*** NOTE: Some of the “secrets” are universal & can benefit anyone in any type of sales. Don’t be afraid to read the whole post.
5 Secrets to Selling Real Estate
Special thanks to Heather Christine ~ Lighter Side of Real Estate
- You may need to act like a psychiatrist or at least a friend.
Buying / selling a house is often a highly emotional experience which can make people CrAzY!
Also take into consideration the reason for the buying and selling (a death, new marriage, divorce, new baby, etc.) and you can see why you should be prepared to listen, console, counsel, etc. Your clients, and even the folks on the other side of the transaction may rely on you much more than you realize.
- Big money brings out the best and the worst.
For most people, the sale or purchase of a home is the biggest financial transaction they will ever make. Understand that when someone suggests cutting your commission, they’re not trying to insult you. They may be worried about funeral or nursing home expenses, the wedding costs or everything they’re losing in the divorce, etc. In contrast, you’ll be surprised by the generosity, kindness, and gratitude of some people.
- Strap in, it’s a roller coaster.
Hopefully it’s not too bad, but while paydays can be big, they can also be few are far between.
Don’t get sucked into buying the flashy car, the big boat, etc. Save and budget. Understand that you don’t get paid until the deal is done; COMPLETELY DONE. A lot of things can happen at the last minute. If you have prepared properly, you won’t be “that Realtor” whose entire livelihood is hinged on this one deal.
- Make time for yourself.
Not everyone works 9-5, so clients will text or call at 2am if you don’t set expectations. If you have any obligations such as kids, church, a regular breakfast with friends or colleagues, etc. those time slots need to be blacked out ahead of time. Be sure to tell clients up front how you work and when you are available, then be true to your word.
- Sometimes, maybe wait a day.
There will be times when something goes wrong and you’ll be tempted call everybody immediately. STOP! If you’re not going to miss a contractual deadline, pause for a moment. People sometimes just need time to calm down and think. Don’t be too quick to jump down the throat of the mortgage broker, the insurance agent, the home inspector, or the other Realtor. Definitely pause before sending off a termination. You will be astounded by how often one day can save a deal. It may be all the time needed for the seller or buyer to realize that the repair shouldn’t be a deal breaker, or for the mortgage broker or insurance agent to find a solution to the silly thing that was holding them up.
6 Secrets to Selling More Home Ins.
Special thanks to Contactability
1. Be aggressive in everything you do.
Selling home owners insurance is often super competitive. If you cannot be aggressive in everything you do, then you will not succeed. Being aggressive means having high-energy every day. It means refusing to accept the status quo, pursuing new policies, and trying new strategies to drive your sales. You cannot accept that things are “good enough.” You must buy insurance leads, make calls, and do whatever it takes so that you have zero downtime.
2. Out-work the competition.
If you don’t get the sale, then it’s going to your competition. To be successful, you need to work smart and hard every day. Get up early, work relentlessly through the day and into the evening. Consumers shopping for insurance have many more options than ever before. If you don’t reach an auto insurance lead on the first attempt, try again, until you reach them, email them or even send them a text. Remember to follow-up, follow-up and follow-up again.
3. Focus on customer needs and wants.
Some agents try to “sell” a consumer what is best for them, rather than what is best for the customer. They will try to “sell” the policy with the highest commission and what they believe will make them the most money. This is shortsighted. Consumers may buy because you “sold” them, but they won’t stick around. You will make less money in the long run because they will switch agents the moment they find a better deal. Always remember to focus on the consumer and that will be rewarded with more sales and longer retention plus referrals.
4. Have a road map to where you are heading.
It is critical that you have monthly goals. These goals should be for both new sales and retention. Goals need to be adjusted from time to time and should be achievable, yet also something that you have to push yourself to achieve. If you are over achieving your goals on a regular basis, the goal might be set too low. However, do not assume that if you are not achieving your goals, that it is too high. The problem may be that you simply aren’t working hard enough.
