Wednesday, September 14, 2011

Sale slumping or nonexistant?

Sales can be a discouraging and frustrating business when you look at each potential customer one at a time. Remember when Tom Hopkins and his quarters? This is a contact sport frequently requiring many attempts before obtaining a sale. I’ve seen statistics that show 100 contacts make 5 appointments that make one signed agreement. To create a signed agreement (buyer rep or listing agreement) you’ll need to hurry the process along by making more contacts every day.

Here’s what I mean, you’re right FSBO’s don’t want to pay commission. They’ve got their guard up because they know you’re going to ask. We know, however, that 70% of all FSBO’s give up and list with a real estate agent. Create a relationship with them through multiple contacts. Statistics show only 4% of prospects sign agreement after the first contact. This increases to over 80% after the 8th contact. Review your FSBO plan and keep calling. Don’t give them pricing info. That’s what they get when they list with you. It’s your expertise.

Now, how else are you going to fill your funnel? Open Houses? Expired listings? Social Media? What about your Sphere of Influence and the 7 Second Presentation? Revisit your business plan.You can do this. If you lost it or didn’t make one then ask and I’ll give you some templates. The bottom line is simple mathematics. If you want a signed agreement each month you’ve got to be making 100 contacts EVERY WEEK.

Make the act of prospecting your goal so you can have some immediate success. Here’s what I learned as a new agent: “I don’t expect you to sell a house every day. I expect you to do the ACTIVITIES necessary to get in front of people.” In other words I had to teach my wife and kids to stop asking me if I sold a house today and asking me if I did my prospecting activities. Get it?

You still get to ask for the business with your contact it just isn’t as imperative to make business with every person when you’re following up with 100 or more people.

No comments:

Post a Comment