michael | Michael Sheargold

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The 7 Fundamentals of Winning Negotiation

Every successful real estate agent is a successful negotiator!

Many agents go about negotiation the wrong way, sometimes by being overly pushy, in it for the wrong reasons or even backing clients into a corner.

Trust me, this is the wrong approach to a negotiation strategy!

At TurningPoint, I go through 7 Fundamentals of Winning Negotiation and I want to briefly share these with you today.

These fundamentals can set you in the direction of being the best negotiator in your agency and area – whether you are well established or just starting out in the biz.

Let’s get started…

1. Your Personal Values

Integrity and honesty rate high on clients’ wish lists when selecting an agent, so you’ve got to walk the walk if you’re going to talk the talk!

You’ll get caught out fast if you don’t.

By clearly defining your values, it is easy to make on-the-spot decisions when talking with sellers and buyers. Have lines you will never cross and make it clear to your clients these are the ethics you stick to.

The key isn’t to simply promise these qualities as a way of winning business, but to demonstrate with each client, whether they are buyers or sellers, this is what you will deliver.

2. Believe in What You Do

There’s no point sticking with the real estate game if you’re not a passionate player.

When you believe in what you say and do, people come to understand you’re true to your word.

This is no time for a lack of self-confidence in negotiation!

Ask yourself:
Do I believe in my own abilities?
Do I believe I act with integrity and honesty?
Do I believe I do my best with every client?

If you do not have this faith and belief in yourself, what’s holding you back? Try to tap into a positive and self-assured mindset – your customers will pick up on this as a measure of your credibility.

3. Superior Knowledge Base

Knowledge is power, and never more so than in negotiation.

Being informed is like wearing a coat of armour and being equipped with a bow and arrow – you can deflect every rebuttal and fire back with indisputable facts.

Take the time to hone your knowledge base of the current market and the true value of a property. This will make a massive difference to your confidence when you negotiate as you will always be equipped to have the last word.

4. You Don’t Sell Property

This statement might surprise you, but hear me out!

The fastest way to get what you want and grow your market share is to help other people get what they want.

So, you’re not selling a property, you’re helping someone to buy a property.

What you are selling is a lifestyle, a dream and the opportunity to take the next step on the real estate ladder and along the road to financial security.

People don’t care unless they know how much you care.

Connect with your clients on a personal level and get to know them before showing them how much better their life will be with your help.

5. The Law of Reciprocity

Give and you shall receive!

Another secret to being a good negotiator is to do it with a smile on your face. If you project positive energy as part of your negotiation strategy then there’s a far greater chance you’ll get a positive response and a positive outcome. Sell the benefits of the purchase and be the buyer’s friend.

6. WIIFM – People Buy Value

WIIFM is the radio station every single person on the planet is tuned into. It stands for ‘What’s In It For Me?’

Whenever you speak with a buyer or seller, tune into their station and talk in their language, not yours.

Highlight the benefits of a quick sale to your client and remind the client they’re making a long term investment, not only financially but in their own happiness.

7. Make Me Feel Important

The truth is every human being you meet wants to feel important.

Address this need! You will have to do it slightly differently with each client; which is why it’s worth taking some time to get to know them from the start.

By making people feel important, they’ll be more inclined to make decisions in your favour.

You may have noticed being a good negotiator relies on psychology and an understanding of what makes people tick.

It also requires the drive to make people happy – something the most successful real estate agents I’ve come across always say is the very best part of their job.

By being a good negotiator you are making dreams come true – yours as well as theirs!

Real Estate Results upcoming TurningPoint workshop is for agents and sales managers who are serious about developing the skills allowing them to rise to the top of their game. Visit TurningPoint to find out more.

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Feb

How to Succeed at Real Estate Negotiation

As a real estate agent, one skill you’re consistently honing is your power of influencing. Influencing is incredibly important in order to win more business and sell more real estate, however when it’s time for the ‘hard conversations’ it’s your negotiation abilities that will get you across the line.

In this article, I will share with you 6 tips to succeeding at negotiation which you can start using in your next negotiation.

Negotiation is a game based on psychology. You must know your client’s motivations – what matters to them, what motivates and inspires them (all the details about their property goals) in order to help your clients arrive at a positive outcome.

You’re successful when your clients are successful. Negotiation for a real estate agent is a win: win situation

When you’re starting out as an agent, it’s easy to rely on the “wrong” methods to get the sale price you and your vendor want. Bullying or goading your clients into a decision does not a good negotiator make – and it goes against the long-term strategies I work through at TurningPoint – strategies like How to create clients for life, How to generate repeat business and How to enjoy amazing referral work to name a few.

So, what are the “right” methods you need to succeed in negotiation?

Let me share with you what I have discovered over 20+ years as a High-Performance Real Estate Coach working with agents, teams and leaders on successful negotiation steps:

1. Motivation

Why does your seller want to sell?
What has made your buyer decide to buy?
Is it for work, family or financial reasons?
Are they upsizing, downsizing or making a big lifestyle change?

Understanding the motivation of your seller as well as your buyer is the strongest influencer you can have. By asking questions to uncover their motives, you’ll be giving yourself great big clues on what is going to help them commit and put you to work!

2. Property Fit

Every buyer has different needs. Understanding these needs will empower you to guide them towards the right property that suits their needs the best.

Think about this: if a property doesn’t fit a buyer’s requirements, should you really be selling it to them?

