In the 1992 film “Glengarry Glen Ross,” Alec Baldwin’s character Blake, delivered a speech that has inspired many salespersons over the years. “Get out there — you got the prospects coming in. You think they came in to get out of the rain? A guy don’t walk on the lot lest he wants to buy. They’re sitting out there waiting to give you their money. Are you gonna take it? Are you man enough to take it?”
“It takes brass balls to sell real estate,” the fictional sales legend Blake told a group of real estate agents. If you’ve been in the business for some time, this statement needs no further support. If you’ve just joined the bandwagon, you’re in for a ride!
For first-timers, finding the right property buyer might take weeks or months. You might need to ring up hundreds of leads, set tens of meetings and work on holidays before closing a deal. “A-B-C. A-Always, B-Be, C-Closing. Always be closing. Always be closing,” Baldwin’s character said. How can you “always be closing”? Or, does this slogan still hold true?
Here are important things every first-time real estate agent and broker must know.
1. Treat it like a business
If you want to succeed in this business, the first thing you must understand is that properties are some of the toughest to sell. These are huge purchases, and repeat sales rarely occur. Being a real estate agent requires your time and utmost attention.
Real estate brokers, similar with agents, act independently from developers. Your earning potential is dependent on your efforts because this is your business. Real estate is a lucrative business, but to prosper you can’t treat it as mere hobby. One missed call or one postponed meeting can mean loss of thousands of dollars of sales commission.
2. Don’t blame weak leads — there’s no such thing
You can buy leads, or you can create your own. The hunt for a good buyer starts with your database. How do you build your leads? A person applying as a life insurance agent is generally required to list a thousand names of prospects within his or her network.
Then the person is asked to classify each lead based on source or relation, income and other metrics that will help him or her decide who he or she contacts first and whose name to scratch off.
The rule of thumb in sales prospecting is 10-3-1. From your 10 leads, you’d likely set three meetings and win one sale. The more leads you have, the greater chances of closing a sale. This seems simple until you start contacting people.
How many of your family, friends and acquaintances are in the market for a new condominium or house and lot? Your leads don’t necessarily have to be prospective buyers so don’t dismiss names just yet. Ask for referrals. They might point you to your first sale.
There are no weak leads, just weak strategies.
3. Maximize the power of social media
Whether you’re selling cars or apartments, one scenario that you shouldn’t find yourself in is where you’ve got no one else to call. Your database is your lifeline. Remember: no names, no sale. You should have at least 500 names at any given time. Regularly replenish your list.
Before exhausting your natural market, start opening up new sources of leads. Do you know that there were about 2.307 billion active social media users globally in January 2016? The number is expected to continue rising in the next coming years, thanks to the insane popularity of smartphones and tablets.
Step up your game by seeking the services of digital marketers, well-equipped with knowledge and technologies. These experts know how to help you win leads from social media platforms and convert these into sales.
4. Don’t be a secret agent
Social media platforms can’t substitute membership in clubs and organizations. Get to know people personally by joining a hobby group or a charity that supports your advocacy. It’s recommended that you attend town meetings or gatherings in your kids’ school as these are golden opportunities to earn new leads.
Don’t even think about signing up for a golf membership if you know nothing about the sport. No one wants to deal with a fraud.
5. Make sure you are remembered
An effective agents and brokers guide in finding a buyer should include tips on how to maximize every lead you get. An ocular visit is your grand chance to win over your prospect. You should have covered matters that concern the essential things for renters and buyers.
However, you might not be the only agent or broker your buyer is talking to. Make sure your prospects remember you when they shortlist their choices. After an ocular, send your prospect a thank you note. According to experts, a handwritten note increases one’s likeability. It’s personal, unlike stiff text messages or emails.
After an ocular visit, ask your prospect on the best way to do a follow-up. When is it OK to call? Does he or she check email regularly?
6. Don’t be a pest
There’s a thin line between an aggressive seller and a pest. Prospects must know that they are not being pressured into making a decision. Once you’ve done your job presenting properties that suit your prospects, give them time to decide. Ask when it’s best to make a follow-up and assure them that your lines are always open for queries.
Generally, if you don’t get a feedback after three days, a quick follow-up call is reasonable. You can give an update about the property or mortgage rates. You can also share real estate-related news or updates on essential things for condo buyers such as amenities — anything that can open up a conversation.
If your prospect cannot make a decision yet, you can place his or her name on auto-drip and send any material of interest on a monthly or quarterly basis. You can email new listings, promos or updates on mortgage rates. Keep him or her on your radar.
Real estate is a lucrative business. However, the cutthroat competition is not for everybody. Indeed, one needs brass balls to prosper in the industry. Do you have what it takes to succeed?