Rules of engagement for the Real Estate Agent when dealing with sellers and buyers Part 7

by | Sep 10, 2018

Every now and then, you’ll get somebody who just doesn’t want to follow the rules. Give them a chance. Try to educate them. If it doesn’t work, don’t fool around again. Refer them to somebody else.

Some people may fall off the wagon, so to speak, after they’ve been working with you. They know how to do things, but all of a sudden they start calling you at a drop of a hat, “Hey, you should see what came through. We need to go see it now!” The first thing I ask them is, “Did you do the desktop analysis first?”

If they say yes, then we’re on to the next step. I ask what other properties they have identified. You always want to look at three properties at a time, at a minimum. Never go look at just one property. Your chances of buying are much lower. When you’re looking at six or seven properties and only going to buy one, your probability of a purchase increases.

Sometimes, you strike out and have to go out again. When you go out to look at one property, one single property, you only have a 15% chance of a purchase going through, statistically speaking. I would never do that. Don’t ever, ever do that.

Always have a minimum of three properties. If the Investor can’t find three, you may want to share properties you’ve viewed with your other Investors who wound up purchasing different sites. Obviously, you want to share them so at least you know you’re looking at a minimum of three properties. This is another good rule you need to enforce.

When you enforce these rules of engagement, you’ll win. You’ll earn more money. If a client doesn’t comply, don’t spend more time with them. Don’t just fire them, though. Refer them to somebody else. Maybe you have an Agent you like, but they work for a competitive company. Give it to that guy. Maybe you can recruit that Agent down the road because you gave them a lead.

This is another good strategy, by the way. I hope you will write it down because if you’re looking to recruit – if you work for a company where you recruit people and get rewarded for it – there’s no better way to recruit someone than to give them a lead. That may sound counter-intuitive. All of your friends at your current brokerage company would say, “Why on earth would you give a lead to a competitor?”

First, maybe your office co-workers aren’t trained to work with Investors your competitor is. Second, you just ramped up your probability of being able to recruit this guy, far more than everybody else. Everybody else is trying to take people to lunch and call them all the time, email them, and pretend to be their friend. It usually doesn’t work and you know that. If you’ve tried it, you know that rarely works.

What works is “What’s in it for me?” Give these guys a lead. Then give them a second lead down the road, maybe a third. I promise they’ll be more inclined to sign with you than with anybody else who has taken them to lunch pretending to be their friend.

When it comes to Agent rules of engagement, you need to understand the basics we have covered. Always keep a pad of paper and a pencil with you because you will start to come up with ideas for how to further leverage your license as an income producing asset when you work with Investors. Start your mental wheels turning and jot down ideas. In Module Five, we’re going to go over that. A lot of light bulbs are going to go off for you. You’re going to see a huge, huge amount of potential.

For right now though, we’ll look forward to Module Four which is marketing and advertising. You’re going to see some really awesome techniques. Some you may have seen before or even used yourself. But we’re going to apply them in a different way and you’re going to be amazed at the results!

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