10/24/2015 WELCOME. Gary Johnson What % of buyers/sellers use their agent again? *NAR

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Michael Hart
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1 WELCOME Gary Johnson What % of buyers/sellers use their agent again? %* *NAR 1

2 RisMedia- The Consumer Retention Conundrum : REPEAT BUSINESS Brokerages: 18% of sales is REPEAT CLIENTS. Agents: 3-5 years experience years experience- 16+ years experience- 6% 17% 38% Why do you believe this is so low? A focus on Transactional Selling not Relationship Selling. What s the differences between Transactional Selling and Relationship Selling? 2

3 Transactional Selling has a focus on short-term. Relationship Selling has a focus on long-term. & THE KEY TO REAL ESTATE SUCCESS CAN BE FUZZY UNTIL IT S BROUGHT INTO FOCUS. 3

4 Exclamation of SURPRISE, WONDER, or PLEASURE! 4

5 What is a WOW experience you ve had? TO WOW A CLIENT and BUILD A LASTING RELATIONSHIP, BEGIN WITH AN ATTITUDE AND ACTIONS AS PARTNERS. A Common Goal Effective Communication Integrity Appreciation 5

6 A COMMON GOAL Effective Communication Integrity Appreciation ATTITUDE AND ACTIONS AS PARTNERS. What s What s What s Your GOAL Seller GOAL Buyer GOAL Most Commission Most Highest Money Price Least Lowest Money Price Quickly Least Cost My Timeline Least Inconvenience My Timeline Least Inconvenience 6

7 ATTITUDE AND ACTIONS AS PARTNERS. What s What s What s Your GOAL Seller GOAL Buyer GOAL Most XCommission Most Highest Money Price Least Lowest Money Price Quickly My Timeline My Timeline Least Cost Least Inconvenience Least Inconvenience CLIENT CLIENT Price (Cost) Vs. VALUE DIFFERENCE C O S T BARGAIN C O S T OVER PRICED VALUE C O S T COST FAIR PRICE VALUE VALUE VALUE To SUSTAIN the RELATIONSHIP, both the seller and buyer need to feel they received/paid a FAIR PRICE. 7

8 When price (cost) & value are balancedsellers more likely to get a fair price because buyers are less likely to low ball their offer. C O S T COST VALUE VALUE C O S T COST VALUE VALUE What you are offering the seller / buyer MUST BE VALUABLE TO THEM for them to say Yes, and to build a relationship that lasts beyond the sale! What sinitforme 8

9 C O S T COST VALUE What VALUE is the seller looking for from you? VALUE What SELLERS want from their RE Agent Match the % with the seller s response 23% 20% 19% 14% 13% 5% 3% 2% Help find a buyer for home.... Price home competitively. Market home to potential buyers.. Help find ways to sell for more.... Sell within specific timeframe Help with negotiations and dealing with buyer... Help with paperwork, inspections, preparing for closing... Help seller see homes to purchase % 13% 6% 3% 2% 9

What VALUE is the buyer looking for from you? What BUYERS want from their RE Agent Match the % with the buyer s response 53% 12% 11% 8% 6% 4% 3% 2% Help negotiate the terms of sale.

10 What VALUE is the buyer looking for from you? What BUYERS want from their RE Agent Match the % with the buyer s response 53% 12% 11% 8% 6% 4% 3% 2% Help negotiate the terms of sale.. Help with paperwork Determine what comparable homes were selling for Help determine how much they can afford.. 4% Help find the right home to purchase.. Help find and arrange financing... Help with price negotiations.... Help teach more about neighborhood or area.. 6% 8% 3% 2% 10

11 TO WOW A CLIENT and BUILD A LASTING RELATIONSHIP, be sure you understand your buyers and sellers DON T ASSUME YOU KNOW THEIR NEEDS! And know the difference between WHAT THEY NEED and WHAT THEY WANT. 11

12 A NEED a MUST HAVE is a Do you believe that SELLERS generally know what they NEED from selling their property? Do you believe that BUYERS generally know what they NEED in the property they want to buy? How do you find out the seller or buyer NEEDS? OPEN-ENDED questions are better at uncovering NEED? CLOSED-ENDED questions help you be sure you understand their NEED? 12

13 ATTITUDE AND ACTIONS AS PARTNERS. A Common Goal EFFECTIVE COMMUNICATION Integrity Appreciation EFFECTIVE COMMUNICATION is when your message is interpreted as you intended it to be! Because of your AGENCY RELATIONSHIP & ETHICAL RESPONSIBILITY you are the PROFESSIONAL and EXPECTED to effectively communicate with, and on behalf of, your client!!! 13

people in these fields. Very REAL ESTATE AGENTS Very high High Avg.

