“Warning: dates on this calendar are closer than they appear.” — Anonymous.
Spring is one of the most important times of the year for REALTORS®. Why? The thaw begins. Not the thaw of snow melting, but the thaw of real estate activity. It’s the time of year all those folks on your “wait list” — those who’ve said they’re going to wait to buy or sell — begin to come out of hibernation. Or at least that’s what you hope they do.
And my best advice: be there to greet them. Not only that, but also take the initiative and begin communicating with them.
The key to remember is this: these people have already procrastinated once, so you don’t want them to do it again. They’re on the fence, and your job is to get them off the fence and help them resolve their real estate needs.
How do you get them off the fence? Here are my tips:
Explain what they could lose by waiting: Consumers faced with a buying scenario all have one thing in common: they don’t want to lose out on something good. It’s a huge motivator. It’s why you always see a deadline date for practically anything being sold. It sets up a simple but extraordinarily effective scenario where people feel compelled to act so that they don’t lose out. And it’s so simple: act by this date and you don’t lose. In fact, you win by getting a better price or some other benefit. It’s foolproof, and you should use this tactic every day. In real estate, think interest rates. If they’re predicted to rise, buyers need to act or lose money on their monthly mortgage. And sellers can lose prospective buyers, too.
Give examples of other clients who didn’t wait: Marketing professors call this “social proof.” People look at what others do to decide how they should act. Example: Have you ever noticed that people waiting to cross a busy street will follow the guy who decides to walk even against the “no walk” sign? Sure, there are no cars coming, so he walks. And everyone else is right behind him! It’s the same principle with sales. People will buy what others are buying. Think of the long lines outside Apple stores when a new iPhone is introduced.
Don’t make it a sales call, make it an educational call: In essence, make the call appear like a favor. You’re giving them information that can help them. This brings in another powerful persuasive element called reciprocity. When someone does a favor for you, you feel compelled to return that favor. You scratch my back, I’ll scratch yours. It’s worked for eons, and it still works today — like a charm!
Let me hear from you. What plans do you have to connect with those folks on your wait list? How can you make those calls more effective so that prospects are more receptive to your message? Do you have a script you can polish?
View Bubba Mills’ step-by-step infographic to help get your prospects off the fence at www.corcorancoaching.com/real-estate-resources/free-downloads.
Bubba Mills is the CEO of Corcoran Consulting and Coaching Inc. (www.corcorancoaching.com/programs, 800-957-8353), an international real estate, mortgage and small business coaching company committed to helping clients balance success in business, while building value in life. Bubba Mills is a nationally recognized inspirational and education speaker, coach and mentor to the top real estate agents and mortgage companies. To find out more about Corcoran Consulting & Coaching, call 1-800-957-8353 or visit www.CorcoranCoaching.com.