In This Issue...
Words of a Champion
Dirk Zeller
CEO
The better you get at little challenges; larger challenges will be attracted to you.
I remember a conversation with one of our clients a few years ago. It was all about the change in the agents in her marketplace towards her when she started to dominate in the marketplace. She was taking heat and criticism for no reason. I remember saying to her, the better you get the bigger the target you have on your back. I certainly learned that from personal experience.
Some of you struggle with these changes from other agents. Some of you are struggling with family. You hear them criticize your service or complain that you must be doing something unethical or wrong. I heard it for years as an agent. You can’t let it affect your desire to succeed…to win the game. Dale Carnegie said, “Any fool can criticize, condemn, and complain – and most fools do.” There is an old saying, where there is much sun there is much shadow. Understand that many of you are casting a very big shadow.
The truth is that we are in competition for listings and sales. Many of you have heard me say there is no second place. The real breakfast of champions is not Wheaties. It’s the competition.
We are all here to play to win. We at Real Estate Champions are focused on preparing you to win. To be a real winner we need to play to win everyday. We must also know that winning is only worthwhile when you win with your principles intact. Knute Rockne, the famous Notre Dame Football coach said, “Some people think that the will to win is a bad thing. In what way is it bad?” Ultimately in life someone wins and others lose…why not insure you come out on the winning side? What is the one thing you need to do this week to insure that you win more frequently? Rockne further said, “Life is competition. Success in life goes only to the person who competes successfully. There is nothing wrong with the will to win.”
I think the great coach Rockne was right. Play to win each and every day. Give it your all in practice and game conditions and do those daily disciplines. Don’t worry about the mockers, laughers and complainers. For you to reach the next level you have to be able to carry and accept the target that is currently on your back. Carry it with courage, dignity and honor. Don’t worry about what others think and say. Play to win.
To Your Success,
Dirk Zeller, CEO
RealEstateChampions.com
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Seven Principles to Successful Real Estate Goal Setting
Your ability to plan, set goals, and create action plans to accomplish your goals is the mark of someone who is truly successful. This skill to set goals is a life-long endeavor. It is a habit that must be cultivated daily for a lifetime. This single activity will have the greatest impact on your life over any other achievement skill.
To be disciplined in setting goals is to sit down with paper and pen and make a list of things you want to acquire, attract, or accomplish in the next several years. Earl Nightingale said, “The problem with people is not achieving the goals we set, it is actually the process of setting them in the first place.” We are all goal-seeking organisms. Your subconscious mind will work on the goal you give it until it is accomplished. However, you must first set this vast powerful computer in motion by setting the goal.
To achieve a well-rounded, joyous life, we need to be working toward our goals. When it comes to goals, the journey is almost better than the destination. Success was defined by Nightingale as the progressive realization of a worthy goal. You become successful once you set the goal and work toward it. Success is not found only at the attainment level but also in the striving for attainment level.
You need goals in all areas of your life. It is not good enough to set your sights on your business or commission earnings or transaction sides. You need goals in family, spiritual, physical, financial, and mental areas of your life. This is the only way to achieve balance.
Organize your goals in all areas based on priority. Put the most important ones on the top.
Our overall goal for our life should be to be a continuous goal setter. We need to become so focused and clear on what we desire that every hour and every day we are doing the things that are moving us in our direction of choice and toward our goals.
Studies have shown that you will save ten minutes in execution for every minute that you invest in planning or goal setting. What an incredible return on your investment of time. How often would you invest in an opportunity that allowed you to put in a dollar and got ten dollars back?
Seven Keys of Goal Setting
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Your goals must be specific, detailed, and clear. You must invest the time to put them in written form. There is a direct link between your writing the goal, seeing it being written, and burning it into your subconscious mind. The goals you desire must be specific, not vague. To set a goal to be rich or be happy will not draw you to it. Well-written goals are like magnets - they will draw you to your desired result. Your goal must be concrete and tangible. Highly defined goals are attained - fuzzy goals are forgotten.
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The goals you set must be measurable. How can one truly measure happiness? You have to be able to analyze and evaluate your progress and your results in a tangible way. Many people have a goal of being rich. You need to know specifically how much money rich is. Your need to know the specific time period you want to achieve it by. Now that’s a goal.
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The best goals have deadlines. They have a time by which you need to accomplish them. They also have interim steps along the way that can be monitored. These sub-deadlines or schedules are critical to success. There are no unrealistic goals; there are merely unrealistic timeframes.
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Goals need to challenge you to capacity or beyond. They will stretch you and mold you into a new person. Jim Rohn wisely said, “It’s not the money that makes the millionaire successful; it’s what he had to become (as a person) to earn a million dollars.” If you took the money away from that millionaire, he would make it back twice as fast as before, because he learned the skill to make it in the first place.
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Your goals need to possess congruency with your values and beliefs. Your goals also have to be harmonious with each other. Let me give you an example: I want to lose 40 pounds, but I also want to eat Dreyer’s Rocky Road ice cream every night before I go to bed. One of these goals will need to give way to the other. They are not congruent with each other. There is no way I can achieve both at the same time. You cannot achieve goals that are actually contradictory.
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Your goals must have balance between your personal life, family, financial, spiritual, physical, mental, and business goals. Just as a wheel needs balance to rotate properly, we need balance to get anywhere in life.