14 GALLUP surveyed the GENERAL PUBLIC of their PERCEPTION of the HONESTY and ETHICAL STANDARDS of the REAL ESTATE AGENT Please tell me how you would rate the honest and ethical standards of people in these fields. Very REAL ESTATE AGENTS Very high High Avg. Low Very low No opinion High/ High Nov 28-Dec 1, % 1 in 5 agents are believed to be Honest & Ethical. May 20-23, % 14

15 Effective communication is essential with your clients & customers, but it is also important for everyone involved in your real estate transaction! WE COMMUNICATE OUR MESSAGE VERBALLY- IN PERSON / TELEPHONE / SKYPE IN WRITING- / NOTES / TEXT / SOCIAL MEDIA WE INTERPRET WORDS OTHERS MESSAGES THROUGH THEIR - 7% OF OUR INTERPRETATION TONE BODY LANGUAGE - 38% OF OUR INTERPRETATION - 55% OF OUR INTERPRETATION 15

16 Stay in contact with your client, without being a nuisance and you will enhance your RELATIONSHIP with your client. How? Examples of staying in contact without being a nuisance. To have a RELATIONSHIP with your client you need to KNOW THEM PERSONALLY. Cards traditional and non-traditional (anniversary of home purchase; home maintenance reminder/tip) Birthdays including children & pets Relevant Housing Market Info Newsletter - add a personal note Client Appreciation Day 16

17 ATTITUDE AND ACTIONS AS PARTNERS. A Common Goal Effective Communication INTEGRITY Appreciation A SINGLE WORD that describes a character trait required in any great RELATIONSHIP, How do you define?- the quality of being honest and having strong moral principles. YOUR ACTIONS SPEAK LOUDER THAN YOUR WORDS? 17

How to keep your commitments! 1. Write it down 2. Be sure you Fully understand what you re committing to 3. Don t commit to anything you can t fulfil Also, No matter how small it seems- keep it.

18 How to keep your commitments! 1. Write it down 2. Be sure you Fully understand what you re committing to 3. Don t commit to anything you can t fulfil Also, No matter how small it seems- keep it. Get back to your client on time. Under Promise Over Deliver. HONESTY ISN T ALWAYS ASSOCIATED WITH NOT TELLING THE TRUTH - LYING With a client, it can also mean NOT SAYING WHAT NEEDS TO BE SAID. HONESTY in a RELATIONSHIP is SAYING WHAT NEEDS TO BE SAID, while preserving the Relationship 18

19 YOU CAN T REWIND That s Not What I Meant! Begin with a positive. 19

20 Choose your timing carefully. Be sure your body language mirrors your message. 20

21 ANSWER THEIR QUESTIONS BE PATIENT SMILE 21

22 REMEMBER you talk large sums of money regularly, to the seller and buyer, THIS IS THEIR BIGGEST INVESTMENT MAINTAIN EYE CONTACT OBSERVE THEIR BODY LANGUAGE 22

23 When you honestly communicate with a PARTNER mindset, you will preserve, and help grow, your RELATIONSHIP ATTITUDE AND ACTIONS AS PARTNERS. A Common Goal Effective Communication Integrity APPRECIATION 23

24 IS PERFORMING YOUR JOB ON BEHALF OF YOUR CLIENT -DOING WHAT S EXPECTED OF YOU- ENOUGH TO BUILD A PARTNERSHIP RELATIONSHIP? DOESN T MEET CLIENT EXPECTATIONS = DISSATISFIED MEET CLIENT EXPECTATIONS = SATISFIED EXCEED CLIENT EXPECTATIONS = WOW RELATIONSHIP How do (can) you show your appreciation? AGENT EXAMPLES OF SHOWING CLIENT APPRECIATION. Gift Card (Home Depot, Lowe s, Bed Bath & Beyond, Restaurant, etc.) Homemade Gifts, i.e., birdhouse Host a Home Warming Party- provide food, cook, clean Framed Photo of House New Home- photo album with pictures during various stages of construction (Shutterfly photo album) Scent Wickless Candle House Cleaned Name Embroidered Towels (colors important) Personalized Door Knocker A Night Out On the Town- limo, restaurant, baby sitter Address Stamp Personalized Note Cards Superimposed With Home Photo Welcome Mat Have a Brand Slogan- tie to your slogan- Relax, I ll Get You Home gift: pillow that has Relax, You re Home 24

25 AGENT EXAMPLES OF SHOWING CLIENT APPRECIATION. IT S NOT ABOUT SPENDING MONEY ON A GIFT, IT S ALL ABOUT BEING THOUGHTFUL ONE OF THE BEST WAYS TO SHOW APPRECIATION THANK YOU! TAKE-A-WAY S 25

26 AND GOOD SELLING! 26

Discovering your real estate BUYER PERSONAS

Discovering your real estate BUYER PERSONAS www.pipelineroi.com 1-866-300-1550 What is a buyer persona? Working in real estate, you ve likely found that you are best suited at helping a particular type