Archive for June, 2010

Anticipate Questions in Advance

Tuesday, June 29th, 2010

Answering questions

From Michael Soon Lee’s “111 Ways to Justify Your Commission”:

How often have you visited your doctor’s office, left to walk to your car, and found that you hadn’t asked him half the questions you had in mind that morning? It is not uncommon for people to show up for a meeting with a professional and feel overwhelmed. They haven’t made up a list of questions to ask, so they get carried along by the conversation and forget what they wanted to know. You can help new prospects by anticipating the questions they might ask and then having the answers ready. You are basically compensating for the fact that they either forget the questions, or they didn’t know them in the first place.

Questions give the prospect a chance to examine the entire process of home buying or selling. In order for it to work, you have to be on the lookout for what clients might be implying, but not saying outright. You can often tell with one question that there’s another one they should be asking, but didn’t; ask it for them. Also think about what they might not know enough to ask about. People who are really just beginning genuinely aren’t aware of how much they don’t know. And finally, what are they afraid to ask? You can see how helpful you will be to your clients if you take this approach.

Use your experience to come up with the most common issues buyers and sellers have before they begin the transaction. When your questions reflect what’s in their minds, you look like a genius! Or at least a mind reader. Actually, it’s not really all that hard. All you have to do is put yourself in the place of a buyer or seller and ask yourself, “What would I want to know about this transaction?” Then prepare answers to the questions by asking more experienced agents how they would deal with them.

For example, if you were a buyer, especially a first-time one, you’d probably want to know the following:

  • What’s the process of buying a home?
  • How does home financing work?
  • What’s in a purchase agreement?
  • Can I back out once I sign the purchase agreement?
  • How do I know the house is free from construction defects?
  • How do I know the house is free from pests?
  • What steps must I take to fulfill the terms of the contract?
  • When is the down payment due?
  • How long will it take me to buy a house?
  • When can I move in?
  • How do I transfer utilities into my name?
  • How do I deduct the mortgage interest and property tax from my income taxes?

If you were a first-time seller you would likely want to know the following:

  • What’s the process of selling my house?
  • What can I personally do to help it sell for the most money?
  • What do I say to prospective buyers?
  • How can I defer tax on the gain from the sale of my house?
  • How long will the whole process take?
  • Do I really need to put a “For Sale” sign on my property?
  • Do I really need to put a lockbox on my property?
  • What costs will I incur in the sale of my house?
  • What are the tax consequences?
  • What can I do if my house is worth less than what I owe on it?

An owner whose listing has expired and is considering relisting might ask the following questions:

  • Where were you when my house was on the market?
  • Why didn’t my house sell?
  • What will you do differently from my previous agent?
  • What price should I put on my house?
  • What can you do to assure me that my house will sell this time?
  • Haven’t all the buyers seen my house already?

An FSBO who is considering listing with you will probably ask these questions:

  • What can you do that I haven’t already done myself?
  • Why hasn’t my house sold yet?
  • Will you bring a buyer for two percent?
  • Will you sign an open listing?
  • Would you complete the paperwork if I find a buyer on my own? And what would you charge me?
  • Why should I list with you?
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The worst mistakes that sales people make

Monday, June 28th, 2010

Mistakes

By Coach Ken Taylor:

Sales is an interesting and challenging profession. Often the things we perceive as positives are actually “sales killers.” Let’s take a quick look at the biggest mistakes that sales people make and ways to correct them. Be honest with yourself as you go through these items and rate yourself! If you rate low, the good news is now you can work on improving.

1. Poor planning – An amazing number of sales people “wing it.” If you walk in the door without doing your research on the company, the decision maker and his or her industry, it is like going into battle knowing nothing about the enemy which is not a wise move because you will step on landmines quickly! Do your research on the Internet, talk to vendors of the company and have an internal advocate who can give you inside information.

2. Show up and throw up – Kind of gross but you get the point. If you dominate the conversation and start talking about your fabulous product or service and how wonderful your company is to work with, you probably blew the sale before you even got started. Question: Do you like sitting through a 30 minute presentation with no chance for input or escape? I didn’t think so! Get the prospect involved early in the process and you will learn enough to uncover needs and problems.