The answer is no – they’ll hardly be singing your praises when they realise they have made a bad decision.

When you’re in the midst of a negotiation, you should be able to seamlessly and honestly present all the reasons why the property suits your buyer and how it works into their property goals.

3. Price

The seller wants to achieve the highest price possible.

The buyer wants to pay as little as possible.

You, as agent and negotiator step in to find the sweet spot between the two; where both parties walk away feeling as though they have ‘won’.

Knowledge and education are key when it comes to settling on a price.

Why should the buyer pay an extra $10,000? How will it benefit them in the long-term?

Why should the seller settle for $10,000 less than the amount they had in mind?

You need to be informed with solid facts about their mortgage payments, forecasts for future price changes and every possible reason for flexibility at both ends.

Special tip: It’s this part of the conversation that some agents struggle with. My advice is to practice, practice, practice your dialogues. Set aside time with your team each week to practice your dialogues so you are not practicing on clients. RER Network Members: Use your role play cards and RER Network football.

4. Terms

It’s not always all about money!

A longer or a shorter settlement, garden equipment being left with the property, appliances, furniture…

Assume everything is negotiable and you give yourself and your customers a much larger platform to stand on.

Be flexible, be creative and be open to suggestions – anything is possible!

5. Scarcity and Urgency

Scarcity and urgency are two of the strongest internal ‘psychological triggers’ and when used in the right way, are powerful weapons in a negotiation.

This is why the auction process is so successful in creating sales records – it brings out the competitive natures of even the most placid buyers!

Find the reasons why the buyer should feel a sense of urgency; be it interest rates skimming the ground, no new apartments are being approved in the area due to new council legislation or simply because property is scarce. The key here: know your local area, its market and know it well!

You don’t need to intimidate your clients with false scarcity and urgency or push them into a decision – your goal here is to help them understand why NOW is the time and THIS is the property.

6. Perspectives = Stepping Into Their Shoes

In the case of negotiating real estate, it’s your job to clearly think about what the negotiation looks like from both the buyer and the seller’s point of view.

By stepping into their shoes you will understand where your clients are coming from and gain perspective on what they are thinking and feeling.

Knowing their personal goals provides insights into the roadblocks they are putting up in front of you and will help you break them down.

Think about these tips before your next negotiation, practice your dialogues, be the most equipped agent in your area with local market knowledge and watch your results improve.

Learn more about increasing your influencing ability and your negotiation power (even if you’re just starting out as an agent) so you can win more business, sell more real estate and make more money, by joining me at TurningPoint in May. For more information and to take advantage of the early bird ticket rate, click here.

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Jan

How to Become a Power Influencer in 7 Steps!

As a well trained, incredibly professional, high-performing real estate agent you will already know your number one priority is helping your clients get what they want.

Why? Because the fastest way to get what you want is by helping others get what they want (especially in real estate)!

You are there to help lead, help and drive your clients towards their property goals, whatever they may be.

The practice of becoming an amazing influencer doesn’t mean forcing people to make decisions! Becoming a better “Influencer” means you can more confidently and purposefully help your clients to achieve the best possible outcome.

It’s a win: win!

The skills needed to becoming an amazing influencer are easy to put in practice and you will gain more knowledge and skills the more you use them.

When you practice these skills your clients will admire and respect your advice. When the big questions appear, you will have done the hard work to ensure your clients trust you, appreciate your feedback and guidance and are willing to work with you to make it happen.

The 7 steps I’m sharing with you today are a sample of some of the key influencing steps I work through with high-performing agents at my upcoming 2 day TurningPoint workshop.

7 Steps to Influencing Power

1. Rapport

Building rapport (fast) with your clients gives you both common ground to start and continue your relationship, but what does ‘rapport’ really mean?

Basically, when you first meet someone you’re asking yourself:

“Do I know you, I like you, I trust you”?

When you build rapport with your clients, allow them to feel comfortable and safe with you, the answer to these questions is a very fast “Yes”.

If you have a rapport with a client it also means you are able to relate to each other. In the real estate business, you need to be able to relate to so many different styles of people, from tech-savvy first home buyers, to overwhelmed downsizers and ambitious investors, all of whom you will encounter repeatedly during your career.

By establishing rapport your clients will be more likely to listen to what you have to say, respect your guidance and advice.

2. Framing

When you ‘set the scene’ you are ‘framing’. This means what you say before you present an offer creates a picture your buyer will either accept or reject.

A key element of framing is outlining the benefits of any situation. When you state the positives before you launch into specific details with your clients, it can make all the difference between deal and no deal.

When you really get to know your client and their key property goals (remember your main concern: getting them what they want) you will know which benefits will resonate with your clients best and help them move towards their property goals with more speed and accuracy.

3. Questions

I’ve mentioned this before as part of an influencing strategy – you have to step into your client’s shoes to truly understand what is motivating their decisions- and to get into those shoes you need to ask questions!

What’s more, ask the right questions.

High-performing real estate agents are typically very good at speaking with their clients, relating and sharing stories. However, it is those agents who also take the time to ask key questions, pause and listen to the responses who learn a lot which can then be used through the process of a sale.

Given they’re the right questions, they can make your clients feel important and help to build rapport.

Showing your clients you really care about their experience and their goals is a massive step to becoming a powerful influencer!

4. Pausing

Sometimes, saying nothing is the most powerful thing you can do!

