I receive constant correspondences from people who are not currently working with our company, and they express concerns that the current market and state of affairs is affecting their ability to sell real estate. They stress that current conditions are causing indecisiveness in their prospects, who use them as an excuse to drag their feet about buying a new home. Their customers tell them they want to wait until the market settles and the economy “stabilizes.”
Before providing you with a list of solutions to this real-estate roadblock, I want to address a prudent issue in regards to the “professional’s mindset.” First, a sale is made every time a salesperson and prospect begin a sale’s conversation. Either the prospect sells you on why she will not own, or you sell her on why she should own. My question is, each time you’re with a prospect, “Who is doing the selling?” Between you and your prospect, who ends up being the better salesperson?
It’s important to realize that objections come from one of two places. They are introduced into the sale’s presentation either by your prospect — and these are easy to overcome — or by you. Sometimes, without being consciously aware of it, you create objections in your own mind about why a customer will not buy.
You can handle your prospect’s objections by employing strategy and pre-scripted responses. You can eliminate the self-defeating objections in your head by changing your attitude and your perspective.
Is the economy really bad? Or is it simply “adjusting?” What is a bad economy anyhow? Is the idea being introduced by you or by your prospects? What is the reality – not your perception of reality?
Here are The Official Rules For Beating A Declining Market like a drum.
1. Decide not to participate. Seriously, get out of the drama of the situation and get back to work. Now, we are going to find out how hot most salespeople, managers and builders really are. Telling is not selling, and those who have become accustomed to simply presenting the property and having prospects sign on the dotted line are due for a wake-up call. Reputations are earned in a challenging economy, not in the good times.
2. Make rapid, bottom-line decisions. This is no time to be spending a lot of time trying to decide what to do. In the words of W. Clement Stone, “Do it now.”
3. Work everyday on developing your personal and/or team selling skills because the most skilled person always succeeds in challenging times. If you are a salesperson, be willing to invest your own money in books, tapes and seminars. New information will improve your attitude as well as increase your skills. If you are a manager or company owner, now is not the time to be eliminating (debating and shooting down) professional sales training for your team. They need to be equipped to deal with a changing marketplace and it’s your responsibility to insist that they knuckle down and get to business. For help, visit our website, www.myersbarnes.com, or call and schedule an educational session.
4. Evaluate your results. If a certain marketing program or a housing design is not working, or a campaign is losing money and producing an energy drain, drop it. Eliminate access baggage and, regardless of cost, cut your losses and do what’s right for today.
5. Work twice as hard! John Maxwell observed, “Whenever you let up, expect a let down.” Hard work covers many sins and makes the climb upward go smoother.
6. Develop and intensify your relationship with your “Spheres of Influence.” Keep in mind, you best prospects are your current customers.
7. Give yourself a whack on the side of your head and get creative. Do something different. Whatever got you to where you are today is as far as it will carry you tomorrow. As Dr. Einstein professed, “The definition of insanity is doing the same thing over and over and expecting a different result.”
8. Let go. Lao Tzu wisely said, “When I let go of what I am, I become what I might be.” That’s how it is with you. Let go of fears, bad attitudes and unwarranted expectations that undermine your success. Then you will be free to discover what you truly can become.
Bottom line: Real estate is the one investment that over the last 75 years has always been sound, and a place where investors can go and not have to deal with the emotional ups and downs of Wall Street, wars, gasoline shortages and economic swings. The major percentage of all millionaires and billionaires have had a good portion of their money parked in strong real estate investments.
Here are two final thoughts: 1. Should you be looking at real estate as your personal haven to protect your financial future? 2. Should you be talking (selling) to your prospects and current owners about taking advantage of low interest rates to buy more real estate to build their financial future?
The answer is so obvious, it’s offensive. “Yes,” to both of those questions so get out there and start buying and selling more new homes!