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In This Issue...
Coming Back From the Moon to Wrestle a Bengal Tiger
The first thing that usually happens when we find ourselves in that place of challenge and discouragement is that we don’t think clearly or rationally. We are often in such a frenzied or frustrated state that we lose all objectivity. This loss of objectivity causes the evaporation of clarity. Often, we will not do what would be wise, which is to seek counsel from a trusted advisor. We usually do the opposite, which is to run and hide. The second thing we do is to separate ourselves from strengthening relationships. We create a distance between the outside world and ourselves. It’s like we go and hide in a cave hoping that things will change. Make sure you stand your ground with the people who can strengthen you. Stand your ground with your friends, your spouse, and your children. If you have a coach, call him/her immediately to help you move through the challenge and to help hold you accountable to the actions that need to be taken. Most people tend to want to be alone, and that is the worst thing they can do. This discouragement can often happen in the backwash of a great victory. Sometimes our most vulnerable moments come after a great victory. We can be vulnerable after a great victory at work or at home. We have set a record pace for the first six months. We have earned more money in six months than we did all last year, and then we hit the wall of vulnerability. But now we find ourselves in the backwash of a great victory. The great victory only becomes a memory. We have not prepared for this moment, so there is not a counter-assault planned. The energy and emotions we invested to take the hill are spent, and now we are beginning to slide backward. This backwash can happen in any area of our lives. We could have made great strides with our spouse. We have achieved a mountain top experience in our relationship, and then the backwash hits. You think, “We should be ready for anything,” but then find that you are not. NASA realized this challenge with the astronauts when they came back from the moon. They would have this beyond mountain top experience of personal achievement and then would slide into the abyss of depression. How do you top going to the moon? The third condition most of us feel, as we face challenges in our lives, is that we become physically exhausted and emotionally spent after we have struggled to reach the pinnacle. As we stretch and strain to achieve greatness, we deplete the tanks of our physical energy and emotional energy. The only way to fill them to full again is extended rest and refreshment. If you are pushing empty in both tanks, it will take more than a weekend to complete the re-charge. There is a Greek saying “You will break the bow if you keep it always bent.” Some of us live under constant stress and tension. The bow never gets unstrung and relaxed. Are you putting yourself under relentless pressure? We will all break under that level of pressure. We must give ourselves time for rest and refreshment. Each person has his/her individual need level for rest and refreshment. I will often tell our clients that it’s essential to learn your “rhythms of work.” Your “rhythms of work” are how long and how hard you can work before burnout hits. When discouragement and frustration overcome you, and you just want to crawl into a ball, that is a sure sign that your tanks are too low. We all need to know our “rhythms of work.” We must also realize that the physical tank will fill up much quicker than the emotional tank. When our emotional tank gets low, it takes longer to fill up again because the filling valve is smaller and slower. However, our body can recharge rather quickly with rest. A solid, restful weekend will usually refill your physical tank. Our emotions and our mind take much longer to recharge. A person might need a week or longer to feel emotionally rested and re-centered in his or her life. Be sure to protect your emotional tank. Don’t let anyone else control the level of this tank. We often will let our clients take control of these values. If we turn over the value controls, we are in for a train wreck. Lastly, don’t get lost in self-pity. Self-pity can cause you to cultivate a victim mentality. It can say to you that you can’t do any better. Self-pity will lie to you about everything. It will lie that your skills and abilities are not good enough even after your big victory. Self-pity is a pathetic emotion. It is an emotion that will drain your emotional tank rather than fill it. Self-pity is like being face-to-face with a Bengal Tiger. That tiger desires to claw us to shreds. Self-pity wants to get into your mind and do major damage. Make
sure that you stop the challenges and discouragement at your front
gate. Don’t separate yourself from your trusted advisors.
If you don’t have some trusted advisors, seek them out. If
you seek; you will find. Prepare for the backwash after the victories.
It happens to all of us. We have all been blessed with more gifts
and talent than we use. Our calling in life is to use them all daily. P.S. Just a reminder that I am conducting our group coaching sessions for probably the last time and that there are 5 spots for Level 1 and only 2 spots for Level 2 available. If you've ever thought about investing in coaching, now is the right time to do so and group coaching is THE most affordable opportunity. See the end of this newsletter for more information.
