Practice

Question 1

Why did you decide to sell fsbo”? Is this good or bad to ask and why?

Answer 1

This question is setting you up to fail -because asking questions the start with “why” makes the other person have to defend themselves.

Question 2

instead of arguing with fsbo on why they should use an agent potentially losing out on the opportunity altogether, what should we do? And why?

Answer 2

ask them hypothetical questions in the future that they never believe will happen. Because they truly believe it won’t happen so there’s no harm in answering.

Question 3

Example of hypothetical question you ask a fsbo?

Answer 3

In this market, chances are you won’t need an agent to help you sell your home, which is why I’m curious, if by some off chance you can’t sell the home in 30, 60, 90 days from now, at that point, would you consider looking into some other options to get the home sold?”

Question 4

What response should you expect following the hypothetical question for fsbo?

Answer 4

“I don’t think that will happen but sure, if I haven’t sold the house by then I’d be open to looking at some other options.”

Question 5

how do you want to come across on a prospecting call? And why

Answer 5

curious, For example, when calling an expired listing, you want to communicate as though you’re in disbelief that the home didn’t sell and you’re calling to understand what happened.
Because (This furthers the prospect’s illusion of control, which is what they want. Think about it. How do you feel when someone asks you for advice or asks for your opinion on something? It almost feels as though you have instant power over that person, as if you know something they do not).

Question 6

Four main personality styles ?
And how do you communicate with each?

Answer 6

Driver, expressive, amiable, analytical

Question 7

How do you communicate with drivers?

Answer 7

get straight to the point, these don’t care about your feelings.
Stay away from details and focus on end result.
Be confident when speaking to these.

Question 8

How do you communicate with expressives?

Answer 8

they like compliments and recognition. Focus on relationship show excitement and give praise. Let them speak. Don’t bore them. Keep things moving and ask a lot of questions.

Question 9

How do you communicate with amiables?

Answer 9

they want to know that you care. Include them from time to time and don’t dominate the entire conversation. Focus on human connection.

Question 10

How do you communicate with analyticals?

Answer 10

these are the engineer types (hard ones) who obsess over details. They take a long time to makes decisions. Present as much info as you can and be patient. Don’t be so animated and expressive. Go slow and more methodical in your communication. Communicate facts and figures.

Question 11

Give an example when asking for commitment?

Answer 11

Mr. Prospect, let’s do this. Why don’t we meet at the house one day so I can take a look, and while I’m there, I’ll share how much the home would sell for in today’s market and then you can decide if selling now makes sense or not, fair enough?” The prospect can’t help but to agree because what you’ve laid out is in fact very fair, and you’ve positioned the meeting in such a way where any and all threat of being sold has been removed

Question 12

What is Socratic method?

Answer 12

dialogue between two people where one person asks open-ended questions to help the other party arrive at logical conclusions via a process of rational analysis.

Question 13

Why do we use socratic method?

Answer 13

So the prospect arrives at their own conclusion. Nobody wants to be told anything but if it’s their idea then it’s their reality.

Question 14

Part a: ex of Socratic method

Answer 14

Mrs. Seller, homes in your neighborhood sell extremely fast, and in some cases with multiple offers. If your home ends up sitting on the market for a long time, what do we run the risk of?” why? Because We want the seller to tell us using their words that sitting on the market is bad, and if we do, it’s because the price of the home is too high.

Question 15

Part b: how should the process look further down. Why?

Answer 15

Prospect: “If the home sits on the market for too long, people might start giving us lowball offers.” Agent: “I agree, and so if for some reason we hit the market, and in two or three weeks we haven’t received an offer, what do you believe we need to do immediately?”Prospect: “At that point, we probably need to lower the price.” Agent: “Yes, I would agree.”

Question 16

Expired seller says “they are no longer selling”

Answer 16

“Makes total sense, and if I was you, I might want to take a break from the market and review all my options too.”
It lowers their defense system also called strategic empathy

Question 17

Skill 10

Answer 17

Stay agreeable

Question 18

Ex of skill 10

Answer 18

If prospectsay they want to wait until spring. To sell
You say “I can understand that” this allows you to ask another question or give them more info that may change their mind

Question 19

Skill 11

Answer 19

Gaining agreement

Question 20

Ex of skill 11

how should we set the appointment?

