Sales is key in Real Estate, and understanding the Sales Process as a Realtor, Real Estate Agent or Mortgage Professional will help you build a successful business. The 8 Steps that are covered in this Coaching Session includes: Prospecting, Setting the Appointment, Establish the Relationship, Presenting, Handling Objections, Close the Sale, Ask for Referrals, and Following Up. Apply the sales process in your business and you will find that you will close more escrows, and increase your income.
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Coach Phillipy Shows How The Sales Process Will Boost Your Real Estate Business – Part 2
Hey Everybody, Welcome to this week’s coaching video. My name is Daren Phillipy, CEO of Phillipy Consulting. And this week is part 2 of our discussion. How the sales process will boost your real estate business.
Last week was a really fun coaching session that I did. We got to listen to one of the world’s best door to door salesmen. Kenny. It was absolutely hilarious. If you didn’t get a chance to listen to it, you have got to listen to part one of the sales process. Since I was so long winded last time, I was only able to cover the very first step of the 8 steps to the sales process. Now that step is prospecting. I spend a lot of time talking about the importance of prospecting, and making sure that you implement it into your business. Prospecting is the blood life of your business. SO now I am going to continue with the other 8 steps to the sales process.
#2 Setting the appointment. Setting the appointment is extremely important when it comes to the business because we spend all this time prospecting. This is our first time we actually reach out and try to make contact with the clients or the prospects I should say. I think the most important part of scheduling the appointment is creating a process. One thing we want to do is as real estate professionals, we want to make it so our clients experience a very consistent way of our business. They way we present ourselves. When we get a lead, what are we doing with that? Do we send them an email; do we pick up the phone and call them? Do we have a follow up thank you? What are the steps what are the processes? Do we put it into the computer right away? Do we put it on a post it note? What is our process when it comes to getting the lead and putting it in, and preparing ourselves for that call and scheduling it? What is the purpose of when we are trying to schedule that call. I think the most important thing we need to remember is, when it comes to scheduling appointment is we are not there trying to sell a house. We are not there trying to close that loan or take that application right there. Our number one goal of that phone call is to schedule the appointment. Often times we get caught up because they start asking so many questions, and it is easy for us to jump right into it, and answer that question. And answer that question. How we are able to meet face to face. It is very easy to say “no, I’m not really interested” so what we want to do is if they start asking a ton of questions, or what about this or what about that, that is where “I want you to come on in. So let’s schedule a time where we can talk about it.” And then when you are face to face they are going to be able see who you are. You will able to show them your personality, and they will be able to see that you aren’t just another voice on the other side of the phone. Ok? This is a very important thing to remember when it comes to scheduling appointments.
#3. Establishing the relationship. What do you think about Kenny? Do you think that he established the relationship. There was some definitely some things he wanted to portray. He wanted to let you know that he was excited. He wanted to let you know that he was really having fun having fun doing what he was doing. Part of having that fun is developing that relationship. By asking questions, and doing a lot of things like that. This is the most important and also probably one of the more fun things to do is really building that relationship with their clients. If you are able to establish a very good relationship at the beginning of the presentation, in the very beginning of the process, it will make it so much easier when we deal with some challenges. When we are having challenges with somebody that you don’t know or don’t trust or not familiar with , you really not going to have that loyalty. Where in turn, there is challenges going on, in real estate, we know there is always going to be challenges because there are so many moving parts, and so many parts of the transaction, we need to make sure that we spend a ton of time building that relationship. I am a huge believer that Relationships rule the world. I don’t remember, I would probably say that there were very few times if ever that I ever received a job or got a job offer or a job that I didn’t have some sort of relationship with someone. I rarely, I don’t think I have ever found a job just on Craigslist or in the newspaper. It seems like I have always had to know someone to get that opportunity to get that job. So I am a huge believer that relationships do rule the world. I have a post from a blog on relationships ruling the world. In my notes I will actually put a link on that.
