Tuesday, June 28, 2011

How to close a Real Estate deal in 1 Week

Last weekend our real estate team, TrulyWealthyRealty Corp., closed another deal. How much time did we spend on the deal? 1 week. For those of you who are in the real estate business you know that closing a deal can be challenging. It requires patience and a great deal of perseverance. Being a real estate broker can be tough. There are times when we get bogus buyers, when clients don’t show up on property viewing schedules or when even sellers refuse to cooperate. In addition to that is the competition. There are a lot of realties, brokers and agents (both accredited and non-accredited) in Cagayan de Oro.

So you may be wondering: what does it take to close a real estate deal in 1 week?

First of all it is vital to recognize that there is nothing “magical” about a successful sale. A sale becomes a success if the important elements are there: hard work, perseverance and, of course, a great deal of marketing. According to marketing expert John Carlton, Luck” often has nothing to do with success. There is nothing magical about great advertising. So the first factor is Extreme Marketing. This was first introduced to us by real estate guru Trace Trajano in his Think Rick Quick Seminar. Extreme Marketing is the act of advertising your product or service using different media, multiple times. This includes both offline and online marketing. Bandit signs, fliers, online ads and multimedia marketing are only a few examples of the types of media you can use to get your message across to your consumers. Marketing plays a vital role in the success of any business. Think about it. People won’t buy your product – not matter how great it is – if they don’t even know it exists! Look at the most successful businesses today and you will see that they do extreme marketing. Take Jollibee for example. You see their advertisements on TV, you see their billboards on street corners and you see a Jollibee branch everywhere! Heck, there’s even a Jollibee stall inside their outlets. Now that’s Extreme Marketing.

Second, identify your target market. No matter how good your marketing is, if the people you are advertising to don’t need it or can’t afford it, then you won’t make a sale. In the case of real estate, say for example, you are marketing a 5 million peso property. Who is your target market? It’s the high end buyers. Don’t go promoting your property to those looking for a house with a budget of 1-2 million. Even if they liked your property they won’t buy it because they can’t. The bottom line is to give your buyer what he wants. This is pretty basic. But you would be amazed at the number of real estate brokers and agents that violate this basic tip. They try to foist off their properties to their buyers without considering what they really want. As one real estate guru said, It’s easier to find a house for a buyer than a buyer for a house.” So craft your ads to suit your target market.

Third, act professionallyNever make empty promises and always deliver. Trust is important in any relationship and keeping your word will instill trust. If you say you are going to meet your buyer at 9 am then be there by 8:45 am. Don’t keep your client waiting. If you say you will deliver the documents today then do it today. Being a man (or woman) of your word builds integrity and a good reputation. And that is priceless. 

1 comment:

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