Posts Tagged ‘greatness’
The Tweak That Will Double Your Business
Saturday, July 30th, 2011
Why did one top producing agent suddenly lose four listings in a row when he’s used to about a 98% listing presentation closing rate? He has since fixed this problem, but it’s the same one that most agents have and don’t even know it.
The top producer in question has a nearly unbeatable value proposition for his potential sellers. The reason it stopped working for him is that he “went off script” as he put it. He fell back into the lazy habit of focusing on “features” of what he will do for sellers, rather than the benefits. We witnessed this same proclivity during our recent “Why should I choose you?” listing presentation contest. Nearly every contestant proudly presented the features of what they would do and make them stand out instead of the benefits that would be important to a seller.
The reason it is so easy for salespeople to sell features is that we are so familiar with our services that we “collapse” the benefits with their respective features. In fact, it is hard to imagine why anyone doesn’t immediate “get” the benefits of those wonderful features we so readily and excitedly expound upon. The problem is that most prospects won’t get it, and in fact may feel intimidated by not understanding why those features are supposed to be so valuable.
People buy with their emotions and justify it with their intellect. Benefits are the shortest distance to the heart of the prospect, features are the roadway that support that journey. If benefits are even mentioned in a presentation, they usually follow the feature (the old “features / benefits” selling script). This is ass-backwards. Always, always, always share the benefit first, then justify how it will be delivered via the feature.
High-powered selling is not magic or even hard if you understand and apply basic human behavioral principles. Prospects are only interested in what you can do for them from a benefit perspective. They don’t want to know about the drill, they just want the hole. Learn this well and have the discipline to apply it to every sales situation and watch your closing ratio shoot skyward.
Go Where Eagles Gather
Monday, July 25th, 2011
As I write this I’m in San Diego speaking to the Corcoran Coaching Mastermind and STAR POWER conferences. Both of these event tend to attract the “best of the best”. And as a featured speaker, it gives me a unique opportunity to see the shared qualities that make these folks so successful.
Here’s the short list:
- They think like business people – most of them strive to make their business run successfully without them doing all the work;
- Their hunger for new ideas is insatiable – they are constantly looking for the “edge” in sales, marketing and operations;
- They are wary of “bright shiny objects” – too many of them have already been burned by the “Just buy this and all your problems will be solved!” pitches. They know that building a successful business is marathon, not a quick sprint using some fancy new tool or service;
- They freely share ideas – no small-minded “I’m going to keep this idea to myself.” behavior found in these groups. In fact, they are down right excited to help each other;
- They consistently implement - this group knows that great ideas not put into practice are worthless;
- They are very coachable – they really get that the potential size of their business success is inversely proportional to the size of their ego when it comes to being open to new ways of doing things.
And one more thing. Eagles gather with other eagles on a regular basis just like at these kinds of events. So if you are tired of hanging around the turkeys and want to really soar, start showing up where the eagles hang out and grow a few –eagle feathers that is.
Why Should I Choose You?
Saturday, July 16th, 2011
It’s not too often that I get to be on the “consumer” side of real estate. Yesterday I helped my wife evaluate two Realtors for the possibility of listing her mother’s home for sale. We asked a series of questions starting with “Why should we pick you over all of your competitors?” and that’s when the fun began.
The look on the face of the first one (who had 31 years in the business) was priceless. After composing himself he shares that he’s in the office every day at 8:30am and returns all his phone calls in a timely manner. No really, that’s what he said.
Then we asked “What is your marketing plan that will make this home stand out from all the others and give us the highest value in a reasonable time?” At that, he points to his very nice (customized and hard-bound even!) presentation package and says: “It’s in there, read it –or do you want me to read it for you?” At which point we quickly (yet politely) ended our meeting.
The second one wasn’t much better. He was quite a bit younger and more hip to technology yet he still stumbled all over the question as to why he should be chosen over anyone else. When asked about his marketing program he started rattling off his budgets for print and online advertising, yada, yada yada. When asked why he spends so much money on print when most people use the Internet he said: “I only do the print to satisfy the sellers and to promote my company, we’ve actually never received any business from it.” When we requested that he put together a comprehensive marketing plan for my mother-in-law’s home, he nods at the folder in his hand then gives it to us. Unlike the first agent, it was not customized, had only examples of mostly print advertising and no formal plan whatsoever. We’re still looking…
Granted, most consumers are not going to be quite as, well, thorough as we were. Never-the-less, if they can’t quite articulate the question, they are thinking it: “Why should we chose you over everyone else?” If you can’t answer that in a powerful and straightforward way (while avoiding the typical bromides of “I work hard!”, “I already have buyers interested in your home!”, “I have tremendous experience?”, etc.) then you are working way too hard and earning far too little.
