In This Issue...
Words of a Champion
Dirk Zeller
CEO
After the vacations that most people take in August, we can feel out of sync. It is often difficult to get back the focus for the final push to win the game. We can easily fall asleep at the wheel at the most crucial time of the year.
This reminds me of one of the greatest matches I ever played in professional racquetball. I was playing in the Seattle Open. I was in the semi-finals, and my opponent and I split the first 2 games. We were in the tiebreaker to 11. I started out the tiebreaker asleep at the wheel. It was the most important part of the match, and I was out to lunch. I remember taking a few time-outs and wondering, “What the heck is going on?” Before I knew it, the score was 10-0; I was in deep trouble.
It’s really easy, at that point, to lose focus. It would have been easy to pack it in for the day, take the semi-final check, and go home. The truth is it’s never too late to quit. We can quit at 10-0, or we can quit at 10-10 in a game to 11. Most of us quit too easily and too early. We even quit in the last quarter. You have one quarter of the year left. What are you going to do with it? Are you going to play all out and make the big comeback if you are behind? Are you going to finish strong? Or are you going to pack it in? I decided to play all out in the match. I had nothing to lose. Some of you may be so far behind that you have nothing to lose either by playing all out. Some of you are on track, and it will be easy to let up. Your have the big 10-0 lead in the match to 11. You figure you can coast in and make it.
The key is earning one point at a time. You need to make each motion, each point, each day, each call, and each appointment count. That’s the way you mount a comeback. That’s the way you finish strong. The key is commitment to the cause and persistence. I made a decision to win the match. I committed to win the match. I committed to an all-out effort, and then I slowly regained control of the match. It was 10-3, then 10-5, 10-6, 10-8, and 10-9. Once I got to 10-9, I knew I was going to win. I had re-established momentum. I had established fear in my opponent. Even when we went back and forth on 10-10 a few times, I knew I would win.
I really want you to look today at where you are now. Are you way ahead? Are you way behind? Or are you right on track? What adjustments do you need to make to ensure the win? Push hard for the win. It’s never too late to quit. It’s easy to quit at the last minute; don’t do it. You have one quarter left. What are you going to do about it?
To Your Achievement of GREATER success,
Dirk Zeller, CEO
RealEstateChampions.com
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Building A Champion Business by Pausing
Being able to build a Champion’s Business takes focus, skill, and determination. It takes the desire to move, change, test, adjust, and then change again. One of the ingredients that most Agents fail to execute is the ability to regularly pause. The ability to pause, evaluate, ponder, meditate, and clarify at regular intervals will move you from a good business to a Champion Business. The pause helps you learn and invest what you have learned into your future success account.
Pause at the end of each day to reflect on what went right. If you had to rate the day one to ten, how would it rate? Why did you rate it there? What could have been improved on? What are you most proud of for the day? What are the priorities for tomorrow? I typically spend thirty minutes at the end of the day reviewing the day and learning from the day. Too often, we continue on daily without pausing, pondering, and evaluating, so we make the same or similar mistakes repeatedly over time . . . warning!!
At the end of the week, take an hour to pause. A week is a pretty good chronicle of time that has gone by. Evaluate the prospecting numbers, leads generated, and appointments booked. What did you learn this week? What would you change? How should next week be approached? What priorities didn’t get accomplished that need to be moved to next week? How’s your energy level and reserve? How’s your attitude at the end of the week? If you have staff, evaluate their performance as well.
Pause at the end of the month for two hours. Invest those two hours in your future wealth, growth, and happiness. Besides the previous questions for the day and the week evaluation, review your leads in your database. Did you miss calling anyone? Is there someone you should call earlier than scheduled? Too often, Agents call someone they have as a lead just after they have made a decision to commit to someone else, or they have bought and sold using someone else. By taking a few minutes to review the leads monthly, you will catch oversight that will cost you thousands. Even today, I review leads in our database quarterly and always catch opportunities about to be lost. My sales manager at Real Estate Champions is required to review calls and leads weekly and monthly.
