1. Lead follow-up is really a disqualification process.

My objective should be to disqualify people from doing business with me; to evaluate their probability of conversion against a pre-determined set of standards and criteria. I have to be willing to let go of poor leads to invest my time to create, secure, and convert good ones.

2. A "No" is as good as a "Yes".

The truth is there are only three possible responses that a prospect can express. Those responses are "yes", "no", and "maybe". The killer time and energy waster is the "maybe". We often beat ourselves up when we don't convert a high enough percentage of maybes. I would rather get a "no" today than a "maybe". In my studies, most low-grade maybes eventually turn into nos. People need to be able to say "no", and then we can move on. A "no" is as good as a "yes" because the uncertainly in both cases is removed.

3. A low probability prospect is worse than no prospect at all.

When we have low probability prospects, we work them in hopes of them changing. When we have no prospects, we go out and search for new ones. When we seek, we will find. The part most people forget to do is seek.

4. Don't waste your resources on low probability prospects.

We invest large amounts of time, money, energy, and emotion to work with our leads. Some leads require more of these resources to convert than others. The lowest probability prospects are the worst.

5. Remove the lead and terminate the conversation if you can't gain movement or commitment from the prospect.

If we are not moving them closer to a face-to-face appointment, we are losing the game. If you know that the timing isn't right to book the appointment now, get off the phone. If there is some motivation, call them back in a few days or a week and try again. Being on the phone with someone for twenty minutes to book an appointment is too long. The longer the call goes beyond five to ten minutes, the lower the chance you will secure the appointment.

6. Only invest time with high probability prospects.

The most significant cost in an Agent's business isn't the Broker, advertising, marketing, car, or anything else. It's the opportunity costs of making an investment of time in the wrong person and not getting paid while you could have found and worked with someone else who would have generated a commission check. The opportunity cost is the largest cost of all in your business.

7. When people think that you are willing to take "no" as an answer, they are willing to talk with you.

Consumers fear being talked into buying something from a salesperson. They believe that all us Sales Trainers are trying to teach salespeople are verbal judo to pin them to the mat. The best approach is to let the prospect know up front that it's ok if they say "no". You won't be offended if the right answer for them is "no". Your scripts must be designed to give them the ability to say "no" early in your conversation.

Published: April 22, 2011

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Dirk Zeller is a sought out speaker, celebrated author and CEO of Real Estate Champions. His company trains more than 350,000 Agents worldwide each year through live events, online training, self-study programs, and newsletters. The Real Estate community has embraced and praised his six best-selling books; Your First Year in Real Estate, Success as a Real Estate Agent for Dummies®, The Champion Real Estate Agent, The Champion Real Estate Team, Telephone Sales for Dummies®, Successful Time Management for Dummies®, and over 300 articles in print. To learn more regarding this article, please visit www.realestatechampions.com.