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Now that the National Association of Realtors Commission Settlement is complete, we have officially entered a brave new world where communication is more important than ever. Over the past year, ever since the Halloween decision was handed down in Sitzer | Barnett Trial — potential clients have been bombarded with misinformation and confusing claims about how real estate commissions currently work.
Because of this uproar, sellers in particular may have many questions about buyer representation and compensation. You may also be wondering what your options are in a market that is heavily influenced by interest rates and inventory levels.
Perhaps when you read the headline of this article, you either read it as “Planning to go public” or you thought it was a typo…both are wrong. In my opinion, a listing promise should be called a hearing promise if you want to break it. This is for the simple reason that if you talk more than the potential seller, you are likely to lose.
Listening is key.
Here are five key strategies to get your feet on the ground, not just your talk.
1. It’s Not About You – Skip the Logical Presentation
Believe it or not, sellers don’t care how good you are or how comprehensive your listing plan is. They really want you to connect with them emotionally and listen and understand their goals, dreams, and fears.
The problem for many brokers is to confront sellers with logic and explain how only they are the best prepared and the ones who sell the most homes in the area, and therefore sell homes. I would argue that is a logical choice. Unfortunately that approach doesn’t work.
In their book, The Full Fee Agent, Chris Voss and Steve Shull declare that selling a home is an emotional decision, not a logical one. They state that “emotions cannot be overcome by facts, logic, and reason.”
There’s also a second factor here. In an article I wrote for Inman in 2020, I said: “Somewhere along the line, our society transitioned from service-based to goods-based.As services are no longer expected in most areas of our lives, we instead focus on securing goods. I am.
If you can reduce everything you want to a basic item, no matter what it is (appliances, phones, even cars), the natural progression is to focus on getting it at the lowest possible price. Masu.
In a product-based world, sellers are now looking for real estate agents who will sell their home for the lowest possible commission. A common question I hear during IPO presentations is, “You’re all the same. You offer the same thing as everyone else I’ve talked about, so why should I choose you?” Is there one?”
As a result, if a seller already sees you as a product, a list of traits you provide in a logical format that touts how great you are will likely fall on deaf ears. We have essentially the same list.
2. Start with a question
You want to know about them and why they sell, their motivations, dreams, concerns, fears, etc.
We recently had four children (all in their 50s and 60s) planning to sell the family home after their last remaining spouse, their father, passed away. After touring the grounds, we sat in the family room and said, “Tell me about your dad.”
It is the beginning of a time to reminisce and tell stories that will not only last for a while but also give us a precious key to their love for their parents and the memories they created growing up in this home. He gave it to me. When they got their thoughts together, we just said: “We will honor the memory of your father who sold this house and will strive to offer you the best price and best terms possible. Do you have any questions?”
3. Focus on connections
The goal of a listening appointment is to connect emotionally. There are two basic keys that help establish trust.
First, when you listen to what the other person is saying, try echoing back what they are saying. Voss and Schall call this “labeling” and write, “Labeling is the act of stating what another person is thinking, feeling, or doing; it is the act of attaching a label to it.” Masu.
Labels begin with one of the following phrases:
It sounds like… seems like… feels like… you’re probably thinking… you’re probably feeling…
They continue: “You end up making your best guess about what they’re really thinking and feeling. You want to get inside the other person’s head and heart and see the world from their perspective. requires deep listening.”
The second is mirroring. Repeat the last words the other person said. This lets them know you heard them and opens the door for them to go deeper. It takes the focus off of what you want to say and puts the conversation firmly in their court. If the focus is on you and how great you are, you lose out. Use these two tools to keep them interested.
4. Let them lead
The desire to control the situation we find ourselves in is a core human trait, and if we allow that urge, we are more likely to succumb. Your goal is to make your potential client feel in control throughout your time together.
As Voss and Schall state, “If you’re explaining, you’re losing.” They further write, “Until they trust you and build trust by listening rather than talking, it is impossible to help them.” In fact, if you’re thinking of your next sentence while they’re speaking, you’re not actually listening.
Once you feel like you’ve made a connection, you can move the conversation to ask questions from the other person. Resist the urge to pull out your prepared presentation and start downloading attributes.
In the case of the above family, they just needed to know that our services were at least on par with those offered by other local agencies. When we opened the door to questions, they asked some pointed questions. There was no need to consider in detail all the services we offer. In fact, we always offer a menu of services so you can understand everything we do. sell my house
5. Follow up on activities based on conversations
The family of four had made it clear that they would be meeting with other agents, and we knew that if we tried to force them, we would turn them away. As a result, we thanked him for his time, promised to keep in touch, left collateral, and departed.
Our lead listing agent and I stood on the curb and had a quick conversation before driving away. In their reminiscences, the brothers and sisters all agreed that one of their favorite childhood memories was the tacos their father bought at the local taqueria.
It was almost lunchtime, so the listing agent headed to the taco shop, grabbed 12 tacos, and took them home. When she got home, the four of them were standing in the garage, looking at each other, looking at the tacos in their hands, and one of them said, Please send me the documents. ”
We are instinctively hardwired to conquer, so we want to enter and dominate presentations to win. In fact, this approach would do more to alienate listings than to secure them.
A final piece of advice from Voss and Schall: Listening is about building trust. How you listen has far more influence than what you say or do. ”
