By Tips on being a successful REALTOR® in any economy
Here’s part two of my presentation on the DISCIPLINE needed to perform in a changing market. To read Part 1, click here.
To repeat what I said last week: the key to moving forward in your business is DISCIPLINE. Quite simply, it is the most powerful tool you have as a REALTOR® to ensure that you continue to make sales, even when the market is slowing overall.
"Change is the law of life. And those who look only to the past or the present are certain to miss the future." —John F. Kennedy
I am certain that we will not miss the future. Our job—yours and mine—is to ensure that we recognize the dynamics of the market, provide the tools and vision, and capitalize on the change. —GB
THE DISCIPLINE OF PREPARING FOR MY CLIENT’S EXPECTATIONS
- Create a pre-appointment routine that includes: getting your mindset in order, practicing your presentation, looking and dressing professionally, making sure you have all the proper materials prepared and being early to all appointments
- First impressions are critical. This includes everything from the clothes we wear, to how well we’re groomed, our shoes being shined, the smile on our face, the strength of our hand shake and how well our materials are prepared. Think about upgrading everything.
- Knowledge equals confidence. Lack of knowledge equals fear. Nobody wants to hire an unknowledgeable or unconfident agent. Confidence comes through knowledge of the materials we are presenting.
- Remember, you perform based on how you see yourself. Seek continuous self-improvement. Ask yourself what am I doing this week to make sure I am better than I was last week.
- Become an expert in market stats, which you can use on your listing presentation as well as for price reductions. Some of the stats you need to know are: average days on the market, number of new listings per month, total active properties for sale, total properties under contract, total closed per month and total expired listings.
- The moment you take a listing, start selling the seller on accepting the first offer they receive and be prepared to explain why. We all know that in most cases, the first offer is the best.
- If they won’t lower the price ask them to raise the commission, and if they won’t do either of these, give the listing back.
- Put a twenty-one day price reduction form in your pre-listing package and re-introduce it as part of your presentation.
- When going for a price reduction, ask for the largest possible price reduction. This avoids having to resort to continuous, small reductions that aggravate the seller.
- Remember to always tell the seller the truth. They have to learn to deal with the reality of the market.
- Don’t settle for anything less than a 6–month listing, knowing the even longer listings are important.
- Script
- The more prepared you are and the better you know your overall stats, the more honest you can be with your client and the stronger you can become on pricing and price reduction.
THE DISCIPLINE OF CONSTANT COMMUNICATION WITH PIPELINE CLIENTS, PAST CLIENTS AND COE
- Dramatically increase the communication between yourself and the seller. Update them on all activities in the marketplace—if necessary, twice a month. Provide them with an updated CMA.
- Become fanatical in your lead follow-up and don’t quit calling them until you either get an appointment or feel good about throwing them away.
- Follow-up on every showing to get the buyer’s concerns and remarks and communicate those remarks to the seller. Don’t hold back.
- Tell the truth regarding the price, no matter how uncomfortable it becomes or how much you don’t want to hurt their feelings.
- Explain to them that if they get a lot of showings with no offers, the property is over priced. If they get no showings, it’s probably over priced.
- Tell your buyers the exact process you’re going to use before you show them property.
- Update the comments portion of your listing every 14 days to trigger more co-operating agents to show your listings.
THE DISCIPLINE OF CONSISTENT MARKETING
- You must do it for at least 90 days.
- Adopt the client on the other side of the transaction, as a well as adopting the clients of agents who have left the agency or the business.
THE DISCIPLINE OF IMPROVING MY MINDSET, DAILY
“There is a Real Estate recession going on and I refuse to participate” – GB
- Our business does not depend on market conditions. It depends our ability to think and take action.
- You have to believe in your own value as a sales person in order to get the customer to believe in your value as a sales person.
- In today’s market (more than ever) we have to be the eternal optimist. That’s what prospects and customers are looking for.
- Remember, you become like the people you spend your time with.
- We must keep expanding our minds. We can do this by: reading more great books, listening to more inspirational messages, spending time with people that do more than you and going to a lot of real estate events (i.e. Bufini, Ferry, etc.)
- To increase production, remember that we are the only ones who can decide if the market is good or bad. Your prospects and customers, the other agent and the economy do not make that decision for you.
- Several times a day, check to make sure your ego is not running the business. Instead, use a good common sense.
THE DISCIPLINE OF NEVER QUITTING AND BEING A FINISHER