You already have your answer if you are specializing in a niche. Otherwise, take the time to come up with a powerful response. Take it from someone who has just experienced it first hand from the consumer side, you will quickly appear to be head and shoulders above your competition within the first five minutes of any listing appointment.
Why Your “Winning Formula” is Holding You Back…
Saturday, July 9th, 2011
What would happen if you gave yourself permission to behave differently? Your friends and associates would almost certainly start wondering “What happened?” and you would probably feel very much out of your comfort zone. So why would you ever consider such a thing? Well, it may be the path to truly setting you free.
If you have enjoyed any level of success in your business (and life for that matter) chances are you are behaving in a way that has worked for you since childhood. This is sometimes referred to as one’s “winning formula”. Adrenaline-driven energy, adroit social skills, seduction etc. are just a few examples (out of potentially hundreds) of behaviors people use to succeed.
The problem with winning formulas however is that they will, in some way, hold you back from your true potential as a human being and business person. That’s because we become comfortable with wearing that “suit” since it has worked and protected us in the past. After a while though, that suit becomes your straight jacket, severely constraining the real you from showing itself.
We are so much more than our behavior, than our actions and reactions. Yet to explore beyond these old familiar ways can be scary. Feelings of disorientation and thoughts of “If I’m not __________ then who am I?” will pop up for sure (fill in the blank as you see fit). And you might even have to deal with the childhood fears that brought on the development of your particular winning formula in the first place.
Unfortunately, most people will not risk this level of freedom until they have grown very weary of their winning behavior (assuming they are even conscious of it in the first place). It usually starts with a nagging feeling that there is something far greater that is possible for you. And, you may have reached the limits of what your “winning formula” can do. If you feel this way you are on the precipice of transformation —a sudden, rapid shift to another larger possibility and experience of the world. I don’t know about you, but standing on the precipice of anything scares the crap out of me.
Now here is where the magic happens. Unlike animals who react by instinct and would back away from anything that scary, we have a choice. We can choose to stay within the comfortable “known” and limit ourselves, or move through our fear of letting go and risk learning to fly as we were all meant to.
As you grow older, you’ll find the only things you regret are the things you didn’t do.
~ Zachary Scott
Freedom to Succeed
Monday, July 4th, 2011
Happy 4th of July! As a kid, this was my all time favorite holiday with its requisite BBQ’s, ball games and fireworks (not necessarily in that order). As an adult it’s still my favorite, more so now because of what it represents, individual freedom —something far too many of us take for granted.
Very real blood, sweat and tears were shed in untold quantities for us to enjoy freedoms that those in many other countries can only dream about. Yet slowly, insidiously we are letting our freedoms be exchanged for “security”.
Those who desire to give up freedom in order to gain security will not have, nor do they deserve, either one.
~ Benjamin Franklin
One doesn’t have to look to hard to see signs of this in nearly every aspect of our daily lives. The mere fact that our esteemed lawmakers seem fit to pass thousands of new laws each year under the guise of “protecting” us, the citizens is evidence enough. And I see so many in our industry that willingly give up their freedom to innovate and stand out in exchange for the comfort and protection of group, company or franchise with whom they have chosen to align.
In the end it really boils down to just one simple thing: individual responsibility. Unfortunately far too many people are will to exchange their freedoms (of any kind) in exchange for relinquishing their responsibility. Power hungry political leaders understand this as do organizations…
Freedom makes a huge requirement of every human being. With freedom comes responsibility. For the person who is unwilling to grow up, the person who does not want to carry is own weight, this is a frightening prospect.
~ Eleanor Roosevelt
Freedom is the most precious thing we have and it requires personal responsibility to sustain its life and vibrance. It also means not blaming others or situations for our lack of achieving the results we hoped for. Each and every one of us has the freedom to attempt success and risk failure —as long as we take responsibility for our own actions.
A truly free man or women much prefers to try and fail repeatedly, than to not really try at all because they have given up their responsibility (i.e. ability-to-respond) to someone or something else. We are hard-wired for freedom and to accept anything less will only result in frustration and misery.
