Coaches Corner Newsletter - Issue #899
 
September 20th, 2018
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Words of a Champion...

It’s easy to trick ourselves into thinking we are doing what must be done consistently and well.  Let’s say that you set a goal of fifty contacts per day.  I have inspired you as to the importance of regular contacts, at a minimum, with your past clients and sphere, and you resolve to start Monday, bright and early.  Next week comes, and you do your ten contacts on Monday.  Tuesday comes around, and you have an office meeting and tour, which shoots down your morning, so you only get three done.  On Wednesday, you are right back on it with ten that day.  Thursday brought a few problems with clients and transactions, so you only manage to make eight contacts.  Friday is a beautiful day, so you get four in before you hit the golf course for the rest of the day.  My question to you – is that a great week, good week, ok week, or disastrous week? 

Since you have not prospected previously, most people would say that was a good or even a great week.  “I improved; I didn’t hit my goal of fifty, but I did get to thirty-five.”  The truth is it was an improvement, but it was still a disaster if repeated over time.  The results of that type of week repeated for a year would be fifteen weeks of no prospecting at all.  Those fifteen weeks are equivalent to almost four months of prospecting.  How do you feel about that week now?  It is so easy to get faked out into thinking something is good when it falls far short of the standard.

I will never tell anyone they have to make hundreds of dials a day and fifty to sixty or more contacts a day.  I won’t ever tell people to dial two phones and wear two headsets.  If you have to make that many dials and contacts, you’re playing a game of very low odds.  I had an initial consultation with an agent who was a cold call cowboy being coached by another company that promotes that type of prospecting.  He made seventy-five contacts a day and spent five to six hours a day prospecting.  More than 85% of his time was spent just cold calling a geographic list.  He did that day in and day out for years.  He secured eight transactions the previous year from his cold calling and invested 85% of his time prospecting them.  I asked him why he did it.  He said his trainer and coach told him to.

I quickly calculated that he spent close to 850 hours in the previous year to generate eight transactions.  He made less than $50 an hour to make all of those calls to secure leads . . . poor odds.  Why invest that amount of time for such a limited return?  He was skillful in his consistency but applied it in the wrong area for too little a return.

Dirk Zeller

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Seven Principles to Successful Real Estate Goal Setting
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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

  1. 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.

  2. 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.

  3. 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.

  4. Goals need to challenge you to capacity or beyond.  They will stretch you and mold you into a new person.  The late 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.

  5. 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.

  6. 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.

  7. 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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Take Action or Accept the Results
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In all areas of life, taking action is the key to success.  Most people who fail to achieve what they want, fail for lack of action.  The ability to take action is the skill that ultimately separates the winners from the losers in the game of life.  There are a number of truths that I have come across in my business and while coaching clients.  These truths should be reviewed and lived by to produce the abundance in life that you desire.

Truth #1:  It’s more essential to success to be consistent than to be precise. 

The power of consistency is one of the most significant forces in the world.  It far outstrips the power of exactness.  If you are consistently doing enough things right, you will reap a huge reward.  If you are waiting until you have it down to perfection, you are not going to take any action.

In sales, more than any other profession, consistency of your actions pays big dividends, while infrequent action, even when right, pays very little.  The daily consistency of prospecting and lead follow-up is the gateway to sales success and high profitability.  Again, it’s more essential to success to be consistent than to be precise. 

Truth #2:  A step toward your goal is a step in the right direction . . . even if it is a misstep.

Too often, we fail to act due to fear of failure.  We can become paralyzed by the need to be right or correct in all our actions.  My late friend, Jim Rohn, says that to achieve your goal you need “measurable progress in reasonable time.”  That doesn’t mean all the progress we make will be going in the right direction every time.

Earl Nightingale said, “Success is the progressive realization of a worthy goal or ideal.”  To achieve a worthy goal, we have to progress toward it through the trials.  We must proceed with consistent action.  It also says there are times when we will be heading in the wrong direction and have to adjust our course of action.

In the end, success is a poor teacher.  The real teacher in life is adversity and short-term failure.  You will always learn more from your defeats than your victories.  In sales, you will learn more from the sale lost than the sale made.  Most salespeople think that when they make the sale, they did everything right.  What happens if that assumption is not true?  What if you did just enough right to beat out the other guy, but he wasn’t any good? What will happen when the competition gets tougher or the marketplace gets tougher? Will you have the skills you need to dominate then?

Too often, we fail to face reality.  This comes back to us in unfulfilled potential.  Unfulfilled potential eventually manifests itself as regret.  We have to be fixated on taking steps to obtain our goals daily . . . even if they are the wrong steps.  It’s better to make a decision and find out it was wrong than avoiding making a decision at all.  At least you know what you should not do next time.

