Realty Times February 25, 2004

Cracking The Combination Code To Build Your Real Estate Business
by Brian Hilliard

Have you ever tried opening a locker without knowing the right combination for the lock? Even if you did remember all of the right numbers, if you didn't have them in the proper order the door wouldn't open.

Well, a similar phenomenon holds true in real estate. Every customer you meet will make up the three "numbers" that you'll need to know in order to make the sale. And if you don't get the right ones you won't close the deal – it's that simple.

As an example, one factor influencing just about every deal is timing. You can find the right house at the right price, and be a super Realtor in every other way, but if the timing isn't right for the buyer, then the sale won't go through.

It's like trying to "crack the code" where you only got the first two numbers right.

Now of course the real trick is figuring out what other factors are out there that can help you influence the outcome of the sale. So let's take a look at some of my favorites:

  • Price (is it too high or too low?)
  • Communication styles (yours and theirs)
  • Personality types (yours and theirs)
  • Your credibility (does the buyer trust you and view you as an expert?)
  • How the message is presented (are you excited about your job?)
  • Product /service (is this what the buyer really wants or needs?)
  • Neighborhood (are the schools good, is the area safe?)
  • How you met the buyer (referral vs. cold call vs. someone from your contact base)

So as a real estate professional, what are the three "numbers" that you'll need for increased sales? I'd recommend the following.

1. Tell them who you are. (Your credibility)

The buyer/seller wants to know that they're working with a true professional. Someone who knows what they're doing and how to do it, so it's imperative that you demonstrate this ability right up front.

Some of their questions will be: What are your credentials? What makes you a real estate expert? Do you appear knowledgeable, and if so, what's your track record on buying / selling homes similar to the ones they're interested in? And most important of all, what makes you different from the other five Realtors he's already met?

2. Make sure you're fishing in the right pond.

This goes back to the oldest trick in the book: Location, location, location. Are the houses you're showing them in a safe area? Are the schools in good shape? Is the house far enough away from a major thoroughfare to be considered safe, yet close enough to be convenient? The sooner you have these answers, and the more specific the information, the less time you'll spend driving in the car.

3. Learn how to talk so others will listen.

As a Realtor you come into contact with all kinds of people from different walks of life, each communicating in their own separate way. The manner in which you communicate with a young, single male is going to be different than how you communicate with a mother of two children, which is going to be different than how you communicate with the "Better Deal Buyer."

The bottom line: Learn how to alter your own communication style to the one that best fits the recipient.

Now I know what you're thinking, "What about price? Isn't that the first thing on everyone's mind?"

Sure price is important. For the buyer, they don't want to pay more than the house is worth, and for the seller it's the exact opposite. But here's the thing, regardless of who you're representing, if that person respects your expertise, is looking in an area that he likes and can afford, and you're communicating in a language that he can understand, then he'll be more likely to trust your counsel throughout the negotiation process.

And that's where you can really shine with some solid advice on when to pull the trigger and when to keep looking.

Recommendation: During your next client contact, present yourself in a manner that hits at least one of those three hot buttons.

If you're just meeting someone for the first time, then make sure you're able to work your credentials into the conversation and establish yourself as an expert in the field. If you've already been driving around with one person for a while, then take a minute to calibrate yourselves. Are the houses you're showing the ones she's really interested in? Who knows, something might have changed since you guys initially decided where to look.

And most important of all, know the communication style that works best for your client. Are they fast paced or methodical? Do they "process" everything you say, or are they more likely to make a snap decision? This is something you'll pick up on as you work with the person on a more consistent basis, and will allow you to adjust your communication style accordingly.

So there you have it, your very own "code" if you will, towards increased sales success.



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