For Real Estate Sales Professionals
July 15, 2002 E-zine
REAL ESTATE SUPERSALES E-ZINE
From America's Premier Real Estate Coach (sm)
July 15, 2002
Publisher: Jim Gillespie
Doing what has you become the best real estate
agent in your territory definitely beats all
of your other options.
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IN THIS ISSUE
1. Why Are You Motivated?
2. Prospecting And Telling the Truth
3. A Lesson From Our Lenders
1. Why Are You Motivated?
Recognizing the underlying reasons about what motivates you can
give you great insights that will help you to achieve even
greater success in your real estate career.
People are motivated to take action because of two basic
desires--to either gain pleasure or avoid pain. And, generally
speaking, more people in the world are more motivated to
avoid pain than they are to gain pleasure.
So what does this mean in terms of success in real estate sales
and leasing? Well, top producing real estate agents tend to be
people who, over the long run, are motivated primarily out of
their desire to gain pleasure. They are the classic cases of
people who are motivated by the "carrot on the stick." They
always have goals that they want to achieve and they are
motivated "towards" achieving those goals. And as long as those
goals exist out there in front of these agents for them to
achieve they are motivated to constantly take the action towards
achieving those goals.
Real estate agents who produce inconsistent results on the other
hand tend to be people who are more motivated to avoid pain than
they are to gain pleasure in their lives. Maybe you even know
someone like this. At some times these agents can be outstanding
producers and at other times their production can be flat-out
As an example, a real estate agent who is motivated primarily to
avoid pain could be motivated to succeed primarily to pay his or
her bills. Now keep in mind that this agent may also have
financial goals that they would like to achieve, but when the
truth is told these goals are not what truly lights the fire to
have this agent perform his or her best. And most likely all of
this is completely outside of the agent's conscious awareness. He
or she is simply busy selling real estate in the manner that
he or she has become accustomed to.
The truth of the underlying motivation can be seen in the agent's
varying levels of production. When the bills are piling up and
the mortgage has to be paid the agent may rise to the occasion
and always come through in the clutch, closing transactions to
make sure that everyone gets paid in the appropriate timeframe.
And if the agent closes some big transactions and makes a lot of
money in a short period of time, the agent then may find his or
herself coasting for awhile afterwards and not doing what will
continually have them develop great new real estate business. And
if they are true to form they will again start to get motivated
when they realize that the money is beginning to run low again--
and now IT'S TIME TO GET MOVING!
Top-producing agents who are constantly motivated towards new,
higher levels of achievement don't experience the same tendency
to coast after they make a lot of money. They're just continually
motivated to make even more money. They have internal, driving
reasons to continue to do so.
So how can an agent who is motivated primarily through moving
away from pain still beat the system and become a consistent top
producer? Well, one way is to proactively get your money out of
your hands in a productive way as soon as you make a big chunk of
it. Instead of coasting after you earn a big commission and
watching your reserve of cash dwindle down, invest your recently-
earned money somewhere where you can't get to it. This way your
mind will get that you're low on cash again and know that it's
TIME TO GET MOVING NOW! And besides we both know that you feel
better anyway when you're doing great in your real estate
career as compared to the times when you're coasting.
There are also other ways to increase your production if you find
that you're someone who is motivated primarily by the hot seat
instead of by the carrot on the stick--you can increase your
monthly expenses. And if you want to do it in a way that serves
your financial future you can have a fixed amount of money taken
out of your checking account every month for investment purposes.
Or if you'd prefer to indulge yourself in more immediate material
desires you could consider buying a new home or a new car.
Anything that increases your monthly cash outflow will force you
to coast less and produce more. And when your monthly demand for
cash is higher you can only coast for shorter periods of time.