Once you have presented the facts and stated your case, your next tactic should often be simply to stand back.

Too much pressure can make people hesitate and you don’t want to be the ‘pushy’ agent. Being able to pause is also showing your clients that you want to listen to them.

By giving your client room to mull over the points you have made and think about the benefits you have presented them with you are showing them respect and powerfully

5. Listening

Listening is the natural next step from asking questions. It’s a highly undervalued skill, particularly in our industry!

Hear what your clients are saying and repeat it back to them to clarify and demonstrate you understand what they have said to you.

By listening to your clients, you’ll uncover information you can take forward into the negotiation phase, making it smoother for everyone involved.

6. Because

Forget ‘please’!

‘Because’ is the magic word for real estate agents!

From a young age, we are conditioned to it – ‘because’ precedes a valid reason to act (or not act as the case may be). Take control of this word and use it when you are going through property negotiations and you’ll find you are able to have more power and influence.

A note: When you say “because”, you need to have rock solid information, statistics and reasons for prompting action from your client. Don’t be wishy-washy!

7. FAB Formula

During negotiations, you will be highlighting features such as proximity to shops, having a double driveway and facing north to your buyers.

But this might only get them so far as to say “so what”. The FAB formula turns features into advantages and advantages into benefits.

For example:

“This house is closer to shops than a similar one for sale a few blocks away. This means you’ll save on petrol, which gives you more money to spend or put on the mortgage. In the long term, this proximity will allow your house to hold its value better than others.”

Remember your client is always listening to WII-FM – which stands for ‘What’s in it for me?” Show how this property will deliver in spades and you’ll be on track to gain their commitment as a buyer.

Ready to learn more and increase your power as an influencer? Win more business, sell more real estate and make more money by joining us at TurningPoint coming up in Melbourne in May. To find out more, click here.

Jan

How to Stand Out With 5 Key Real Estate Marketing Videos

Standing out in a crowded market and becoming the agent of choice in your area requires a lot more than having excellent negotiation skills and getting good results on auction day.

There’s a whole swag of other tools you can utilise, the most impressive of which is Video.

I’m sure you’ve heard about how video the ‘next big thing’ in real estate.

It’s safe to say, video is not the next big thing – it is THE thing!

According to an Australian Retailer, real estate listings that include a video receive 403% more inquiries than those without and Forrester researcher Dr. James McQuivey estimates that one minute of video is equal to 1.8 million words. (Source: Insivia)

You can start using video as part of your strategy to become the best real estate professional you can be – even if you’ve never used video before.

In fact, if you’re a video novice, now is the best time to get started.

Why? Video helps you to:

Increase the likelihood of potential clients seeing your listings (as you can post video on a number of platforms and increase your reach).
Add value, information and education for your clients (to help you stand out as an authority figure in your area).
Create connections in your local area with your local market (video allows you to build trust and consistency in your message).
Showcase you, your agency and your properties in a way that images and text cannot compete with.
Most importantly: Video inspires action!

So, where to start?

With one or all of the following – preferably all, because we’re aiming high here!

Market Wrap Video

Property is a hot topic, no matter where you go.

Everyone wants to feel like they have the latest insider info on what’s going on in their market.

This is important stuff for potential clients who are teetering on the brink of buying or selling.

A succinct but information-packed market wrap will influence people to take their next step on the property ladder.

Be honest in your video, share the facts and finish up with a strong call to action reminding your clients they will be missing out if they don’t ACT NOW.

Example:

Listing Video

According to research from Australian based video and tech company Unruly, enjoyment of video advertising increases purchase intent by 97% and brand association by 139%. Why? Because video triggers strong emotional responses.

Pictures of a property are well and good however, a well-produced video creates an emotional connection.

In your Listing Video make sure to:

Show the address of the property
Showcase the home itself in a beautiful, clean way
Show the grounds, the gardens, the yard, the front of home
Make special note of all the interesting or unique things about the home
Play some interesting and calm music
Let the video tell a visual story
Include movement/people/pets in the video
Include your contact details and a clear call to action

Another idea is to record yourself or the current owner simply chatting about why they love the property and you’ll make the idea of owning it much more real to the people sitting at home browsing the internet.

Your potential buyers will start to see themselves in the home, making dinner, having friends over for a BBQ, and they’ll be picking up the phone to speak to you in no time.

Test some of your listing videos. Experiment with you as the agent introducing the property and talking about it’s features in greater detail.

Examples:

Profile Video

A good reputation can is the result of the great relationships you’ve built, and a profile video is an excellent way of reinforcing your reputation.

Profile videos also help you to become an area specialist.

Introduce yourself, share what you love about living in your community and gather some testimonials from your best clients.

When you do this, you’re creating a celebrity effect. People see you on screen and they feel like perhaps they could be your friend. By the time you finally get to shake hands, the initial introductions have already been made.

90% of information transmitted to the brain is visual, and visuals are processed 60,000X faster in the brain than text. Creating and sharing your agent profile video makes you as instantly recognisable as George Clooney or Sandra Bullock 😉

Example: http://industriemedia.tv/portfolio/video/agents/

Agency Profile Video

Agency Profile videos are important, especially if your agency is not one of the better known brands in your area.

Like a profile video, it introduces you to clients before you meet, and here’s one people overlook all the time, Google owns YouTube, so Google loves video.

