Strong market conditions create weak agent skill sets.
During strong markets, people start cutting corners. Everyone was just out there trying to keep up and do deals—and that’s ok. It’s what happens when the market moves that fast.
Now that we are in a slowing market, the question is, are you going to pivot? Today’s market calls for a different playbook to win business and help people.
Here are four things that most agents have skipped or avoided since 2020. If you want to be successful as you wrap up this year and move into 2023, it’s time to recommit and strengthen these skills.
Buyer and Seller Consultations
Get back to having consultations with buyers and sellers. Meet with people to create expectations, show your plan, and explain differentiation points.
So many agents skip consultations and jump to listing houses and sending paperwork. Take the time to explain to buyers and sellers what the process looks like to avoid communication issues down the road.
When talking with leads, it’s critical to use language they understand. Stop saying things like, ‘Hey, can I meet you for a buyer consultation?’
No one on the consumer side knows what that means. Instead, make it relatable and use one of the following:
- ‘Let’s have a strategy session about your real estate needs.’
- ‘Let’s schedule a planning meeting to discuss how you can get into a home.’
- ‘Let’s have a planning session to review how to get your home sold at the best price.’
Once you book the appointment, remember the best presentations always have three points. So, keep it simple and show up with a clear, concise agenda.
Buyer consultation key points:
- Walk buyers through how the process works and the timeframe. A simple bullet-point list outlining the buyer’s journey is great.
- Go over their financial plan to get into the property. Do not talk about what their rates are going to be. Instead, focus on how much cash they need to close and what they are comfortable spending on a monthly payment.
- Go over their goals and reiterate what’s important to them. Get deep into their motivation— showing buyers that you listen and understand their needs.
Seller consultation key points:
- How does the home show? Look to create the right emotional reaction when potential buyers walk through the door.
- Determine how to get the right exposure online and offline and position the property as the next one to sell in the marketplace.
- Finally, discuss how to price the home to sell.
Consultations are the most important meetings you have because it’s your interview for the job.
Typically, lead care is the first thing agents stop doing when they get busy.
People get busy showing homes and don’t properly document notes. Or they don’t set the follow-up in the CRM. And in turn, they forget to call and end up losing those leads.
If you want to determine why your business isn’t where you want it, just look at what you were doing 90 days ago. That’s where lead care starts.
Our team is a big believer in the big four in lead care:
- When a lead comes in, log the communication and put notes in your CRM.
- Set the follow-up. When will you reach out next?
- Adjust the label from a new lead to the appropriate category or label in your CRM.
- Put them on a drip campaign based on their wants and needs.
If you do that every single time and follow up with the appropriate cadence to nurture your leads, you’ll have success converting.
Over the past couple of years, a lot of folks thought if someone wasn’t ready to buy a home in the next 10-20 days, it wasn’t worth working with them.
And in my view, that’s where all the money is.
No one wants to do the follow-up. No one wants to do the nurturing. The folks that have the most success create rapport and build value. They show that they have things to bring to the table instead of just taking orders and getting people into properties or just listing their homes and waiting for showings.
The nurture game involves a couple of things:
- Have the strategy session we talked about earlier.
- Keep in touch with people and call them back when you say you will.
When you break it down, it’s pretty simple. Most people are talking to several agents, and over 70% of them will sign with the first agent they meet with. So if you’re not nurturing and constantly following up, you’re missing out.
You’re not going to convert these leads right away. They are making big decisions. Typically, it takes 30 days up to 12 months to convert. Keep that in mind and make sure there’s a high volume of communication.
Lastly, you need to build trust. Here’s how you do that:
- Follow through on your commitments. It’s as simple as calling when you say you will call.
- Listen to people. Take notes and repeat back their answers, so they know you’re listening.
- Give them the information that they’re looking for.
When you set the intention to build trust with people and help them—without being attached to a timeframe—you lose that commission breath.
Finally, show people you’re on their side. If you know a property isn’t right for them, be honest. Or tell them when you disagree with feedback from a buyer.
It’s okay to push back and advocate for your client—this will build trust over time. So when you do have the opportunity to get them into a great home, or they’ve got a great offer in front of them, they’re going to be okay with it.
Sharpen Your Skill Set
The four steps above have been ignored for the past two years. A lot of agents are not using the skills needed in this market.
The question is, are you going to be one of them? Are you going to keep doing things the same way and getting the same result, or will you sharpen your skill set and convert?