I would like to thank Becky Eaton in Scottsdale, AZ for this quote she shared with me:
“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they may have planned for you? Not much.” — Jim Rohn
Does this look familiar? Yes, that's a loaded question.
This is a very familiar illustration in the realm of sales, it still holds true and probably always will.
How you work your prospects through the sales funnel has changed and continues to evolve into what I'm calling the Consumer Sales Funnel.
While you're filtering through your prospects to find the best opportunities, keep in mind consumers are doing the same thing. I've been writing about this a lot lately...the softer sell approach for today's consumer. This post is simply to illustrate that today's consumer has their own sales funnel for determining who they work with. There are no fancy Powerpoint presentations for it or diagrams like the one above because it's intuitive.
It goes like this:
Ask: Ask the consumer questions...NOT just leading questions.
Listen: Honestly listen to their answers and try to understand THEIR world. Believe me, today's consumer KNOWS when you're only listening for those opportunities to forward your own agenda.
Service: Give them what they're asking for. If they want a "free CMA" there are many efficient means by which to provide this...it should only take you 10 minutes or so to do. Don't worry that it's not totally accurate, as you're providing a price range. Your prospect (in the majority of cases) KNOWS that you can't be accurate without seeing their house. They just want some indication that you're willing to put out a little effort for them. In their eyes, this tells them that when you look at them you see a person rather than a paycheck.
Follow Up: Be prepared for initial rejection. Today's consumer tends to make first contact with a real estate professional much earlier in the decision-making process. Make sure you have long-term follow-up systems in place.
Respect: This goes back to a question I've asked frequently in my blog - Which do you like better, people or money? If you like money better, it will show in the way you treat your prospects when they don't do what you want. I'm not talking about the typical bumps in the road we always encounter when dealing with other people. I'm talking about being so caught up in your own agenda that you forget that it's a person you're dealing with. Don't be hasty to bombard them with emails every week or every few days. You'll get a lot of "unsubscribe" requests for sure. Once a month is a sensible long-term email strategy...as long as the emails are helpful and not salesy:)
These things are all that today's consumer is looking for. They just want someone they can trust, and these criteria are what will work you through their funnel. The results usually aren't immediate, but if you're willing to try it, you will find your database growing with people who will want to work with you and will happily refer people to you.
I recently had a phone conversation with an agent who was unhappy with his results with internet leads from various sources, including those from his own real estate company.
He made a statement which absolutely floored me: "If these companies were smart, they would charge each person $50 to submit their information as a lead."
Yep.
I asked this gentleman, "Would YOU pay $50 to submit your information to a website as a potential lead?"
He avoided a direct answer. "That's not the issue," he said.
That's EXACTLY the issue, and this is indicative of a mentality that I encounter with a lot of real estate agents who are frustrated with today's consumer. There are many agents with a sense of entitlement (i.e. above example) and this spells disaster with today's buyers and sellers.
Sure, there will always be those consumers that will give in to aggressive tactics, but I doubt they'll give you any referrals or repeat business. And they're becoming fewer and farther between because they now can protect themselves through vehicles like the do-not-call list and the internet.
As you deal with today's buyers and sellers, remember that they want the same thing you and I want...to know that WE matter. Today's consumer simply wants you to treat them the same way YOU would want to be treated in the same situation.
After all, isn't that what business is supposed to be...people helping people?
I recently had a phone conversation with an agent who was unhappy with his results with internet leads from various sources, including those from his own real estate company.
He made a statement which absolutely floored me: "If these companies were smart, they would charge each person $50 to submit their information as a lead."
Yep.
I asked this gentleman, "Would YOU pay $50 to submit your information to a website as a potential lead?"
He avoided a direct answer. "That's not the issue," he said.
That's EXACTLY the issue, and this is indicative of a mentality that I encounter with a lot of real estate agents who are frustrated with today's consumer. There are many agents with a sense of entitlement (i.e. above example) and this spells disaster with today's buyers and sellers.
Sure, there will always be those consumers that will give in to aggressive tactics, but I doubt they'll give you any referrals or repeat business. And they're becoming fewer and farther between because they now can protect themselves through vehicles like the do-not-call list and the internet.
As you deal with today's buyers and sellers, remember that they want the same thing you and I want...to know that WE matter. Today's consumer simply wants you to treat them the same way YOU would want to be treated in the same situation.
After all, isn't that what business is supposed to be...people helping people?
If you're a real estate professional and you're afraid of cold calls, don't worry.