3. Having no purpose – The prospect will appreciate the fact that you have a reason for being there that will not waste his or her time and be of benefit. Instead of starting out with “we’re here to tell you about our wonderful product,” (which is a purpose but a weak one), start out with a client centered purpose. “My purpose for meeting with you today is to explore options that could make your company thousands of dollars while costing very little in the way of employee time or money. Would that be of benefit?”

4. Not understanding that questions rule the world – It is true, questions do rule the world of sales. Questions allow you to gain information, guide the sales process, control the timeframe and stay in control of the sales process. People love to talk, just make sure it is the prospect talking and not you!

5. Being too bold! Enthusiasm is a wonderful thing and so is passion. Too much of it is a turn off to the prospect and actually puts up a defensive shield. What level of enthusiasm should you show initially? Controlled enthusiasm is the best start and then you can adapt to the prospects level of enthusiasm either up or down. Be positive and when the prospect starts “high fiving” then you can let loose! If the prospect is quiet and reserve you had better tone down or you will never get a second appointment.

6. Information overload – This is a deal killer! The human brain can only take so much abuse! Review your sales process and you will find that information can be spread over several calls which gives you time to win the prospect’s trust. Don’t plan on getting too many second appointments after you have told the prospect everything there is to know about your product or service.

7. Not asking for a second appointment – This is death! You finish the meeting, have a great feel that things went well and you never get the second appointment when you call. Sound familiar? The reason is life happens, they get busy, their enthusiasm weakens and your wonderful product or service is in the sales graveyard with all the other sales people who did not ask for the second appointment. Never go into a sales opportunity without a follow up strategy. Give the prospect a strong reason to meet with you again. EXAMPLE: “Jim, thank you so much for your time. I am going to review the information you shared with me and if I find ways to help you increase revenue, when would be a good time to meet again for about 10 minutes to review the information?”

8. Closing too hard, too soon – Sure you have to close the sale, but in the more complex sale that involves more than one decision maker, larger sums of money and more time and risk, trying to close on the first call is like trying to go too far on a first date, you probably will not get the second one. The sales process involves, “know, like and trust.” These three do not develop quickly and to try and do so is destructive to the sales process.

9. Poor follow up – Never commit to a prospect on anything you cannot deliver and never leave them without a “follow up impression.” A well written thank you card, followed by a letter outlining the sales call is the minimum to set yourself apart as a professional. If you uncovered any personal information that could lead to an news article or a follow up call, do it! Everyone does the big things, few people do the little things!

The best sales people are those whom are true professionals. They are calm, professional, positive and know in the long run if they build relationships, add value and solve problems, more times than not, they will win. Your prospect hears hundreds of “sales pitches” a say between news print, radio, TV, billboards and poorly trained sales people, it is refreshing to meet with someone that is focused on the prospect instead of themselves. Live to win!

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Creative Selling Through Imagination

Monday, June 28th, 2010

By Joe D’Ambra:

Creating business where none exists, that is the definition of a “Creative Salesperson”. Every salesperson possesses this quality to some extent. No one has a monopoly on creativity. Most salespeople are more creative than they think, so salespeople should not underestimate their talent.

Taking orders does not qualify as creative selling. Creative selling and selling in general is triggered by imagination. Use your creative powers along with your imagination. To use your creative powers train your imagination to apply creative thinking in each step of your work, from finding prospects to closing sales.

Borrow ideas from others. Find ideas that you can adopt from here, there, and everywhere. Gain from things you read, observe hear or see. Think about selling problems and how to solve them. Bring solutions to a conclusion and act upon those solutions.

The biggest thing you can gain from creating an idea is the confidence you gain. Try planning your interviews around ideas you create and you will feel a new power to perform.

You can not become a top salesperson just by wanting to become one. Will power alone will not do it, but will power combined with creative selling and imagination can start you on your way.

Thank you
Joe D’Ambra
www.basicsofsales.com

Sales blogs offering sales tips.

Please click the free preview www.basicsofsales.com and see how I can outline a sales presentation tailored to you.

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“The Power of the Written Word,” by Shelley Kaehr, Ph.D.

Friday, June 25th, 2010

By Shelley Kaehr:

Today, I wanted to THANK YOU for something you’ve been teaching for years – the power of the Thank You note. You always said we should write notes – by hand – and send them out to people.

So here’s what I want to talk about – hand written notes vs. sending a line of thanks on e-mail. I think this concept is ambiguous in today’s marketplace because so much of our communication is now delivered in electronic format. Internet based communications have a lot of pros – they’re Green, aka easy on our environment, etc., but yet, electronic media still feels a bit impersonal, don’t you think?

