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Posts tagged ‘real estate best practices’

25
Feb

Eliminating the Variables. One Step Closer To Getting The Listing

photoHave you ever walked away from a listing presentation and thought “wow, I totally nailed that one” only to find out that the owners went with someone else? It’s happened to me, oh I don’t know, a dozen times. Then it happens….the self doubt…what went wrong? What could I have done different? Don’t beat yourself up about it. As they say, practice makes perfect.

At this week’s meeting I asked the agents a simple question. If you eliminated all the variables, could you get closer to getting that listing? The reality is that sometimes we lose listings for silly reasons. That listing was ours for the taking, but a minor slip up or misstep changed the seller’s mind. It could have been as little as an awkward glance or no maybe you didn’t comment on the owner’s antique doll collection as you were walking around.

So we decided to spend a little time talking about those variables. Take a look at the picture above. Do you have anything to add? It seems a lot of things we do speak right to being prepared….that’s a given. You have to have a shiny presentation complete with comparables, plus a solid marketing plan. Oh, and is your presentation on your iPad or is it a hard copy. You should have both or at least have a solid understanding of how to present to a potential seller before you get there. In our meeting we had two great examples of this point. In one case, the agent lost a listing because his presentation to a young couple was a more traditional paper version. In another case where the owners were elderly, the agent lost because his presentation was on paper as well. Why didn’t he get the listing? Because they expected the buyer of their home to be tech savvy and wanted to list with a tech savvy agent. As the Boy Scouts say…be prepared.

We need to know that some sellers are fickle. Being late for an appointment might be all the deciding factor between them choosing to work with you and the other guy. If you smoke, don’t have a butt before you walk in the door. Don’t show up to the house on your way home from the gym. Don’t chew gum and don’t have food in your teeth. These all seem like ridiculous points but simple hygiene, being well dressed, looking people in the eyes and speaking with authority will get you three-quarters of the way to nailing that presentation.

If you are going out to a condo listing presentation, make sure you are familiar with the building. Arrive early and talk to the concierge about the facilities. Maybe get a tour, take some pics. Knowledge is power in most situations. Come in strong, wow them with your knowledge of the building. At the end of the day, you can check everything off this list and still not get the listing. Another agent could swoop in with a promise of a higher price, or maybe you just got the call because you are the expert in the neighbourhood and they want the right price but they are going to list with their mother’s brother’s girlfriend’s best friend. If that’s the case you can bring them the buyer and they will refer you all kinds of business.

One final note. When you don’t get the listing, don’t sulk. Give the seller a quick call, thank them for the opportunity to present to them and ask them why they chose the other agent. Consider this conversation an exit interview. They probably won’t tell you it was your breath, but they might say the other agent offered to do more. Whatever the reason, it can only help you secure the next attempt.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and Director at Large for the Toronto Real Estate Board.

11
Feb

Going For Real Estate Gold

going for real estate goldOk, I can’t help myself. I’m a sucker for the Olympics. I love the ceremonies, the interviews, the back stories, the performances, and the replays. Just like ABC’s Wide World of Sports I like the ” thrill of victory and the agony of defeat”. So, I’m using the Olympics as a metaphor for real estate. A bit of a stretch? Well maybe…. but here goes.

So let’s say your dream is to represent your country in speed skating. It’s not likely that your going to head over to your local rink and skate around for a few hours and expect to walk on to the Canadian team. It’s going to take a lot more time, training, dedication and practice to get anywhere near competition ready. In Malcolm Gladwell’s book The Outliers, he talks about how individuals achieve greatness. His research indicated that to be exceptional, you need to repeat (practice) whatever it is you want to be great at for a minimum of 10,000 hours. Greatness comes in all forms, athlete, businessman, scientist and dare we say it…. even realtor.

If Gladwell’s numbers are correct then the goal of real estate mastery is easily attainable. Consider this; 40 hours of work per week X 50 weeks a year X 5 years = 10,000 hours. Now you just need to figure out what to do in those 40 hour work weeks and do it every week for five years.

I asked my agents to come up with a list that would fill in that time. Here’s what we came up with, in no particular order; take continuing education classes, attend meetings, inspect properties, write blogs, make phone calls, read real estate news articles, door knock, write post cards, show houses, write offers, negotiate deals, attend home inspections, oversee just listed and just sold cards and make sure they get delivered, attend conferences, conduct buyer and seller interviews, prospect, take clients for lunch, buy presents for clients, write thank you and birthday cards, spend time building your social media network and post valuable information on Facebook, LinkedIn, Twitter and Pinterest, oversee floor plans, video productions …really, we’re just getting started here. How many things could you add to the list? So here’s an interesting thing. Look at the top agents in your office and you will find that they do nearly all of this. They’ve been doing it for years AND they are the best in the business. Are you surprised?

But before we get carried away, let me just say that there should be some caveats to Gladwell’s 10,000 hour rule. For instance, making cold calls for 10,000 hours isn’t going to make you a real estate expert. To really stand out you not only need to understand everything about real estate, you need to know how to use your knowledge to create success and wealth for your clients. The reality is that in real estate, you don’t need to be a rock star (unless you want to be). Simply being an expert may still require thousands of hours of “doing” real estate related things.

So, hunker down for the next few years. The hard work has its payoff just like any Olympic athlete who trains for years just for a chance to stand on the podium.

mark mclean

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