In This Issue...

• Control Your Life By Letting Go - Life Mastery
• Getting the Listing Contract Signed - On the FIRST Appointment
• Adversity = Greatest Teacher We'll Ever Have

Control Your Life By Letting Go - Life Mastery

There is a fine line between process and results. These two key words battle in our mind on a regular basis. We want the result now without going through the process. That’s the society we live in – everything fixed easily and quickly with no pain. If you don’t believe me, let me prove it.

In the last fifteen years late night infomercials have become common. There are hundreds of them on every night in every town and every city across the country. When you evaluate them, you see that 80% of them fit into two categories:

1. Get rich quick with no effort.
2. Lose weight without effort (no controlling of food intake or exercise)

Our society loves these instant success models in life . . . where there is no price to be paid for the success we desire. As REALTORS®, we are no different. We want results without creating a good process. The line between results and process is a razor’s edge. It’s a very difficult place to walk and keep your balance. If we get too focused on the result, we become completely attached to the outcome. We let the unmotivated client control our time because we need the deal. We hold onto something that we should let go of. We keep the leads, appointments, and listings that have little chance of success because we have nothing else. Often, the process of new lead creation is weak, so we attach completely to the results.

For some of us, we focus on the process: the perfect lead definition, the perfect mail piece, the perfect system for this or that. Sometimes, we think too much, and we don’t have enough action. Sometimes, we spend so much time aiming the gun that we never fire it. Sometimes, we’ve just got to step up and pull the trigger. Nike created a great slogan ten years ago: Just do it! That should be our mantra!

We need to blend these two concepts together. We need to build the process that works well. It just doesn’t have to be perfect. Then we need to focus on action to get the result. If we have the result fixed clearly in our minds, we can achieve the desired goal. Make sure you evaluate which you have trouble with. We each have trouble with either the result or the process. Your behavioral style will determine your problem area. Generally, high Dominants and Influencers are results-oriented people and struggle with the process. These types of people want the results; they don’t have time for the system. Results are all that matter. The high Steady and high Compliant people are process oriented and struggle with the results. They love developing the systems to perfection. They can’t work on getting results until the systems are perfect.

Make sure to identify your strengths and weaknesses in these areas. The first step to mastery is awareness; then create time daily for systems building and results activities like prospecting and lead follow-up.


To your Success,

Dirk Zeller
CEO
Real Estate Champions

P.S. For more help with leading your prospects, click here.

Getting the Listing Contract Signed - On the FIRST Appointment

A quality presentation follows these four steps: build trust, move into a demonstration of the benefits and advantages that you bring to the prospects, present your pricing recommendation and rationale, and move to close the deal by presenting a listing agreement and getting the prospects to sign on the proverbial dotted line. The appointment itself takes under an hour . . . the preparation involves a good deal more.

Getting Off to a Good Start

Paving the way for a good listing presentation involves only three steps, but you can’t afford to skip a single one:

1. The first step, which is more like an overarching rule, is to be sure all decision-makers are present. If one can’t attend because an emergency arose, reschedule for another time. If a decision-maker is absent, you’ll have to rely on the other party to relay your presentation, complete with paraphrasing, misinterpretations, abbreviated points, and omissions. Not a good option for you.

2. Based on your pre-appointment interview, enter the meeting with a presentation that incorporates your prospects’ needs, desires, and expectations.

3. Open the presentation by building trust with your prospects. Forget about finding common ground or seeking to establish rapport by talking about your common interest in fishing, hunting, water skiing, or love of horses. Prospects see right through this disingenuous effort to establish a pseudo-friendship. They’re looking for business associates. Get to the point.

To build trust, summarize what the prospects have told you about their values, their goals for this move, the motivations behind the move, and what they hope to accomplish. Refer them back to your qualifying questions and reconfirm the answers they shared with you. Confirm that you understood their input and communicate that what is important to them is also important to you.

This introductory and trust-building segment should take 10 to 15 minutes, max, at the beginning of your presentation.