Answer 20

Mr. Seller, when we meet, we can discuss a pricing strategy that will cause your home to actually sell so you end up netting the money you need in your pocket bottom line. Does that sound reasonable?”
Then see their response if it’s a strong yes than that’s good if not then you know what to work on.

Question 21

Skill 12

Answer 21

Master the art of silence

Question 22

Skill 14

Answer 22

Foreshadowing

Question 23

how do you lower their anxiety before you get to the meeting to interview prospects?

Answer 23

Mr. and Mrs. Seller, thanks again for the opportunity to earn your business. I’m going to ask you a few questions to ensure we’re on the same page, then I’ll walk you through how I plan to get your home sold and give you an idea of how much money you can expect to walk away with from the sale. From there, we can decide if working together makes sense or not. Does that seem fair?”

Question 24

Why is foreshadowing important?

Answer 24

his lays out exactly how the meeting will go so that the seller knows what to expect. When you’ve mastered the ability to foreshadow, you’ll find yourself closing more business than you ever have before, and it will be because you’ve learned how to make people feel confident and comfortable.

Question 25

Skill 15

Answer 25

Assumptive language Let's not agree to anything right now here s what we'll do

Question 26

what do you say when you can't get the appointment?

Answer 26

Mrs. Prospect, I understand it might not make sense to meet now. Let’s do this: I’ll email you a copy of my FSBO backup plan. Take a look at it and if it’s something you’d like to discuss in the future, we can do that. Does that sound fair?”

Question 27

Skill 16

Answer 27

Setting appointments

Question 28

how do you respond when calling an expired listing with the intention to set a listing appointment?

Answer 28

Mrs. Prospect, let’s not agree to anything over the phone. Let’s simply schedule time to meet one day this week so we can review a plan that will cause your home to actually sell. And then after we’ve had a chance to meet, you can decide if working with me might make sense for you or not. Either way, no big deal—does that seem fair?”

Question 29

what 5 skills are used to set an appointment?

Answer 29

1. Skill #2—Use Non-threatening Words 2. Skill #3—Giving the Illusion of Control 3. Skill #7—Use The F-word 4. Skill #11—Gaining Agreement 5. Skill #15—Use Assumptive Language

Question 30

Skill 17

Answer 30

Responding to objections

Question 31

How do you over come any objection or resistance?

Answer 31

step 1 agreeable acknowledgement / makes sense/ I agree with you/100% Step 2: strategic empathy Ex.) q: If a FSBO tells you they are not interested in listing with an agent, what is your response? A: Mr. Prospect, if I was you, I wouldn’t want to hire an agent either, especially in a seller’s market like this.” Step 3: assumptive statement Q: if you've done step 2 correctly, what's next? A:Mrs. Prospect, let’s not agree to anything over the phone. Let’s simply schedule time to meet one day this week.” Step 4: use value statement Ex.)Mr. Prospect, when we meet, I’ll review a plan that will cause your home to sell for a premium so you’ll net the most money possible in your pocket, bottom line.” Step 5: gaining agreement by giving the illusion of control. (lower threat and gain agreement by using f word) Ex: “And then after we’ve had a chance to meet, you can decide if working with me might make sense for you or not. Either way no big deal, fair enough?”

Question 32

Next time you can an expired and th y say they're going to use the same agent? What do you respond with?

Answer 32

Prospect: “Thanks for calling but we’re going to relist the home with the same agent.” Reverse Selling Trained Agent: “I understand and if I was you, I’d probably feel comfortable doing the same thing too. Let’s do this. Obviously you’re not going to do anything unless it makes sense so let’s meet and I’ll share a new strategy with you that will cause your home to actually sell. And after we’ve had a chance to meet, you’ll at least have another agent’s opinion and you can then decide if working with me or continuing to work with your previous agent still makes sense. Does that seem fair and reasonable?”

Question 33

Skill 18

Answer 33

Reverse close

Question 34

Skill 1

Answer 34

Remove reflex resistance

Question 35

How do use remove reflex resistance?

