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PSYCHOLOGY OF THE SALE
Welcome to----
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“Get Acquainted”
1. How important is psychology and human nature in the real estate transaction process?
2. Share an example of an adverse situation that happened when you didn’t properly pay attention to sales psychology. What lessons did you learn?
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Why People Buy
Why People Back-out
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Why People Sell
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Why Buyers Back Out of a
Purchase:
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Why Sellers Back Out of a
Sale:
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The Importance of Using Consumer’ Surveys
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Designing a Roadmap for
Building a “Client For
Life”
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Why Strive for Clients-for-Life?
Time
Energy
Cost effectiveness
Leverage
Word-of-mouth advertising
Business stability/ continuity
SANITY!
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Challenges Posed by the Typical Real Estate
Transaction: It’s:
emotionally charged---People buy with their gut, and justify with their wallet! Called “Emotional Intelligence”
a combination of “need & greed”
a reflection of how well they keep/have kept their financial house in order;
focused on “hearth & home”; yet it only occurs once every 5-7 years!
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“Emotional Intelligence” has more bearing on a client’s financial success than does “Financial Intelligence”
----Mitch Anthony, “Clients for Life” survey
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Missteps We Take as Agents:
Focus more on the “product” than the people;
needs assessment upfront;
Fail to communicate (especially in writing) how the process works & related timeframes;
Rely on the quickest way to communicate, not necessarily the most effective
Decide to work with people we can’t stand!
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“A dead fish stinks from the head!”
Self-empowerment Tip #1: Stop Working with People You Can’t Stand!
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Consumers don’t understand what we do, how long it takes, nor the steps required to complete the
transaction.
A related reality
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Nurture Clients for Life
with the
1. People First
2. Prep Them for the Process
3. Put it in Print
4. Profitable/Valuable Post-transaction Follow-ups
5. Promotions / Benefits Others Don’t Offer
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People First, Then Property
Thorough Needs Assessment Upfront is Vital
Self-Empowerment Tip #2: Know Who You’re Dealing With!Let’s view a two-page needs
assessment tool!
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Prep Them for the Process
Flow of Activities & Timelines Including What to Expect… (especially the adverse)
Let’s review the more than 200 activities we perform!
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Exercise:
What “action verbiage” would you use to explain the 200+ activities that
we perform?
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It’s an “inside” job.Keep Asking Yourself…
What would a Trusted Advisor / Consultant do?
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Put It In Print!
Critical for Troubleshooting Tough Subjects
An Exercise: Explaining and detailing an adverse home-inspection report---what’s the RIGHT way to do it?
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Profitable/Valuable Post-Transaction
Follow-ups
The tragic error many agents make…and keep making
— junk in the mailbox— Consumers called it “worthless
info”
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Valuable Follow-up Items Include
Info on: Property Taxes
Filing a Homestead
Energy conservation/ Green homes
Federal law updates
Postage stamps during increases
The pros and cons of refinancing
_____________?
Key: Providing added-value information to the
consumer
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Begin with the end in mind…
What’s the profile of your most-desirable consumer…?
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Your “Ideal Consumer” Profile:
Who What When Where Why How How much
Dissect your three most successful / enjoyable transactions...What were the profiles of the consumers involved? Pinpoint their similarities…
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The Profile of My “Ideal Consumer”
Self-empowerment Tip #3: Make what you do as enjoyable as possible!
1. Entrepreneurs
2. Have investment property experience
3. Would require property management
4. Long-term investors (5+ years)
5. On-target to purchase at least one property each year
6. Have financing in place
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Promotions/Benefits that
Others Don’t Offer
Tailor to fit the clients in your target market, i.e. certificates redeemable for improve vs. move analyses, annual insurance updates, etc.
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Post-Transaction Items Valuable to My “Ideal Consumer” would be: (Investment Property Buyers)
1. How to safely leverage your home’s equity
2. Freeware/software for calculating rates of return, etc.
3. Recent comps of investment properties
4. Certificate for 1.5 hours of investment consultation
Question: Do these items properly reflect your “brand” and imprint?
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Bottom line:Real Estate Consumers’
Want:
1. Reliability
2. Assurance
3. Empathy
4. Responsiveness
5. Tangibles(in THAT order!)
---according to Texas A & M University study, 2008
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Working with Various
Behavioral Types,
Personalities, and Psychology
in the Transaction
Process
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Behavior Model Quadrant
More Assertive
Less Assertive
Less Responsive More Responsive
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Behavior Model Quadrant
More Assertive
Less Assertive
Less Responsive
More Responsive
Q-1 Q-4
Q-2 Q-3
DRIVER EXPRESSIVE
ANALYTICAL AMIABLE
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Personality Quadrant
Dominant
Submissive
Hostile Warm
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Personality Quadrant
FACT FANTASY
FEELINGSFORM
Dominant
Submissive
Hostile Warm
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PSYCHOLOGICAL TYPES
EXTROVERT
SENSING
THINKING
JUDGING
INTROVERT
INTUITIVE
FEELING
PERCEIVING
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Working with Difficult People
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DIFFICULT PEOPLE
A Trio of Hostile Aggressives
Sherman Tank Sniper Exploder
Complete Silent & Super – Complainer UnresponsiveAgreeables
Negativist at Know-it-All IndecisiveWork Experts Stallers
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BASIC STEPS TO EFFECTIVE COPING
Take honest & objective view of situation
Separate yourself from difficult behavior
Accept that they are not going to change
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Coping Steps (cont’d)
Develop a plan for coping
Evaluate your plan
Be prepared for a “Last Resort” position
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Improved Communication
Using Questioning & Listening Skills
plus Neuro-Linguistic
Programming
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How We Communicate
Words
Tonal
Non-Verbal
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Communication Styles
Feeler
Analyst
Driver
Theorist
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Self-Analysis of Communication Style
---A Quiz
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Barriers to Communication
Personal Differences
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Barriers to Communication
Ego Involvement
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Strategies for Good Communication
Establish Rapport
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Strategies for Good Communication
Pacing Through Verbal Cues & V-A-K
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In The Blink Of An Eye!
VC VR
AC AR
K AD
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Questioning Techniques
Open-ended questions
Probing questions
Question-Answer-Question
Closed-end questions
Silence
Conversational Ball-rolling
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Preparing For Negotiation
Guidelines Define goals,
objectives Clarify issues Gather information Set the climate Prepare for conflict
Look for compromise
Strive for agreement
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What did you learn today about real estate
consumers that will help you work more efficiently
& enjoyably with them?