One of the great things about being a part of the LinkedIn network are the wonderful posts that get shared around. Last week I read an amazing story by Peter Guber, the CEO of Mandalay entertainment and owner of the Golden State Warriors and the Los Angeles Dodgers. His blog post was about success and failure. You can read the full article here;http://linkd.in/ZlSsHP but the basic argument was that in order to win you also need to lose.
I kept this post on my tablet for several days while the premise sunk in. Sure I get it. What doesn’t kill us makes us stronger. There are probably a hundred other quotes with the same theme, but let’s tie it into the business of real estate. As salespeople, especially busy ones, we open ourselves up to disappointment on a daily basis. If we aren’t losing out on listing presentations, we are losing out at the offer table. If we aren’t getting calls from our newsletters we are getting negative comments on our blog posts (or worse, no comments at all). So why do we open ourselves up to such failure? Probably because on those days that we do win the rush is almost indescribable.
What’s the take away here? For me, it’s the notion that losing is actually good for us. I don’t want to say it’s about getting a thicker skin, or learning from our mistakes because in this business, that’s a given. The reality is that we get better from replaying those failures in our head. How many times have you lost at the offer table and on your drive home you think “oh, I should have mentioned that”. At the end of the day, winning in real estate is about playing the odds. It is nothing more than a numbers game. Simply put, you need to talk to a lot of people to build your client base. You need to make a lot of calls. You need to bang on a lot of doors. You need to hand out a lot of business cards. Well, there is a small caveat to this, you must have a reasonable amount of common sense, skill and knowledge, combined with a healthy dose of personality.
A very long time ago I remember going to one of those big US trainers. I don’t remember his name but he was a slick dude in a $3000 suit giving a presentation and then selling you the snake oil at the end. But there is one thing that I will remember. This guy broke down the process of cold calling into dollars and cents. If the average commission is $5000 and it took 500 phone calls to find that one person who wanted to sell, then every call made you $10. Does that even make sense? The trainer would say that every time someone hung up on you to could thank them for the $10. Yeah, I don’t know about you but that is a hell of a way to work through rejection. However,At the risk of sounding cheesy there is a lot of truth to the notion that every “NO” gets you closer to a “YES”.
I know it’s true but I actually have a hard time vocalizing it because it just sounds so cliché. So instead I want to leave you with some words from Michael Jordan, one of the greatest NBA players of all time. ” I have failed over and over and over again in my life. And that is why I succeed”. Check out the full article mentioned above to get some interesting statistics on MJ’s failures. Interesting stuff.
What did you miss this morning? A lot! Let me hone in on one topic that got the most attention; door knocking. We all know it can work yet many agents just will not do it. Call it fear of rejection, but done right, with enthusiasm and a good script, door knocking can reap huge rewards. So how can you overcome the fear of rejection? Four easy steps. 1. Have a reason to ring the door bell, that could include, telling people about new listings, recently solds, searching for a client, or simply letting people know about an upcoming event in the hood. 2. Be prepared. Before you head out, do your research. Know what has sold in the area (but don’t devulge prices), have recent real estate board stats ready, bring business cards, and a notebook to jot down notes. 3. Make sure you have a great “elevator speech” ready and practice it over and over. You only have a few seconds to make a good impression, so be presentable, freindly and factual. 4. Finally, make sure you have something to drop off. A one page newsletter is ideal. It should be on good card stock and professional looking. Remember, people want to know what their house is worth so statistics and a chart or two will go along way. Include details on the house you sold or listed and if you are trying to find a home for a client, give some details like; “I need a home for a family with two small children and a dog, so a nice backyard is a priority”. Maybe a picture of the dog might help. Obviously provide your contact details and your website information. Here is another small tip, leave a little space to write a personal message just incase there is no one home.