Today I want to talk about 2 different things. First I want to talk to you about evaluating your progress and give you some thoughts on being honest with yourself about where your business is and what could be holding you back.
Then I want to talk to you about working with buyers and getting a buyer client from Lead to client and what it takes to work with buyers in todays market and how to build loyalty.
I want you guys to do write down answers to these 4 questions. I want you to actually write it down. Dont just answer it to yourself. I want you to see it in front of you and see it on paper. Answer as honestly as possible. This week I want you to really self evaluate what you are doing and be self aware of what is happening in your business.
- Did I prospect my schedule this week? If not, if you missed a day. I want you to write down why you missed it. Then I want you to write down what you could have done to avoid missing that prospecting time
- How many listing appointments did you set this week? If you went to an appointment and you did not list the house – I want you to write down why and a short action plan on what you think you could have done better or different
- What did you do each morning? Make a quick list of what you done each day monday thru friday. If you can master your morning the rest of the day will be a lot easier.
- Follow up _ how much did you follow up this week? How many people did you call back?
This week I want to share with you 5 thoughts to help make you evaluate your progress and evaluate your business
- How valuable is your prospecting time? Master your morning and everything will fall into place. I know that none of you listening to this call would let anything at all get in the way of a great listing appointment. Isnt that right? Lets pretend you have a listing appointment at 2pm today, you know you are just showing up to sign paperwork. If something comes up that does not include you or someone close to you getting injured or dying, you will be at that appointment.
My question is, why would you let something get in the way of your prospecting and follow up time? You can’t get a great listing appointment, if you are not making calls to people and following up. Even if you have someone by chance call into your office or mistakenly fall into your lap that wants to sell their house, you can’t go list their house if you dont call them back and set the appointment.
You can not have a great listing presentation or an appointment unless you generate a lead and follow up.
I personally feel that your prospecting time is more important that a listing appointment or an appointment with a buyer. It is step one. No lead, no appointments. It should be an absolute last resort to cancel your prospecting time. This is the most valuable time in your schedule. I am including buyers in this too. If you are generating tons of buyer leads from sign calls, facebook ads or whatever system you are using and you never call through and email your list of buyers they are going to go work with an agent that is calling and emailing them. Canceling this prospecting time should be an absolute, no way around it, last resort. Even then you probably shouldn’t do it.
One great thing about the real estate industry is, there are no real emergencies. If their house is on fire, unless you are a fireman at your second job, it isn’t your responsibility. If someone is having a heart attack, unless you are a doctor, they are calling the wrong person. If someone needs a document signed, I promise you, no matter how much they want to jump up and down, scream or whatever, it can wait until after you prospect in the morning.
- When you prospect, are you doing it at the highest level you can? Are you really giving it all you have got? Or you holding back? If you answer yes to this, I think you should ask yourself why are you holding back? What would happen if you didn’t hold back
What if you went out and you just let everything go and really just gave it your all?
If you were playing a sport and you wanted to play at a higher level, what you would have to do is practiced at a higher level. If you were playing baseball and you wanted to get better at hitting 100 mph fast balls, you cant practice with somebody lobbing you under handed pitches. You wont be able to build the muscle memory and reaction speed to be able to compete on that level with opponents throwing 100 mph fast balls.
So my thought is, if you are having issues with setting appointments at the level you want to be at, you need to start practicing at a higher level. You need to go through and listen to my objection recordings in the membership section of the website and you need to make sure you are role playing.
You need to know your scripts, know how your listening presentation and dialogue is suppose to go. Practice it to the point and prepare to the point it almost seems dumb. The more you practice this stuff the better you are going to get. You want to get to the point with your scripts and dialouges where If you are on the phone with a seller and he says x, you immediately respond with y. When they go left you need to go right. When they ask a question about your marketing, you immediately refer to your pre listing package.
The problem most agents have is they want to go from A to Z and they want to skip all of the letters in between. There are agents that will listen to this call thinking their is a secret phase, a magic bean or maybe a spell you can put on a client, there is not. The better you get at following those listing presentation recordings in the members section, going through your net sheet, your active comparables, the paperwork, the better you are going to be.
