Are you self-sabotaging your Listing opportunity?Oct 06, 2020
Your most important client in real estate is your potential seller & your most important activities in real estate are property appraisals and listing presentations.
This is the only way to think if you want to have a successful and financially abundant career in real estate.
When you get called for an appraisal never lose sight of how much of an achievement that is – that means your activity in the marketplace is being noticed! Well Done You! That is quite a win!
Your potential seller has opened the door to you! Woohoo!
What happens next will determine whether or not you’re ready to move past the self-sabotaging behaviours of the typical salesperson.
Let us look at the definition of self-sabotaging behaviour:
Self-sabotage refers to behaviours or thought patterns that hold you back and prevent you from doing what you want to do.
Ok now let us look at how these behaviours pertain to the real estate salesperson…
The majority of real estate agents fall into the following brackets with their appraisal & listing presentation:
- They rock up to the appraisal with far too much aftershave/perfume, hair gel, makeup, tacky suit or low-cut top and a flashy car they cannot afford. They then proceed to embody all the energy of a bad car salesman, promising the sun moon and stars with extraordinarily little actual evidence to back up their claims.
But whhhhhyyyyy do they do this? – Generally, it can be one of two reasons;
- The first is not so pleasant - they are perhaps a shyster hoping to get a gullible person to sign up with them.
- Or more likely in today’s world - they are just trying too hard and no-one has quite taught them the steps of professional selling, based on integrity and service, which is the only way to excel in the current market.
Another symptom of the self-sabotaging real estate agent is they may rock up to an appraisal so completely focused on their internal war, or their competition with another local agent, that they completely ignore the client’s needs. This kind of sales agent will say whatever it takes to win the listing – only to set themselves up for failure further along the track.
They may make it as far as the appraisal only to then drop the commission fee, pay the sellers marketing fees, and agree to a completely unachievable sales price. All to just win the listing. Why? Because the story they are telling themselves is; ‘God-damn-it I need something on my books’
- This agent will put on a show and dance about how absolutely amazing they and their company are – displaying in an obnoxious attitude that it was only natural that the future seller would give them the listing.
Let us take a step back from this in-your-face chat for a moment; let us consider the following and reset:
In my opinion, the two most important lines of thought any real estate agent should hold, if they are wanting to build and maintain a successful and financially abundant career in real estate; are
- Your most important client is your future seller
- Testimonials pay the bills
To break this down to its simplest form - 90% of your activity within your local marketplace should be directed toward your future sellers.
If you do exactly what you say you are going to do – if you treat every party in your deals with the upmost respect and integrity - you will receive Testimonials from both buyers and sellers. Testimonials make it easier for people to trust you. Testimonials open up the doors to more and more appraisals and listing opportunities
So, you have gotten to that crucial moment where you have been invited to appraise the property! Woohoo! Now what?
The following is the mindset of a leading local agent entering an appraisal opportunity. This is the mindset you must learn to embody if you want to build and maintain a successful and financially abundant career in real estate.
To do this; keep your focus on points 1 & 2 above.
The mindset and inner dialogue sounds like this:
I am not here to only win the listing
I am not here to only negotiate the appropriate commission
I am not here to make you my friend
I am here to receive a winning testimonial at the end of a successful sale;
For that successful sale I will earn the appropriate commission, the property will be successfully sold within an appropriate time frame, the listing agreement will include marketing paid in advance.
I am not a bank. I am not a charity.
I am a professional and I am the best for the job.
I am an expert in this local market.
I am an expert salesperson.
I am at this appraisal to receive a winning testimonial at the end of a successful sale.
Why is this the mindset of a leading local real estate agent?
Because they know the secret.
They know that all the testimonials they receive will open doors to more and more property appraisals, supporting their real estate sales success and financial abundance.
So, let us have a look at the list above again.
How do we correct the self-sabotaging behaviours of real estate agents?
- The bad car salesman
- To be fair, if you truly are a bad car salesman - you’re probably that much of a shyster you haven’t made it this far in the post anyway, because really it all looks too much like hard work, so cheerio!
