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The Great Real Estate Negotiator

Great REALTORS® are problem solvers. They tenaciously look for ways to create agreement.

That’s the very definition of a great negotiator.

The best negotiators are highly creative and determined, and they have a deep understanding of human nature and different communication styles. They know WHAT to say and HOW to say it and WHEN to say it in different situations.

Let’s be clear about something. Being a strong negotiator is not about creating a winner and a loser. You don’t win a negotiation. You create agreement.

As a professional REALTOR®, you are constantly negotiating.

We don’t say this out loud very often (or ever), but the measure of your success as a REALTOR® has way more to do with your ability to negotiate with your own clients, as opposed to the one time during a long process when you’re negotiating with the other side.

The more you create agreement with your client, the more success you have. This begins from the first moment...

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How to find the Best Service Providers in Real Estate

Last week, in Your Brand is Your People, we talked about how every team member and service-provider you have is a direct reflection on YOU.

Now, let’s talk about how to build a list of the best service providers and why this is so important.

Being able to say, “I got a guy for that” can be an instant problem solver that keeps things moving forward.

You’re out looking at homes with your buyers, and you find a property in the exact location they want. It has an ideal floorplan, and it’s priced right. There’s only one issue: The colors are completely outdated.

Your clients see this as a big problem. The thought of moving in and then having to repaint everything seems like way too much hassle. They want to keep looking. That’s when you chime in:

“I got a guy for that. My painter can paint the entire house for less than $5,000, and he can get it done before you move in. Let’s see if we can negotiate the price down a bit more to cover...

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Becoming a Trusted Advisor

NOBODY likes a Salesy Slickster!

But is it possible that your prospects are falsely perceiving you as one? 

This answer is YES.  No matter how much of a genuine person you are, your innocent attempts at helpfulness may be inadvertently sending the wrong message to potential clients, and costing you tens of thousands in missed opportunities.

On the other hand, if you don’t even TRY to strike up conversations about Real Estate, you should find a different occupation.

Becoming a Trusted and Authentic Advisor is a BIG and important subject that interweaves throughout every module in the Real Estate Master’s Program.  For now, and in the interest of brevity, let’s look at a single example of how to improve your interactions.

Converting Open House Prospects to Clients

First, understand the apprehension of your prospects BEFORE they walk in the house.  They’ve already been “attacked” by a few Salesy Slicksters at other Open Houses,...

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Marketing the Words

communication marketing Jan 15, 2020

This is the third in a trilogy.  Click here to see Marketing on the MLS and Marketing the Photography.

Let’s pick up where we left off last week.  You’ve captured the attention of that elusive buyer—the one with the short attention span—with your incredible images produced by your celebrity photographer.

You had to do that first because NOBODY is going to read your words if they aren’t first attracted to the images.  Great photography is step #1 in the multi-stage process of selling your listing.

Step #2 is enticing the potential buyer to view the property in person, with your words.  Now, let’s be clear about a very important point before we go any further.

The purpose of the MLS description is to generate as many quality showings as possible—NOT to sell the property.

You don’t propose marriage on the first date, and contrary to popular opinion—you’re NOT supposed to SELL the home with your...

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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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