Answer 35

Use asp Agreeable acknowledgement -say” it makes sense” or “I agree” absolutely (select a to go phrase) “ I completely understand” Strategic empathy - is used a pattern interrupt After you agree follow up with “and with this market, you shouldn’t need an agent” Pivot to another question immediately

Question 36

Example of asp

Answer 36

Ex.) Prospect: “Thanks for calling but I’m not interested in listing my home with an agent.” Agent: “I totally understand and respect that, and in this market you should not need an agent to sell your home, which was why I was calling to find out, are you open to the idea of an agent at least bringing you a qualified buyer for the home, if it made sense for you?”

Question 37

Skill 2

Answer 37

Use non threatening words Use these words instead of “why” which makes the prospect defensive, comes off as accusatory • Typically • Potentially • Consider • Interview • Reasonable • Unreasonable

Question 38

Ex of skill 2

Answer 38

Example #1: You call a divorce attorney you’ve been trying to meet with to earn his referral business. When asking for a time to meet, instead of saying, “What day this week works to meet?” you’ll simply replace that by saying, “If we did meet one day this week for coffee, what days are typically less busy in the morning?”

Question 39

You call a FSBO and they tell you they are not interested in listing with an agent, as they often do. How do you respond?

Answer 39

Instead of arguing with them about why they should, simply ask a question using a non-threatening word to identify a potential opportunity. You might say something like, “I understand completely and with this market, chances are you won’t need an agent, which is why I’m calling. If by some off chance you don’t end up selling on your own in 30 to 60 days from now, which I don’t think will happen, would you consider at that point potentially meeting with me to discuss other options?” T his response uses many Reverse Selling skills, removes the perception of threat or accusation, and more often than not elicits a response from the prospect—all because we’ve created a hypothetical situation that we’ve convinced them we believe will never happen. This makes it easy for them to surrender information they would otherwise never tell you. Once you have the information you can determine how to proceed with the conversation.

Question 40

Skill 3 w/ exampl

Answer 40

Illusion of Control example.) of what this might sound like. Let’s pretend you’re calling an expired listing and in your pursuit to set a listing appointment you say, “Let’s not agree to anything at this point. Why don’t we simply schedule time to meet, and I’ll share some information about why the home didn’t sell and other options for you to consider that will cause the home to actually sell, and from there, you can decide if working with me in the future makes sense or not. Either way, no big deal. Fair enough?” - come from a place of contribution and not of high pressure

Question 41

The next time you’re feeling a prospect is having internal resistance. How do you respond?

Answer 41

ask them if everything is ok? When they say “yes why” - respond with “ well I get the feeling what we’re discussing might not make sense for you right now, am I right?” This is called labeling

Question 42

Rule 16

Answer 42

people feel what you feel / to influence others, you must master your own emotions - basically stay calm and ask questions

Question 43

Rule 17

Answer 43

Your past clients are the best source of new bussinesss

Question 44

Rule 18

Answer 44

no pain, no sale Sales people have a bad reputation with the public. Reverse selling is a process of understanding not convincing. Quickly understand and identity is your prospect has pain or a need your service can solve in order to move forward. Otherwise it’s a waste of time.

Question 45

Rule 19

Answer 45

if your telling, you’re not selling Perfect listen to talk ratio is 70% listen to 30% talk. If you are talking more - it’s likely you’re in convincing mode. Selling is a process of asking questions to identity prospects pain points and to determine whether you product m/ service can help. Once a need has been established you can then move on to asking hypothetical questions onto what things would be like if there need was solved. It should be the prospect who does the selling, not you.

Question 46

Rule 20

Answer 46

high intense accountability is the key to high achievement

Question 47

Rule 21

Answer 47

calls= set appointments that’s it Don’t rush the process and ask for a close over the phone. Use the going on a date analogy. Don’t ask her to marry you on the first date basically.

Question 48

Rule 22

Answer 48

people don’t care how much you know until they know how much you care Sales is about how you make them feel not what you say. Don’t feature dump and overwhelm your prospect on the product. Sales is less about words and more of ability to connect with prospect.

Question 49

Rule 23

Answer 49

What gets tracked gets improved

Question 50

What is considered bait?

Answer 50

Objections and reflex resistance When your prospect gives you an objection- they fully expect you to come back and try to sell them Instead use pattern intterupt. And agree

Question 51

Example of reflexive resistance Prospect: “thanks for calling were not interested!”

Answer 51

You: “that makes sense, there’s no reason why you shouldn’t be able to sell your home on your own” This is where the magic happens They’re thrown off guard Thus temporarily removing their reflex resistance giving you an opportunity in move them forward.