At the end of the month review your prospecting leads, appointments, and overall numbers for your business. You also want to review the numbers on your market trends report. We must already know where the marketplace is heading in real time, rather than reaction time.
The break at the end of the quarter should be a half day to give you the opportunity to repeat all the steps I have given you thus far on a large, deeper, more focused time frame. When you get to the quarter evaluation, I really believe that it needs to be conducted off site. This time is of paramount importance and needs your full attention without the distractions of being in your office. If you feel you need to be in the office because of the availability of your data to analyze, then come in 4 hours before your normal day would begin, or stay in the evening and evaluate. Again, evaluating the marketplace for the quarter is an integral part of the quarter pause.
The pause at six months should be around a full day. Six months is a significant amount of time. I know Agents who have been way behind initially, but caught up to their goal in the last six months through making the right adjustments. I know others who were way ahead of their goal, but they didn’t take the time to review and weren’t paying attention. They missed the mark on their one-year objectives.
The pause at the end of the year should be from three days to a week. I personally prefer a week. The final week of the year has developed into my favorite week of the year. It is the time I hit the rewind button for the whole year and replay the tape. I immerse myself in questions and evaluation to guarantee the mistakes remain in the past and the victories flow into the future. I check my business plan, business vision, and values, systems, lead generation source, and conversion. I check my mental state and commitment level to my goals for the next year. This week isn’t to build a business plan for the next year. In fact, if you are doing that in this week, you are too late. Your business plan for the new year needs to be constructed no later than the end of October of the preceding year. To decide a week before the new year to build your business plan is too late.
Being able to build a Champion’s Business takes focus, skill, and determination. It takes the desire to move, change, test, adjust, and then change again. One of the ingredients that most Agents fail to execute is the ability to regularly pause. The ability to pause, evaluate, ponder, meditate, and clarify at regular intervals will move you from a good business to a Champion Business. The pause helps you learn and invest what you have learned into your future success account.
Take the above steps to execute pausing at regular intervals into your business. You will see how this exercise helps you move your business from a good business to a Champion’s Business.
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Qualifying Expired Listings
When an owner and agent agree to work together to sell a property, they sign a listing agreement that is valid for a specific length of time. Unless the home sells and closes within the specified time period, or unless the owner and agent agree in writing to extend the time period, the listing expires.
Many agents don’t even try to win listing extensions because they are embarrassed to ask for them. They didn’t get the home sold during the term of the listing, and they assume the owner will not grant them additional time to sell the property. To avoid the owner’s rejection, they avoid the conversation altogether. Their reluctance leads to opportunity for the assertive agent who moves in to convert the expired listing to a new piece of business.
When working expireds, get ready to work with owners who are frustrated that their homes didn’t sell and who, in most cases, blame their agent and, by association, all agents in their real estate market. Many will also blame the marketing strategy, the marketplace, and the lack of effort put forth by the real estate community. They’re not happy campers.
In most cases, the blame is misplaced. The real culprit is usually the price the owners expected to reap from their property sale. If you help them dive back into the market with the same unrealistic price expectations, you’ll set yourself up for an unhappy ending.
Your ability to qualify the owner’s level of motivation to sell at this time, based on the current market conditions, will determine the likelihood of a commission check. Find out:
- Are they determined to acquire a buyer at their current inflated sales price?
- Which is more important: To obtain their desired price or to secure a sale?
- Are they open to discussing the true market value of their home?
What you’re trying to find out is whether the owners have to sell or just want to sell. Someone who has to sell or is forced to sell is a higher-grade prospect and more likely to result in a sale – and a commission check – than someone who is just testing the market. Sellers who are being transferred, who have financial difficulties, who are expecting a child and living in a home that is too small, or who are going through a divorce usually have to sell. While some of these situations are uncomfortable and unfortunate, they create opportunity for an agent who can help them navigate the issues to a successful conclusion.
Take time to ask questions and probe for answers in order to learn the client’s situation. Many prospects are reluctant to reveal the reasons behind their sale decision. Some feel an agent might take advantage of them – and unfortunately, in a few selected cases, they may be right. The vast majority of agents I’ve ever met, however, want to help people achieve their dreams and desires.
