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Manage Expectations!
After 33 years of marriage, 4 children, and 3 grandchildren, I’m convinced one of the major factors of a successful marriage, parenting, or any relationship, is managing expectations. The same is true in sales, especially in the current environment.
In relationships I feel most problems arise over unmet expectations. I see it all the time in my sales training.
Last fall a lady salesperson told me she was so discouraged. She had written nine offers over the previous several months but was not able to put any of the transactions together. I talked to her about doing a better job of managing the expectations of her buyers. I suggested she ask her buyers one question prior to ever showing any property:
“Bill and Sally, do you want me to show you overpriced homes, or would you prefer I show you homes that are priced correctly, and have already adjusted their price to the current market conditions?”
They are typically caught off guard, and ask “What do you mean? Of course we want to see the homes that are priced right.”
“Well, Bill and Sally, everybody has read and heard on the news that this is a great time to buy real estate because prices are down on average 30% from their peak. I can show you homes priced at a million that are way overpriced where the owners have not accepted reality, and have not priced to the current market.
“Or, I can show you homes that would have sold for a million dollars several years ago, but the sellers (or developer if you work in developer sales) understand reality and they have lowered their prices to $700,000. These are the best buys and these homes are selling quickly. However, don’t expect to make a low offer on them because they have already taken their 30% hit, and are priced to the current market.”
By properly educating your buyers you will provide the service of helping them understand your market, and thus not make unrealistically low offers that won’t be accepted. You will end up assisting more buyers and sellers getting together and that’s a good thing!
Remember, in sales, just like in marriage and parenting, when expectations are properly managed, good things happen!
Posted on 03/16 at 10:33 AM
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