Think about that though, what would happen if you didn’t hold back at all and practiced hard enough to get to the level you want to play at?
- Does your ego get in your way?
Now what an ego is, is how you feel about yourself? Some ego is good. One side of your ego is I want to be the best or run the fastest. Those sorts of things.
The other side of ego is the one that protects us, it keeps us in check and from looking bad or looking dumb. This is the part of your ego that sometimes just want let you admit that you are wrong or wont let you try something different.
None of us want to look bad or want anything to interfear with the self image we have for ourselves in our mind. This is also the thing that keeps us from listing a house that is below a certain price point or in an area we dont like or we think negatively about.
Your ego can cost you more money that you will ever think about making. I have heard agents say things like “I didn’t want to list that house because it was below a certain price point” but at the same time they haven’t listed or sold a property in the last month.
Or maybe “The house was in too bad or shape”. The house was in bad shape, but they seller knew that, was willing to discount the price to compensate for it and was willing to pay a full commission. What was the problem? Agents will not list a property because of things like, the house was cluttered, the bushes were over grown or the house need to be painted. I always think to myself, wow was that your opinion or a list of buyers went through the house and gave you that feedback? A question I ask myself in these situations is, Would that seller have dropped the price in 2 to 4 weeks if that was the feed back they were getting from showings? How much money have you lost because of things that could have been fixed by adjusting the price, or lost because of your opinions of neighborhoods?
Another thing Agent egos do is, they wont call expireds, they wont call a fsbo or I saw this one in real estate agents that really work last week, they wont call a lead that came through their website asking them to call because they think they property might be listed.
I heard an agent say “I dont like to call expireds, because I dont want to compete with all of those other agents.” but they were not doing any business on their own.
I grew up in the south and I remember hearing this phrase “oh they think they are too good” basically they think they are above something. How many times have we had this feeling and it costed us money? How much money has your ego costed you?
- Are you willing to pay the price of success to get to your goal?
There are some agents that really believe that other agents have something special. The thing that is special or secret is they consistently perform, what are often simple tasks over and over and after a while it builds up into something great. All of the stuff I talk about isn’t stuff you can do one day and list 100 properties. The success comes from doing the same boring, repetition of activities on a daily basis. That is the price of success in the real estate industry, its fighting boredum, its fighting complacity. It is doing the things on a consistent basis that you know have to be done to get to the level you want to be at. Are you doing the things you know you need to do everyday?
You dont get good at your scripts and dialogues by changing things up every week. It takes consistency. It takes time. The price of success is that daily repetition of small activities. Simple things are going to compound into huge successes. Getting up early, showing up, prospecting, going on appointments, talking to buyers and sellers contacting your sphere of influence and past clients.
- What distractions killed your focus this week?
We can always find a distraction if we are looking for one. Distractions are costing us a fortune. If you could eliminate all distractions, how much could you increase your production?
Distractions are costing us a fortune. (emails – Children – chatting too much with other agents) I am going to turn everyone off mute, what distractions are you guys having this week?
Now we agree distractions are costing us money, but sometimes it is really hard to identify what is distracting us because we would all almost rather do anything else that do what we are suppose to do. I want you guys to think about that this coming week. Are you focused on your goals and your schedule, what really prevented you from sticking to your schedule.
I have one other things I want to talk about this week before we do some Q&A. One of the questions I got that one of you needed help this week with was how do you get people from lead to client.
If you guys have something you need help with, i will either answer it in an email or answer it in an email and go more indepth with it on the weekly call especially if it is something everyone can benefit from.
First of all I want to define what I would call a lead. Then I am going to give you steps to get that person from lead status to client status. I would consider a lead to be someone that has given you a reasonable idea that they may be looking to buy or sell a house.
Maybe they were a FSBO or expired listing? I am thinking the question revolved more buyer clients.
If you guys have listened to some of my previous recordings and interviews, I have this belief that our business and our roles in the real estate industry have changed completely from 10 to 15 year ago. The problem is, most brokerages are training like they did 10 to 15 years ago.
12 years ago in my market, the mls downloaded twice a day, really useable IDX website didnt exist, zillow, trulia and all of these other websites didnt really exist. So we were the gate keepers to information. We had the secret list of properties that were on the market. That no longer is true.