#4 Presenting: When we are meeting with a person, this is our time where we are able to, they are going to be making their decisions on if they want to move forward. This is one thing that I am not going to get Kenny into too much because, he did a little bit of it; he was little more shtick than anything else. What I am talking presenting, I kind of always prided myself being a sales person, but until I added a new way of selling. I guess in the sales world, this is actually relatively new, but I started doing this technique, on man, probably 6-7 -8 years ago may be even the last 10 years. Rather than kind of jamming the “you need to do this” “you need to buy this” “this is your problem” People really don’t like that, you know what I mean? SO there is this thing called consultative Sales. I’m a huge believer in Consultative Sales. And once I implemented this style into my business, it made it so much more pleasing to work with people. I was able to progress them though the process. They were so much happier, in fact, most of the time they were leading the charge. My job was kind of just steer them rather than selling them on “This is your problem.” “You need to do this” “You need to fix this”, “you need to buy this house”, “you need to change this in your business”. Consultative Sales is has basically three main parts of it. Identifying the needs of the person, and how you do that is by asking questions. These are open ended questions. If you aren’t familiar to open ended questions, Open ended questions you ask, and I think we cover this in the presentation. Open ended questions are questions that allows the person be able to share their thoughts. It’s not asking for Yes No questions. They are questions like, how do you feel about this? What are your thoughts on? What is your experience on? Where they are able to share their thoughts? What we are trying to do is find out what that persons pain is. So when you are doing Consultative sales, and maybe if you are, you are going to be asking open ended questions. You will ask people, what are you looking for? What is important to them when it comes to buying a home? When it comes to doing a loan, what is important for you? What is driving this process to find the perfect dream home or find the home that is best for my kids? There are lots of different questions to ask. These probing questions are going to really help us in our next step. What happens is as you are asking this, you are trying to find that pain, that hot button that the client is having. A lot of times, if you don’t ask the proper questions, you might not be able to find that hot button. It’s going to be pretty dang hard to close. Once you know what drives that person, once you know that pain that gives tons of power to being able to close a transaction. What we want to do, once we know that, we want to restate it. We want to make sure that they are aware they are aware that they stepped us though the process. One of my favorite things to do, and why my coaching and consulting is so effective and successful is because I don’t spend my time saying “this is what you need to do” What I do is I spend my first couple meetings asking a ton of questions. I want to find out what is getting in the way of getting to the next level. I never come back and say “hey, this is what you need to do” my clients, they realize it for themselves. That gives them, what does it give them a lot of them. It give s them the true drive to want to change. Once they know that they have that pain, they want to fix it themselves, and then we restated it. Once we know what that pain is, and we restated it. We provide that solution that fulfills that pain or that need. If we know what that is, and they themselves have said this is my pain, and I need this fulfilled, you are able to provide it. That’s it. It’s closed man. That is why consultative sales is such a powerful tool. I think that the key to the whole thing is asking those questions. Asking those questions that find out what drives that person, apply this principal and I promise you that you will find more success. NO doubt in my mind. My business has blown up ever since I have implemented this in my business.
So we just did a consultative sales job, and we know exactly what they want. We close them, we get job or are we going to close the deal now? What do you guy’s thing, huh? You think it’s going to be that easy. Try again. In a perfect world, they are going to roll over and say, “No problem. lets sign the contract, let’s go right now”. How often does that happen? Unless you are dealing with an investor and that’s a completely different ball game right there. That’s not going to happen. There is always going to be a time where we are going to have to handle objections. There is always going to be those challenges. Handling objections is a very skilled activity. What would we call it? I don’t know. It’s just a skill that I think can be taught. I think that’s going to go right back to our batting practice. You go to your batting practice, guess what. Handling those objections we need to know what the questions are going to be asked by that client. Our preparation before that meeting we have got to practice it. We have to take our cuts. So, again, handling those objections we are going to need to do a lot of research before, and prepare and take those cuts before you are with that client.