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The largest most difficult goal in life is to define your purpose goal. We all have one goal that is at the core of our being. Our life moves to greatness when we decide upon a definite purpose or focus for our life.
I can speak from personal experience. When I determined my “core purpose” was to make meaningful impact in the lives of all the people I come in contact with, my perspective changed dramatically. My enjoyment of my day to day “work life” increased. Fortunately for me, I get to live my “core purpose” daily by helping people such as you reach their fullest potential and joy in life.
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Two Parts of Objections
Objections can be broken down into two parts. Part one is the concern of the client or prospect; part two is the solving of that concern. You need to be proficient at approaching each of these parts. Many Agents make their mistakes on the first part, which gives them no chance to be successful in the end. They are not focused enough to understand the concerns of the clients or prospects.
When you get an objection from buyers or sellers, make sure that you hear clearly what they are saying. If you interpret the objection wrongly, 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 would pause to make sure I clearly understood, and then I would repeat what they said or ask them to explain further. This technique did a few things for me. First, I could confirm what their objection was to insure I had understood it properly. Second, it would enable me to be well prepared when I responded. I had bought myself a few seconds while my brain prepared my answer. I was able to respond in a powerful, well-planned manner. Third, I would avoid the big mistake of trying to answer the objection before the buyer or seller got the words completely out of his/her mouth. It’s as if we feel that 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.
Once you have properly understood and evaluated the client’s concern, you have moved to the solving stage. You need to train yourself mentally to believe that objections are good at this stage. I know that many of you are going to reread that sentence a few times and then decide that I am nuts. But the truth is that if the clients were not interested in what you have to offer, they would not be giving you objections. They would not bother if they were not interested in the home you showed them or interested in having you list their home for sale.
Objections truly are an opportunity to get a signed contract. When a buyer or seller gives you an objection, he is presenting you 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.
You are the one in control, as long as you continue to ask questions. Your questions will move the client forward to the ultimate decision. The goal is to get a decision out of a client quickly. Even if that decision is “no” you will have invested the minimum amount of time to get there.
Join the ranks of the highly skilled and highly paid professional REALTORS®. Change your mental approach to objections. View them as the opportunity to make the sale. Make sure first that you clearly understand the objection of the client. Then put on your problem-solving hat and make the sale.
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Why Prospects Object to Your Commission Rate
There are two reasons for objections to your commission rate, and it isn’t the fact that other agents are doing it. The two reasons are: we haven’t established value for our service, and the seller or buyer has a fear that we haven’t addressed properly to remove it.
These fears are real and must be conquered before you can secure a representation contract from a buyer or seller.
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Fear of making the wrong decision
You must probe to understand the root of this fear. It could be a previous bad experience with a real estate agent. It could also be that they feel the need to talk with parents or friends. They may feel the need to seek more counsel before they give you their final answer.
A commission reduction, even if they ask for it, will not alleviate this fear. They still won’t sign unless you deal with the “wrong decision” fear. Having an understanding of that fear and giving them reassurances that you will protect them to make sure their fear will never be realized handles it for most people.
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Fear of making any decision
Some people are paralyzed by decisions. They brood, steam, and toss and turn all night about decisions. The perceived risk is significant. You have to lower the risk in their mind. An easy exit listing agreement where they can void the listing quickly will provide more relief than fee reduction, even if they asked for it.
These people want to think about it. We need to find out what they need to think about. In order to secure them as clients, you have to isolate the fear and walk them through the situations and challenges that come to mind, overcoming each one.
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Fear of change
A commission reduction really won’t help with these people, either. We often try to motivate them based on the monetary deal. We have to sell the benefits of change. Identify the worst case situation to prove to them that there is a limited down side. A personal assurance of the next steps and the protection and security you are offering will work well.
You might even build a sense of urgency based on the marketplace, interest rates, or through the fear of loss. Convince them that the window of opportunity is open now and might not be as favorable a few months down the road.
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Fear of being cheated
For some people, this one can take aim at your fees for service. We must build value for our service to show that, because of our skills and strategy, they will end up with a high sales price, more potential buyers through their home, a higher probability of a sale, better negotiations, and a smoother transaction with less risk. Because they are receiving all of those items, the value is enhanced, so the fees don’t need to be less.
We have to demonstrate clearly that, even though they are paying more, they are getting more value.
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Fear of looking bad to others
Most people want social acceptance by others. Other friends and neighbors will talk about how they grinded on an agent to reduce their fee. It’s like a badge of honor in the community. There are some people who use it as the real litmus test to make decisions because the social recognition is so important. The way to combat this is, again, with value.
I see that behavior exhibited in agents, as well. Agents who crave recognition and status often make poor business decisions just so they can receive a plaque or walk across the stage at the company awards banquet.
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Fear of acting without sufficient knowledge or reflection
Too often, agents attack this problem with fee reductions, trying to create a decision now. The best defense for this fear is a good offense. Know how they typically make decisions of this magnitude. What is their decision process? Know the timing of when they want to buy or sell. Some of selling is being in front of the prospect at the right time. There is no substitute for correct timing of your presentation.
All of these fears are born out of a heightened feeling of risk. They are really not commission based concerns. We have not dealt effectively with the risk they feel toward working with you or any agent. Focus on assuming the risk yourself or removing it. Then, give them strong reassurances that they are making the right decision, and they should make it now. Don’t concentrate on your cost of service; focus on reassurance and work to pinpoint the client’s fears and remove them.
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