When a transaction goes bad and I get involved, the trainer seems to come out in me! As a trainer I do pick apart a dead deal to see where we have gone astray.
In most cases agents simply need to get back to basics to help prevent dead deals.
In most cases they were never transactions to begin with.
Certain steps were missed, yes let me say that again, "Certain steps were missed and in most cases the dead deals were never transactions to begin with".
To me the most important step when dealing with the consumer is screening of leads.
It's too many times I can be in any real estate office in any given time and I overhear (ok, I listen) a conversation with a realtor and a potential customer.
The value of each lead that calls the office....don't they get it! If you are going to just give information rather than screen that lead. Don't Answer the Phone!
It's better to lose them today rather than 6 months down the road wasting your time, money and expertise on someone who is unable to buy or sell today or ever for that matter.
Yes, Sweathogs has stuck with me throughout all these years!
Doesn't matter if you are face to face or over the phone, the bottom line....listen to the consumer...you'll know if they are a true buyer or seller...if you listen..you will learn.
Listen to their words
- Need and want are two different things! "I want a million dollar home but I need a $1000.00 payment because that is all I can afford."
- "I am approved for a mortgage." (Have you ever heard of a person who gets approved for a mortgage and they do not want to buy? They may wait...but they want to buy!)
- "I have been getting listings in my e-mail for over a year!" Who sent the listings and why are they still waiting?
Most sales people spend most of the conversation selling their services rather than determining whether they are dealing with a potential customer.
Most agents lose the customer because they spoke at the customer rather than asking questions and really listening to the customer's needs.
By listening they will give you hints on whether they have the ABILITY to buy or sell real estate.
Probe
- Every-time they ask you a question answer and then respond with a question. It's simple like tennis, let the conversation bounce back and forth. Allow them to answer and then you ask another question. You'll get the info you need to determine if they are a ready, willing and able buyer or seller.
- Use a lead sheet regardless of how seasoned you are. A lead sheet will help the conversation flow and increase the odds of the customer communicating the truth with you.
- Probe until you get the information you need to get them into the office. Once in the office you have a better shot in building rapport and creating a bond.
When you probe you learn. When you probe you have to listen. The more questions you ask the more open the prospect becomes. The more open the prospect becomes easier it becomes to be a little more open yourself. The more open your questions become the more likely the truth will be revealed.
How long should you screen a lead? As long as it takes...I would rather spend an hour or two on the phone in advance than spend 6 months in my car to find out they were not buyers.
Midori,
I agree communication and follow up...but more importantly listen to the customer and what they are really saying before making the assumption. good thread
Good one Midori. You know what I need to do....update my lead sheet for buyers and sellers. See...you got me thinking on this one. Thanks!
P.S. I hear too many agents talking about me me me and not enough asking about the lead...and then listening.
Hi Midori - great reminder post on just what we should be doing with every single phone call. Listening is the key here. I've had clients tell me that the previous agent they worked never seemed to hear a single word they said. I do - I listen alot. I'm not a big talker, so it's very easy for me to listen to the words and clues they're providing me.
Great refresher!
Ann
Neal-thanks
Maria-I agree. Thank you....link love!
Gary-we just sometimes skip steps because we have a live prospect.
Sally-you got that right! Let your customer speak and learn!
Ann-Doesn't surprise me...I imagine for you to be a great listener...
Bill-Yes sales skills are important and recognizing the buying signals! That's awesome you recognized it!
Susan-Thank You
Mana-Hey girl....yes we have to set the guidelines.
Hi Missy-glad you found it! What did you think of my outside blog.
Midori...
This post is why we call listing appointments...Listening appointments :)
TLW...ROAR!
Midori,
I agree, "in most cases they were never transactions to begin with" that first phone call needs to be handle with care. I will check out your outside blog to see your questionnaire. Thanks Midori! :)
Midori - I'm off to see if I can find that same list that Missy was after. Sounds like a great thing to have, for newer agents and as a reminder/refresher for more seasoned agents, too.
Thanks in advance, assuming I can find it!