The success or failure of your presentation can usually be traced back to this initial segment. If prospects don’t feel you understand and relate to their needs, wants, and desires, they’ll tune you out after just the first few minutes . . . long before you get to the part where you tell them how great you and your company are!

Setting Yourself Apart From the Real Estate Agent Pack

In this part of the presentation, you demonstrate the benefits and advantages prospects can count on when they work with you.

Most agents make a BIG mistake by either omitting this segment or using it to present features of their business rather than benefits derived by clients. There’s a big difference between the two. An example of a feature is air conditioning in a home, or anti-lock brakes on a car. The benefits of air conditioning include comfort, coolness, and ease of sleep at night. The benefits of anti-lock brakes are safety, protection, and faster stopping.

Sell Benefits, Not Features

The vast majority of salespeople, and especially REALTORS^®, sell features. Look at image ads for agents or listen to listing presentations, and all you’ll see and hear are features:

• I sold 150 homes last year.
• I’ve been in the business 20 years.
• I work for the #1 company in the marketplace.
• I’m a member of the million-dollar club.
• I put my clients first.
• I’m honest and have integrity.
• Blah, blah, blah!

In these kinds of feature lineups, prospects don’t hear anything about what’s in it for them – what advantages they reap as a result of the agent’s attributes. As a result, they tune out a good deal of the presentation, and the rest sounds just like what they heard from other agents. No wonder clients revert to the tendency to make decisions based on list price and commission.

If you want prospects to listen and care, don’t talk about you; talk about what you offer to them. Turn every feature of your business into a benefit for the customer. For example, “I sold 150 homes last year”, might become, “I sold 150 homes last year, and what really matters to you was that nearly 80% were on the market for far fewer days than the regional average.” See the difference?

Prove Your Competitive Edge

Compare your performance against regional averages to prove your competitive position. By citing industry averages, you clearly position yourself. You also give yourself the opportunity to demonstrate your superb market knowledge, which indirectly builds your reputation and directly benefits your clients.

As you prepare to present your distinct edge, ask yourself:

• What makes you different?
• Why should someone hire you?
• What are your strengths?
• How do your distinct attributes result in unique client benefits?

Also, take time to assess weaknesses in your service and ways to compensate for your shortcomings. For instance, if your stats are weak, present the benefits your client derives from your company’s strong performance record. Or if your time in the real estate field is short, present how experience gained in your pre-real estate career benefits your clients. For an idea of how it works, look at these sample scripts:

“One of your needs as a seller is an agent who understands how to create a successful transaction and satisfied client. While I don’t have ten years experience in the real estate business, I am not new to our mutual goal – your satisfaction. One of the reasons I chose to work with (insert your company name) is because of their long and widely recognized success helping families like yours achieve their goals and dreams. Our firm has led the region in successful transactions for XX years, and we bring that capability to your transaction.”

“One of your needs as a seller is an agent who understands how to create a successful transaction and satisfied client. While I don’t have ten years experience in the real estate business, I’m very accomplished at achieving our mutual goal – your satisfaction. In my previous career, I served over _____ clients with a customer satisfaction rate of well over ___%.”

Use the power of your strongest statistics

To set myself apart, during every presentation, I always pulled out the power of my Big 3 – three key statistics that demonstrated my and my company’s success in the marketplace. Here’s the approach I use:

• Start by acknowledging what the prospect already knows: Agents all provide a similar service. I’d say, “Every agent will put your home into the MLS.” (In today’s environment, I might say, “All agents advertise your home on their own and their company’s websites.”) Then I’d add, “If those tactics were all it took to achieve success, then every agent would sell hundreds of homes, and over 98% of listings would turn into closed deals, rather than the board average of 68%.” With this introduction, I basically admit that agents all do basically the same thing, yet they achieve vastly different results.

• Then set yourself apart. I’d say something like, “Do you want to hear what really creates the difference for my sellers compared to the clients of other agents? It’s the power of the Big 3: sales skills, conversion ability, and conversion of leads to clients.” Since my performance in those three areas was significantly better than the board’s average, I knew I was creating a sustainable, competitive advantage over the competition.

