For Real Estate Sales Professionals

April 14, 2003 E-zine

April 14, 2003























Over 30,000 Subscribers

Always be determined to become the
best real estate agent in your territory!

In this Issue:

1. An Example of Real Estate Psychology 101

2. Here Comes the 2003 Online Real Estate Convention

1. An Example of Real Estate Psychology 101

As an agent in your real estate business you are extremely familiar with the activities you do on a day-to-day basis to direct more business activity your way. Some of these many activities include prospecting, mailing, and following-up on a daily basis with your clients and prospects. However, one very important additional activity to add to this list is becoming more proficient in your people skills.

Sometimes as an agent it's easy to get wrapped-up in being the facilitator who makes the deal happen. At other times, though, it's necessary for us to take an aggressive stand to protect our own interests and to preserve the emotional "glue" between the parties that holds our transactions together. This is where your ability to read people, understand what makes them tick psychologically, and deliver the appropriate responses to move your transactions forward is of incredibly great importance in your real estate career.

As an example of this, one time I was representing a buyer in a transaction by the name of Steve Gorman. (This isn't his exact name, but it's close.) A property had just come on the market that Steve was interested in, and a good number of other potential buyers were interested in the property also. I ran like crazy, enrolled the listing agent in moving my offer from Steve to the top of his list for consideration, and soon we had successfully reached an agreement for Steve to purchase the property.

During his contingency period Steve began to change the terms of the deal. First he asked for and obtained a price reduction because of some minor problems that he discovered with the property. Then, as we got within a week of the scheduled closing date of the transaction, Steve asked for another price reduction stating that he wouldn't close the deal unless the owner agreed to the new, lower price. And, quite honestly, I seriously doubted that Steve would even close the transaction if he received the ridiculous price reduction that he was now asking for. He seemed to be having buyer's remorse and was second guessing whether or not he actually wanted to buy this property after all.

I stepped back from the transaction for a moment to try and get a better perspective on what was going on. Steve was trying to beat the owner up for every last penny he could get from him. And along with this I sensed that Steve was really wondering if he had offered too much money for the property because of the foot race we had run to beat all the other prospective purchasers to the deal. In addition to this, my assessment of Steve as a person was someone who loved to take as much as he could get away with from people in business negotiations and also someone who would fight to the death against anyone he felt was trying to take anything at all away from him. 

Once the listing agent made it clear to me that the owner had refused to give Steve the latest price reduction that he wanted, I came up with a strategy to save the deal and began taking immediate action on it...

I called the listing agent and gave him my assessment of both Steve and the situation. As I knew that the owner had already refused the latest price reduction that Steve was demanding, I then told the listing agent my recommendation on exactly how his owner should respond to Steve's request for the price reduction in order to maximize the probability of successfully closing our transaction. Shortly thereafter the listing agent called me back and told me that his owner was responding in exactly the manner that I suggested. So I picked up the telephone, dialed Steve's number, and delivered the following message to him:

"Steve, the owner is sick and tired of you and he's got other people he wants to sell the property to. He's not going to do business with you anymore and, quite frankly, he's canceling his agreement with you and taking the deal away from you. He furthermore demands that you sign cancellation instructions within 24 hours."

Steve's immediate, split-second response was, "Oh yeah? You tell him that he's going to close the deal with me next week or I'll sue him for specific performance!"

As an agent, the better you are at understanding what motivates your clients to take action the more successful you will be in your real estate business every single year.

2. Here Comes the 2003 Online Real Estate Convention

The second annual Online Real Estate Convention hosted by the Real Estate Cyberspace Society will be held April 24th through April 28th. This convention is held completely online and will be attended on the Internet by over 50,000 real estate professionals worldwide. If you attended last year's convention you remember all the excitement generated with top residential and commercial/industrial real estate experts from all over the world offering their insights and expertise to you absolutely free. I'll be one of the experts featured at this year's convention, and should you decide to attend the convention you can tune in and listen to my audio interview when you're there.

There will be many exhibitor booths at the convention also with companies giving away free products and services as door prizes just for visiting their booths. You can even visit my booth at the convention and enter the drawing I'm having to win free real estate coaching sessions with me.

You can read about all the details of the convention, see a list of all the featured speakers and exhibitors, and register to attend the convention by visiting: 


Click here to visit my Web site. There you'll find many articles and previous editions of my E-zine to assist you in taking your real estate career to the next level.

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You will receive your first of seven lessons within minutes after sending your E-mail. You will then receive six additional lessons, one each day, for a total of seven lessons in seven days.

Find out why one-on-one real estate coaching produces much better results for you than both traditional real estate training and continually trying to do your real estate business on your own. If you'd like to find out how much more money you'll make in your real estate business by working with me one-on-one, send me an E-mail or give me a call at (909) 694-6655.

"Jim's coaching and training has assisted our company in landing millions of dollars of new real estate business."

Pat Hall
TOLD Partners

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Jim Gillespie
Advanced Real Estate Sales Coaching
41890 Enterprise Circle South
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Temecula, CA 92590
(909) 694-6655

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