Two stumbling blocks to being among the 20% of Realtors who transact 80% of the business are in the areas of service and feedback.
Not What You Think
When I write about service within the context of this blog post, I’m not referring to the service that a realtor provides to a current client. I am referring to a mindset. A mindset that all Realtors must have in order to understand the essence of prospecting.
The Essence of Prospecting
Prospecting is not about pestering someone to sell their home or encouraging another person to buy one. Pestering is actually a feeling of guilt that rents space in the mind of a Realtor and paralyzes them both from contacting their database as frequently as they should. “I feel as if I’m bothering them,” is a common statement that one hears when listening to a Realtor in conversation with their coach or mentor.
The essence of prospecting is actually the service that a Realtor can provide to anyone before they become a client.
Disseminating Information
Disseminating information includes advice on the obvious and not so obvious:
- Tax implications when buying or selling
- Timing issues
- Managing expectations when selling your home on your own
- Commission advice
- Market snapshots
- The frustration of a home that isn’t selling
- Downsizing opportunities
- Neighborhood information
- Staging
- Relocating
- Renting
- Choosing a realtor
- Avoiding common mistakes when buying or selling
- School information
The list goes on and on. But until you change your mindset and realize that you are in real estate to provide service even before the business is secured, your attempts at being one of the elite are sure to be stifled.
Feedback
The same can be said regarding feedback once you have secured the business. It is counterproductive to avoid difficult feedback discussions with your seller client. Buyer commentary is information that your clients need and it is your responsibility to provide it.
- Get it in writing so they don’t shoot the messenger.
- Be consistent with your reporting of it.
- Offer suggestions on how to address the buyer objections.
When it comes to being the best of the best, it all comes down to servicing your prospects and providing your clients with feedback.
What would you add to the lists above?
How would you rate yourself on your consistency in providing this important information?
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