# 6 Now we get to close the sale. That’s good right? That is what we are looking for. This is where we start seeing the finish line. The first presentation you are all great. That is where you go to the finish line. Now there are different types of closing deals. There is the hard close and then there is the soft close. If you are familiar with sales you are probably with what a hard and soft close is all about. I am going to go over just so everybody is covered in this area.
The hard close is asking for that sale. For instance. Mr. and Mrs. Buyer, do you want to buy this house? Are you ready to buy this house? Do you want to sign the contract? Those would be considered hard sales. I want to come out right then and there. That’s the way it is. There is a time and a place to use a hard sale. Or sorry, there is a time and a place to use a hard close. That is a lot of times that gets things moved forward.
Then there is the soft close. Soft Closes are also very important. I would not say that they are a woosy way of closing. Now depending on if you never your hard close, then you are kind of being a woos. But when it comes to a soft close, those are of kind of more probing questions. In fact, Kenny did some probing questions where he was doing some soft closes saying “could you see yourself using this?” “Could you see you see yourself using this product?” “Where do you think you would use this product the most? The kitchen, the bathroom” and he started listing all these places. Those would be considered soft questions or soft close. They are probing questions that help provide the answer and preparing us for the hard close. So for instance on this one, “Can you see yourself living here in the near future?” That would be considered a soft close. A close ended soft close. Mixing your soft closes with your hard closes will really help you close the deal. There are very specific times, and again that is where it goes backs to practicing. I hope I haven’t bored you on this soft close and hard close stuff, but man, you gotta practice this stuff. You gotta get it down.
Ask for the referral. This is, I think a lot of times we spend so much time working with our client and we go finally get to sign the papers at escrow. We are so glad we are done. “Glad that thing is done” Sometimes we just kinda say, glad that’s done. That was a pain in the tail. I am glad I do not have to do that anymore and we forget to ask for referrals. So we just don’t ask for referrals. Or we say to ourselves. I did a really go job. When they run into somebody, they said they would send someone to me. We need, I think this is a huge missed opportunity. One of the steps that I absolutely love is every American family is aware of a minimum of at least 3 real estate opportunities each year. Which means, every time you close someone, they are going to come across at least 3 other opportunities throughout that year. Now especially if you are able to remind them that you are there. Ask for those referrals, you are in a process where it makes since. You will capture more referrals if you are literally asking for them, not just assuming they will come when it happens ok? SO part of finding that success when it comes to asking for referrals is we need to create systems to capture the referrals rather than receiving the referrals. I am not going to get into this. I have already exhausted myself on this topic. I have already covered this specifically in one of my other coaching videos which is “capturing referrals vs. receiving referrals.” But, this is a huge thing. We don’t want to go thought the whole process ,and then at the very end say, “hey, do you know anyone that needs to buy or list a house or get a loan?” and they say “yea, maybe, let me get back to you” and what happens. We don’t let that happen, we don’t ever get that referral. then we don’t follow up. We don’t follow up, and then, and they don’t remember who we are after a while. I think that is a huge missed opportunity. So we need to make sure we create a system that we put our clients and our contacts though the whole process. Not just at the end, but thought the whole process. So when we close, we are able to walk away with referrals. Or before we close, and as long as we are doing a good job, we walk away with introductions. It doesn’t have to be a “hey, this person needs to buy a house” what we want them to do is we want to add to our database. “I want to be introduced to people” ok?
I already kind of tip my hat to this last one, which is. Following up. I would probably say this is where the majority, out of the whole sales process, the 8 steps, I would say that this is where the majority of real estate professionals really miss out on. It is that whole follow up system. You spend so much time working with that client. Working with that contact and they say, “You know what, we will probably get you a referral later”. And then what do we do? We never follow up with them again. They never hear from us. Maybe we send out Christmas cards or we send out a birthday card once or twice a year we might send out, if that at all. The majority of clients that I work with, that is all they do. If they are lucky. I think we are missing on a huge opportunity on that. So we need to make sure that we create processes to follow up.
