In This Issue...
Words of a Champion
Dirk Zeller
CEO
Even Champion Performers get brain cramps at one time or another. Even Champion Performers occasionally rush ahead without assessing the situation and assessing the odds. Unfortunately, they often end up with the same disastrous results as everyday people.
As salespeople trying to achieve the Champion level in life, we must understand and apply the odds of our business, the marketplace, prospect conversion, time invested, energy required, emotional level, and future income potential. There are a number of key evaluations to make. The big question is what are the odds?
Here are the questions you must evaluate about your odds as a real estate agent right now.
- What are the odds of each of my listings selling in the next 30 days? If you are not at least at 70%, corrective action needs to be taken. The most effective corrective action is a price reduction. Most agents are still not responding to the nationally increased inventory levels with price reductions.
- What are the odds of each buyer you are working buying in the next 30 days? At least an 80% is required to continue to invest your time in showing property to them.
- What are the odds of that prospect committing to work with you exclusively? At a minimum, that prospect needs to be 51% or greater . . . a probability rather than a possibility. The only exception would be a prospect you know has to list or buy in the next 30 days. The time frame in that instance is so tight it allows you to expand the odds downward. Where agents get in trouble is working low probability prospects for long periods of time. Even if you get the transaction, by the time you do, you have worked so hard convincing them to work with you and providing them service there isn’t any net profit left in the transaction.
We are in an odds-based business. Those odds need constant evaluation in terms of our prospects, customers, clients, listing inventory, and the changing marketplace. The marketplace will move the odds of success in a volatile market monthly and, in most markets, quarterly. If you don’t track the marketplace, you won’t know the odds.
To Your Achievement of GREATER success,
Dirk Zeller, CEO
RealEstateChampions.com
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Finish Line
The finish line is in sight for this year. You have about two weeks left of production to get the transactions under contract. If you are behind on your goal, here are a few steps to get a few deals under contract before the end of the year.
Step One: Make sure that all your listings are at market or below market value. The market is still in a slower trend, and the prices of your listings will have to be more competitive than ever. Identify the people who need to reduce now and go after them. Call them all and ask for a price reduction. Here is a good rule of thumb: any listing you have that is half way to the average days that a home is on the market it is probably over priced. Get the price down.
Step Two: Go back through all your leads and call them for an appointment. Focus on getting an appointment with every lead in your database. Call every lead that you have shown one of your listings. These should be the first leads you call. They will enable you to finish with more commission than any other leads in your database. You may want to shift a small amount of your prospecting time to lead follow-up time. This increase in your lead follow-up time will enable you to generate more business, now. Don’t completely turn the faucet off on your prospecting. You need new leads everyday. Also make sure that you convert or remove the leads in your database.
Step Three: Shift a portion of your time from generating listings to working with buyers for the next two weeks. The listings that you take right now will probably not close this year. If you work with highly motivated buyers who truly want to move by year’s end you will win. Make sure to qualify them as to their level of motivation. Don’t waste your time trying to make a long-term lead buy now. Invest the few minutes to ensure their motivation is at the necessary level for them to buy now.
Don’t forget the game is always won or lost in the fourth quarter. More scores happen in the last two minutes of the football game than any other time frame. Use these steps to master your two-minute drill.
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Plan Your Best Year Now
If you wish to become a peak performer, you must project your vision forward to the future. You must see what the future looks and feels like as if you were standing there right now. From your viewpoint in the future, look back to where you are currently. You will be able to see a series of steps that you need to take to move from where you are to where you want to be. When you create and follow this road map, you will have become a peak performer.
In order to create a vision, which develops into a plan, you will need to practice and work at it. Your first attempts will take more time, maybe a few more turns in your route up the mountain of success. Your speed and focus will increase as you diligently work everyday on your vision and your life. To increase the speed and focus makes the difference between traveling up the mountain on a Yak or in a Hummer. They both will get you there. The big difference is the comfort, the ride, and the speed to the top. You may be on the Yak awhile at first, but you are still making measurable progress up the mountain. The view 1/4, 1/3, or 1/2 of the way up is better than the view from the valley floor below.
You need to determine what you want to earn, then how you are going to earn it, i.e., buyers or sellers. You need to know where specifically the money is coming from, i.e., referrals, open houses, cold calls, expireds, or FSBO’s. You need to know the percentages of where your business is coming from and number of deals.
Here is an example:
Percentage of business:
Total transactions - 25
Referrals - 14 (56%)
Open Houses - 7 (28%)
Expireds - 4 (16%)
You must be able to create a formula to use, and then break it down monthly and weekly to the tasks you must accomplish in that time frame. You can then control your business rather than your business controlling you.
You can have anything you want in life as long as you plan for it. You must, however, create a plan based on your vision and work it back to the daily disciplines you must do in order to achieve the plan. When you follow these steps you will be one of the peak performers.
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Value of Silence
The difference between great and good is very little. It’s the last inch, or two, that separates great from good. It could be the smallest detail that gets overlooked by most people, but to the person who wants to achieve greatness, it is never overlooked.
In selling, it’s the little nuances of what we say and how we say it. It’s the properly selected words we use to convince the client to move forward. Too often, we wing it without spending the time to properly craft the questions. When the questions are delivered well, they will elicit the response we desire. In selling, we need to be a wordsmith. Just as a master silversmith works with silver to craft an elegant tea service, we must work with our words to craft a compelling reason to do business with us. A master silversmith spends time refining the silver over fire. The heat of the fire removes the impurities from the silver. The mold is then built for the silver to be poured into. Once cooled, the silver piece is polished to brilliance.
Your words must go through the same steps to achieve perfection. As a good salesperson, you must think, write, and rewrite your words; especially the key words contained in your prospecting scripts, listing presentation, and objection handling scripts. You then need to mold these words into a comprehensive and cohesive presentation. The presentation needs to address the benefits of doing business with you, versus anyone else. It must focus on the client and clearly answer the question: Why should I hire you? Just as the silversmith will fail if the mold is inferior, so will the salesperson. Check your mold.
Next, you must polish the presentation. You need to spend hours perfecting the delivery. The silversmith polishes the silver until it shines with brilliance. He will spend hours upon hours making it perfect. Then, when it is perfect, he stamps his logo, or signature, on the piece. When was the last time you practiced your scripts? When was the last time you taped your listing presentation? You stamp your signature on every presentation. How good is your signature?
One of the key areas between good and great in the presentation is the silence. It’s the silence after a direct question. Too many sales people fear the dead space in a conversation and think they have to fill it up. That need to fill the void will keep you from greatness in sales. The void of silence causes our client or prospect to think. At this moment the sale is made.
Arthur Rubenstein, the world famous pianist, was once asked, “How do you handle the notes on the page as well as you do?” He responded, “I handle the notes no better than many others, but the pauses…ah! That is where the art resides.” Your sale process needs to be like a great piece of music. It causes a reaction and emotion from your client or prospect. The real artistry is in the pauses. It’s in the void of quiet after the question. Don’t run through the pauses with another question or statement. Let the power of the pause take over. Rubenstein would let the note resonate throughout the hall. Let your question resonate in the conference room, living room…wherever you are making your presentation.
If you step into the pause you invalidate, or soften, the last question. You are at the moment of truth. You will find out valuable information about your client or prospect at that moment. The power of silence is deafening. Make sure to use it to your advantage. Becoming a great salesperson requires watching the little things. Spend time daily breaking down the words and your delivery. Invest your time into practice. Perfect your craft of sales. Lastly, work to create and leave the pause in the presentation. There is immense power in the pause.
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