I still send hand written thank you notes to customers and clients, and am continually astonished by their reactions. I guess they’re surprised I still know how to put pen to paper and lick a stamp! Many recipients act as if I am the only soul alive who ever sent them a card, or worse, they haven’t received one since the 1980’s, and treat it as some bit of cherished nostalgia. It’s a sad statement, really. I believe people should expect more from service professionals.

For that reason, I cannot overemphasize the value of the handwritten thank you note. I believe it’s more important than ever, because so few people do it anymore.

Sales pros who take time to stand out in today’s crowded marketplace are sure to see that effort impact their bottom line. Thank You notes are the easiest way I know to be seen.

Shelley Kaehr, Ph.D. is a world renowned life coach and author of over thirty books including Sales 101: Simple Solutions for Sales Success, which Tom calls, “Proof that good things come in small packages.” Visit Shelley online at www.shelleykaehr.com.

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Setting up a plan to increase sales!

Friday, June 25th, 2010

Increase Sales

By Joe D’Ambra and Gary Oberoi:

I always felt that having a plan with a place to start from was the best way to set out to do anything. Early on in sales I always planned what I wanted to accomplish and how to go about it. This is the way I planned to increase my sales. When you come down to it, it really was common sense, but it had structure and direction, and setting it down in writing provided me with a sense of comfort and a feeling that I had set up a strategy to measure my success against.

1 – POST MORE ADS
Agents who use Craigslist for selling operate under the law of averages. They know from experience the amount of ads it takes to make a sale. The closer you get to that average the quicker the sale comes up. So to insure sales in any business, the law of averages dictates you increase your rate of ads.

2 – CLOSE BETTER
Sounds simple, but all too often some salespeople hate to be interrupted by the customer saying yes. Close early and close often. That is the way to increase sales, so always practice your closing technique. Start with the trial close: “Would you prefer to move March 15th or April 1st?”

3 – AIM FOR HIGHER RENT APARTMENTS
Larger rentals and sales take just as much time and effort as smaller rentals and sales. Sell by aiming higher.

4 – SELL A WIDER RANGE
Concentrate on a landlord such as Glenwood, for instance, which has all sizes of apartments and in most areas of Manhattan.

5 – SELL HIGHER PRICED UNITS
Set your sights on adding higher priced units along with the moderately priced units you are selling. The same thing that applies to making larger volume sales, applies to selling higher priced apartments.

I always liked to have a starting point no matter what I tried to do in life. It was a matter of discipline and a way to measure my accomplishments against what I set out to do.

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What does your 
voicemail message 
say about you?

Thursday, June 24th, 2010

Voicemail

By Jeffrey Gitomer:

Jeffrey, What is the importance of having a creative, active voicemail rather than a regular everyday message? I am just afraid of not sounding professional enough if I have one on my phone that’s out of the ballpark. Dan

Dan, I would rather sound friendly, than professional. And so should you. If you’re looking to impress your customers, make certain that you’re “conversational” rather than stilted. Don’t tell me the day; I already know the day. Don’t tell me how important my call is, the fact that I’m calling you is important. Don’t tell me you’re away from your desk, I really don’t care where you are.

Rather, tell me how quickly you respond, and something of value. Something to make me think. You could offer a famous quote, or your thought for the day. You’re still being professional, but the accent is on friendliness.

YOUR VOICEMAIL MESSAGE REALITY: The voicemail you record on your phone is the impression of who you are when you are NOT there. It informs the caller how original you are, how creative you are, and how friendly you are. Or not. It shows the customer how much prep time and thought time you put into your message. And even though it might be friendly, or lighthearted, it’s a reflection of how serious you are as a businessperson and a salesperson to be engaging, approachable, and different from others who do the same thing you do.

Below is a list of a few thought-provoking quotes that you can use to make the caller stop and think, reflect on what you’ve said, respect you for your insight, leave a message, and eagerly take your return call.

NOTE WELL: The quote needs to be changed every day if you’re serious about your voicemail, and the impression that it leaves.