• Share a success story that shows the benefit your Big 3 advantages deliver. In my case, I’d share that the average agent converts fewer than 2% of leads into clients. I’d then present the volume of leads my business and company generate and the corresponding conversion rates we achieve. But, I never quit at that point, as all it did was present a feature of our service. I had to show the prospects how this feature benefits them.

Show how your success story translates to client benefits. I’d show prospects how more leads resulted in greater exposure for each client’s home. I’d explain that because I and my team converted leads at 16%, as opposed to the 2% average, my clients have a higher probability of selling their home. I proved the point by showing that I sold 150 homes a year and the average agent sold 4, largely because the average agent develops far fewer clients to work with. While the average agent sells 9% of their own listings, our firm sold over 32% of our own listings. All this resulted in a higher probability of sale, higher sales price, and less hassle for the seller working with me. To underscore the point, I’d present this logic:

* Increased clients = Increased showings
* Increased showings = Increased competition for the sellers’ home
* Increased competition = Higher probability of sale or higher sale price or both

As a newer agent, you might not be able to show your own strong numbers, but you can present your company’s Big 3 instead. For instance, you might focus on the fact that your company sells more units than competitors, that your company has more agents to create more exposure, and that your company has high market share, which leads to increased ad calls and sales calls. Then present this logic:

* Increased exposure for your client = Increased number and quality of leads
* Increased number and quality of leads = Increased showings
* Increased showings = Higher probability of sale or higher sale price or both

Gaining Confirmation

Once you’ve conveyed your benefits to the seller, pause to confirm that they understand and agree with the points you’ve made. Do this through a confirmation close or trial close, using the following scripts as a guide:

“Do you see how our company delivers the benefit of greater exposure and higher probability of sale for our clients? Is that what you want?”

“Do you see why we have such a large market share, and does it make sense how our market dominance benefits you? Do you want that type of edge in the marketplace?”

Presenting Prices

The moment you receive confirmation that the prospect understands the unique benefits you deliver, move into the pricing segment of your presentation, during which you share your findings regarding the value of their property.

This portion of the presentation should take only about 20% of the meeting time. Make your clear recommendation; present the strong, concise rationale behind it; and seek the prospect’s agreement. Keep it short by following this advice:

• Don’t use too many comps! Keep it simple while you tell them the truth about the value of their home. I’m a firm advocate for telling the prospects a single price, rather than providing a range. If you are a little unsure, give them a range but make it a very tight range, not a $50,000 variance.

• After presenting your price recommendation and your case for its value, ask the prospects if they understand why their home is worth the amount you’ve recommended. Asking this question is the surest way to learn whether your prospects agree with your number or not.

• An alternate tactic is to prepare a full net proceeds sheet, which shows the list price minus all closing costs. Walk them through each cost of closing based on the price you suggest. Then when you get to the bottom line (the estimate of how many dollars will go into their pockets), ask: “Is this enough to get you where you want to go?”

• Proceed to the close based on the answer you receive. Sometimes prospects will agree with your recommendation, sometimes they won’t, and sometimes they’ll want to negotiate the number.

If they agree, the gate is open for you to go for the close and get their signatures on the listing agreement.

If they say no or want to negotiate, you have to find out how far apart you are. Ask them what they’ll do if they can’t get the extra money they’re hoping for? Why do they feel your number falls short? Is their price goal based on the down payment requirement on the next home they’re buying or on their desire to obtain an 80% loan-to-value mortgage in order to avoid mortgage insurance? You can only work on solutions if you know your prospects’ frame of reference, financial objectives, and the reasons behind their pricing needs.

• If you don’t gain agreement on price, you have nothing more to talk about during the listing appointment. There’s no point in going further unless you can arrive at a meeting of minds on price.

Going For the Close

As soon as you have agreement on price, go for the close and get a signed contract.

You may be thinking, “When do I tell them about the marketing plan?” You don’t. It’s immaterial to the discussion. The listing presentation is about the results that you achieve, not how you achieve them. If your key statistics and the distinguishing benefits of doing business with you aren’t strong enough, no marketing plan will fill in the gap.

