#2 Prospect Conversion
Pre-Meeting Research & Prep
Brian Tracy says that the top 10% of sales people spend 60% of their time doing research and preparation for their appointments. Being well prepared for a listing presentation is essential if you want to win the new listing in today's competitive marketplace. Make sure your market evaluation includes the most up-to-date and relevant information for your listing. Also, ensure you're familiar with their neighborhood and the history of the market in that area. One minute preparation can save you five minutes of execution.
Appearance & Presentation
Every top producing real estate agent is always dressed professionally and neatly.
Appointments: Step by Step
The more you know going into the presentation the better off you'll be. To gain insights into your prospects timeline and motivations, you need to begin building a solid relationship with an excellent rapport.
- Talk to the prospect when you make the appointment. Ask questions about reasons for selling. It's even OK to ask what they want to realize monetarily from the sale.
- Get the tax records.
- See if the property sold in past MLS records.
- Ask them how many real estate agents they're interviewing and ask to be the last appointment.
Do a Comparative Market Analysis for a List Price Range:
If you think you'll close and write a listing agreement on this appointment, then have a detailed Comparative Market Analysis (CMA) prepared. With very similar homes or condominiums, this may be a viable option. Not having seen the home yet, a consultative approach would be to have a CMA that is broad with a range for listing prices.
You would arrive with this knowledge, but then view the home and talk with the sellers. The plan would be to get more information and return with a refined listing price recommendation.
Don't just do one CMA. Do a second one using the list prices of currently listed comparable homes. Markets are constantly changing and your sold comparatives may already be a bit stale.
How you package and market the seller's property in print and media will be reflected in the quality of your materials and presentation. This is of utmost importance to gain their confidence.
We're not talking about the CMA here, but more the print or online display materials that you're using to promote your services and those of your brokerage. It's better to bring very few sales aids than to bring inferior brochures or less-than-professional marketing materials.
Know Your Strengths and Be Ready to Communicate Them:
Don't do a "dog and pony show," but be comfortable in the value of your knowledge, expertise, and resources. Notice that resources is part of this package.
If you're new to the business, you don't have to apologize for it. Resources include the support and knowledge of your broker and/or mentor.
If It's a Feature Service, Have a Demo If Possible:
As real estate agents embrace new business marketing and technology, some really innovative marketing services are employed. If you plan on using things like a toll-free hotline recording, web site text messaging, or other new "gadgets", have a demo ready preferably with the actual home you're wanting to list as the demo.
If You Provide a Service, Make Sure It's Presented:
You do not want to lose a listing and have a prospect tell you that they went with another company because "they attached a virtual tour to the listing". If you offer a service like virtual tours, you need to make sure you're attaching it to the listing every single time and double check to make sure your client saw it. Your marketing materials need to feature everything you do for your clients, because in the end, it will help you close more sales.
Update Your Data if the Presentation is Postponed:
A postponement should prompt you to refresh your data as close as possible to the listing presentation appointment.
Watch the hot sheet for new activity as this could save you some embarrassment while also making you look like a stronger agent by always having the latest property information available.
The Devil is in the Details:
If you go into a listing presentation without all your bases covered, you shouldn't expect the best results. Planning and preparation are part of any successful business venture or marketing presentation.
As a real estate agent, you're responsible for your business success, so put together a presentation plan and package that puts all your services forward in the best light. If you show up and they perceive you as prepared, professional, and competent, you have a leg up on the competition. It's getting far easier to make a great computer listing presentation.
The 2% Advantage: The Pitch
2% Realty provides a high quality standard testing presentation which you can download from the resources page on your agent training program website. Although this is a great place to start, it never hurts to add your own personal touch and brand to these presentations. You should create a personalized presentation that is unique to your business.
Objections & Pressure Points
As in any sales role, you'll come upon the same set of objections from many of your prospects. It's important to document every objection so you can find standardized ways of addressing common concerns so you can educate them on solutions. This will remove roadblocks or potential issues they see in doing a transaction with you. You'll also see in the resource section of this agent training guide a set of scripts as well as standard objections and responses you'll likely come across. When facing objections, don't get discouraged. It's not a personal rejection; objections are simply considered road signs on the way from getting you from where you are to where you want to be. If people are sharing their fears and concerns with you, this means they are engaging with you in the selling process and should be viewed as an opportunity to guide and educate your prospect versus looking at it as the end of your journey with them.
Activators and Closers
In terms of activators and closers, this section will educate you on the direction you should take with the client, buying signals to watch out for, and closing opportunities for each individual prospect you encounter.