If youâ€™re like most agents your hesitation in working private listings is due to a fear of rejection.
All the other agents are calling and â€˜why would they want to listen to youâ€™ right?
Everything changes once you understand your objective with new leads is to qualify them for you, not yourself to them. Itâ€™s you who will be doing the screening and eliminating those 80-85% who arenâ€™t worth your time and other investments.
This approach has three huge benefits for you:
â˜… You start out with a positive â€˜in-chargeâ€™ mind-set going into your prospecting calls.
â˜… It distinguishes you from others calling as a winner.
â˜… Youâ€™ll develop a genuine workable prospect list with higher conversion rates.
Those who donâ€™t understand this mind-set and strategy are doomed to a dreadful and rejection filled experience before even getting started, leaving a much narrower field of competition for you down the stretch.
The Only 3 Questions You Need to Askâ€¦
â€˜Mr. Seller, I just have 3 quick questions and Iâ€™ll be out of your hairâ€™â€¦
1. â€˜If I brought you a qualified buyer would you be willing to pay me 3%?â€™ If not, thank them for their time and move on â€“ simple as that. Again, itâ€™s critical for your morale and motivation to understand you are rejecting them, not the other way around.
2. â€˜How long are you going to try and sell this property on your own before exploring other options?â€™ This tells you a lot about their motivations. Most donâ€™t make it as long as they think they will so cut in half whatever time goal they give you and note this as your target date to list them.
3. â€˜If you donâ€™t sell the property on your own within your time frame, what other options will you be exploring?â€™ This question ensures someone else doesnâ€™t have a lock on their business â€“ an agent whoâ€™s a relative perhaps.
If you canâ€™t get acceptable responses from all of these 3 questions thank them for their time and move on. Otherwise ask them if it would be OK to email them some information on local market trends, stats, or whatever your most valuable piece is to secure their email and make your best first impression with them.
With these 3 simple questions youâ€™ve eliminated undesirables, discovered genuine prospects, and obtained their email contact to enter into your automated follow up system.
A good follow up system is essential to your winning strategy.
Itâ€™s critical to understand that as each week goes by more and more of your competitors will give up.
Maybe 30 the first week, then 15 the second week, 5 the third week, etc.
Your follow up system is the only thing that ensures youâ€™re the one still there when theyâ€™re ready to list, and if done correctly also has built a relationship for you along the way that will help you close the deal when itâ€™s time.
To establish that relationship your qualified prospect needs to hear from you in a different way each week (email, letter, postcard, etc.) â€“ With one phone call or drive by each week in addition to your send.
â˜… Having a core strategy is key to converting private listings. Any other information or tool needs to facilitate and strengthen this â€“ If not, itâ€™s usually a waste of your time.
â˜… Youâ€™re the one in control. Youâ€™re the one who decides who to accept or reject. You decide whoâ€™s worth your time and investment to pursue.
â˜… Itâ€™s a process. When those youâ€™ve qualified are ready to throw in the towel itâ€™s you who will get the â€œCome list meâ€ call because you had the right strategy and system in place from the start.