What Is It With Food Metaphors?
Chances are, if you have been in real estate sales for more than a day, you’ve heard all the maxims about Lead Generation and telephone prospecting. You know the ones, the ones that are based on food.
You gotta break an egg to make an omelette…
Throw enough spaghetti against the wall to see what sticks…
The problem with these food metaphors is this. As in cooking, if all you do is throw things up against a wall to see what sticks, you only make a mess.
When you are generating leads, the last thing you need is to create a mess in your life, as well as your business.
Thankfully, there are three very specific steps you can take to improve your results in prospecting, as well as the quality of contacts you meet!
How to Beat the “Law of Averages”
The First Step to Beat the Law of Averages is to make enough calls.
I am reminded of my career as a full time Realtor®/Investor “back in the day”.
This effectively meant that in order to make the sales that I wanted to accomplish in a given time period, I would need to talk to enough people.
To do this, you have to know a couple things. If you don’t know these numbers, then download The Red Pill Investor Sales Scripts, and use the Lead Counter Sheet to help keep track of your numbers.
- How many prospects do you have to talk to before you get an appointment?
- Out of those appointments that you attend, how many do you put under contract?
- Out of those contracts you write, how many actually close?
To answer the fundamental question of “How many people do I need to talk to in order to achieve the goal I set for myself?” Then you must know the answers to these three above questions.
If you want to make 12 transactions per year (1 per month), then you know at the minimum you need to get two under contract. This allows for one to fall through (Deal Fell Through aka “DFT”).
Knowing that you have to get two under contract to sell one, then how many people do you need to make a presentation to in order to get one under contract?
If the answer is say 10 motivated prospects to get 1 under contract, then you know that you must present to 20 to get 2. Make sense?
Therefore, in order to make your goals, you must know your numbers. That way, you can ensure that you contact enough people to accomplish your goal.
The Second Step necessary to Beat the Law of Averages is getting enough Quality contacts
Now, if you are like many of my Executive One on One Coaching Club members, then you probably don’t have a ton of extra time. Therefore, you must take some proactive steps to increase your odds of getting a high quality contact!
What is required is access to the most highly motivated, ready to sell Sellers available in your town. However, where does one find the most motivated, easily found, ready to flip homes?
The answer is clear. MLS.
By establishing automatic MLS Searches from your agent (or yourself if you are one) for power key words like “Handyman Special”, “Fixup”, “Estate Sale”, and “Must Sell” you will have instant leads.
Yes, you CAN flip MLS Property. Imagine this scenario… you walk into your office, and on your email server is 5 properties that are either fixups, handyman specials, or estate sales. Not to mention the Cancelled Listings, as well as Expired Listings that are clearly motivated Sellers without any competition!
Any agent who will call Expired Listings or Cancelled Listings will be offering a listing. You, as an Investing Realtor® or Wholesaler can offer them a very unique opportunity. You know that they are more likely to be motivated than a absentee mailer that you sent to a list 3 weeks ago.
Additionally, FSBO’s, For Rent By Owners, as well as Craigslist Ads can provide useful, as well as immediate business! By using highly converting Investor Carrot Websites you will be able to quickly rank your websites in Google Searches.
The Third Step to Beat the Law of Averages… you must get the most out of every contact.
It goes without saying… you worked hard to get this prospect! Don’t let a “no” be the end!
You can never push someone beyond the point of no return by closing three times. At the minimum, you should strive to close at least one more time than you are comfortable with.
Remember a “Three Step” method to close.
- Ask Your Initial Question (They will give you a “reflex no”)
- Explain the reason why you ask (They will now pay attention)
- Ask again in a different way (This time, they will be receptive.)
- **Bonus Point** Ask AGAIN!
Be sure to have a Yellow Pad handy… write down any of the objections, or questions that the prospect may have that you do not know the answer to.
By taking time to note the customer’s particular needs, problems or unique factors (children’s names, pets, etc) that will allow you to build rapport faster and save you time from asking repeat questions.
After your contact with the customer, go back and look at the notes you took. You may be surprised to find that with a “fresh perspective” your subconscious mind can find answers to the problems that you may not have immediately thought of.
So now that you know these guiding principles; you know that you are able to “Beat the Averages” by simply applying them to your business.
By making enough contacts, you ensure that you have enough opportunities to make the contracts you need.
When you take positive steps to improve the quality of your contacts by slightly tweaking what you are doing to generate them, you will see that you won’t have to contact as many!
As you carefully take notes, and actively role play and practice the sales scenarios you find yourself in, you will discover that you will naturally, as well as quickly adopt powerful sales dialogues! It will seem as though the proper words will flow from your consciousness to your mouth, and then into their ears!
I would love to hear your results! Tell me how it goes!
Have a Powerful Sales Day!