BECOMING SALES TOUGH: MASTERING THE SCIENCE OF REAL ESTATE SALES
Contrary to popular thinking, the real estate sales process is a science. Just as science is built from a foundation of physical and mathematical laws and principles, real estate can be defined by its own unique set of simple laws and basic principles. Once you have mastered these, you will have a solid foundation on which to build a Higher Standards™ real estate practice and to achieve a higher standard of real estate success.
A "Sales Tough" salesperson is characterized by uncompromising determination. He/She is relentlessly prepared, objective and service oriented. His/Her world is defined by the following basic sales principles:
Principle #1: Perseverance Pays.
"It does not matter how slowly you go, so long as you do not stop"
Confucius
Principle #2: Determination Pays.
"Always bear in mind that your own resolution to succeed is more important than any other one thing."
Abraham Lincoln
Principle #3: Vigorous Effort Pays.
"There is no substitute for hard work. If you work hard and prepare yourself, you might get beat but you'll never lose."
Nancy Lieberman
Developing sales endurance means mastering the basic sales principles. Being incredibly intelligent and good-looking may contribute to your overall real estate success, but without incorporating perseverance, determination and vigorous effort into your sales process, you likely will not achieve your highest level of real estate success.
Sales toughness begins with but is not limited to, the following simple rules:
- Approach real estate like a business, not a sales job. Write a simple business plan and follow it every day. Never waiver from the schedule.
- Map out a 5-day sales week. Dedicate 5 days of your real estate week for prospecting for new business and for maintaining your existing business relationships. Each of your sales days becomes 20% of your sales week. Once gone, it is lost forever and your production suffers. You must consistently do what it is you know must be done.
- Let nothing interrupt your money hours - the hours in your day where you talk with prospects/clients. Your money hours and your prospects/clients are the lifeblood of your business. Plus, start your day early. An early call to a prospect or a client sends a message of purpose, commitment and respect. It indicates that you conduct your business with a strong work ethic and sales energy required to achieve their buying and selling objectives.
- Calls first - paperwork last. Your sales day begins with the first call you make to a prospect or client. Preparation activity, paperwork and "coffee-talk" do not kick off a sales day. Paperwork is a non-selling activity that stands in the way of would-be revenue and commission possibilities. Do it after you complete your daily prospecting activities.
- Master the real estate sales process. To convert a prospect into a client, you must have a clearly defined procedure that captures the attention and wins the confidence of your prospect. Simplified, the sales process involves the following steps:
- Keep in touch with all prospects. Be sure to regularly check back with those prospects who have told you they are not interested in your services - "It's not the right time." Circumstances change. Opportunities seemingly lost become fresh again. Be tenacious. Assume nothing.
- Keep in touch with past clients. When surveyed, seven out of ten consumers said they would use the same real estate agent again when the bought or sold their next home. Only four actually did. Why? Because the consumers could not remember the name of the agent with which they had worked. Manage your client list by maintaining regular communication with them.
- Be prepared. Very little is left to chance in a successful real estate business. This means becoming a market authority in your area. It means having a professional presentation for listings, buyer agency agreements, FSBO's, etc. It means having prepared responses to the most common objections you hear from prospects. You must be in a position to instinctively handle every real estate situation as it confronts you.
- Learn Financing. If you want to increase your income and have a better relationship with your clients, you must master financing. As the mortgage industry evolves and offers a broader range of mortgage options, financing can now be considered the most important an element to the real estate process.
- What can you improve? A truly Higher Standards™ real estate salesperson is committed to lifelong learning and is constantly reading books and articles, attending sales seminars, upgrading his/her education in order to keep abreast of industry trends. You are paid for your knowledge and your time and as you improve, so will the quality of the people and the opportunities you attract.
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THE REAL ESTATE SALES PROCESS
B. Define and identify your target market.
C. Implement your sales and marketing strategy.
- prospect
- interview
- analyze needs
- present
- negotiate
- close
- service and follow-up
D. Throughout the sales process maintain complete awareness of your prospect/client's needs.
- asking questions
- listening
- qualifying
- discovering hot buttons, motivation
- building rapport
- establishing trust
- developing credibility
- addressing objections
- planning next action steps
- confirming understanding of their needs
- affirming decisions, minimizing buyer's/seller's remorse
- asking for referrals
E. Master all the above skills so that you become a truly Higher Standards™ real estate professional. You will attract clients to you, rather than be constantly chasing after their business.