According to Forrester Research it is 50x easier to achieve a page 1 ranking on Google with a video. Wouldn’t it be nice to have your agency website at the top of the page when someone searches for ‘real estate [your area]’?

Video is one of your best weapons in the fight for great search engine rankings.

Your Agency Profile Video is an excellent way to introduce your team, what’s different or unique about your team and brand, what you love about your area, your values and your vibe. Potential buyers connect through emotion and your profile video allows you to start that relationship.

Example: http://www.cunninghamsre.com.au/about/about-us.php

Case Study video

Case studies are testimonials on steroids!

You’re not only sharing your great results and how happy the client was, you’re taking the viewer on a journey of exactly how you achieved such an amazing result.

A case study is a timeless piece you can share on social media and also reuse each time you pitch to new clients.

This provides social proof, sharing how people are satisfied with what you do and introducing clients to your methods.

Videos are shared exponentially more than text and images. According to forecasts from Cisco, internet video traffic will be 69% of all global consumer Internet traffic in 2017.

There you have the 5 marketing videos that are designed to help you stand out in your market place. I strongly urge you to start planning for and recording these videos asap!

Real Estate Results is a proud to partner with Industrie Media for our video needs. Contact the team at Industrie via their website: industriemedia.tv

Dec

How to Gain Rock-Solid Commitment From Your Clients

Your mission; should you chose to accept it is to create change for your clients.

You’re helping them move closer to their property goals: but first, you must gain their commitment to allow you to do this!

Commitment-phobic buyers and sellers are everywhere, and it’s understandable: a recent UK study shows that buying or selling a house is just as stressful as getting a divorce.

For some of your clients, buying or selling a house is a HUGE transaction and if they’re unclear, uneasy or confused for any reason, they’re likely to be uncommitted or struggle to commit.

It’s up to you as the professional to help your client’s through this process seamlessly.

Create ease, explain the process and gain the commitment to move forward. Take it from me; gaining commitment is vital.

It’s something the best real estate agents are very good at and when done well is something that can make a massive difference to your business!

Today I want to share with you my 7 Secrets to Gaining Rock-Solid Commitment from your clients.

1. Stack the Value

It’s natural for your clients to become distracted by price – we all understand budget is a factor! To gain solid commitment from your client, help them understand the value to them in the deal.

This is where you must understand their goals and motivations.

What do they want? Is it stepping up their investment portfolio, or a home in the right location?

Provided you understand your client’s goals and you completely understand what your clients perceive as valuable, you can then present the deal in terms of how they will benefit. When your clients see the value – the value you have highlighted to them – they instantly become more committed to achieving their goal.

Once you have “stacked the value” your job will simply be to work together, and help them achieve it.

2. Confirm Fit

Whilst stacking the value can be very effective, to gain a deeper commitment the next thing you can do is make sure your client is really committed to the deal.

By simply asking the following question, they will further convince themselves as they answer it:

“Do you agree this is what you want?”

This is almost a psychological trigger – by allowing your client to give a verbal confirmation (out loud) they will cement the intention in their own mind.

At this stage, you want to maintain the positive momentum you’ve created with your client by helping them towards achieving their goals (so our first point about knowing what their goals are is an important one!)

3. Future Commit

Creating a deadline, or a time for action to be taken can be a powerful motivator.

So set a date! You can use dialogue like:

“Let’s put your property on the market starting from next Friday” or

“You could be moving in exactly five weeks from now”.

By helping to make their property goals more real and tangible, you are firming up your client’s intentions to follow through.

This is gaining super strong commitment! Setting a date moves you from speculation to action.

4. Conditional

For some of your clients, buying or selling a property can be a once-in-a-lifetime transaction.

It’s not something they do every day so there is the potential for overwhelm – and subsequent in-action – which means they can get stuck.

Helping your client move through the conditions in order to complete the process is helping your client get closer to their property goals: and that’s what you’re here to make happen!

Lead them step-by-step through the process:

“What needs to happen next to secure finance so we can look at putting in an offer?”

“Let’s get a painter in next week so we can list at the beginning of the month, I know a great company…”

Most of the time people will feel relief when someone takes the reins to guide them through the hurdles of buying or selling.

If your clients are ‘stuck’ on a certain point and you feel they may be using as an excuse not to commit, remember: you’re the expert here!

Step up and help them through whichever process they’re unsure or uneasy about.

5. Next steps

This is a more proactive version of the previous secret.

Here’s the trick: focus on what needs to happen next.

Do this by keeping your client focused on an action:

“To be ready to list next week, all we need to do is…”

By breaking the process down into small actionable steps, your client can relax knowing your experience will guide them to the desired outcome.

6. Direct

There’s nothing wrong with being direct and getting to the pointy end of the conversation clearly and confidently!

You can ask a seller…

“Are you ready to put me to work?”

You can ask a buyer…

“Why don’t you buy this property?”

The direct approach will allow you to identify if there are any issues getting in the way of moving forward.

For your clients, once you have established rapport and you’ve built the foundation of your relationship, a direct approach can land really well, however, if you have not put in the steps to gain their trust, understand their goals and really key into their values, a direct approach can land as a little pushy.

It comes down to you understanding their motivations and their end goal. Once you have this, you can be confident in the fact you are the best real estate professional to help them achieve their goals.

[Remember: it’s the best trained, best equipped agents who stand out against their competition and make it really easy for clients to commit to them! For more information on how to become this agent, click here.]

