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The Follow-Up

Note from Ted: This is a savagely pared-down portion of ‘The Follow-Up’ module from the upcoming Knowledge First Real Estate Master’s Program.  It’s REALLY hard for me to take something I’ve worked so hard at perfecting and then shrink it to 10% of the size, kind of like seeing only 10% of a painting!  Not that I think I’m an artist or anything, but I’m pretty darn proud of this thing.  Anyway, hopefully, you get a few tidbits out of this portion.

Over the last three Memos, we talked about Building Relationships, The FORD Method, and How to Talk Gooder.  Assuming you’ve now got a nice pile of hot and warm prospects, what’s next?

It’s ‘The Follow-Up’!

First, purge the negative self-talk that is preventing you from following through.

“I don’t want to bother people!”

“I don’t want to come across as too salesy!”

Stop it!   If you use the method I’m...

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How to Talk Gooder

Last week, we talked about how to initiate conversations with people using The FORD Method.

Once you’ve got a good conversation going, don’t be in a hurry to steer the topic to Real Estate.  That’s being a Salesy Slickster.

Do.  Not.  Be.  A.  Salesy.  Slickster.

Just let the conversation go where it may.  LISTEN, show interest, and enjoy the opportunity to meet a new and (hopefully) interesting person.  Maybe you’ll learn something!  Or, at the very least, maybe you’ll enjoy yourself!

Life isn’t ALL about Real Estate, you know.

If you’re enjoying the conversation, chances are the other person is, too.  You’re developing rapport! 

Remember the “O” in The FORD Method (occupation)?  If the conversation starts to lag a bit, you can always ask the other person, “What do you do?”.

Now, listen!  Show interest.  Ask follow-up questions.

Almost...

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The FORD Method

As a professional REALTOR®, you should always be ready to discuss Real Estate.  But, don’t be a boor.

“Hi there!  I’m Jack Smith with ABC Realty!  Are you folks in the market to buy or sell within the next 30-90 days?”

Ugh.  Get away from me, Jack.

Guess what?  The world is sick and tired of salesy slicksters. 

Instead, you should be working on establishing a reputation as a Trusted Real Estate Expert, and conducting yourself like a professional.

Have you ever met a family physician at a party, and all of a sudden, they’re handing over their card and inviting you to come in for a check-up?  You’re trying to get away from them, and now they’re following you around.  “You know, I really think I ought to take a look at that mole on your neck!” ‍

No?  This hasn’t happened to you?  Ya, that’s because physicians are professionals.

You should conduct yourself like...

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Building Relationships

Many REALTORS® believe that Real Estate is a transaction-based business.  Those are the poor ones.

Real Estate is a relationship-based business.

If you want more clients, you need to interact with more people, more often, and you need the right skills to develop trust and rapport with them.

The most successful REALTORS® project these four distinct attributes, all at once:

  • Professionalism
  • Confidence
  • Friendliness
  • Authenticity

What about you?  Ask a close friend or co-worker for their honest opinion, and if you are not clearly projecting all four of these qualities in your interactions, consider how you could improve.

I would say that most agents are weak in at least one of the four.  When you are honest with yourself, and you work to improve your core competencies, you’ll be surprised how quickly people become drawn to you.

Professionalism

In Real Estate, you’re a true professional if you continuously work towards improving your knowledge and...

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Before the Listing Presentation

This Memo is a continuation from last week when we discussed the C-L-M (Come-List-Me) call and the S-I-F (Seller-Information-Form), a guide to all the information you need for your listing appointment.

Here’s how to explain why you need their email addresses:

“I’m going to send you a link from our system showing ALL of the recent comparable sales so that you can view each one of them in detail before our appointment.” – This piques their interest.  They WANT this information!

“This will save time during the appointment.” – Everyone wants to save time!

“The reason I need both your email addresses is because different email servers have different levels of security for messages containing links, so I want to make sure that at least one of you receives the information.” – True and totally understandable!

Having both email addresses (for a typical situation with two decision-makers) also increases the odds that...