Sample scripts
Following are some sample scripts that you can build upon when making initial contact with the owner of an expired listing. No matter which script you follow, remember this: Don’t get sidetracked. Keep focused on your single objective, which is to secure an appointment with the owner.
Response to the objection that all agents are alike:
“Boy, I can sure understand where you get that impression and feeling. I know the kind of frustration you feel because I’ve felt it myself when I’ve taken over listings like yours only to find poorly written and prepared offers. Mr. and Mrs. Seller, there really is a difference in agents. If there weren’t, we would all be doing the same level of business in terms of listings, sales, time on the market, and list-to-sale price. And we’d all have the same level of client satisfaction. Wouldn’t you agree?
So the real question is what’s the difference, right? I would be delighted to spend just a few minutes with you to help you understand the differences. Would __________ or __________ be better for you this week?”
Response to the question: “Why are you calling me now?”
“It sure seems like a lot of people are calling, doesn’t it? Your home’s listing came up as expired, so I am calling to see if I can be of service. In order for me to accurately assess my ability to help, I need just a few minutes of your time and to see your home. Would or be better for you this week?”
Response to the question: “Where were you when my home was listed?”
“That a great question and I’m sure this is a source of frustration for you right now. I can assure you that I personally take the responsibility of selling someone’s home very seriously. In many cases, my clients have entrusted their largest asset to me.
Because of that trust, I work almost exclusively to ensure their sale. With a 98% success rate against the market average of 68%, I must be doing something right. Wouldn’t you agree? When would be the best time for us to meet to evaluate your situation? Would __________ or __________ be better for you?”
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Six Characteristics of Champion Teams
Through the years of research and working with teams and coaching them to the Champion Team level, there is a repeating pattern of what they possess, implement, and do. They are focused on results and actions unlike lower performing teams.
Standards
There is a set of standards of production, performance, and conduct for each position on the team. These are established by position first at the Champion Performer level, so the employee knows clearly what is expected. They have a target to shoot for since most will not be there yet.
A second set of standards for staff members needs to establish a pathway to the Champion Performer level. What do they need to do, learn, and improve on? What responsibilities must they take over in what time frame? For production assistants, what sales, prospecting, lead generation, lead conversion, and sales ratios must they attain over time to hit the Champion standard?
Accountability
This is an established system of accountability through written reports that must be handed in at regular intervals either daily for new or under-performing people or weekly for others who are on track or doing well.
Champion Team Rule – Performance improves faster when performance is measured and reported.
You must measure and report the performance of your team members. They need to know that you are watching and monitoring their activities. They must know that you are willing to hold them accountable to their commitments.
Cooperation
Everyone needs to be working toward a common set of goals. They all need to view the team win as the real win. They need to see that the individual win in their success or production, at the expense of everyone else, is a loss.
If there is an antagonist on the team, no matter how much they sell or produce in the administrative area, corrective action must be taken. If someone lowers the motivation of team members, a change is in order. If that person lowers your motivation, they need to be gone . . . now!
Caring
The best teams really care about each other and their clients. They cover, encourage, help, and support each other to achieve greater success. They care about the goals and objectives of the team and each other and work for a win for everyone on the team, the company, and the clients. They also band together during times of adversity to overcome all obstacles. You will never hear, “That’s not my job.”
Competitive
The purpose of a Champion Team is to win. The members of the team love to compete in the competitive game of real estate. All team members are competing to bring in more leads, provide greater levels of service to the clients, and position the team as the expert team and the only choice in the marketplace for real estate representation. Their philosophy is like Al Davis of the Raiders – Just win, baby!
Value is shared
Everyone aligns with the values of the team. They embrace the business vision, core values, and envisioned future of the team. They understand, agree, and desire to live the values of the organization, both in their personal lives and business lives. It’s as if the team is a tug-of-war team pulling in perfect harmony and unison to win the tug-of-war.
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