Great REALTORS® understand Buyer Psychology.
The biggest, most motivated category of buyers for your new listing are ‘Current Buyers’, They’ve already viewed most or all of your competitors, but they’re not satisfied, for whatever reason. So, what are they doing?
They’re waiting for new listings.
As soon as you pull the trigger on your HOT new listing, notifications are going off all over town.
It’s not hard to understand why most of the activity on your listing always occurs at the very start, and why this ‘Flurry of Activity’ tends to die off, quickly.
Once the Current Buyers have come and gone, you’ll be left waiting for New Buyers to enter the market. But New Buyers are not as motivated as Current Buyers. They need more time to see more listings before they’ll be ready to write an offer.
Ideally, you want to take full advantage of the Flurry of Activity from the Current Buyers, and sell quickly for the highest...
Starting with ONE client
You start the year in January with one client. You make a deep and lasting impression on that client, and as a result, they happily refer you to two of their friends.
Now it’s February, and you’ve got two clients. Again, you do an amazing job, and each of your two clients is thoroughly impressed. They each refer you to two of their friends.
Now it’s March, and you’ve got four clients. If you keep this pace up, how many clients have you accumulated by the end of the year?
You don’t believe me? Here’s the math: 1+2+4+8+16+32+64+128+256+512+1,024+2,048=4,095
Impossible? Yes! But only because once you have an overwhelming number of clients (around June), it becomes unfeasible to perform at an extraordinary level, and therefore you don’t get as many referrals.
Until you reach that point, it’s NOT impossible, and it’s NOT unreasonable to expect to...
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,...
“I use a professional photographer on every listing!”
Big deal! So does every other competent and half-competent REALTOR® in your market. Also, most of the incompetent ones.
So, what can you do to separate yourself from the crowd? First, let’s take a step back and ask a key question:
How important is photography, anyway?
Last week, we discussed Marketing on the MLS and how—from your sellers’ perspective—the MLS Presentation is BY FAR the most important part of all your marketing efforts. After all, it’s the source of information for 99% of your potential buyers!
So, what’s the most important component in your MLS Presentation?
It’s the images!
Think about it from the perspective of potential buyers looking at your listing. They’re scanning through hundreds of available properties. What’s the first thing they focus on? The images!
If they don’t like the...
“Anyone can post your listing on the MLS!”
Also, anyone can cut their own hair. The point is obvious. There’s a massive difference between an amateur and a professional MLS Presentation.
Let’s take a step back and ask a fundamental question:
How important is the MLS presentation?
Answer: It’s the source of information for 99% of your potential buyers, and therefore—from your sellers’ perspective—it is BY FAR the most important piece in ALL your marketing efforts. Nothing else even comes close!
What’s your main job as a listing agent? It’s to generate as many quality showings as possible. The more showings, the more likely you’ll find the right buyer.
The most important way to generate showings is to have a powerful and compelling presentation on the MLS System.
But very few REALTORS® even mention this vital information during their Listing Presentation!
Why? Because they...
The title of this blog post is a registered trademark owned by me, which means you CANNOT legally use it (or any similar phrase) in your advertising.
I registered this trademark many years ago because it perfectly describes a fundamental difference in values from one agent to the next.
Do you care more about yourself, and how many commission checks you can accumulate?
Or do you care more about delivering the best possible result for each client?
If you care more about yourself, it’s better if your listings don’t sell too quickly, right? After all, “inventory” is useful! Sometimes a single listing can be used to generate multiple commission checks as a “lead-generator.” We know this. The public does not.
This is why it can be tempting to accept over-priced listings. The chances are high that you’ll generate at least one other commission check as a result of the listing, even if it doesn’t...
Our industry is ubiquitous with misinformation around marketing.
The absolute worst form of misleading advertising—in my opinion—are some of the “Guaranteed Sale” programs , offered by various brokerages across North America.
In every “Guaranteed Sale” contract I’ve ever seen, only the most easily saleable homes “qualify” in the first place.
Even if your home does qualify and you agree to the “numerous ridiculous conditions,” the bottom-line guaranteed price (after all deductions) will be so stupidly low , that hardly anyone in their right mind would ever agree to the terms.
Almost everyone reading this already knows that these programs are essentially “bait and switch” schemes. The main purpose is to get in front of potential sellers, and then convince them that they don’t need the program, anyway.
“Oh, sorry, your home doesn’t qualify due to the lengthy list of...
Are you the type of REALTOR® who thrives on deadlines? You’ve procrastinated on that CMA all week, and now you’ve got 45 minutes to get it done. No problem! When you’ve got a deadline, you always come through.
There are two ways you can look at this:
Chances are there’s some truth to both statements. Sure, you got the CMA done, and it’s good, but half-way through the Listing Appointment, you realize that you’re missing some critical information. You msessed up.
If you lose the listing, what’s the potential cost? Ten grand? Maybe more? All because you left the CMA to the last minute?
What if you had completed that CMA 24 hours before and then allowed yourself additional...
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.
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...
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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