  • “There is no reason anyone would want a computer in their home.” -Ken Olson, President, Chairman and Founder of Digital Equipment Corporation, 1977
  • “I think there is a world market for maybe five computers.” -Thomas Watson (1874-1956), Chairman of IBM, 1943
  • “The concept is interesting and well-formed, but in order to earn better than a ‘C’, the idea must be feasible.” – A Yale University management professor, in response to student Fred Smith’s paper proposing reliable overnight delivery service (Smith went on to found Federal Express – the professor went on to live in oblivion.)
  • “640K ought to be enough for anybody.” -Bill Gates, 1981
  • “This antitrust thing will blow over.” -Bill Gates, July 11, 1995
  • “We don’t like their sound, and guitar music is on the way out.” -Decca Recording Company, rejecting the Beatles, 1962
  • “Who the hell wants to hear actors talk?” -Harry Morris Warner (1881-1958), Co-founder of Warner Brothers, 1927

You should also post your daily quote on your website and your blog (if you don’t have one, TODAY would be a great day to enter the 21st century). And tweet your quote. And maybe have an archive of previous quotes.

ADVANCED VOICEMAIL: If you’re looking to prove your own creativity, you might want to add your thought at the end of the quote. What that quote means to you, or your interpretation of it. Keep it short. Limit your entire message to 40 words (15 seconds) or less.

  • “Do, or do not. There is no ‘try’.”-Yoda, in The Empire Strikes Back. I have learned that doing is the most powerful action.
  • Same quote: “Do, or do not. There is no ‘try’.”-Yoda, in The Empire Strikes Back. What can I do for you?

Voicemail is NOT something to be taken lightly; rather it is to be studied, taken seriously, and used as a sales tool and a reputation-building tool every day. Failure to do so leaves your competition wide open to gaining a competitive advantage. So if you’re either on your phone or away from your desk, or telling me what day of the week it is (when it isn’t), you’re losing a huge opportunity to make a professional impact and leave a friendly impression. BONUS: One of your callers may even tell someone else to call you just to hear your message. In sales, that’s called a lead.

If you want a few more meaningful quotes to use as your quote of the day, go to www.gitomer.com and enter ATTITUDE QUOTES in the GitBit box.

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R.E.volution – Use What You Know to Grow

Thursday, June 24th, 2010

By Tyler Greenfield
Real Estate Agent

Unless you were born into it, we have all come to this business from somewhere else: college or another career field.

Some of us have sales and/or marketing experience, others have experience in graphic design or may have recently graduated. Wherever you were before, it is important to reflect on those experiences; to understand where we have been in order to know where we are going.

For me, while my academic background gave me an understanding of real estate market dynamics and architectural history, I had little to no prior experience working in sales when I was hired by Starnest. Oddly, it was my experience in the service industry that prepared me most for my future in the rental business.

I spent the last five years in graduate school, where most of my time was spent in the library or studio and working part time in restaurants. When I was waiting tables, I started to notice that the most successful servers had three basic similarities. First, they all knew their product exceptionally well: the wine list, nightly specials, and house favorites. Second, while they certainly had the gift of gab, they also knew how to listen to what their customers wanted and translate that to the kitchen. And third, they understood that each individual customer was unique and deserved to be treated as such.

In many ways, those traits are not unlike those of a successful rental agent. We must, as servers, know our product: our city, our neighborhoods, and our landlords. We must also understand how to listen and determine what will best suit the needs of our client. And, perhaps most importantly, we must be able to adjust our behavior according to other people’s personalities. In a restaurant, a table of 5 teenagers must be treated differently than a couple out on their first date. The same is true in the rental business. Whether you are showing an Upper East Side socialite a 3-bedroom in the morning or an incoming intern an affordable studio that same afternoon, the way that we explain the menu can be the difference between a showing and a lease signing.

So, wherever you were, remember what you learned and apply that to where you are now.

Past experience can be tools to help move us forward – use what you know to grow.

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How To Become a Great Salesperson, Part 1

Wednesday, June 23rd, 2010

Salesman

By Todd Goldfarb:

My first serious job out of school was as a salesperson for a payroll company in midtown Manhattan. The mission: to convince payroll managers of small to medium-sized companies to switch services from their current provider (usually ADP) to mine.

Believe it or not, I actually craved this type of job. Why? Because I am a big believer that if you have the ability to sell things, that you will never be without work.

Although my duties were quite painful—code calling, knocking on doors—and I was rejected more than I care remember, my initial assumptions were correct and I am still a proponent that the skills required to be a great salesperson can be beneficial to almost anyone!

