The simple fact remains that sales people get paid upon a sale; no sale, no pay.
My profession is similar, but the stakes are much higher. We are not dealing with TVs and shoes. We are dealing with a 1/2 million dollars or more, plus investments. At that critical moment when you look at your agent and ask, "what do you think?", have you ever asked yourself, from what place does the answer come from?
What type of advice am I getting from my Realtor? Do they need a sale? When did they last make a sale? Real Estate is an expensive profession... I wonder, is this really the best decision for me? If I screw up, how do I screw up? What other choices do I have? Does this person care about me or do they just want a sale? Do I know everything that I need to know in order to make an informed decision?
I call this stage in the buying process, the Moment of Truth. When a buyer chooses to move forward with an offer, many factors must be satisfied before pen is put to paper. Research, due diligence, financing, comparables, needs, wants and desires must all come together to push the buyer to write an offer in a positive manner.
I believe that as Realtors, we owe a duty of care to be free of all personal motives at the Moment of Truth. I have created a business plan and method to ensure that my personal needs do not interfere with my advice.
1. Due Diligence: Prior to writing an offer, I produce a thorough information package on the subject property. This includes Solds, expireds, active listings, similar property in other locations, tax information, what the current owner paid for the property and more. This is what I give to every client before we put pen to paper.
2. Coaching - not sales. Throughout my time with clients, I use a technique called the "soft close". When looking at the features of different properties, I will ask "how do these features compare to what you need". I also ask, "on a scale of 1-10, how does this property score?". I write down my clients answers for future reference so prior to writing an offer, we can once again visit some of the finer features of the property and how needs are being met.
3. Solid as a Rock. My business is solid and I am a consummate planner. I have 3 to 6 months of known expenses in my business account. At any given time, I am not worried about income or commissions. I believe that income will be produced through good advice and solid relationships. My business plan is based on three pillars - Client Care, Professional Conduct, Skill and Ethics and a Healthy Family. To this end, I am never pressured by a personal need to "make a deal" but rather to dispense fair and solid advice to people who need my expertise.
4. A long life. Lastly, before each and every contract is written or accepted, I ask this simple question, "So, once we have a deal based on these conditions, what's your plan in the next 5 to 10 years?". My plan is to be there. My plan is to take responsibility to help you buy and sell in the future. As such, it is in my interest to help make it a great contract because tiny mistakes today can create bigger ones tomorrow.
So, next time you are thinking of buying and selling anything important and costly, think of these four moment of truth items. We are all motivated by something and understanding where it comes from will benefit you tremendously.
Regards,
Dean
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