7. Assumptive

This ‘secret’ of positive reinforcement is powerful, but it requires caution.

Keep the assumptive in your thinking – it allows you to be optimistic in the way you go about your negotiations.

Remember – you belief is transferred in everything you say and do when you are negotiating.

Phrases like:

“I’m really looking forward to helping you own this property” and

“I can’t wait to get this one on the market for you” almost presents it as a done deal.

If your clients are leaning towards the right decision it might just tip them over the edge.

Don’t go overboard… but always be positive!

There you have the 7 Secrets to Gaining Rock-Solid Commitment.

Use these secrets to massively step up your game and become a high-performance agent.

Remember: you’re creating change for your clients, you’re a part of their lives for a stressful moment in their lives and I think you can see sometimes it’s just subtle changes in your approach, your dialogue and your process that will see BIG shifts in your results.

If you’re serious about seeing huge changes in your business and want a step-by-step map to follow for all your negotiation, listing, selling, buyer and seller management strategies I urge you to invest your time with me at TurningPoint: it’s two full days of coaching with me, after which you will walk away with a whole new results-driven system to use right away. It’s the best investment you will make in your real estate career this year!

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Nov

The Best 7 Strategies for Handling Objections

The best way to get what you want is to help your clients get what they want!

In an ideal world, all your clients would listen to what you have to say and then take your advice. You’re the expert after all!

But let’s face it… we’re not in an ideal world.

You might be wondering how to deal with the buyers and sellers who feel the need to question your every recommendation and who want to negotiate, negotiate, negotiate.

These customers don’t have to be the thorn in your side!

At the end of the day, they just want to feel heard and know that they’re getting the best value for their money.

So today I want to share with you The Best 7 Strategies for Handling Objections.

The I’ve seen it a thousand times… your sales strategy, your rate and your marketing spend all come under fire from fussy customers.

They want to get more and pay less… and boy are they going to make you work hard for it!

So what do you do when someone keeps blocking your every move?

Well, there’s a series of steps to overcoming client objections that when implemented, will help make your client’s decision to list and sell with you a lot easier!

Remember the goal – to help get your clients what they want – you get what you want.

Articles like this one and videos are excellent at bite-sized chunks, however, to really feel empowered with new strategies at your fingertips I would strongly urge you to join me at the next TurningPoint. Basically, if you want to use the best influencing strategies, the most connected community strategies, standout generating strategies, amazing listing strategies and key selling strategies – that work in any market – then you need to be at TurningPoint.

To help you right now though…

Here are The Best 7 Strategies for Handling Objections:

1) Pause and ignore

Sometimes saying nothing is the best tactic!

Let the client keep talking and they may well answer their questions themselves. Often buyers and vendors try to hide their interest by coming up with objections, so they might not even be valid.

2) Acknowledge

As I mentioned earlier, people want to feel like they’re being heard. So repeat back to your client what they’ve said to make it clear that you understand exactly what they’re worried about.

Let them know – they’re not the first to have these issues… and they’re also not the first to have those issues addressed to achieve success in their real estate transaction.

3) Isolate and park

Here’s a question savvy agents ask when they encounter an objection:

“Is this your only concern?” This alone is a powerful technique to help you move forward in a deal.

“Let’s come back to that shortly” is something you might find yourself saying often as a way of ‘parking’ the objection. Your client might find their objections are addressed by the time you finish your presentation.

That being said, a great agent doesn’t ignore what his client has to say. Always, always make time for questions!

4) Question and challenge

Remember TV detective Columbo? Often he got criminals right where he wanted them, simply by asking a lot of questions.

Get clarity on your client’s motives by asking them to explain their concerns in more detail. They might back themselves into a corner!

You can question and challenge without coming across as confrontational (we go into this in more detail in my training sessions).

5) Reframe

Sometimes you need to change how someone is viewing a situation. Here are two reframes elite agents keep up their sleeve:

“Perhaps another way of looking at this is…”

“I understand how you feel, in fact, others have felt the same way. But what we have found is…”

It’s all about perspective, after all!

6) Suppose… would you

You know it… every option has a solution!

Say to your client “Suppose we were able to address this issue…. Would you then be in a position to go ahead?”

Have your no-brainer solution ready to go so they have no more moves but to play into your hands.

7) Case study

Examples, examples, examples are key to overcoming objections.

Share your most recent success stories, display clear data and create some situations your clients can relate to. Paint a clear picture of the results they can expect by working with you, and ask them if this is what they want for themselves.

Case studies are one of the most powerful tools you can use in many negotiation situations.

You need to develop a library of case studies – both success stories and horror stories! Practice these with your colleagues so you can use them well.

Every time someone objects to something you have to offer, make a note. Come up with a response so you’re not caught off-guard and you’ll be able to confidently undertake difficult negotiations with even the toughest of clients.

There you have The Best 7 Strategies for Handling Objections which you can implement right away in your business to see big changes in your negotiation process.

Think about what it would mean for you to confidently work smarter, win more listings, sell more property, become more tuned in to your market than your competitors and become the clear Number One Agent in your area…

TurningPoint has the power to help you achieve this goal. Visit the TurningPoint website here, or call the team now on 1300 273 785.

Nov

How to Successfully Follow Up Your Clients (and get what you want)

For real estate agents “Follow Up” is one of the most important and effective strategies you can use to win more business and sell more real estate.

