Realtor 2 Realtor: How to be a Real Estate Diamond on the Beach

by Echo Farrell

Published on this site: May 3rd, 2006 - See more articles from this month

In many industries, there are so many competing businesses that it makes it very difficult for the small business owner to stay afloat, let alone rise to the top. You see it everyday on your daily commute to work. How many restaurants to you pass between your home and your place of employment? How many grocery stores are there in your neighborhood? It is a tough world out there.

In the sales profession, the challenge becomes tougher. How many car salesmen accosted you the last time you went to the car lot to buy a car? As a new prospect drives into the car lot, dozens of salesmen race for the prospect. The first one there gets to take their shot.

If you think the world is tough at the car lot, wait until you try to get started in the real estate business. As of 2005, there are 2,636,783 licensed real estate agents in the United States. Given that the United States has a population of only 297,970,318 people. That amounts to one real estate agent for every 113 men, women and children in the United States. ( Source:
http://www.realtytimes.com/rtapages/20060112_arello.htm )

Differentiate Yourself from the Masses

If you are reading this article today, you have a great advantage over most of the 2.6 million real estate agents in the United States.

What differentiates you from the majority is that you are not waiting for someone to drop success into your lap. Instead, you are researching your industry to learn how you can be more successful. You are among the cream. You are among the few who are willing to step up to the plate and make things happen for themselves.

While the guy in the desk next to yours is waiting for your boss to bring him generic business cards to use, you are already on the phone working to make connections with potential clients.

In most industries, the salesperson's employer bends over backwards to make sure that the salesperson bows to the supremacy of the employer. In fact, with most companies, it is a requirement that the individual salesperson cannot market him or her self as an individual entity.

Real Estate is a much different industry. While you are not required to market yourself, it is not frowned upon. In fact, real estate agencies appreciate someone who is willing to invest in building their own reputation and business. They like seeing business cards and advertising that demonstrates the face and name of the salesperson on advertising materials with the company logo and phone number.

If you are not willing to market your own name and face, why should anyone else do that for you? Those individuals who are not willing to step up to the plate to make things happen for themselves must sit by the phone and wait for prospects to call.

Those individuals who are willing to step up seldom have time to wait by the phone looking for that chance prospect. They are much too busy.

As a commissioned sales person, the real estate agent cannot afford to sit idly waiting for that big sale to come their way. They need to be out shaking bushes trying to flush out that new business.

Usually within the first two weeks on the job, most agency managers know which salespeople will still be at the job one year from now, and which ones will be changing jobs within just a few months. The new salesperson is either a "go-getter" or a "walker" - walking out the door to find a new job that actually pays a
salary.

Define Yourself - Your Unique Selling Proposition (USP)

In real estate, your name and your face are the most valuable assets you have, next to your skills as a salesperson. When clients call, you want them to ask for you by name. When strangers walk in the front door of the office, you want them to look at you directly, then walk right up to you and introduce themselves.

When you have done a good job at selling yourself, then prospects will feel as if they know you - even if they have never seen you in person.

When working to find your next prospect, you need to work hard to fashion your public image in a positive way. Your positive image in the marketplace will bring people to you with positive expectations for doing business with you. Positive client expectations usually result in a positive cash flow for the salesperson.

The positive image that you convey to others is better understood as your "reputation." A good reputation will carry you when times are slow. A poor reputation will push you out of the business once and for all. Be careful as you construct your public image. You public image / reputation will make or break your career as a real estate agent.

Marketing by Referral

When you have closed a sale, your customer will be very happy with you. Strike while the iron is hot. Ask for the referral. Ask your happy customer if they know of anyone else who might be in the market to buy real estate.

Take names and numbers, and then follow through.

Call Prospect One and advise them that your Happy Customer has suggested that they might be in the market to buy a house, land or commercial property. Tell Prospect One that you would be more than happy to help them with their property search. Ask them specifically what they are in the market to buy.

Don't be afraid to use Happy Customer's full name. The fact that Happy Customer has made the referral, has just allowed you to overcome one of the greatest roadblocks in the process of selling. Happy Customer's referral has allowed you to knock a lot of the wind out of Prospect One's fear of salespeople.

Most really successful real estate salespeople have mastered the art of marketing by referral. The skill of acquiring names of prospects allow most real estate agents to successfully move from one sale to another without missing a beat.

Your Success in Real Estate is in Direct Proportion to Your Investment

Your real estate agency will spend money to advertise the agency. They will provide you with a desk and telephone. They will make sure that all of the legal resources that you need, will be available to you. They will have established relationships with appraisers and banks. They will provide you the foundation that you will need to help you to be successful.

But, at the end of the day, the agency is not going to go out of their way to make sure that you have the skills you need to be successful. And, they will not drop business in your lap. You are still expected to earn your own living.

Some agencies will go beyond the average. They will provide you training and resources to help you to become more successful. But, it is still up to you as to what you do with that training and those resources. The ball is still in your court.

Invest in your name and face recognition. Invest yourself in your customers and their lives - this will help you to secure your public image and positive reputation. Invest yourself to get those personal referrals. Invest your time following up with your prospects.

If you do all of these things well, then you could really become a Real Estate Diamond on the Beach. Only certain pebbles of sand have what it takes to become a diamond. Are you one of them?

Echo Farrell is a Scottsdale Arizona Realtor® specializing in residential real estate. She has over 25 years of experience in sales, marketing and contract negotiations. You can learn more about Echo Farrell by visiting her website:
http://www.azsonorahomes.com