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The Phone Call

communication pricing Aug 29, 2019

“Hello, this is Sammy Seller.  I’d like to speak with you about listing our home.”

Yay!  This is the best phone call!  Right?

I remember getting this call at times and being so excited, I lost my mind and forgot to ask all kinds of important questions.

To resolve this, I made a simple Seller Information Form (SIF) with space for the following information:

  • Name(s) – The caller and every other decision-maker
  • Address (!)
  • Phone number(s) – Just in case I need to clarify something before the appointment
  • Email address(es) – Stay tuned for a very important ‘Real Agent Memo’ next week about why you should send the Sold Comparables by email before the Listing Presentation
  • Referral source – If it wasn’t a referral, use this space to specify why they called you – It’s important to track the source of your business, for future reference
  • Appointment Date and Time - Make sure every decision-maker is...
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Your Price or Their Price?

communication pricing Aug 22, 2019

“Is this your price or their price?”

Every experienced REALTOR® has heard this question and knows exactly what it means, “Is this the price you recommended to your clients?

Or, the one they insisted on, despite the evidence that clearly shows it makes no sense?”

As a general rule, EVERYONE on the planet believes their home is worth more than it actually is.  There are several reasons for this:

  1. In the owner’s eyes, their home was the best one available within their budget and within their search criteria, at the time when they purchased it.
  2. Buyers subconsciously justify the price they paid, and tend to believe they got a “good deal.”
  3. Owners tend to focus on the best features of their property, either ignoring or justifying negative features, “Oh, the sound of the train is quite soothing once you get used to it!”
  4. For competing properties, they tend to do the opposite; focusing on the worst features, and ignoring the best...
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The 4 Communication Styles

communication May 16, 2019

You know those “lucky” REALTORS® who always seem to get what they want? 

That’s not luck!

Those agents have mastered the skill of recognizing different communication styles, and they’ve learned to adapt their style to match.

In any relationship-based business, this is likely the #1 most important skill you can develop, and it’s not nearly as hard as you might think once you set your mind to it.

Let’s start by identifying the four main communication styles, as shown here:



The horizontal axis measures assertiveness and pace, and the vertical axis measures responsiveness and whether a person is more relationship-oriented or more task-oriented.

Now, let’s look closer at the different communication styles and consider how you might alter your style to communicate with other styles more effectively.

1. The Analytical

Analytics are information oriented, and they have a keen eye for detail. They have a deductive reasoning process and will...

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The New Stats Are Out!

Do you dread analytical questions about the market? 

Do you struggle with how to explain to clients how the market may affect the sale of their property?

Do you have over-priced listings right now that are stressing you out?

Keep reading, and I’ll solve ALL these problems for you.

Personally, I always thought that having a clear understanding of current market conditions was the #1 most important part of my listing presentation.

In my local market, we have a high percentage of analytical types, including thousands of engineers and other scientific people.  But these are not the only people who appreciate this type of information.  Studies have shown that a very significant percentage of the population have a preference for analytical thinking.

If you’re not giving these people what they want, you are most definitely limiting your potential. 

It’s not as hard as you might think to put together a Market Analytics section for your listing...

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Being a Rapid Responder

There are a few key attributes that are clear indicators of your future or current success as a professional REALTOR®.

One of the TOP FIVE is being a rapid responder.

I once called a REALTOR® and got this voice mail, “This is Joe Sloe.  Please leave a message, and I’ll return your call within two business days.”

LOLOLOLOLOL!

I rolled my eyes and hung up, without leaving a message.  I’m sure that 95% of his potential clients did the same.

He might as well have said, “This is Joe Sloe.  I’m super important and I’ve got better things to do than return your phone call.  If I think it’s worth my while, perhaps I’ll call you back.” 

That phone message is terrible, but there’s something that is far worse:

Crickets.  The complete and total non-response.

And, I’m not talking about just phone calls.  The same applies to emails and text messages.

You might be saying to yourself,...

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