Great news is, Follow Up is also one of the easiest strategies to implement and has some of the best cut through results – why? Because most agents do not take the time to do it!

Think about this…

80% of sales require 5 follow-up phone calls after the meeting (Source: The Marketing Donut) yet only 44% of salespeople give up after one follow-up. (Source: Scripted)

So how can you take the steps to master follow up, win more business and sell more real estate?

Well at its core the art of follow up is about nurturing, communication and consistency. So in this article I’m sharing with you 4 Follow Up Strategies, which you can use immediately to see instant results.

Here are 4 Follow Up Strategies to help you to propel your network and your listings:

1. Open Home Follow Up

All those fantastic new contacts, waltzing through the door! Now is the time to start making beautiful friendships. You don’t have to have a lengthy conversation with every buyer on open day, you only need to make sure you answer any questions they might have.

Also make sure you get a phone number and email address for your business base!

In this case, an email is a great way to formalise your introduction. Include some more enticing photos of the property, key facts about the home, and make mention competition will be tight for the property.

In my experience, while emails are good, phone calls are excellent for rapid rapport building.

A phone call gives the buyer a chance to ask any questions they may have missed on the day. It also gives you the opportunity to uncover their property goals; what they’re looking for, when they’re looking to purchase, are they looking to move areas, are they looking to change over, what are their goals?

Keep in mind that 80% of calls go to voicemail, and 90% of first time voicemails are never returned (Source: RingLead) and 93% of converted leads are contacted by the 6th call attempt (Source: Velocify) so leave a message and call again!

2. After Listing Presentation Follow Up

Once you have made your listing presentation, now is the time to ramp up the communication.

Touch base with your prospective clients over the phone after a day, or a couple of days to work through any objections, investigate how they’re feeling about the decision, what they need to know to move forward and how to sign them as a client in the best possible way for both of you.

Remember, the easiest way to get what you want is to help others get what they want.

Arm yourself with key dialogue where you explain why you and your agency is the best possible decision for them, examples of the prices you have achieved recently for other clients, any points of difference you have in your market (ie your agency is a RER Network Member and what that means to them). Essentially you want the decision to list with you a super easy one.

At TurningPoint I guide you step by step through the steps to listing success and securing the listing at the point of the listing presentation.

If the vendor decides not to list their property with you at this stage, it doesn’t mean it has to be the end of your relationship.

You might have a property listed they are interested in buying, their relationship with the agency they’ve decided to list with might fall apart, they might decide to list again in 6 months time, so keep them on your business base and stay in touch, particularly if you notice their property is slow to sell.

You never know, you may still get the opportunity to be the agent who sells their property!

3. Post Transaction Follow Up

Accounts are settled, papers are signed and keys are exchanged…but you still have work to do!

Providing your vendors with a thank you gift such as a restaurant voucher will help you to stick in their memory and help you maintain your future relationship (remember your client for life mentality!)

By ensuring you’re sending your new buyers a bottle of champagne, a bunch of flowers or a booklet of vouchers for local businesses is the kind of icing on the cake top agents offer their clients.

It’s a small gesture but it can make the world of difference to your long term reputation as a real estate leader in your community.

With this strategy, consistency is key. Once you have handled a property transaction for a client you should continually be reminding them you are their agent of choice, no matter how much time passes between buying and selling.

Something I share with all the real estate professionals who join me for any of the real estate agent training and coaching courses we run at Real Estate Results is this; there are so many clever and standout ways to maintain visibility and nurture your relationships.

With all the communication options available to us right now, a lot of them automated to save time, there’s really no excuse!

Here are some ideas:

Be active and visible on social media posting valuable and informative content (not just spamming your upcoming open homes and listings)
Send regular Email newsletters (this is why it’s so important to collect email addresses at your open homes and have a subscription sign up on your website)
Regularly send physical mail (this can be updates on the local market, end of year wrap, end of season wrap, etc)
Send a text messages to your client on the anniversary of their purchase (just a friendly reminder and congratulations)
Pick up the phone (you can place calls every 6- 12 months, just to touch base and see what’s happening and if they have any property goals they’re looking to achieve that you can help them with)
Offer them a free property appraisal offer so they can understand where they sit in the market

This is about nurturing your clients. Try to keep in mind that one client does not equal one client. They equal all their friends, their family, everyone in their circle. So getting this right can impact your immediate sales results and also your long term sales results.

4. Referral Follow Up

If you have been introduced to a potential new client from someone in your circle of influence or a current or past client, always connect with the referral, introduce yourself and think about how you can help them.

They might appreciate a free appraisal or some advice on their potential as a property investor or they might just want to know an agent so when the time comes for them to buy or sell they know who to turn to.

Here’s the secret the most savvy of agents are in on – when you meet someone new, you don’t need to immediately spout your latest and greatest sale results.

Instead, find out what about their property goals and supply them with the information they need to take the next steps. Then you can maintain the relationship and let them know you can send them market updates, connect with them on social media, basically ‘become visible’ in their world.

You want to ensure they come to think of you as their agent, their go-to person for all things property and real estate and be ready when they need you. Also – thank the person who’s introduced you and maintain that important relationship with reciprocity and respect.

There you have 4 key Follow Up strategies to start implementing immediately. Let me know in the comments below what you favourite Follow Up strategy is and what kind of results it’s created for you?

The art of the follow up is integral to any real estate training and at TurningPoint we go through some simple yet effective steps to help you achieve seamless follow up across all areas of your business.