And if you really get good at knowing how to do this with
yourself you'll get closer and closer to eliminating your
coasting time altogether. But again, I recommend that you
orchestrate doing this in a way that best serves your financial
future first--such as through investing your money instead of
Agents who have had tendencies in the past to run hot and cold
with their production can definitely learn how to become
consistent top producers. Sometimes it's just a matter of
understanding how their own internal motivating mechanism works
and then designing an approach that gives them only one
alternative--the alternative of becoming a consistent, top-
2. Prospecting And Telling The Truth
Prospecting is always an interesting subject to talk about--as
painful as talking about it may be! So let's cut right to the
chase here. Is one of your primary goals in your real estate
career to make as much money as possible? If so, no matter how
long you've been in the business you must continue prospecting.
If you're not prospecting you're simply missing-out on a lot of
opportunities. And this holds true even if you're already a top
producer in your territory. And if you're not a top producer in
your territory you probably know somewhere inside of you that you
should be doing more prospecting than you currently are right
And top-producers can get into this lull where they're doing so
well compared to most of the other agents in the territory that
they get complacent about prospecting, too. And the truth is that
if there are good listings that come on the market in your
territory and you didn't even know that these owners were going
to sell or lease their properties before they appeared in the
multiple--you probably aren't doing as much prospecting as you
really should be.
Yes, I know we all have the excuses why we can't prospect as much
as we know we should--but again I ask you:
"Is one of your primary goals in your real estate career to
make as much money as possible?"
(And of course we're talking about making the money ethically and
If your answer to this question is, "Yes" then you simply MUST
find a way to do the amount of prospecting that you know will
maximize your income in your real estate business. Anything less
than this is just an excuse.
3. A Lesson From Our Lenders
One of your most daunting tasks as a successful real estate agent
is to make sure that you work with buyers and lessees who you
know will be loyal to you. And while exclusive listings are the
norm when you represent owners of properties, they are still far
from being the norm when representing buyers and lessees. And
what is so unfortunate is that the way that our industry has
evolved over the years has made it so easy for the prospective
buyers and lessees that we run with to jump ship and do a deal
through another agent instead of us at any moment in time. They
simply have no downside except for maybe a little personal guilt.
Enter the lending industry. Their approach is short, sweet,
simple, and it works.
Almost any time a buyer applies for a loan the buyer has to
immediately cut a check for processing fees to the lending
organization in order to begin the process of trying to secure a
loan. This simple little procedure is one reason why buyers don't
go shopping for a loan with many different lending organizations
at the same time. Now of course a buyer can apply through a loan
broker who will approach different lending institutions for the
best loan for the buyer, but this one broker is normally the only
person or company that the buyer has hired to secure a loan for
When people spend money because they want a specific result they
normally don't go running around hiring other people to get the
same job done. They simply don't want to spend anymore money to
get the job done if they don't have to. You don't see people
hiring a lawyer, paying the lawyer a retainer, and then turning
around and doing the same thing with another lawyer for the exact
same work to be performed.
This is one area where our industry can learn a lot from how our
lenders do it. Imagine if when working with buyers and lessees
you asked them for a retainer in order to get started with them.
It could be $500.00, $1,000.00, $2,500.00, or even more depending
on the size of the anticipated commission with them. And, with
appropriate disclosure to all parties involved in the transaction
in many cases, you could even offer to refund them their retainer
out of the future commission that you will receive after you have
successfully completed the transaction with them. (Please check
with both your manager and the applicable real estate laws and
regulations in your state on this one first.)
Now just like when someone pays a loan broker a processing
fee or pays an attorney a retainer to get started, most
prospective buyers and lessees will not want to jump ship and do
a deal with another agent knowing that they'll lose the money
they've already paid you. Heck, if another agent shows them a
property that they like they'll probably then insist that the
agent has to involve you in the deal! And what a pleasant
surprise that would be.
When our prospects have not invested any money in working with us
and have no legal obligation to continue working with us their
loyalty can indeed vanish very quickly. It's time for us to take
a stand in our industry and implement new approaches that ensure
that our clients and prospects value our time and their
relationships with us similarly to how they already do so with
other quality professionals in other industries.
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