Now kind of as an example, I want you to think. If you are a real estate agent. I want you to think of 5 loan officers that you are working with right now. I want you to write them down right now. Write them down on a piece of paper. Write them down on your phone or your computer, I didn’t really care, just write them down. I want you to think about 5, list them out loud. If you are a loan officer, I want you to think of 5 Real estate agents that you are actually working with. And after this exercise, I wan t you to sit there and think. Ok, who is the first person that you asked about that you thought of? That person, my guess is you probably spoke to that person today. You probably spoke to them last couple of days. You probably spoke to them last week. My guess is also , you are probably thinking, #4 and #5 as a real estate professional, It took you a while to actually think “what was her name? I could imagine who it was. You probably haven’t spoken to that person In quite a while. It is the exact same thing with your clients. The one that is going to get your business is the one that you are going to interact with. The ones that are willing to share referrals or introduce their friends and family to you, is the ones that you’re going to stay in contact with. How would they ever send you referrals if you don’t remind them that you are there? That is about following up. So. It’s extremely important for us to remind our clients and our sphere that we are there. If we do so, then we will get their business, much like your real estate professionals who you do business with. The ones that get your business are the ones you stay in contact with.
All right, I am going to go over this. I kind of got all wound up. I forgot to read this last part. My thought is this. We know that closing ratio, The closing business is the best by getting referrals. If referrals are the best source of getting business, how do we expect to get referrals if we don’t follow up? It is extremely important. We have got to make sure we follow up. The key for following up is to create a system. Create systems that make it easy for you to follow up. Create turnkey systems that can be reproduced. IF you need help on that kind of stuff. Man, that’s what I do. That is what I kind of specialize in.
So that is pretty much it. Those are the 8 steps of the sales process. Understanding those steps and then implementing them into your business will make a huge difference. Ok? I love to sell. Selling exciting. It’s fun. It feels so good when you are able to close that dang deal. Especially for the ones that you work hard on. So congratulations and thanks a ton for listening to this episode.
Now one thing I want to discuss with you is my coaching system. I know if this is your first time, welcome to listening and hopefully you got some stuff. What I have done is I actually; one of my ways of coaching and one of my main preferred ways of coaching is done by a coaching system called Business Booster. It’s my one on one coaching system. That provides. 1 on 1 coaching, top producer interviews, exclusive coaching videos. It provides a worksheet where you are able to work out your numbers and plan what kind of activities that you need to do to get your ending goal for the year. Then also I also provide a thing called “the simple social media tutorials” These are 11 tutorials about an hour and a half long that literally steps you though the process of creating the simplest way to do social media. All of this is part of my business booster system. It is only $25 a month. So if there is some things that are in your business that you have been wanting to do. Something you have been wanting to implement into your business. And you just haven’t’ had the time. I know how hard that is. Contact me, Join Business Booster. If you pay $25 a month, you are going to get a lot more out of that. I promise. You will be able to implement more in your business and you will be able to close more deals because of having someone there to support you and help you progress thought your business.
Thank you for listening to this coaching session. If you liked it, implement it. Don’t take this knowledge and just say, that was good, I am going to move on. Implement it into your business and make a difference. If you also liked it, share it with one of your pears. If you know another realtor or loan officer that likes coaching or likes podcasts or videos or good information, have they come to www.Phillipyconsulting.com that is PHILLIPYCONSULTING.com and you will be able to find my business booster. You will be able to find my simple social media tutorials and I am going to continually adding more information every single week. I am actually working on some really cool things over the next year. I think you will really like. Stay in touch. If you have questions, you can follow me on Facebook at PhillipyConsulting or Twitter at @dphillipy. Of course you can find me on Linkedin. So that is it. I am exhausted. That was rough guys. That’s why we broke this up into 2 coaching sessions. I really hope you guys liked it. Now go out and take action today.