Nov

How to Become a Real Estate Area Specialist

Do you want to win more listings?

Make sure you stand out as the specialist in your area by implementing these 4 steps.

The fastest way to attract more clients and sell more property is to become THE go-to real estate agent in your area.

In this article we will share with you the 4 key steps to becoming a real estate area specialist, plus why you should aim for this goal.

Firstly, think about the type of agent you really want to be….

Do you want to be the agent who wins the most listings, sells the most properties?

Do you want to get quoted in your local media, become a visible leader in your community and have every other agent scrambling to keep up?

Do you want sellers knocking on your door, already sold on the fact that you are the best person to sell your property?

If you’ve graduated TurningPoint you will know; to truly be the best, you have to be prepared to put in the hard yards to get there.

I’ve not yet encountered a single agent at the top of his or her game who hasn’t put in a great deal of work and focus into setting the benchmark for being the best in their local area.

The great news is, by setting that goal and by following some simple steps, becoming an area specialist is highly and quickly achievable.

Why focus on local?

When you become a visible area specialist, you are setting yourself apart from your competition and giving yourself a key point of difference in your market.

What’s more, it translates to real estate gold; word-of-mouth referrals!

Your local area is full of potential buyers and sellers. As an agent you fulfil a much needed community role, you are the person your community turns to when they need to buy or sell a property – so make their decision to work with you an incredibly simple one.

When you stand out in your community as the agent who has their finger on the pulse, the agent with the best information, and the one with the greatest knowledge, you can have the most powerful conversations.

So let’s dive into the 4 steps to becoming a real estate area specialist and grow your market share.

1. Gather the history of each property you sell

I’m talking about a lot more than the price history here. You want to introduce your buyers to the home in a powerful way so you can gather key history such as:

Previous owners (are any of the previous owners important/known/famous)
When the house was built and what was unique about it at the time (the original owners built a fireplace that is still in use through winter and warms the entire home)
Local area information and how it relates to the particular property (for example: did you know this was the second home built on this street?)
If the house has any stories that can help buyers to emotionally connect with it when you meet them on open house day.
What the current owners love about this home (the current owners have really enjoyed the garden and made it a central entertaining area.)
Any major repairs or renovations that have been carried out recently (go back to the history with things like where the kitchen used to be)
Any plans that have been approved by council for the home but haven’t happened yet (there is approval to build a carport/granny flat/pool etc)
Any council plans for the local area (in the next 2 years the local council has committed over $X to X activity)
What are the nearby points of interest? So things like schools, universities, local parks, beaches, libraries, shopping centers, restaurants and cafes. (For example: Great news: it’s a 5 minute walk to Bar Beach)

The goal here is to help buyers feel like they have little known information about their soon-to-be home and are connecting with its history.

2. Form genuine community connections

How many people do you know locally?

I can tell you now; it’s not enough!

To truly be the stand out specialist in your area you need to be the person who knows everyone – not just know about them – but really get to know them.

Chat to local business owners and come to understand the challenges that they are facing.

Integrate their services into yours by forming meaningful partnerships.

What you are doing here is creating your Circle of Influence.

3. Stay ahead of local developments

In the past, I’ve found the agents who know the most, sell the most.

Information about new developments, infrastructure changes, school catchment areas and council bylaws should all be stored in your head so you are ready to answer any questions you are asked.

What’s more, to be the font of all local knowledge, you should be regularly scouring sites like CoreLogic.

You can also check places like Microburbs to find stats gleamed from the Australian Bureau of Statistics.

Drive to the office a different way every now and then and look around at what is happening in your area – have your finger on the pulse.

4. Be visible and communicate

The more time you spend out of the office, the better.

Have you ever heard the expression ‘out of sight, out of mind’?

It definitely applies to agents who want to nail their local market and retain that all-important repeat business from their community.

Leaders in real estate keep themselves in the spotlight at all times by turning up to local events, by sponsoring community initiatives and by simply taking the time to say hello and ask people what is happening with them.

Something that I share repeatedly during any of my live training workshops is that setting yourself goals and creating a strategy will keep you on the right path.

Make a plan for regularly communicating with your area that you are THE person, the go-to agent who knows the neighbourhood inside-out and upside-down.

There you have 4 steps to becoming a real estate area specialist.

These steps will help you stand out in your market, become the go-to real estate agent, and grow your market share.

A final tip from me – instead of communicating and posting your latest listings and open homes on social media, communicate your love and interest in your local area.

Strategies as simple as sharing snaps of iconic local places and sharing the story behind them serve to keep you front of mind while giving your community something to feel proud of about their suburb.

For even more strategies on how to become an area specialist, step up to your best ever results and be known as the Number 1 Agent in your market, click here.

Sep

To Get More Clients, Make More Friends!

Transactions pay bills, relationships build businesses.

If you are a principal I think you would agree, you can’t be successful in the real estate industry and not be a people person. This is partly because trust is such a huge factor – your clients are putting their biggest asset in your hands with the understanding that you will do what is right. You need to genuinely want the best for them in order to manage this responsibility.

“Business success depends, like any relationship, on personal connections. Building trust, understanding the client needs, and connection are essential”

The necessity of being a people person is also because the true greats of real estate have long-standing relationships with their clients. This is essential in the property game more than any other business, because each client’s transactions are spaced out with gaps of up to ten years.