- The internal war with the other agent in the suburb
- I will tell you this a thousand times – do not waste your time and beautiful energy focusing on another rep and what they are doing; focus on your own business!!
- Let me tell you something else - every time you do that – they win. Do you know why? Because you are not focused on your business. So, the more they agitate you, the more they distract you, the more you waste your time and energy bitching in the office about them - the more they win. Do not waste your time - have some class!
- Focus on your business, your strategy, your success, focus on winning!
- If you’re so determined to get the listing just so they don’t - you might end up getting yourself a difficult property at a bad price that will never sell; that will suck the life from you; week in and week out. Tell me who really won then – you or them?
That is not how a leading local real estate agent does business.
A leading agent knows there is enough business for everyone to go around.
A leading local agent focusses on their business, their figures, and their success.
- Here is the rule leading local agents do not break; and I implore you not to either! - We NEVER drop our commission and we never pay for anyone’s property marketing. We get marketing paid upfront. Why? Because breaking this rule is the fastest way to become a broke exhausted agent!!
- There are times that I bend this rule slightly - maybe once a year…
- I NEVER drop my commission.
- However, here and there, I will pay for a client’s marketing and have it refunded to me at successful settlement; I will do this ONLY if the property is guaranteed to sell and I can see the person is in financial distress or the seller is a very elderly person. I feel occasionally very elderly sellers may not fully understand the whole concept of online marketing spending, so I will pay it in good faith and take payment at successful settlement.
- This bending of the rule is simply based on good manners and integrity and as I have already mentioned I will only do so once or twice out of 50 deals a year – NEVER more than that.
Next from our list is putting on a song and dance about how amazing you and your company is …
Well this is mind-numbingly boring to your future seller – they literally do not care!!!!!!!!!!!!
In my mind’s eye I can see you scoffing at this; as you may be thinking I need to do this in order to make the seller comfortable to list their property with me… nope!!
This song and dance will not be the reason they list with you and if this song and dance are used as your main appraisal presentation - you are likely to bore them to tears at best or irritate them to the point they chuck you back out the door in 10 minutes.
So what does your future seller care about?
They simply care about 2 things:
They care about the reason they are selling their house.
They care about putting the puzzle pieces together to reach their need - in the most satisfactory way possible to them.
Getting called in for an appraisal means you are 50% of the way to securing the business.
Now for the next 50% …
You should enter the appraisal presentation and the property with the following energy…
“I am a local property market expert and a leading local agent.”
I can hear you say, but Gayle, I am neither just yet … that is ok - you are more of an expert than the property owner. Becoming a local property market expert is learnable! Every day learn a little more and every day you are getting closer and closer to becoming a market expert
If you’re not quite the leading local agent - that’s also ok – you have sold more property than the property owner; and my friend, if you’re here - you’re certainly on the way to becoming the leading local agent.
You ALWAYS attend the listing presentation as if you have already won the listing and you do not even consider the competition - it’s all about energy and mindset – this attitude leans into the energy of service and is not about having to prove anything.
A top tip in taking control of an appraisal and getting a read of the situation before you start your presentation is to always ask for a tour of the house first.
This is how I start every appraisal I attend - this allows me to be quiet first, letting the homeowner talk as they show me through the property. Inevitably, as most people don’t like awkward silences, the homeowner will talk about the property as they take me through it. They will tell me what they do and do not like, what needs to be done and what does not. I politely look about and make pleasant comments here and there about the property, however, I make sure not to talk over the owner or take over the conversation.
This approach lets me get a feel for the homeowner and their energy, it also gives me an opportunity to mentally check that the appraisal I have prepared, which I am about to present to the seller, is on point.
This little house tour inadvertently helps the seller to open up a little about their needs to me; it opens the door to allow me to naturally ask, as soon as I sit down following the tour, a very important question;
‘So, Mr/Mrs Seller why are you considering selling this property?’
This question is the most important first question you can ever ask at an appraisal. My understanding of the seller’s motivations and their needs is CRUCIAL to me carrying out the appraisal successfully. A successful appraisal results in me listing the property at the appropriate commission, with paid marketing in advance and in a manner that ensures the property will sell successfully within an appropriate time frame.