For the average buyer in your market today, there is more information available on line that there ever has been before. You can go do a few internet searches, spend a few hours on line and most buyers are more educated on the market that the realtors they are contacting.
That is one of the issues with buyer leads, especially from the internet. A lot of websites are selling leads and they are a little bit misleading, so it gets a little bit interesting when they click the contact button.
I believe with so much information out there we no longer are gate keepers to anything for most buyers really. So wht we have to do is build trust. We also have to follow up like a machine! But building trust is the main thing we are doing.
If you guys are working with buyers, you guys are going to need to work on an initial contact buyer package or email. This does not have to be anything elaborate. I will work on a template for you guys this weekend. But for today I want to help you create your own process.
I am a big believer in setting expectations. You need to set expectations for all of your clients.
I am also a big believer that if you want others to treat you as a professional, then you need to have a professional process. Like a doctor for example, if we had to have surgery, we never question (well most of us never question) the process in which the doctor will operate.
If we hire an attorney, we never question his process. We either follow it or we dont hire him. You dont hire an attorney to just go talk to, you hire an attorney because they will help you put together a plan
Think about this, what would the perfect buyer and how would they respond to you and what steps would they follow.
Here is the process I believe you should follow.
Initially, we are going to have to call, email and text until we make significant contact with them. On that first call, we ask our prequalifying questions. These questions are
Who, what, when, where and how.
Who are you? If they dont want to give you a full name – run quickly
What do you want to buy – meaning a condo, a house, land or whatever, price range
When you want to buy? – basically how soon would you like to be in a new home
Where do you want to be? – Basically what areas would you prefer or neighborhoods
Then how? This is the most important one, How are you going to pay for it.
So you collected this data on your potential client. NOw you want to tell them how you work with a typical client.
Which goes something like this. Mr buyer, what I typically do is personally do a search to make sure what you exist. I am going to send you everything on the market that fits your needs. Then you relay back to him what he wanted. Just to confirm, you want a 2 bedroom condo in a highrise building looking out at the ocean, you guy want to make sure it has amenities and you can rent it? You would be willing to go up to $250,000 is that correct? (let them answer) great.
Once I set up this search for you, I will also put you on an alert where anything new going on the market that fits your criteria is going to get sent to you also.
How about I send this over to you today and I call you tomorrow to talk about what we have available. Does 2pm work for you? (you specify the time you are going to call). If you call and dont get him, send him an email. Everything you say you are going to do, you need to do exactly how you say you are going to do it.
Now based on your how question, if they are planning to finance the property “do you already have a lender you are talking with? Would you like me to have one contact you?” I like to send people to my lender, that way I know what is going on. You should have a couple you have relationships with. You want someone who will call you and say “hey this guy is good or hey this guy really sucks”.
If they say they are cash, ask about their time frame? Mr buyer I know you said you were paying cash and wanted to buy in the next 90 days. Most sellers are going to want to see proof of funds with a cash contract, will you be able to provide that if you see something you like? Fantastic!
Then you want to tell them, I am sending you what I find, I am also going to send you out and email that tells a little bit about me and my team, that way you know who you are working with. It will also have some additional information as to what you can expect when using us as your buyers agent, how does that sound?
Each state is a little different, So anytime of buyer representation or engagement letter you need, I would send this email first setting expectations. At the end of the email, I would have a short 1 or 2 lines that said “mr buyer, right now in the state of south carolina, you are considered a customer, I would like for you to hire us to represent you. It does not cost you anything, all of our fees are paid by the seller. I can email you everything over, just let me know”
After this initial call, the rest of the process will be follow up. Now dont be discouraged if they will not sign any type of agency or representation agreement with you immediately.
The rest of the process will be sending properties and following up through calling, text and email.
I would try to narrow down what they are looking for as much as possibly can before actually showing properties, remember we are not tour guides. We are professionals. If the person wants to see 45 houses ranging from 30,000 to 3 million, they are probably not a real buyer.
Remember this too, you dont have to work with every buyer or seller. Listen to last weeks call again and set standards for what you consider a qualified buyer and what you are going to refer to another agent in your office.
What questions do you all have?