When Most Salespeople QuitThe reason that agents who pursue expireds and FSBOs are so effective in securing listings is because most agents either don’t attempt to compete, or, if they do, they compete on a haphazard basis, usually quitting long before the sale is made. If you’re going to succeed in sales, you have to get used to hearing the word “no” more often than you hear the word “yes.” If prospects always said yes, real estate agents wouldn’t be salespeople; we would be called order takers. We would just take someone’s order, confirm its accuracy, and fulfill it as if we were working the counter at the local McDonald’s, with no selling involved. Beyond that, if prospects always said yes, our income or payment for services would plummet. One of the reasons a real estate agent should and does get paid well is that they are compensated for dealing with prospect rejection and finding solutions – often when a ready answer seems illusive or not readily available. Study after study has confirmed that most salespeople quit long before the sale occurs because they can’t take the answer “no.” • 44% of salespeople quit trying the first time the prospect tells them no. At the first point of resistance, nearly half of all salespeople quit trying to win the sale and earn a commission. • 22% of salespeople quit the second time the prospect says “no.” That means that two - thirds of salespeople eliminate their chance of a paycheck after two small roadblocks. • 14% of salespeople quit after the prospect says “no” for the third time. • 12% of salespeople quite and go home after a fourth “no.” Imagine! 92% of salespeople bail out after four attempts to acquire the order, the opportunity, and the sale. That means that only 8% of all salespeople continue after the fourth rejection. Here’s the amazing number: The studies further prove that more than 60% of all sales are completed after the prospect has said no at least four times. Maybe the prospects said no due to the terms and condition, maybe they needed more information clarification, maybe their schedules didn’t allow for the purchase, or maybe the timing was just plain lousy. In any case, the end result, 92% percent of salespeople were missing in action by the time the seller was ready to say “yes.” That means that 8% of the salespeople control 60% of the business, simply because they are there to ask for the order when the buyer is ready to issue approval. Need more help with listings? Click Here or See Below
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Objections are OpportunitiesWe all want our prospective home buyers to just "roll over." Even a neophyte Agent finds it easy to make this type of sale. An unskilled salesperson fears hearing objections, but a great salesperson views objections as opportunities. When you get an objection from buyers or sellers, make sure that you hear clearly what they are saying. If you interpret the objection wrong, the answer you give, no matter how eloquent, will not be sufficient to overcome their area of concern. Let me give you a few techniques I have used to turn objections into dollars. I pause to make sure I clearly understood, and then repeat what they said or ask them to explain further. This technique will do a few things for me. First, I can confirm what their objection was to ensure I understood it properly. Second, it enables me to be well prepared when I respond. I bought myself a few seconds while my brain prepared my answer. I was able to respond in a powerful, well-planned manner. Third, I avoid the big mistake of trying to answer the objection before the buyer or seller gets the objections completely out of his mouth – as if stopping the buyer or seller from stating the objection completely will stop the objection, and it will go away. The objection is legitimate to that person, no matter how ridiculous it may sound. He feels it is legitimate, so it is legitimate. Interrupting can cause the seller or buyer to become irritated with you. It may not matter how well you handle the objection if you interrupt him. Your mental approach to an objection will determine your success or failure. Most Agents dread hearing an objection, but most objections result from one of two situations. One is the seller or buyer has legitimate concerns regarding the property and/or your skills to sell his home. The other occurrence of objections is because your presentation was not good enough. You did not convey the confidence that you are the person for the seller to hire for the sale of his home. You did not make a convincing enough presentation for the buyer to purchase the home you showed him. The clients’ desire to work with you is a natural ending to a good presentation. If the presentation is weak, the objections will flow like a river. There are really only about forty possible objections in the selling process of real estate. The question is why haven’t you learned them all? If you wrote them all down and practiced them for half an hour a day for the next six months, you would know them automatically. You would be prepared for any situation in selling. You would then have the confidence to say, “Bring them on; I am ready for them.” There are about ten to fifteen that are the most common objections that will stop unprepared Agents in their tracks 90% of the time. How difficult would it be to learn just those ten in the next 30 to 60 days? The problem is we do not regularly practice countering objections in real estate. The Dallas Cowboys spend four to six hours a day practicing football. The players and coaches spend a couple more hours a day reviewing film and studying their play books during a two month span in spring training, and then they play four practice games in pre-season to prepare for the real NFL season. Next, the players and coaches spend a few hours a day practicing and watching films, five or six days a week to prepare for one 60-minute game. They will spend forty to fifty more times practicing and preparing for the game than actually playing the game. How skilled in sales would you be if you adopted that regiment? How about if you practiced even one hour a day on your skills at overcoming objections? You would become an unstoppable real estate sales person. The second observation regarding objections is they truly are an opportunity to get a signed contract. When a buyer or seller gives you an objection, he is presenting you with an opportunity to close. He is basically saying, “I like this, but there is one factor I do not like.” The buyer might say, “If the home you are showing me had a larger patio, it would be right for me.” All you have to do is get him a larger patio, and you have made a sale. You must put your problem-solver hat on. If you solve his problem, then you get the opportunity to ask him to buy. The client can say, “Yes”, or give you another objection. If he gives you another objection, you get another opportunity to solve the problem and ask him to buy. This procedure may continue for a few objections. Do not give up; you are getting closer to a sale. As long as you are able to continue to solve his problem, the client will buy. Remember, you are the problem solver. Too many Agents adopt the position of a deer looking in the headlights when an objection comes their way. These Agents have a negative mental attitude towards objections. They view objections as a big wall between them and the sale – a wall so tall they cannot see a way around, over, under, or through. Join the ranks of the highly-skilled and highly-paid professional REALTORS®. Change your mental approach to objections. Implement a practice program. All it takes is a daily commitment to practice for at least 30 minutes. Commit today; you will not believe the results 60 days from now.
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We
all feel challenges in our lives. These challenges can manifest
themselves at work, at home, with our health, in our spiritual life.
These challenges are often accompanied by discouragement. Discouragement
can often happen when we survey the difficulties that lay before
us. We can de-motivate ourselves because of the gap between the
reality of where we are and the vision of where we want to be.
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