What does that mean? Well, there is a difference…
By not taking charge in your sales conversations you are setting yourself and your client up for disappointment. Remember, they hired YOU to be the sales professional, so don’t let them SELL YOU!
Some buyers and sellers have strong personalities that will try to get in the way of you doing your job professionally…Don’t let them!
Setting the expectations up from the start will ensure that you will be working with motivated prospects and save you from a lot of pain and suffering. We’ll talk more about that in a few.
Let’s talk about listings for a minute:
Taking unsalable listings with unmotivated sellers is a waste of time and simply results in frustration for both you and the seller. The motivation process is crucial to ensure that you’re not just “taking listing,” but rather SELLING REAL ESTATE!
And with Buyers:
Driving prospective buyers around for weeks hoping that they will scream, “THIS IS THE ONE!” is very unproductive and often leads to frustration for both of you and the buyer. Waiting for a buyer to SELL YOU is a huge mistake, but it happens every day in our industry.
Closing one deal every 3 months isn’t what you had in mind when you started in this business. Is it? Take more control of your initial buyer consultation process and you’ll be sure to close more transactions.
(SO…What is your mindset?)
- Buyer Example: Do you make plans to go out to SHOW property or do you mentally prepare to SELL property?
Are you just taking SHOPPERS on a home tour or are you SELLING real estate to BUYERS? (Buyers shouldn’t even know what kind of car you DRIVE unless they have been pre-qualified by your lender.
- Seller Example: Are you trying to WIN the listing or do you decide to TAKE the listing? When did our profession become something you win? If you stand out to the seller as the professional you are by asking good questions and satisfying their need to sell, you will have the opportunity to TAKE the listing if you choose.
Example: Just chasing that “listing high” creates a problem of “listing high.”
- Getting the seller to list is easy… Just ask them what price they want and agree to do it for free (lol).
- You can’t eat a listing contract. You must sell the home!
Your goal is to close more transactions by only working with motivated prospects that WILL BUY OR SELL REAL ESTATE!!
- Determine Motivation (ask questions) (Buyer/Seller)
- Set Appointment (Buyer/Seller)
- Ask good questions (Buyer/Seller)
- Wants VS. Needs (Buyers)
- Overcome Objections (Mostly Seller)
- Tell the truth and don’t be attached to the outcome
Setting the Expectations:
- Buyer consultation process
- Pre-Qualification from loan officer
- Have them bring a checkbook
- Search the MLS together so they can see the process in action
- Explain the selection process
- Explain the offer process
Seller consultation process
- What’s my home worth?
- CMA listing presentation
- Know the area statistics, Days on market, etc.
- Net sheet
- Do you absolutely need to sell your home?
- What would you do if your home didn’t get any offers for 60 days?
- Explain the selling process and what type of offers to expect. 97-98% of list price, for example.
- Explain the showing process and how to showcase the home
- Passive Aggressive Trial Closing (PATC)
- “If you are as excited as I am about getting your property sold why don’t we sign the contract so I can get started right away!”
- “Once we find the right home for you today, when would like to close?
- Always go back to their motivation
- Utilize the listing contract as a closing tool
- Listen and repeat. Don’t be obnoxious.
- Always set expectations with your buyer and seller appointments.
- Follow up and follow through with every prospect relentlessly.
- Bring excellence in everything you do.
Scott Colbert is the VP of Sales for West USA and coaches hundreds of agents. Scott has been a top producer in several states and focuses on helping agents increase their personal productivity.
For more great tips to enhancing your real estate business, order our book, 21 Habits of the Highly Successful Real Estate Entrepreneur.
By Scott Colbert