Don’t Let Your “I’m Excited!” Turn Into “I’m Miserable!” Failure
Saturday, June 25th, 2011
You know how excited you get when you go to an awesome conference and come back with tons of ideas? You’re pumped, the charismatic speaker has you seeing dollar signs everywhere and you can’t wait to get started. Sound familiar? It happens everyday in this business. Yet for most, this burning desire turns into dismal failure in short order. Here’s why and what you can do about it.
It’s easy to get excited about new possibilities because as human beings we conveniently don’t think about all the blood, sweat and tears that must go into realizing them. We focus on the payoff without giving much consideration to what has to be paid to receive it. It is this cognitive quirkiness that makes us extremely vulnerable to all the “quick” schemes pitched to us daily whether it be to get rich quick, get thin quick or get smart quick, etc.
Now here’s the thing. It’s not how excited you are in the beginning that determines your success. It’s how you keep moving forward even when you are bored out of your skull with the “shiny new idea”, exhausted from working it, and totally frustrated with the seeming lack of progress…
Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.
~ Dale Carnegie
True and lasting success is almost always a long-distance marathon. Endurance, not speed is the factor that determines the magnitude of your success. At times it will feel like you are just going through the motions without an ounce of enthusiasm. Fine, at least you are still moving forward —unlike those unfortunate souls who gave up because they no longer feel the “buzz”.
History is replete with examples of people who felt like quitting but didn’t, only to realize incredible accomplishment. If you were to ask how they were feeling just before their breakthrough, chances are you would get an earful of “I hate this!, This sucks!, When will things ever turn around?!…”. Be clear about your objective and the path you’ve chosen to achieve it. Then never, ever give up.
Turn your frustration into a game where the more daunted you feel, the more determined you are to take the next step. Take this approach to your business and life and guess where you will inevitably end up.
How to Avoid Being BOPPED By Your Competition
Sunday, June 19th, 2011
The media recently highlighted the fact that IBM just celebrated its 100th anniversary of being in business. So what does this have to do with you and your career? Well, actually quite a bit.
The latest issue of the Economist magazine did the best job of analyzing why IBM lasted so long in such a tumultuous and ever-changing field of technology. The writer addressed the very core of what makes this company great and why it is likely to be around for another 100 years. This “core” is known as a Basic Operating Principle (BOP), which for IBM is: “We invent and use technology to help businesses become more productive.”
A powerfully effective BOP is simple, well defined and so fundamental that it will work no matter how much things change. It is the “True North” of highly effective businesses.
We succeed only as we identify in life, or in war, or in anything else, a single overriding objective, and make all other considerations bend to that one objective.
~ Dwight D. Eisenhower
If you look closely at other great companies, their BOP will shine through. For example, Apple’s is: “We create insanely cool personal technology and sell it for insanely high profits.” All of this of course begs the question as to what your BOP is, and is it powerful and fundamental enough to last through all the market changes going on today and in the foreseeable future.
Those that specialize in a particular niche already know their BOP. However, that’s less than 2% of the real estate sales population. Most of the others likely use: “I try to get business any way I can.” as their BOP. Needless to say, some BOPs are more effective than others. Yet here’s the thing; if you are not clear about what your Basic Operating Principle is, you will likely be BOPPED by those that are.
Why Many Realtors Fear Standing Out
Saturday, June 11th, 2011
Striving to stand out from your competitors can be a scary thing. It means that you have chosen to “break from the pack”. At the very least it can feel like you may be shunned, or, perhaps even have a target painted on your back as they go gunning for you. Here’s why giving in to those fears can cost you plenty and hold you back from your full potential.
During a meeting the other day, a group of agents were asked what they thought of a particularly new and rather unique presentation that was designed to help each of them stand out head and shoulders above their competition. I was completely blown away when one of them said they felt it was berating other Realtors (which it wasn’t). There is a huge difference between pointing out one’s own unique capabilities and putting down the competition, a distinction this sales pro seemed to have missed by a mile. While still trying to shake off my bout of incredulity, a flash of insight occurred that made it clear what the real problem was.
Sales associates are very social animals and most feel uncomfortable standing out from others in the industry. This is a phenomenon I’ve witnessed time and time again as a coach and trainer. It’s like their emotional right brain is saying: “It’s not nice to try to dominate the market by being different or unique because others are not going to like you.” Meanwhile their logical left brain is screaming: “You better stand out from the crowd or you’re going to starve and die!!” Imagine how effective you would be with those two conversations going on in your head.
