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Success Tip – If the Wind Doesn’t Blow, then Row
Best Practices - The Pester Principle
Real eStat™ - Persist Until You Connect

Success Tip
If the Wind Doesn’t Blow, then Row

The deadly waiting game
Are you waiting for the real estate market to revitalize itself? That’s an expensive strategy—if you can call it a strategy. I have a better idea for you. It’s something I and other real estate “contrarians” learned in the early 1980s, a time when interest rates were in the teens, the economy was in the tank, and most real estate agents acted like the walking dead.

Scratching the dreary surface
The 1980s real estate contrarians scratched the muck and saw gold. And the lucky buyers who listened to them jump-started their long-term property value gains. And I needn’t tell how happy our sellers were to see those buyers. The early-bird buyers avoided prices nudged up by the later-arriving recovery herd—that grazing crowd of TV and newspaper devotees who waited for nameless, faceless journalists and talking-head anchors to reassure them about the real estate market.

How to whip the media
How do you reassure potential buyers about the long-term value of real estate when the media bombards them with bleak news? Not en-masse. Your measly “Buy Now” ad can’t compete with newspapers that buy ink in 55-gallon drums, or TV networks that control millions of dazed eyeballs. Like a good guerilla, you have to touch one person at a time. Here’s a simple plan to do that:

1. Mail 5 “early-bird” letters each day to friends, family members, acquaintances—anyone who knows you. (A sample letter follows below.) Don’t cut corners by emailing these letters; postal mail has more impact.
   Estimated activity time each day: 30 minutes.
   

2. Three days after mailing the letters call each person and chat about current early-bird buying opportunities. Ask them if they know of someone who might be thinking about buying in the near future. (If they need to sell one house to buy a more expensive one, they can still profit by beating rising appreciation rates. Do the math.) If they express any interest, ask permission to keep in touch—and then put them on your weekly follow-up list.
   Estimated activity time each day: 45 minutes.
   

3. Follow up by sending a sample property or two (keep it simple) to those who expressed even the slightest interest. Ask if they received the samples, and whether they have any questions. If you sense further curiosity, suggest showing some “sample” properties. Explain that it will be free, fun, informative—and that you currently have some extra time on your hands.

Be persistent and patient with this process
If you don’t take the time to plant seeds and nurture them each day, you’ll end up harvesting weeds.

Ready, set…
You could start this plan of action tomorrow, but is anything stopping you from starting today? How about right now? You can’t blame writers block, because here’s a sample you can start with:

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Dear [Name],

I’m writing friends and family because I think you, or someone you know, could profit from a turn in the local real estate market.

On a national scale, news reports have talked about investment guru Warren Buffet buying large amounts of housing industry stocks. Why would he pour millions into housing during a housing slump? Maybe because he thinks the slump has bottomed. The National Association of Realtors would agree, forecasting a gradual increase of sales into 2008, with the real estate market limping back toward a healthy level.

How can that help people who buy real estate today? Because in the past, increased demand has boosted prices. We might never again see prices as low as they are right now—and there are plenty of excellent properties to choose from.

“Buy low, sell high” seems like common sense, but it’s not easy psychologically. It means buying while most other people wait for sure signs of a rush.

If you would like examples of current properties to see what I mean, please give me a call. (If you refer someone to me, please ask them to mention your name.)

Sincerely,
[Your Name]
[Your Phone]

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Best Practices
The Pester Principle

When do you become a pest?
If you leave a series of unanswered voicemails to the same person, will you seem like a pest? Probably not. According to a business-to-business marketing study 75% of all of your calls will reach a prospect’s voicemail, and an average of 4 calls will be necessary to connect with them. If you give up after three calls, you are missing opportunities.

Yet, very few real estate professionals take the time to improve their voicemail messages.


The “Pressing Issue”
A voicemail message like the following one gives the contact little reason to call you back:

“Hi, I met you at an open house today, and you said I could call you. I’m following up to see if there are some questions I could answer for you.”

Instead, your voicemail might coax a budding relationship with a Pressing Issue like this:

“Hello Mary, this is [your name], and I met you at the open house at [address], where you said I could call you. My phone number is X. The reason for my call is that I’ve identified a few choice properties that seem to fit your criteria. If you would like me to pass along information about them to you, please call me at [your phone number]. Thank you, Mary.”


A Pressing Issue call should:

• Be less than 45 seconds long. Write it down first so you don’t dally.
• State the issue that the prospect would likely consider pressing.
• Describe your solutions.
• Mention the prospect’s name twice.
• Give your callback number twice, at the beginning and at the end.

Pursuing is not pestering
Remember, your calls to a prospect are not social calls. If a friend refuses to return your calls, it might be a personal rejection. But business prospects don’t see you as a friend—they see you as a salesperson. Having been assigned that role, you are expected to take all the initiative. That’s your job, it’s what you’re paid to do.

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Real eStat™
Persist Until You Connect

According to the 2006 National Association of Realtors® Profile of Home Buyers and Sellers, the number of buyers who interviewed only one agent to assist them was:

• First-time buyers: 60%
• Repeat buyers: 69%