."
Hunter-Kelly says she now identifies every client's personality type based on her understanding of the DISC and then shares that information with the staff member who's charged with helping the client get to closing.
"I always ask my buyers' agent what the client's personality profile is because I know it helps close deals," she says.
She says now when a problem arises, it's typically because the agent doesn't know the client's personality style.
"As soon as I meet anyone, I automatically identify their personality type so I'll know how to relate to them," she says. "It's just a natural part of what I do now."
Yes, understanding people, listening to their needs and wants and responding appropriately all take a lot of work and attention. But because this is a people business, it's simply a must. And the better at it you become, the better living you'll make as an agent or broker. I promise.
*Bob Corcoran is a nationally recognized speaker who is the founder of Corcoran Consulting, an international consulting & coaching company that specializes in performance coaching, and the implementation of sound business systems.
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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 2007, Proquest Technologies.