Truth #3:  Even when you choose not to decide, you have still made a choice.

Far too many of us just hope things will get better.  We hope to become healthier or thinner, or we hope we will earn more.  We have wishes and dreams but no commitment or definitiveness to change what we are doing to ensure the desired result.  We fail to take action on what we know we need to do now.

Many of us can vacillate over a decision for days, weeks, months, or even years.  We must realize that by not making a decision, we have essentially made a choice.  We end up making decisions by default because we did not decide and act.  The decision was made for us. 

As salespeople, by not preparing for a changing marketplace or changing economy, our choice is solidified.  We have chosen, by default, to not do as well or earn as much when the marketplace change occurs.  Would it be reasonable to assume that our marketplace will always remain the same or improve? Would we be protecting our families and assets if we assume that we don’t need to improve our skills and abilities in sales? Our decision to not act in truth means we still have made a choice.

Take ten minutes to evaluate these truths.  Are you embracing these truths in how you run your business and life? Are there changes that need to be made? When do you need to make the changes?  Here’s a hint…NOW!

Don’t get paralyzed by inactivity or perfection.  Turn action into your asset.  That’s what true Champions do!

 
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The Champion Do's and Dont's of Objection Handling
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There is a series of mistakes that prevent most salespeople from reaching the Champion level in their objection handling.  In this article, I am going to address the most common mistakes that stunt an agent's progress.

  1. Let them be heard

    I have listened to countless agents' presentations.  Often, when the client begins to object, the agent will leap into objection handling mode too soon.  Many don't even wait to let the prospect finish their thought.  They interrupt, which is certainly rude to the prospect.  It can also cause frustration on the part of the prospect.  It's almost as if the agent is hoping to stuff the objection back into their mouth before they even get it out.  We need to let he prospect express their view and concerns fully.

  2. Argue and lose

    There is a fine balance between guiding them to the truth of your advantage and the marketplace realities and arguing with the prospect.  I know I have, at times, crossed the line into arguing.  Almost every time I did, it cost me the transaction or listing.  When you feel that you are beginning to be at odds with the prospect, you need to re-phrase everything into a question.  It moves what might be considered verbal swordplay into a one-man-battle.  The prospect will be using his sword against himself with the right questions.  He will be the one getting cut.

  3. Shrink it down to size

    We need to shrink any financial objection down to the true size.  If it's a commission objection (when we want 6%, and the seller wants to pay 5%), we need to shrink it down to the 1% difference and not talk about the 6% and the 5% commission.  If the seller wants to list at $450,000, and you know it needs to be priced at $399,000, you need to talk about $50,000.

    We need to use payment, interest rate, inventory levels, list price to sales price, and monthly or even daily cost.  The smaller we can make the difference between where they want to be and what we think is necessary to achieve their goals and create a reasonable fee for us, the better.  That is the key discussion.

    Once you have shrunk it down, you can then do a comparison close of the difference.  Ask them, "If (the commission rate, initial list price, etc.) was the same between myself and Agent X, who would you select to represent your interests?  So, if I would be willing to _______________ like Agent X, you will commit to working with me right now . . . correct?"

    We have to be able to define the reason and the size of the objection into the smallest differential between where we want to be and where the prospect wants to be.

  4. The but of the problem

    The most common error in objection handling is the usage of the word "but".  A "but" used in objection handling is the kiss of death.  The "but" negates what you said up until that juncture.

    For example: 

    "I understand how you feel about my commission, but I really feel I am worth it."

    OR

    "I hear what you are saying about the list price you want to start at, but are you aware of the market conditions?"

    Using "but" tells the prospect you really didn't listen to them, and in fact, you don't even care that you didn't listen.  It also says, "The things I said to you were said to make you feel comfortable with me.  I am just trying to manipulate you to make a sale.  I wanted to make you feel that I liked you and accepted your thoughts."  The "but" says, "I'd argue with you, but you are wrong."  One other caution is that many salespeople try to substitute "however" instead of "but".  The truth is "however" is really a dressed up "but".  It's really a "but" with a bow tie on.

  5. Get offensive

    Objection handling is really an offensive opportunity.  It's not a time to play defense.  When you respond to an objection, the final part of the objection should be a question.  You should respond to the objection and then ask for them to proceed forward.  Even asking them if they have any other questions sets the stage for the close.  You can use any question you want.  You could ask them, "Shall we get started?" or "Do you want me to handle the sale for you?" or "Shall we do a broker open this week or next?" or "When can I bring the first buyer through?"  There is an unending series of questions that can be asked.  We have to get in the mindset that we are going to hear objections as a scoring opportunity.

 
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