The following is a series of excellent notes taken by one of my agents while listening to million dollar agents
Warning Reading every word of this post make make you a million dollars
it has already gave this 3 year rookie agent over $250,000 in Gross Commissions.
WORKING W/ BUYERS-4 stages of learning: (LOL... I was cracking up on this and i had to rewind many times. LOL... but i got it
!1) UNCONSCIOUS INCOMPETENCE- You don't know what u don't know! Example, new buyers don't know what they r doing. What they need to do in order to buy a property or the steps it takes to find a home. Also, new agents have no idea what they r doing until they put a few deals 2gether)
2) CONSCIOUS INCOMPETENCE- ( I think I am not 100% on this one) You know what's right and what's wrong. And u choose not to fix it. (? is that right??)
3) CONSCIOUS COMPETENCE- You know what you are doing but it doesn't always give you the greatest level of results. You need to think about what u do before u do it.
4) UNCONSCIOUS COMPETENCE- You don't even think about how to do something. You do it a
nd you have a great deal of success with it. Like cooking w/ out having to measure the ingredients or look up a recipe.90% of buyers are Consciously Incompetent. They don't know what they don't know and don't even realize it.U need Framework... -
Get ppl Face 2 Face. This tests their dedication to buying. "come meet me in my office" or go to meet them in their house.- Qualify them well so you can determine if they are going to buy before you waste time-
Don't meet w/ ppl who R NOT GONNA BUY HOMES.- Be UNSTOPPABLE... keep thinking of ways to meet w/ them, to show them houses, to work something out no matter what. If u get PAST 4 NO's in a call, you have a 60% chance of doing business w/ them.
What SELLERS want: -Best price -Best time frame-Painless ProcessWhat BUYERS want:-Selection-Best price (good deals)-Ease of businessPhone Script (Main Questions/Points)...
OVERVIEW*INTRO I rec'vd your request for some info on hot new deals. Just want u to know I will be sending u that info....*
Are you working w/ any other agents right now?*
How long have u been looking?*Do u have a time u need to buy/sell a home? - the buyer says he has a home to sell and then he wants to buy another.
The buyer is unsure if he wants to sell then buy or rent it out. <---- Question 4 U- How do u know which is the best idea? Sell then buy? Buy, then sell? Whats the BEST option in order to not have any major issues later on and also the best answer 4 them? IMPORTANT! Do not get into a discussion on the phone over this! You need to do a face 2 face meeting. This can be deadly and u can lose them by making big mistakes in your approach and you have not established enough of a relationship.
Use this call to establish a relationship with the buyer.*Do you have any homes that you are already interested in? -If buyer indicates that there is nothing serious pending, then introduces his services and that he has property lists no other Realtors have.
*Even if the buyer is asking you to email them instead because they have no time and they feel its easier, you should NOT. You can tell them "I can absolutely can do this for you however, I would like to give you the best service and show you the lists I have and help you to determine which properties are the best deals.
*Even if other Realtors are offering them the same thing, you have to keep making it seem like yours may be even better than what they have. "I have a unique program.... I have access to ALL kinds of properties, new construction, bank owned, foreclosures, vacant lots. You may not have the same property info that I have.
If they claim to have access to the MLS you have to tell them "yes but can you determine what a good deal is from there? Also its unfortunate but many Realtors don't update the MLS the proper way and some info may be inaccurate."
*If they say they are "not looking to commit to anyone right now"... I'm actually not looking to lock you in. I just want to get you signed up with our program.
When is a good time for you to spend 15 mins w/ me so I can do that for you? weekends? weekdays?"*"Uh...Im super busy, I just don't know..." you get past by saying "I can appreciate that.
I myself know what its like to be so busy, but that is exactly why I want to offer this, so you don't waste time on properties that don't meet your criteria. You won't have to call a bunch of realtors..." keep trying to get face 2 face.*
Remember the 3 main "buttons" of what buyers want.* Make sure when you get them to commit to an appointment you set them up at your office.* Then.... "Ok, just I get a better idea of what your needs are so I can prepare for our appt, "How much money do u have for closing costs?"... and start qualifying them w/
"How's your credit?..." To determine if YOU want to work with them or not.* Don't sit with them if they have issues with their credit or sound like they are not able to buy w/out FIRST getting them to speak to a Loan Officer and making sure you can work w/ them or not.
* Test their motivation... "if a really hot deal were to come along and made good sense to buy, would you be able to move in on it? (he says something like that but I'm not sure that was the right way to say that... is that right???)
*"So, can you pls do me a favor? If from here to our appt you want info on a property or you need to ask me anything can u pls call me @ __#__ and I will make sure you get that info.Goals of the call are to...-make an apt
Face 2 Face-Qualify the buyer, see if u want to work with them-Test their motivation.Disqualifying factors--bad credit/ no credit-bankruptcy-no money to put down or towards closing costs-not willing to move within 3-6 mos.
(Keep them as a contact, but keep checking in on them The more you seem to show the buyer that you have everything you need and are ABLE to get them a property and get them situated the more likely they will be to engage in business w/ you
.Never show a person just 1 house... show like 3-4. One is a total waste of time. It doesn't give u the proper amt of time to establish a relationship with the person for you to KNOW what their needs are??Work on getting past 4 NO's in the call... thats a GOOD call, u know u did a good job.ARE YOUR EYES BLEEDING YET??? LOL
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