After many years helping real estate businesses succeed, I’ve noticed that any real estate agent worth their salt doesn’t focus on generating transactions, but instead puts time and energy into nurturing relationships. Real Estate might look like a numbers game and it feels good to be at the top of your game, but if you want to stay that way your customer service has to come from the heart.

Making those personal connection, building trust, and understanding client needs is essential for longevity in real estate. Here are five quick ideas to allow you to demonstrate that your clients mean something to you.

1. Ask questions (and listen to the answers)

Find out what makes your clients tick. Get an understanding of what they do for a living, their passions in life and what things mean the most to them. Jot down a few notes in your CRM to jog your memory for the next time that you speak and refer to what they’ve told you in the past during your conversations.

If you are like me and truly love getting to know people, you won’t need the notes with your best clients.

2. Share your contacts

Most vendors have a high sale price in mind, but not much of an idea of how to achieve top dollar. As well as providing the standard advice of decluttering, freshening up the paint and tidying the garden, put your clients in touch with your network of trade providers. Get them a great deal on that deck repair and introduce them to the best tree pruner in your area. This will take a huge amount of stress out of the selling process for them.

3. Go the extra mile

As with your family and close friends, you don’t have to spend a lot of money to demonstrate that you value your relationship with someone.

Additional and unexpected services can really make an impression. Make the process as smooth as possible for your vendor; help them present their property to the best advantage. For example forming partnerships with local services such as interior designer and landscapers to help prepare houses for sale so your client has a few less things to think about.

Moving day for a new homeowner can feel like a footnote to you – however this is an oft-overlooked opportunity to leave people with a very favourable impression of your agency. A meal voucher at a local restaurant, fresh flowers or a complimentary pre-move cleaner will make people feel cared for – and give them a reason to refer you to their friends.

4. Refer them business

Friends help each other out. Your position as a real estate agent also enables you to be a matchmaker extraordinaire. Got a client who does interiors? Introduce them to the couple who bought that fixer-upper. Put the client who mentioned he’s starting a business in touch with the vendor who specialises in marketing for start-ups.

Use your client’s services yourself if you can and make sure you give them a great recommendation on platforms like LinkedIn. As they say, “what goes around, comes around”.

5. Provide helpful information

Even though most property transactions only happen every few years, the ever-changing property market is always a hot topic. Providing updates is one way to stay connected with your clients.

Create a newsletter that shares market updates with your clients and also gives them tips for maintaining their home, minimising their tax (if they’re an investor) and staying on top of trends for inside and outside their house. Remind your clients / friends that you’re never more than a phone call away if they have a question, even if they’re not thinking of selling.

If you are a principal and you want to discover more ways to create lasting relationships with your clients and build a brilliant reputation for your real estate agency at The Business of Real Estate conference – tickets on sale here.

Sep

Great teams are made of extraordinary people

Why a happy team is essential for a successful real estate agency

When it comes to your real estate agency team, a great saying to remember from Real Estate Leadership expert Megan Jaffe (Ray White’s #1 office in the world) is this:

“A good business contains great people, but a great business is created by extraordinary people”.

The business of selling houses attracts like personalities. During my years in this industry, I’ve found that at its best this can make for an enthusiastic, dynamic group within an agency. These are the agencies that really fly. At worst, there can be clashes between people who are vying for the same results in a commission-based field.

In any agency, whether it’s a small family owned venture, a franchise outlet or a boutique brand, you need a team that works well together in order to be successful. A happy working environment allows people to focus directly on their work. It can be challenging for an agency principal to establish the right agency culture, but it’s by no means impossible.

Over the years, I’ve noticed 4 key tactics that successful real estate principals and directors use to build and cultivate a successful team:

1. Hire With Care

When recruiting a new agent, don’t base your decisions entirely on merit. Evaluate any candidate’s attitude and ask detailed questions about their philosophy towards selling property in order to ascertain whether or not they will be a good fit.

Consider consulting with the other members of your team, including other agents and the business managers who will be working closely with them. They can give you their opinion on whether they believe the person will meet expectations while adhering to your agency’s values.

2. Get Together Regularly

I know all too well how easy it is to get caught up in your daily tasks. But holding regular meetings allows your team to share ideas, celebrate wins and reconnect with each other as colleagues – and as people.

Schedule a weekly, fortnightly or monthly catch up and make it casual by holding it in a local coffee shop. As well as talking about business, have discussions to refine your company mandate and encourage contribution from everyone on your team.

Don’t forget – not all gatherings have to be about work. Organising quarterly or biannual drinks allows everyone to relax and connect with each other off the clock.

3. Define Roles

There can often be overlap in the tasks for people around the office in a real estate agency, which is why it really helps to clearly define each person’s role in writing. Eliminating the confusion around who does what means that everyone understands what is expected of them and will be able to get through tasks quickly and efficiently.

For agents, you may find that to prevent them from competing with each other to win listings, there needs to be a strategy for dividing work by area or demographic.

4. Lead By Example

To foster a group that works together, is supportive and that celebrates each other’s’ successes, you have to present yourself as enthusiastic and every bit the team player. Focus on communication and display respect for everyone you come into contact with on a daily basis, regardless of their position on the team.

Transactional or relationship based? What kind of business do you want yours to be?

Learn how you can create your business to be more successful, enjoyable and impactful at Principal BootCamp.

Michael Sheargold michael