Be different, stand out, and work your butt off.
~ Reba McIntire
Marketing 101 says you need to differentiate your services so that a) you are seen, and b) you are chosen. Striving to dominate a particular niche or stand out from your competitors does not make you a bad person. It makes you someone who gives the consumer an easy choice to make as to who they are going to use for their real estate needs. You can still stand out and be a great person. Giving in to the need to “fit in” and not rock the boat may make you feel more comfortable, until you realize that it will also make you poorer.
How to Empathize Your Way to Profits
Sunday, May 29th, 2011
You’ve probably heard the expression “Before you judge another man walk a mile in their moccasins.” Here’s another one for you: “Wear the skin of your prospects before you market to them.” Here’s how that last expression can make you a lot of money.
One of biggest mistakes that sales associates make when contemplating a marketing plan is failing to see things from the perspective of their intended target market. We are so used to being in “sales mode” that it can be very difficult to “wear the skin” of our prospects.
“Wearing their skin” simply means strongly imagining how they feel, what they fear and what excites them within the context of the real estate process. The more strongly you imagine actually “being them”, the more powerfully you able to tap into their emotional triggers, which is the very essence of what effective marketing is all about.
Another way to think of this process is “empathy with an agenda.” Yes, you need to deeply understand what powerfully motivates your target market. However it’s just as important that there is a purpose for all this. And that purpose is to have members of your target market choose you over any of your competitors.
Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you are a mile away from them and you have their shoes.
~ Jack Handy
This is often a difficult and delicate balance to maintain. Salespeople tend to skip over the empathy part and go right for the close in their marketing efforts. And newbie marketers tend to focus on creating empathy and often forget the call to action. It takes both to market successfully.
Learning to feel and experience life through another person’s eyes is not just a prerequisite to marketing successfully. It also happens to be a great way to go through life in the community of others.
When Ugly Wins
Sunday, May 22nd, 2011
It’s a pretty safe bet, that when you first thought about having your website built, deliberately making it “ugly” was probably the furthest thing from your mind. Yet the very first thing that top producer Mark Seiden said to me when he joined my most recent ULTRA eTEAM was: “I want to have the ugliest real estate website in the industry!” Well, he achieved his goal and here’s why he’s going to make tons more money than most of those with so-called “beautiful” real estate websites…
SellingMyHomeSucks.com is unlike any real estate website you’ve ever laid eyes on before and it took nearly 6 months of planning to make it that ugly. Also, you’ll find no IDX, no property search, no tips for buyers or sellers and it contains not one word about local neighborhoods yet I will stake my reputation on this becoming one of the most profitable websites in the real estate sales industry. And that’s even after my wife took one look at it and declared it “tacky”!
So what’s happened here? Has the market change so much that we suddenly find ourselves in a “bizarro world” where ugly is good and beautiful is bad? Well, not really. If you substitute the word “distinctive” for ugly you get at the heart of what Mark was really trying to accomplish. You see, he understood immediately that the key to success online was standing out and being as different as possible from any of your competitors.
And after about six months a rigorous planning on what would appeal to his target market of sellers who have listings that expired, he empowered “distinction” with effectiveness. What makes SellingMyHomeSucks.com so powerful is that it is designed for one thing and one thing only: to have any and all sellers who experienced the failure of not selling want to immediately contact him to take over the marketing of their home. If you put yourself in the position of the expired seller and feel their frustration, anger and confusion then look at SellingMyHomeSucks.com with those eyes, you’ll get the point.
SellingMyHomeSucks.com was “soft launched” (i.e. mostly completed but with a few minor refinements still yet to be done) on May 17, 2011. Mark sent the link to his site to a few of his friends, one of whom forwarded to a friend of theirs who was going to expire in about three days. That person immediately contacted Mark for a listing appointment. Not a bad early indicator.
The take away here is don’t assume anything when it comes to building a website. If there are any fundamentals they are: a) make sure your website speaks to the needs, wants, fears and desires of your intended target market, and b) make it stand out as much is possible from the rest of the competition.
Effective marketing is not about being beautiful. It’s about being seen, standing out and compelling your intended target market to want to do business with you. From this perspective, ugly certainly can be quite beautiful.
