* by Bernice Ross
Inman News Features
During my tenure as Executive Director of Training for the Los Angeles-based Jon Douglas Co., I always began my new agent training programs with what jokingly became known as Bernice’s Boot Camp Rules. Of all the rules, my personal favorite was “shut up and sell.” This important principle touches virtually every aspect of the real estate business. Let’s look at how our ability to “shut up” impacts our effectiveness with both prospects as well as our existing clientele.
There’s an old cliché that says, “God gave us two ears and one mouth.” In other words, it’s smart to spend about twice as much time listening as talking.
As a rule of thumb, the more time you spend talking, the less likely you are to create the connection necessary to generate a closed transaction. For example, have you ever had a buyer who loved a property until the listing agent pointed out a feature the buyer hated? Have you ever been in a negotiation where things were going well until the buyer’s agent made a casual remark that made the seller angry? If so, you know how devastating the wrong comment can be.
Shut up and sell means never interrupting your clients, especially when you disagree. And, during a listing presentation or an offer negotiation, give the facts first and then wait for the client’s comments before you begin any type of closing. Remember, no matter how good your ideas are your job is to hear the client first.
To see where you stand on this important skill, answer the following questions.
1. During your last listing presentation, how much time did you spend asking the seller questions as compared to telling the seller about why they should hire you and your company? If you spent more than 10 percent of your presentation on how good you are as compared to the competition, you’re talking too much about you. To overcome this problem, shift to asking lots of questions about the seller and their property and then writing down the sellers’ responses.
2. How long was your last listing presentation? If it was over 20 minutes, you weren’t adequately prepared or you were talking too much. A good listing presentation does each of the following in 20 minutes or less:
a. Makes a strong connection with the seller through carefully planned questions.
b. Asks to represent the seller on their next purchase or make a relocation referral.
c. Outlines the market statistics in a way that shows the seller the wisdom of pricing their property correctly.
d. Differentiates your services from the competition.
e. Overcomes any seller objections.
(Yes, it can be done — I’ve trained thousands of agents how to do this)
3. With the last set of buyers you worked with, did you spend at least 20 minutes interviewing them before taking them out to look at property or did you just start with a price range, location, and bedroom and bath count? If you did interview your buyers, did you spend at least 80 percent of the time asking them questions? If not, it’s time to start asking more questions before you take your buyers out to look at property.
4. When you’re showing property, when the buyer objects to a feature, do you try to overcome their objection by explaining how they can fix the problem or do you ask them a closing questions that moves them into the property? Again, if you’re talking, instead of asking, you’re greatly increasing the odds you won’t get the sale.
5. When you are prospecting, how long is your script? If it’s over 50 words, you’re talking too much.
In truth, asking powerful questions and keeping silent are two of the most powerful tools in your real estate toolbox. An important point to remember is to share your opinions only when you are asked. And, if the client doesn’t ask your opinion, then remember — shut up and sell!
— Bernice Ross is an owner of Realestatecoach.com and can be reached at [email protected].