Question 52

Rule 10

Answer 52

Never argue on a prospecting call Control your emotions

Question 53

Rule 11

Answer 53

never take reflex resistance literally People have an automatic defense system. Against salespeople who basically lied to them in the past. Stay agreeable using pattern interrupts that allow us to move the sale foward.

Question 54

Rule 12

Answer 54

Don't be desperate or needy

Question 55

Rule 14

Answer 55

false hope If a prospect ends a meeting with excitement. Don’t be excited instead test them. Give them an out Ask them: I’m glad you’re excited but what about your agent, will it be an issue switching? See if they defend their position if so great If not and the agree with the out you’ve given them then you have more work to do.

Question 56

Rule 15

Answer 56

If you feel something say something

Question 57

Principle 1

Answer 57

Don't take their objections/ resistance literally - stay agreeable and ask otherhypothrtical questions

Question 58

Principle 2

Answer 58

Point of calls are to set face to face appointments

Question 59

Principle 3

Answer 59

seek out, embrace and value rejection - The key is to get more rejection than your competition is willing to endure. Why? When you have more experience on the battlefield than anyone else, your skills are forced to improve. Learning is in the doing.

Question 60

Principle 4

Answer 60

You are who you hang out with most of the time

Question 61

Principle 5

Answer 61

You're results are a direct reflections of your daily schedule

Question 62

Principle 6

Answer 62

Feedback is a gift when from an expert

Question 63

Principle 7

Answer 63

You sell the way you buy

Question 64

Principle 8

Answer 64

master self discipline focus and mental toughness

Question 65

Four stages of learning

Answer 65

1.) Unconscious incompetence - you don't k ow what you don't know, your just excited to get started. 2.)conscious imcompetence- stage where most quit. Embrace the suck and love the pain. 3.) conscious comptetence 4.) unconscious competence- mastery comes thru repetition.

Question 66

What is creative avoidance?

Answer 66

nothing is more important than prospecting. They do anything to avoid the actual work. Important tasks are to be prioritized first, every time.

Question 67

What is the ONLY reason RE AGENTS FAIL?

Answer 67

due to empty sales pipeline. They don't prospect. If your going to win you going to have to play offense and proactively contact your prospects knowing they are not sitting around waiting for you to call.

Question 68

Reasons agents don't prospect

Answer 68

fewer of rejection and embarrassment - 2.) addiction to instant gratification- the problem with increased dopamine tolerance is that activities that don't release as much dopamine don't interest you any longer, seem boring and become much more difficult.

Question 69

Skill 18

Answer 69

Reverse closing

Question 70

If you have a problem closing then which issue do you most likely have?

Answer 70

Opening

Question 71

Assuming you've don't everything right- how do you ask for their business?

Answer 71

“Mr. and Mrs. Prospect, based on our conversations, I feel confident I can absolutely get your home sold and I’m curious, would you feel comfortable with me as your agent if we did end up working together?”

Question 72

What follow a after prospect agrees to work with you?

Answer 72

Next, we want to find out if they are in agreement with the most important things every seller cares about most, which are the numbers: How much you’re going to sell their home for, and how much they can expect to walk away with. So you’ll simply respond to the prospect with, “Great, and with everything we’ve discussed to get your home sold and after looking at all the numbers, is this something you feel will work for you?”

Question 73

What is the response when the prospect agrees to the pricing point we suggest to list at?

Answer 73

If the prospect responds positively, we can go to the final step and say, “Well, if you thought it made sense to move forward, we can quickly get some paperwork completed and I could get started by scheduling our photographer. Is there anything else you’d like to discuss or should we get started?”

Question 74

Define face to face meeting?

Answer 74

meeting between you and a homeowner who is thinking about selling their home, without any expectations of working together at this moment. The meeting was set up and agreed to by the prospect with the understanding that you’d preview their home and give them information that could potentially help them to get their property sold now or in the future

Question 75

What do guru sales guys suggest we do?

Answer 75

They suggest that we prospect and call strangers out of the blue, and within just a few minutes of talking on the phone for the first time, try to convince them to do business with us immediately. Oh, and if they don’t agree, don’t go on the appointment, throw away the number and move on to the next lead. Are you kidding me? How these gurus don’t get sued for malpractice giving this advice is a mystery that I cannot understand.