You're not alone.
There's a lot of good training available out there (I've found that Keller Williams has one of the very best educational support systems), but unfortunately a lot of real estate agents are just thrown to the wolves.
If you're afraid of cold calls, just remember that as a real estate professional you have the EASIEST cold calls of any sales arena. Period.
Why, you ask?
Because when you pick up the phone you know that about 99.9% of people you make first contact with DON'T need you right now. No pressure on you, no pressure on them.
Just introduce yourself, tell them what you do and that you would like to put them on your mailing list. You'll be pleasantly surprised at how receptive people will be to you. Now, there will always be some people who will be Grinches and Scrooges no matter how nice you are, but you will find many opportunities to meet and add new people to your database through cold calling.
Let's face it, all you're really doing is asking permission to stay in contact with them so they will think of you when they or someone they know needs an agent.
There's a wonderful article on RISMedia today called "5 Tips To Make Cold Calling Easier," with some great suggestions for those of you with CCA (Cold Call Aversion). The third tip in particular caught my attention:Use a permission-based approach
This is great advice, although the last statement in that particular tip really ruffled my feathers: "The latest trend in marketing is permission based marketing."
Ladies and gentlemen, this is NOT a trend. Look at the facts...today's consumer has total control of communication in the sales process. They don't have to answer your emails. They don't have to answer the phone when you call. They don't have to respond to you in any way until they're damn good and ready.
So here we have our dilemma...what is the best way to handle today's consumer? If you take offense to leads/prospects not responding to your emails, etc. and strike them off your list as "no good," congratulations. You've just saved the consumer a lot of time, and someone with more patience than you is likely to earn rapport and, ultimately, the deal.
You see, today's consumer is looking for someone they can trust...someone who really will help them, rather than an agent who is only on their own agenda trying to meet their "quota." Part of the process of earning their business is patience...if they're not ready now, make sure you put them in the appropriate long-term follow-up plan so YOU are the agent they want to work with when the time is right for them.
Gone are the days of tossing a lead to the side if they're not ready now. Persistance and consistency have never been more important, as today's consumers are making first contact with real estate agents earlier and earlier in the decision-making process. If your follow-up goes beyond 90 days, you've already set yourself apart from half your competition.
If you're going to earn their business, you can't pressure. You can't use the so-called "tactics" we've been taught for so many years. Yeah, there are exceptions, but overall you're losing business if you take the over-aggressive route today.
And don't look for this to change. The internet is not going away and from this point forward the consumer will always be in control in the sales process. The solution is simple...treat them the way you would want to be treated, and many of them will come to you when the time is right.
If you're finding that you're not getting very far with today's consumer (especially responding to leads through various lead generation services), look at HOW you're following up with them. Look at what you can do to reach out and earn their trust and gain rapport.
I'm reminded of one of my favorite Zen sayings: Fundamentally, the marksman aims at himself.
I've noticed in my coaching that a major missing piece with many real estate agents today is long-term consistency, which is almost inexcusible given the prevalence and simplicity of email drip campaigns.
Now, drip campaigns are not the "Be-all-end-all," but they are a virtually effortless process that, when used properly and with respect to the consumer's space, will allow you to consistently keep your name in front of a targeted group of people.
I dare say that if your follow-up lasts more than 90 days you've already set yourself apart from half your competition.
Check your follow-up system. Are you "purging" your database of people who aren't producing for you? There are many systems and coaches out there that encourage you to do this, but I'll ask you this question:
If you're purging your database of these people, how can you ever forge a long-term relationship that will be fruitful?
Today's consumer is making contact much earlier in the process on average than the traditional consumer and many agents are dropping the ball simply because they're not planning for the future. These types of prospects are the best because you can truly plan for them, forge a real relationship with them, and earn their business through their actions.
No, you're not going to win all of them. And if you're an agent reading this right now thinking of all the reasons why you shouldn't bother with this kind of follow-up, I'll counter that with the simple fact that if we think hard enough we can find reasons to not put out effort on anything. We can find reasons to not get out of bed in the morning.
Welcome to the future...if your current follow-up doesn't go beyond 90 days or is short term in one way or another, look at your results. If you're truly happy with your results then I can't really say anything. If you want better results and want a nudge in the right direction, drop me an email or comment.
Procrastination tends to be a common by product of fear. In one of my very first blog posts, I talked about fear as the ultimate career killer. It's true. But fear manifests itself in many ways...some appear on the surface to be the very antithesis of others.
