You’ve been asked to speak to some potential sellers about listing their property for sale. They’ve mentioned that they will be speaking to other real estate agents as well. It’s a seller’s market and this is a signature house in a sought-after neighbourhood. Getting this listing contract signed would be a sure sale and a sold sign in this neighbourhood would likely lead to other valuable opportunities.
You can be sure that every agent who is invited to present on this opportunity wants to win the right to represent this seller. So, what will it take to get the listing?
I was having a conversation with a friend of mine who coaches sailing. I was picking his brain for valuable information to help us in our campaign to win the Vic Maui offshore sailing race in July 2018. He gave me a gem that will not only help in our sailing competition but will help any ambitious REALTOR® to win more opportunities:
It’s all in the final 10%.
For the sailing race, everyone who shows up will be great sailors and will be well prepared. For the listing presentation, assume that the other agents will also show up fully prepared and with great sales skills (Take Control of Your People Skills & The Nature of Sales). So, what will it take to win?
Most people operate well below their potential. In fact, mediocre agents (or sailors, or piano players for that matter) operate at about 50% of their potential. Good ones at around 75% and the ones in the hunt for the win usually max out around 90%. The person or team who will win is the one that can access that final 10% – and that’s not easy.
The challenge with listings is that there is only one winner. Doing the right things improves your chances of winning but doing the final 10% is what really makes the difference and sets you apart. To win the listing you will need to be better than your competition in many important ways. You will need to have better market knowledge, better negotiation skills and a better reputation. You’ll need to be better at building a successful marketing strategy. Equally important, your ability to understand the seller’s needs, build trust quickly and communicate effectively are crucial to your success.
Mastering these skills doesn’t happen at the listing presentation table. It happens day in and day out throughout your career, by taking courses, reading books, having mentors or coaches, learning from your experiences and rehearsing your presentation over and over again. It happens by having an open mind that allows you to learn the nuances of the sales process, negotiations and human psychology.
If you do the final 10% in developing these skills, you will go into the presentation with a big advantage over your competition but that isn’t always enough.
You need to give your final 10% in the actual listing presentation as well. You need to show up as the very best you there is. That means well rested, fully present, calm and self-assured. You need to leave your ego at the door and be fully focussed on the seller(s) needs and interests.
Just like sailing, being good enough to win in real estate means giving the final 10% in everything to do with the competition. Our crew for the Vic Maui race has years of sailing experience and we will spend all winter honing those skills. We are analyzing every part of our boat. We are taking courses on weather and navigation. We have hired a sports psychologist to help us prepare mentally for the 14-17 days at sea and we will all arrive at the race in top physical, emotional and psychological condition.
If you feel like following us on our journey towards a Vic Maui race, follow us on our Facebook page.