In this article, I will cover what I believe to be the 2 most important realizations about the mindset of a great salesperson and also 3 critical tools for putting these skills into action.

The way I see it, selling is a way of being, an approach to life, and an art form. When you really start mastering these skills, you can affect the thought patterns of the most important client of all—you!

So as you start implementing the following 5 realizations and tools, do not solely focus on how these skills will benefit your external life. Try and think how the “internal you” can benefit as well:

Realization #1: You Are ALWAYS Selling

No matter if you think of yourself as a “salesperson” or not, I can assure you that you are constantly in sales mode. Sometimes you are outwardly promoting yourself, like when negotiating a pay raise with your boss. Other times you are selling your position on daily activities, like where to go to dinner with your spouse.

Right now, I am selling you this blog, and my writing skills. If you forward this article on to a friend, you are selling her on reading it. “Sales” is all around you, all the time. Listening, communicating, making decisions and taking action are things we ALL do on a daily basis and are also the skills a great salesperson purposefully develops to his/her advantage.

Realization #2: The One Thing You Are ALWAYS Selling is Yourself

The greatest salespeople acquire success through the spread of genuine enthusiasm about the product, service or concept they are selling, and it all starts with effective communication. The product, service or concept becomes secondary once the passion and motivating language take charge of the situation.

Great salespeople can be successful promoting seemingly useless items because their language is such that inspires other people to act. They truly believe in that item, and you can feel it. And its not just the words that come out of their mouth, it’s the body language and the confidence they portray. They sense of trust and confidence they instill in us becomes the very thing we “buy” from them.

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Simple “Thank You” Is Not So Easy

Tuesday, June 22nd, 2010

Thank You

By Joe Crisara:

Without a doubt, life today flies by at record speed and many of us get overwhelmed around the year-end holidays.

I wonder if many people in real estate have thought much about the people who are at the center of whatever success they have achieved?

I know I recently have. Those thoughts of kindness by everyone who has helped me have really stirred some great emotions inside of me. These emotions have inspired me to reach out to people who you may or may not think are worthy of my gratitude. In my book, everyone is part of the process of building my success and yes, setbacks.

Not Everything Has To Be 2.0

The principle of giving thanks is nothing new but it is always in style and appropriate. If you’re not sure whether thanks is merited then I would err on the side of doing it anyway just in case it is. Here are some groups of people you could call to thank.

  1. Clients – Of course this is obvious but as a twist, don’t just thank those who you like the most or who spent the most money. Why not call a few of the people who rejected your proposal as well. Why? Well, you could thank them for the lessons you learned as to why you did not sell the job and let them know that the experience in service them was valuable to you. Who knows, they may keep you in mind for the next project.
  2. Your Family – They are the ones who allow you to put in the long hours and late evenings in order to reach your goals. Let them know that you understand the price they have paid in terms of quality family time so that you could reach your dreams. In a quiet moment talk to your wife and each child in your household and let them know how much their patience and understanding has meant to you.
  3. Anyone else – Randomly thank anyone you run into who you feel is performing a great service. Let the FedEx guy or the waitress know how lucky their companies are to have such great, dedicated people working for them. Also let them know that you personally feel honored to be serviced by them as well.

How do you do this? – Easy! just pick up the phone or stop by and say this…

“I just wanted to call to let you know how fortunate I feel to have such a great (client – family member – anyone else) like you. Not many people would (fill in the blank) like you have done for me. I just want you to know I am honored and thankful to have you as my (client – family member – anyone else).”

For your family and closest friends tell them you give hugs not handshakes and then reach over and give them a big ole bear hug. Also remember that the holidays are a great time to surprise the people you know that you may have forgotten about.

As you approach the next holiday, remember that in giving gratitude to people that you will get as much from this gift as you are giving. In fact, you will probably get even more. Well, enough talk. Get out there and get started there is no shortage of people who help you everyday. I know this is a lot of work but believe me it will be a labor of love.

By the way, thank you for reading this entire article of mine. I am obviously very fortunate to have you as an audience. Not a day goes by where I don’t feel grateful to have you reading, listening or watching my thoughts. See what I mean? Let the thanking start right now.

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Manhattan Walk Throughs: Financial District

Tuesday, June 22nd, 2010

Excellent clip for real estate agents to know the area. The more you know, the better you will be able to serve your clients.

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