In today's market climate, is your fear of losing a deal or an opportunity causing you to be perhaps too eager to give an accurate CMA too early in the process with a prospect...and therefore jeopardizing your chances of earning rapport with that prospect?
Most real estate professionals I talk with are perfectionists and, understandably, want to give the most complete and accurate information they can in order to make a first impression. Today's consumer is more internet-and-computer savvy than ever before and very much has a "point and click" mentality. That is, they expect answers quickly when they submit inquiries online...or anywhere else for that matter.
A major key to success with today's consumer is the CMA Brief. It's called by many names...quick CMA, brief CMA, 5-minute CMA...the list goes on and on. In a nutshell, it's a handful of comps (active and sold) and a quick summary stating an estimate range in which the value of their house falls.
For the perfectionists I talk with, it's a hard concept to embrace because the information given in the CMA brief is not specific enough to the potential listing. Their tendency is to engage the prospect in conversation to try and get an appointment, rather than offering the CMA brief. This tried-and-true sales tactic is becoming less and less effective simply because today's consumer expects it...and they don't respect it. Simply put, today's consumer is tired of being sold and will tune you out and put up smokescreen after smokescreen if you do this. "I'm not interested." "I'm just curious."
Do these phrases sound familiar.
If you're a perfectionist and you're wrestling with just how to earn the trust of today's consumer, try stepping out of your comfort zone and offer the CMA brief when you get a lead who wants a "free CMA." In their heart-of-hearts, the prospect knows that you can't give an accurate CMA without seeing their house. They also know that once they let you into their house they're probably going to like you. No one wants to go through 2, 3, 4 of any professional to find someone they can trust. Today's consumer is doing their own due diligence (basically a filtration process) by asking for the "free CMA" which is the CMA brief.
And it's working.
Do you want to get ahead of your competition? Try it. The vast majority of your competition refuses to do it. Whether it's perfectionism, stubbornness, simple lack of education, or the lazy belief that they will somehow be able to have a career based on lay-down sales, I've heard all the reasons and the reality is simple:
Once a new lead/prospect has the CMA brief in their hands, they no longer look at you as a "salesperson" who is withholding information to try and get an appointment. They will look at you as someone who will truly help them because you've already made the inital effort.
Once you've extended the olive branch that is the CMA brief, you'll get your opportunities to let your perfectionism shine when the time is right for your prospects.
I've gotten quite a few phone calls from agents asking for my services as a coach, as they weren't sure if I was an active coach.
I don't like to make a big deal about it, as that's not the intent of my blog, but yes - I do marketing and strategy consulting and coaching independent from the company I work for. If you would like my help, just call me and let's talk about it.
To those of you who have called and inquired already: Thank You. It's quite humbling to know I've already been able to help people I have neither met nor spoken with...all through this blog.
Thank you for reading my blog. I hope you all find something that helps you in some aspect of your business.
Just because you're a Realtor doesn't mean you're trustworthy.
Let that sink in.
That's what the general public thinks of you and that's why they're going to the internet for due diligence before making a commitment to an agent these days. It's a preconceived notion and, while it's not YOUR fault, it is justified by history.
Today's consumers throw up more smokescreens than ever before and it's for one main reason...they've either been burned or felt burned. There are hardcore sales tactics being taught in some realms of real estate that are focused on the bottom line rather than the consumer. While this may have "worked" in the past, we're all paying the price for it now.
If you have any doubts about the way you're being taught to do business, consider the source. If a lender or appraiser doesn't seem quite right, even though they're working out a great deal for you, do your research. Know who you're dealing with.
I received a disturbing email from one of my colleagues that has caused me to lose quite a bit of sleep. Here's a snippet of information from it:
I'm not a person who gravitates toward sensationalism. I am a realist, however, and if there are this many mortgage broker/felons in Florida, what about the other 49 states? What impact do you think this may have had on the "crazy" market just a few years back that has created the real estate climate we're in now?
Integrity rules...no matter what we do for a living. Those of us who are trying to do things the right way are now paying the price for those who took advantage of the trust of both agents and consumers.
Now back to my original statement: Just because you're a realtor doesn't mean you're trustworthy.
Consumers are more savvy now than ever before and will be skeptical of you until you earn their trust. The aforementioned "crazy" market caused the image of real estate agents to take yet another hit. Rightly or wrongly, consumers will be skeptical of you at first.
Don't take it personally...just treat them the way you would want to be treated. You represent the image of the entire industry with every transaction you're involved with.
Mark Boyd
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