For example, the thought of doing a full scale presentation, essentially a job interview, multiple times per week would bring some of them to tears!
Imagine telling your corporate friends that you have to give it your best five times a week, just to have a shot at getting a listing, which in turn gives you a chance at making a sale, for which you’ll get paid in three months.
We do it so often, sometimes the magnitude of the activity can be lost in the rhythm of days turning into weeks, turning into months and years.
Of course, for some, it’s the thrill of the chase that keeps real estate sales so exciting and satisfying. Winning over your competition can be such a validating experience, it makes up for the crushing lows of losing.
Those awful weeks when you have a compounding of losses, when it feels like all your luck has run out can be utterly soul destroying.
As we head into March, I turn my attention to this critical moment in the agent – customer relationship cycle. Internally we are running our national List. program, a brand new deep dive into the listing presentation, featuring live role plays from some of our very best agents.
In preparing this content for our network, I really considered what we can do to have an edge over our competitors at the listing table. What can make an unstoppable pitch?
After seeing Dr Victoria Medvec present in Sydney last year on the art of negotiation, I found myself applying so many of her teachings on expert negotiation, to the landscape of the dining table.
She taught us some incredible techniques for expert negotiation and there are a few that I feel will set you up perfectly for creating a memorable experience and really setting you apart from your competitors.
Firstly, it’s accepting the reality that you are entering into a negotiation. In successful negotiations we know that both sides should feel like they have had a win.
So often, with listings scarce, I find all too many agents will be willing to sacrifice their own side of the deal in order to secure the business at any cost.
I urge you, if you haven’t already done so, take some time to identify what an ideal listing looks like for you. Consider your preference for method of sale, marketing strategy, location of the property and of course the fee card.
Simply identifying your preferences will guide your presentation, but applying the following strategies should help you reinforce the importance of your recommendations.
After we have identified our needs, it’s important to turn your attention to the other side. What does the seller want from the sale? Aside from the ability to move on, it’s key to understand what their critical needs are.
Do you simply present the same pitch every single time, irrespective of the nuance of each individual client? What works for a person who has never sold a home won’t necessarily be the same for a savvy investor with a diverse portfolio. To understand your potential clients’ needs requires the art of active listening, curiosity and showing a genuine level of great care.
The next part of successful negotiation centres around relationship building. Relationship building will assist with the identification of the sellers needs, because you will get to know them and their unique situation. It also helps with repeat business. In negotiation, you can choose to apply a ‘one shot deal’ mentality, but it’s not advisable.
What that means is winning at any cost. Yes, you may get what you want, but if you leave your client with a sour taste, it’s unlikely they’ll work with you in the future. In real estate, it’s unwise to apply ‘one shot deal’ style of negotiation and alternatively work towards relationship building and maintaining.
Imagine you will see this client again every two years for the rest of your life. How does this change your approach? How would this assist with gaining repeat and referral business?
Lastly, you need to set yourself apart from your competition. For years we have been applying the same formula to listing presentations. Print out a CMA from Core Logic or Pricefinder; discuss the price, method of sale, your recommended marketing package and try to close (and that isn’t always a given!)
Agents have all become so alike that no wonder some sellers feel the only way to tell you apart is by choosing the agent with the lowest fees! If fee cutting is your business model you have chosen a method that tells your client you have little confidence in your ability to achieve the market best price and you are worth no more.
Agents who manage to hold their fee card typically have the ability to demonstrate to their clientele how they can create a competitive environment and create premium sale results.
When you are sitting at the listing presentation, your job is to demonstrate to your client what your unique advantage in the market place is.
If you can’t do that, it’s time to go back to the classroom.
