Top
performers usually earn full commissions. What makes them different
from agents who cannot persuade sellers to list at full commission?
Surprisingly, it's very little.
Recently
I interviewed a number of top-producing agents about the strategies
they use to earn a full commission. There were nine clear-cut ways
that these agents differ from agents who reduce commissions.
1.
They are confident
Top producers who earn full commissions are confident that they
provide the best value to sellers. They believe they are worth a
full commission. Furthermore, they are not shy about telling the
seller why they are the best choice to market the seller's property.
2. They have
a plan
Each agent interviewed could clearly articulate his/her Unique Selling
Proposition (USP), which comprises the unique services they provide
in order to market their listings. More importantly, these top performers
educate the seller about how their marketing plan assists the seller
in obtaining a higher price in less time.
3.
They focus on two or three key differences to separate their services
from those of competitors
Many average producing agents provide exactly the same services
the top producers provide. An important difference, however, is
that top producers discuss these services as a core part of their
listing consultation.
4.
They are unwilling to compromise their integrity
When a seller asks the agent to compromise on commission or on any
other important matter, this group all responded the same way. They
thanked the seller for the opportunity to discuss the marketing
of their property and stood up to leave. More than 90 percent of
the time, the sellers asked the agent to stay and ultimately hired
the agent at a full commission.
5.
They create credibility through the unique services they provide
Each agent interviewed offered at least one service other agents
do not use. Strategies included servicing a specific niche such
as probate or golf properties, belonging to a lead generation company,
marketing with a unique (as opposed to a canned) newsletter, advertising
on cable television or on radio, and marketing aggressively on the
Web using pay-per-click services. These unique services attract
clients and often provide the motivation for the sellers to pay
a full commission.
6.
They are early adopters
Sophisticated clients who use cutting-edge technology expect the
agent they hire to be equally sophisticated. Strategies agents use
to demonstrate their cutting-edge approach include posting multiple
pictures to Realtor.com, posting their listings to multiple Web
sites, CD brochures, and up-to-date technology such as a tablet
computer, transaction tracking platform, and a combo PDA plus telephone.
Even though these tools are readily available to most agents, very
few use them.
7.
They value being face-to-face
Every top producer interviewed shared this important trait: they
love being face-to-face with sellers and buyers. As their businesses
grew, they delegated paperwork and transaction management to their
team or to a virtual assistant.
8. They
love negotiating and live to overcome objections
Instead of cowering when the seller asks them to reduce their fees,
they respond confidently by explaining how their services and a
full fee are a benefit to the seller. They can articulate exactly
what competitors will provide at a reduced commission and can show
the seller the benefits of full service rather than limited service.
9.
No attachment
When the sellers say, "We want to list with a competitor who
will do it for less," the agent wishes the sellers the best
in marketing their property. If the seller is unrealistic about
the price, they tell the seller pointblank, "I'm not the right
Realtor for you. It's better for me to let you down now than it
would be to disappoint you later." In many cases, they obtain
the listing once it expires with another firm or when the seller
cannot sell the property by owner.
If
you're tired of losing listings to competitors and having to take
a reduced commission when you do obtain a listing, look for next
week's column, "Get the Commission Edge with Cutting Edge Technology."
Bernice
Ross, co-owner of Realestatecoach.com, has just released her new
book, "Waging War on Real Estate's Discounters." She can
be reached at bernice@realestatecoach.com. Reprinted with the author's
permission.
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