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PSYCHOLOGY OF THE SALE Welcome to----. “Get Acquainted” 1. How important is psychology and human nature in the real estate transaction process? 2. Share.

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Presentation on theme: "PSYCHOLOGY OF THE SALE Welcome to----. “Get Acquainted” 1. How important is psychology and human nature in the real estate transaction process? 2. Share."— Presentation transcript:

1 PSYCHOLOGY OF THE SALE Welcome to----

2 “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?

3 Why People Buy Why People Back-out

4 Why People Sell

5 Why Buyers Back Out of a Purchase:

6 Why Sellers Back Out of a Sale:

7 The Importance of Using Consumer’ Surveys

8 Designing a Roadmap for Building a “Client For Life”

9 Why Strive for Clients-for-Life? Time Energy Cost effectiveness Leverage Word-of-mouth advertising Business stability/ continuity SANITY!

10 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!

11 “Emotional Intelligence” has more bearing on a client’s financial success than does “Financial Intelligence” ----Mitch Anthony, “Clients for Life” survey

12 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!

13 “A dead fish stinks from the head!” Self-empowerment Tip #1: Stop Working with People You Can’t Stand!

14 Consumers don’t understand what we do, how long it takes, nor the steps required to complete the transaction. A related reality

15 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

16 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!

17 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!

18 Exercise: What “action verbiage” would you use to explain the 200+ activities that we perform?

19 It’s an “inside” job. Keep Asking Yourself… What would a Trusted Advisor / Consultant do?

20 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?

21 Profitable/Valuable Post- Transaction Follow-ups  The tragic error many agents make…and keep making — junk in the mailbox — Consumers called it “worthless info”

22 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

23 Begin with the end in mind… What’s the profile of your most- desirable consumer…?

24 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…

25 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

26 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.

27 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?

28 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

29 Working with Various Behavioral Types, Personalities, and Psychology in the Transaction Process

30 Behavior Model Quadrant More Assertive Less Assertive Less Responsive More Responsive

31 Behavior Model Quadrant More Assertive Less Assertive Less ResponsiveMore Responsive Q-1Q-4 Q-2Q-3 DRIVEREXPRESSIVE ANALYTICALAMIABLE

32 Personality Quadrant Dominant Submissive Hostile Warm

33 Personality Quadrant FACTFANTASY FEELINGSFORM Dominant Submissive HostileWarm

34 PSYCHOLOGICAL TYPES EXTROVERT SENSING THINKING JUDGING INTROVERT INTUITIVE FEELING PERCEIVING

35 Working with Difficult People

36 DIFFICULT PEOPLE A Trio of Hostile Aggressives Sherman TankSniperExploder Complete Silent &Super – ComplainerUnresponsiveAgreeables Negativist atKnow-it-AllIndecisive WorkExpertsStallers

37 BASIC STEPS TO EFFECTIVE COPING  Take honest & objective view of situation  Separate yourself from difficult behavior  Accept that they are not going to change

38 Coping Steps (cont’d)  Develop a plan for coping  Evaluate your plan  Be prepared for a “Last Resort” position

39 Improved Communication Using Questioning & Listening Skills plus Neuro- Linguistic Programming

40 How We Communicate  Words  Tonal  Non-Verbal

41 Communication Styles  Feeler  Analyst  Driver  Theorist

42 Self-Analysis of Communication Style ---A Quiz

43 Barriers to Communication Personal Differences

44 Barriers to Communication Ego Involvement

45 Strategies for Good Communication Establish Rapport

46 Strategies for Good Communication Pacing Through Verbal Cues & V-A-K

47 In The Blink Of An Eye! VCVC VRVR ACAC ARAR K ADAD

48 Questioning Techniques  Open-ended questions  Probing questions  Question-Answer-Question  Closed-end questions  Silence  Conversational Ball-rolling

49 Preparing For Negotiation Guidelines  Define goals, objectives  Clarify issues  Gather information  Set the climate  Prepare for conflict  Look for compromise  Strive for agreement

50 What did you learn today about real estate consumers that will help you work more efficiently & enjoyably with them?


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