5. Establish and foster partnerships.
There is nothing more important that establishing and building strong relationships with your lead suppliers. This is true weather they are current clients, other professionals in similar industries 9Realtors for example), or a company you pay for leads. When you have a good relationship with someone providing leads for you, you will be more successful.
6. Listen to your prospects, clients, competitors, and community.
You do not know everything. The more open you are to obtaining advice from the people around you, the more successful you will be. Ask prospects why they called; ask lost sales why they went elsewhere; ask clients what made them choose you. The insurance industry is very dynamic and you should be always looking for ways to work smarter and shamelessly copy those that are doing well.
8 Secrets to Closing More Home Loans
by Aidan Paringer ~ bntouch
Today’s modern digital landscape can be a crowded and confusing place to look for a loan. Here are 8 sales tips that will help you cut through the clutter and close more loans this year.
- Add More Value
This one may seem obvious but the formula to success in the modern and over clutter landscape is “give, give, take”. Always try to provide someone with something before you ask for anything in return or try to sell them. Aside from being able to structure and underwrite a loan, you can add value to your clients by giving them information on the economy, helping them with their marketing, providing calculators and connecting then with any other professionals they’ll need in the process. Intellectual property lawyers, tax accountants, realtors, credit experts and others should all be one phone call away.
- Everything is a Sales Opener
Every producer has encountered prospects that are not exactly keen on being sold, but some will be outright hostile toward you, says Floyd Mays past president of Atlantic Bay Mortgage Group He recalls one cold call he made on a tough prospect who told him, “All you mortgage guys are the same. You’re a bunch of liars and thieves who are looking for somebody to screw over.” Floyd could have gotten offended and walked. Instead, he said, “Somebody has been screwing you over for years. Why not give me a chance?” It gave his client a good laugh and began a business relationship that lasted for years. Even if cold calling is not a part of your sales process, you can always find a way to turn a negative situation into a positive.
- It Takes at Least 5 Touches
Realize it takes an average of five meetings with a business owner or home buyer to earn the sale. Many loan officers give up after two meetings and forget about the prospect. If a potential with their current LO or bank, play the long game and know that it may take years to bring a borrower over. However, in these cases, be quick to understand target’s existing loan, line of credit maturity and refinance opportunities so you can reach out, chip away at the sale and stay top of mind. Important dates and borrower information can be saved into your CRM and follow-ups can be created and scheduled in advance so that you’re working these long terms sales without lifting a finger.
- Don’t Be Afraid to Ask
It is not enough to just show a term sheet, you have to ask for the business. There gets to the point where the borrower has a term sheet and all the information to make a decision. The next step is to ask for the business. If a potential borrower does not seem ready to move forward, then drive home the message of “wanting to be the first call” when they are ready.
- Always Give Action Items
Link each meeting or phone call with a set of action items or next steps to complete with the responsible party. At the end of each encounter, confirm and update those action items. Whether you provide a checklist, or email summary, a potential borrower should always know the path they need to take to most efficiently close a loan with you.
- Positivity Sells
This one may seem obvious again but it’s important to keep it light, fun and always positive. There’s a solution for almost any challenge or problem. If the borrower wants to put off that refinance decision – no problem, make the borrower feel good about the decision in order to build goodwill. If someone bring up another loan officer, you should never disparage them but talk them up as if to frame it as these loan officers are good, but you are the better choice.
- Focus on Speed
Responsiveness and short approval times will get the borrower’s respect every time. Look for ways to save the customer time while making sure the lender is doing everything possible to automate and streamline the loan administration process.
- People Won’t Buy What They Don’t Understand
Rates, speed and personality are great ways to get a client’s attention, but are not the only thing on which they will buy. If a potential borrower doesn’t understand the value of your offering, the sale is a no-go, which makes client education a must. That can be easier said than done, however. We can recall a client whom we simply could not sell, and could not understand why, as we had a great product our potential client needed. The problem, we realized, was that the client couldn’t read. Once someone from our sales team read the product details to him, the client signed, and stayed with us ever since.