Prove that you and your company are the best. Convince the sellers of their home’s value. Know their expectations of service and results and guarantee that you’ll meet and exceed them. Then close the contract. Closing is the natural ending to a great presentation.

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Adversity = Greatest Teacher We'll Ever Have

In order for us to win in life, we must push through the adversity we face. Without facing it, we are poorly prepared for winning. The truth is most of us don’t welcome adversity like a long-lost friend. We don’t embrace with passion the pain and setbacks that occur.

Alfred Russell Wallace was a famous botanist of the late 1800s. One day, Dr. Wallace was observing an Emperor butterfly struggling through the life and death adversity of escaping its cocoon. He wondered if he assisted the butterfly in its exit, what effect that would have on the butterfly. With a knife, Dr. Wallace made an incision the length of the cocoon that allowed the butterfly to exit the cocoon with ease. The butterfly emerged from its cocoon, spread its wings, and died. The butterfly did not have to encounter adversity in struggling to exit the cocoon. Through the struggle, the butterfly would have grown in strength. Since it failed to struggle and grow, it did not have the strength necessary to survive.

We often try to make incisions in our challenges and take the easy route. We take the quick exit as this butterfly did and fail to acquire the strength to compete. We often take the easy route to improve our sales skills. We never really work to achieve mastery in sales. To study, practice, craft scripts, and build solid presentations around skills is truly what a sales master would do regularly. It’s very easy to take the incision route of websites, virtual tours, more advertising, lower commissions, unlimited access for our clients and prospects, and many other tools when the market becomes more competitive. When we really have to exit the cocoon without the incision, we die in our cocoon. These tools can be very useful to our career, but they do not replace the skills we need to acquire to compete over the long term.

These skills of discipline, practice, study, qualifying, and presentation are only acquired through facing adversity by trial and error, success and failure. We must focus; learning to be the best in these skills will enable us to be sales masters. Going through the motions is not good enough. Michael Jordan, when asked about why he practiced so hard, said, “I’m not out there sweating for three hours every day just to find out what it feels like to sweat.” He was clearly there for a purpose…to prepare, so he could win. He was there to help his teammates prepare to win. George Allen, head coach for the Washington Redskins in the ‘70s, said, “Winning can be defined as the science of being totally prepared.” The skills you need in order to achieve mastery in sales take practice and preparation. The only way to win is to practice.

Most people don’t win because of better equipment; they win by facing adversity to gain strength and skill. They win through preparation. Does Tiger Woods win because of his golf clubs or golf ball? Tiger could probably play with a K-Mart special set of clubs and tear up the golf course. It’s the skill that sets him apart. Strength comes from struggle, not from taking the path of least resistance. Adversity is not just a lesson for the next time in front of us. Adversity will be the greatest teacher we will ever have in life.

Take a quick look at your skills. Are you investing enough time in the improvement of those skills? Let’s take a quick test. On a scale of 1 to 10, 1 being very poor and 10 being world-class, rate yourself in these areas.

1. Prospecting
2. Qualifying
3. Daily practice commitment
4. Lead follow up
5. Price Reductions
6. Negotiating
7. Listing Presentation
8. Buyer Interview

How did you do? What area needs the most attention? Make the commitment to spend one hour a day to improve the biggest need areas now! Take out your day timer and write an hour in daily to refine or practice or create what needs to be improved.

We all have areas where we fall short. We all fail at times. Abraham Lincoln said, “My great concern is not whether you have failed but whether you are content with your failure.” It’s easy to ignore the failure of our skills and blame it on new technology, the market, other Agents, and our broker. We all have prepared and rehearsed reasons that don’t include us. George Bernard Shaw said, “People are always blaming their circumstances for what they are. I don’t believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and if they can’t find them, make them.”

What circumstances or outcome do you want? What do you need to do to make them happen? They will not be achieved without working through adversity. You will have to sweat and struggle. It will be worth it in the end. The skill that you acquire will be permanent.

Ultimately, you will be able to say, “It’s not what happens to me that matters but what happens in me.” – Victor Frankl.

For ways to invest in training yourself, go to:
http://www.realestatechampions.com/realestatetraining_articles/

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