Ann
TLW-I have read that somewhere before. You are so right.
Monika-I agree with you! So many agents just talk at the customer. We have to hear them!
Suzanne-There is just samples of questions to ask the customer but they are posted on my outside blog.
If you would like a copy of the one I do have, please send me your e-mail to midorimiller@yahoo.com. I will be more than happy to give you a copy of a buyer's and seller's lead sheets!
Ann-same thing send me your e-mail address and I will send you a copy of both.
Christopher-That is why you are the team leader! :) Seriously you are so right! We do have to listen.
Vicky-Yes, you got it....slowly the truth will be revealed! They do change their minds. Yes be like a chameleon!
Sharon- there is a list of questions on my outside blog but if you want a copy send me your e-mail.
Chris- No phone sex today, only real estate lead sheet! :) I was waiting for someone to say something. Funny guy!
Great Post -Funny how some Agents won't take the time to Qualify Ready, Willing and ABLE ! We had someone pop into our open house today WITH a REALTOR - someone we did a CMA for back in June on a Home (except husband is the only one on title, he does not want to sell, says his wife has been looking at homes with various REALTORS for over a year and they did not want to go to a lender to see what their current BUYING POWER or price range comfort would be.
p.s. the open house today was double the CMA value of their current home :) do you think the REALTOR with that client today knows what we know?
This is such good information, Midori. Seems to me the key is LISTENING carefully, and then ASKING the right questions. And NOT be afraid to acknowledge that the potential buyer is giving signs that they are NOT serious or NOT able to actually buy. We are so often hopeful that this caller is THE next road to a commission rather than taking the approach of qualifiying people that we can actually work with. Not always easy to do, and I know I have been guilty of taking short cuts.
Do you have other suggestions that you would want to share with us?
Jeff
Ask, listen and then act. key.
Midori,
Very informative and I enjoy reading the post! I strongly believe listening is very important. Only then can customers gain our trust. Great post!
Dave
Midori- Another post that hits the nail squarely on the head. Early on in my real estate career I was too excited to listen.... I simply knew that they were going to buy! Well, months later and I am still taking them around to homes....It was a lesson that took me a while to learn but I have learned it. Thanks for reminding me!
Best,
Scott
Midori,
I use alot of what you write, to help educate myself, I would like to say thank you because it applies to everyone.
Tom Weiss
Joan-yes the key is to listen.
Jeff and Grace-Run....don't look back!
Al-if all parties don't agree....hmmmm....NO DEAL!
Jeff-my next post! Thanks...
Hugh-practice but try to not practice on your customers.
Rosemary-right again!
Bob and Carolin-Youre welcome
Dave-your welcome and I sent you an e-mail
Gitta-I say don't reinvent the wheel....if you ask...most often they will answer
Donna-That is the ticket! Open ended questions
Dan-Awesome! Yes regardless of how long any one has been in the business this simple tool will make the difference!
Having a great personality is a major plus!
You have to sell yourself to your clients, before you can sell what you have.
Talking on personal levels may seem intruding at times, but being friendly and trustworthy says alot about who is representing you. That matters to your clients.
Examiner Home Inspections, LLC
Joseph-Yes I agree personality is a plus....I believe you have to build that rapport...the small talk is not so small....the small talk...personal talk all so vital...One of the benefits of screening leads prior to showing property is you get to know your customers better. That to me is the key.....so let your personality shine through....I do.
Diane-Thank you...I think we all learn the hard way....thats how we invent systems for ourselves...
Elizabeth....Are you a sweathog graduate? I am........CITO....can't agree with you more... its smarter and much safer.
Lori-you are so right.
Diane-Youre welcome
Alecia-You're welcome
Midori,
great post. I am kind of burnt out with talking on cellphones lately. When I get it back I am going to follow some of your guidelines
Thanks
Tom Braatz
Awesome post!
I think you said what many agents all "know" they're doing wrong. Either the agent doesn't realize what they're doing, or they just didn't work up the nerve to 'go there'. I think if we all just "GO THERE" in the beginning, we will weed out those who are serious buyers from those who are wasting our time.