A fascinating article in the New York Times really caught my eye the other day and brought up some helpful points for brokers.
Many of our agents at BARAK Google the name of a potential buyer or seller prior to taking a buyer out on appointments, taking a listing or submitting an offer. Furthermore, it’s even a better idea to take a look at people’s Facebook, Twitter and LinkedIn pages to learn more about who these people are.
The co-op boards are definitely looking so brokers might as well be prepared. If you are already in the deal, and are about to submit a co-op application, I would take a long hard look at the client’s profile pages on Facebook. If there is anything that may portray them in a bad light, suggest that they “lose” any objectionable pictures, comments or posts.
Think of it as image management, similar to how you prepare a property for sale – your clients depend on you to get them through this tedious process and you’ve got to make sure that you do.
Wednesday, June 30, 2010
Monday, June 28, 2010
Follow-Up Systems
Ever wonder why a large majority of your prospects never call you back? As it turns out, in all types of sales, especially real estate, following up with potential leads is paramount to achieving that elusive sale.
According to renowned sales coach Jack Daly, an astounding 48 percent of sales people NEVER follow up with a prospect. A quarter of them stop at two contacts, 12 percent make three and only 10 percent are persistent enough to make three attempts at a possible lead.
Let’s compare these numbers with how buyers operate. Only 20 percent of all sales are made in the first four contacts while the additional 80 percent are transacted on the fifth interaction and beyond.
If you take a look at those numbers you’ll observe that there is a gap to exploit. Frequently contacting the right prospects and checking in is a way of reminding your leads that you are there. The goal is to stay fresh in their minds and be the first name that comes up when they think about real estate.
Often times we’re afraid to pick up the phone because we don’t want to seem pushy. Actually, if we don’t make contact then people perceive it as indifference. So now it’s time to get out there and follow your prospects. You’ll see that by staying in constant contact with your prospective buyers and sellers, sales will increase.
We’ll see you home.
According to renowned sales coach Jack Daly, an astounding 48 percent of sales people NEVER follow up with a prospect. A quarter of them stop at two contacts, 12 percent make three and only 10 percent are persistent enough to make three attempts at a possible lead.
Let’s compare these numbers with how buyers operate. Only 20 percent of all sales are made in the first four contacts while the additional 80 percent are transacted on the fifth interaction and beyond.
If you take a look at those numbers you’ll observe that there is a gap to exploit. Frequently contacting the right prospects and checking in is a way of reminding your leads that you are there. The goal is to stay fresh in their minds and be the first name that comes up when they think about real estate.
Often times we’re afraid to pick up the phone because we don’t want to seem pushy. Actually, if we don’t make contact then people perceive it as indifference. So now it’s time to get out there and follow your prospects. You’ll see that by staying in constant contact with your prospective buyers and sellers, sales will increase.
We’ll see you home.
Monday, June 21, 2010
Learning to Negotiate
"What's your best price?"
"That's too expensive."
"Your competitor is selling the same thing for…."
Most salespeople hear statements like this every day. When you’re thrown into a situation like this, it is important to know how to negotiate effectively.
Here are a few tips to improve the negotiation process:
1) Relationship First – In real estate, we’re not selling a one-of-a-kind product that trumps any competition. You MUST develop a relationship with the other side, which in this case is your buyer or seller. Don’t think because this is 2010 that you can establish a relationship with a client via text or email. Face to face is and always will be king when it comes to building a valuable relationship. Email is only valid as a confirmation tool, not a substitution for interpersonal interaction.
2) Do Your Research – Too many times we as agents are quick to pass along prices before knowing crucial client information. Do you know their true motivation to buy or sell? It is imperative to get a grasp of their financial picture and understand the dynamics of their situation before you can move forward in the process. By knowing the key facts, you are a step ahead at the negotiation table.
3) Know Your Competitors –Be prepared to hear that you have a competitor. Potential buyers in the internet age are savvy and look at many avenues when buying and selling. Find out who might be jockeying for your services, know their strengths and weaknesses and develop a strategy to beat them. You can’t do that if you don’t ask, so remember: God gave us 2 ears and 1 month so we can do more listening than talking. Get the complete information, be strategic and get yourself closer to a negotiated agreement.
Keep these in mind the next time you go into serious negotiations. You’ll see immediate dividends and might just impress your client.
We’ll see you home.
"That's too expensive."
"Your competitor is selling the same thing for…."
Most salespeople hear statements like this every day. When you’re thrown into a situation like this, it is important to know how to negotiate effectively.
Here are a few tips to improve the negotiation process:
1) Relationship First – In real estate, we’re not selling a one-of-a-kind product that trumps any competition. You MUST develop a relationship with the other side, which in this case is your buyer or seller. Don’t think because this is 2010 that you can establish a relationship with a client via text or email. Face to face is and always will be king when it comes to building a valuable relationship. Email is only valid as a confirmation tool, not a substitution for interpersonal interaction.
2) Do Your Research – Too many times we as agents are quick to pass along prices before knowing crucial client information. Do you know their true motivation to buy or sell? It is imperative to get a grasp of their financial picture and understand the dynamics of their situation before you can move forward in the process. By knowing the key facts, you are a step ahead at the negotiation table.
3) Know Your Competitors –Be prepared to hear that you have a competitor. Potential buyers in the internet age are savvy and look at many avenues when buying and selling. Find out who might be jockeying for your services, know their strengths and weaknesses and develop a strategy to beat them. You can’t do that if you don’t ask, so remember: God gave us 2 ears and 1 month so we can do more listening than talking. Get the complete information, be strategic and get yourself closer to a negotiated agreement.
Keep these in mind the next time you go into serious negotiations. You’ll see immediate dividends and might just impress your client.
We’ll see you home.
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