When Things AREN'T Coming Together...Aug 16, 2012
Four Strategies to Turn Things Around by Real Estate Expert and Speaker Floyd Wickman
I've been asked a lot by agents recently, "Hey Floyd, what do I do when things just DON'T seem to be coming together?" Ouch. That's no fun, I know and it's a problem facing agents all across North America. But you know what they say, every adversity has seeds of opportunity and the savvy agents are the ones who are asking the questions -- how can I make a change?
First, I would say, look at the reasons WHY deals are not closing. Understand why lenders are pulling back and changing the way they do business. The increased foreclosure rate makes them more likely to turn down loans and less apt to give the benefit of the doubt when it comes to appraisals. Understanding how the market is trending and what lenders require today allow you to be better prepared to do everything RIGHT so that you can keep more deals from going south.
Second, master the art of straight-line communication. It is more essential than ever that the buyer is met in the office, pre-qualified, pre-approved and PREPARED to expect the worst AND make a decision. Choose your words wisely. For example: “Mr. and Mrs. Buyer, we are going to start today with a meeting of the minds. There is a lot of inventory available, and I am going to ask you to make a decision if you find something you like—and to be reasonable when you make that decision. I am not in the business of helping steal homes. I am in the business of finding the right homes at the right price in the shortest period of time.”
I love to see agents get buyers pre-approved through their own suggested mortgage source, because it gives them more clout when it comes to keeping the process moving. In the case of a buyer who has been pre-approved elsewhere, you might say, “Mr. and Mrs. Buyer, if there is a better deal out there, it doesn’t hurt you to find out. Let’s talk to my lender and see what they have to say as well, and you can choose which works best for you.”
Remember, too, that “pre-qualify” does not just mean what is the best they are looking for, but what is the worst, as well. Find the urgency, and you can communicate the value of making a decision quicker and negotiate the subtleties of helping them accept rather than settle. In other words, accept a property and get settled into what they need, not necessarily all they want.
And the same with potential sellers. Learn to CONTROL the presentation so you can CLOSE for the signature!
Third, practice, drill and rehearse. The only way to get better in this business? Is like anything else. Practice. Top agents take more listings and close more deals because they have practiced so much that you could wake them up in the middle of a dead sleep with an objection and they'd handle it with ease. THAT'S the kind of agent you have to be in today's market.
Fourth, ditch the 'stinkin thinkin.' My 'big brother' Zig Ziglar always taught that to be successful in ANY business, you've got to stay away from what he called 'stinking thinkin.' I know sometimes it's easier to get sucked into the water cooler talk and the negative news than it is to fuel your mind and career with positive affirmation and good old fashioned skill building. But it is what it takes to take your career higher, to live with less stress and more balance and to ensure more things COME TOGETHER.
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