Question 76

Analogy of high pressure sale tactic gurus give?

Answer 76

It’s rare, if ever, that two people meet for the very first time, and at that first meeting decide to get married.

Question 77

Why shouldnt you expect a prospect to commit over the phone?

Answer 77

Why would a complete stranger commit to doing business with you after only spending a few minutes on a random phone call? I know, it’s crazy—most people won’t. We’re salespeople the consumers do not trust. They have no incentive to give us information over the phone.

Question 78

How many conversations with homeowners does it take to get one qualified appointment?

Answer 78

it takes an average of about 100 actual conversations with homeowners to find one “qualified” appointment

Question 79

Should you overqualify every lead? Why?

Answer 79

No! because then you'd have no appointments

Question 80

On avgwith an auto dialer how many people will you talk to per hour?

Answer 80

10

Question 81

What is the average conversion ratio atlisting appointment?

Answer 81

50%

Question 82

What is cold calling?

Answer 82

Cold-calling is picking up the phone and calling random people without any evidence that these people have a need to sell their home. Can it work? Sure, if you’re committed to countless hours on the phone, searching for that needle in a haystack.

Question 83

What is prospecting?

Answer 83

a carefully planned activity where we call a targeted group of people where we already have concrete evidence that the likelihood of their need to sell is high.

Question 84

What are the four lead gen pillars?

Answer 84

1. The Big Three Hand-Raisers 2. Specialty Niches 3. Referral Partners 4. Sphere of Influence

Question 85

Three lead sources RE AGENTS SHOULD HAVE? Why?

Answer 85

Expired Listings, For Sale by Owners (or FSBOs), and For Rent by Owners (also known as FRBOs) These have the fastest conversion rates

Question 86

two thing to have success with expired prospect listings ?

Answer 86

1. Be the first voice. If you can be the first one to talk to a homeowner after their home failed to sell, the better off the conversation will go and it’s more likely you will be able to set a face-to-face meeting on that first call. By noon, that poor homeowner will receive hundreds of calls from agents. 2. You want to really utilize Reverse Selling Skill #5—Be Genuinely Curious. When speaking with someone whose home did not sell, you want to communicate as if you’re a detective trying to figure out what happened. This will help to lower the prospect’s defenses and get them talking.

Question 87

Two primary reasons fsbo prospects want to sell their home SOLO?

Answer 87

One is they may not understand or place high value on the work that we do as real estate agents, and believe they can do a better job. And two, they want to save money by “not paying commission” (which really means that they want to net as much money as they can).

Question 88

FSBO Rules of Engagement: 4

Answer 88

1. Nothing is as it seems. Don’t take what the FSBO tells you over the phone literally. FSBOs are notorious for telling one agent that they will never list their home and listing with a different agent the very same day. 2. Never take the bait. When a FSBO gives you some line about how they don’t need an agent or they’re not interested in working with an agent, DO NOT ever try to convince them otherwise. 3. Allow the FSBO to go through the pain of selling their home on their own. Some FSBOs will sell on their own and some won’t. Our best chances of getting FSBO listings are with the ones we have been communicating with and for whom we stand out as the obvious choice when the day comes that they start considering other options—usually four to six weeks in the future. Agents who don’t understand this spend their time pissing off FSBOs, trying to convince them to list their home too early in the process. Be patient and play the long game. 4. Follow-up is the key to converting FSBOs. Like I mentioned before, the most likely time that a FSBO will decide to list their home is in weeks four through eight. This when their optimism has been beaten out of them by tire-kickers, lowball offers, and knucklehead agents using old outdated high-pressure selling tactics. Your job is to continue to follow up until the day the FSBO sells or until the day they start to look at other options. Your competition is not willing to do this so it will be easy for you to become the obvious choice if you can be patient and follow up consistently over time.

Question 89

Another word for frbo

Answer 89

Absentee owners

Question 90

12-month listing-based business plan

Answer 90

Earn $100,000 gross income. • Take 30 listings. • Go on 60 listing appointments. • Set 75 listing appointments. • Talk with 3,750 prospects over the year. • Prospect for at least two hours each day, at a minimum. • Talk with 15 to 20 prospects per day.