Change: An Intentional Practice For Your Real Estate Business
We hear a lot about change. There are changes we must constantly evaluate; the real estate market, strategy, technology, and even our priorities and habits.
Change is defined as:
- The act or instance of making or becoming different
- Coins as opposed to paper currency
I understand #2 wasn’t exactly what you were expecting. Who knew a coin shortage would be a “change” causing lucky pennies to no longer be a dime a dozen?
Change, specifically intentional change, can be a difference-maker.
When was the last time you reached into your pocket for that 58 cents to be the difference of not having to break a dollar?
Do you remember the change that you collected in your car console? It was the difference between stopping for a soda and going thirsty; the difference between making a phone call from the road or not communicating; the difference between purchasing the newspaper or going without; and the difference between feeding the parking meter for a prime street parking spot or having to walk quite a way to your destination. It was the difference.
Charles Darwin said, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
Knowing that change provides a difference raises the question:
What intentional change have you committed to over the last six months for your real estate business?
I’m not necessarily asking about the BIG changes. These are the less than a dollar, small, incremental changes that allow for positive results.
A study from the field – Intentional Change
No real estate professional wants to be viewed as a pushy salesperson, working just to get the next deal. It is possible that our heightened sense of urgency in today’s competitive market could cause a buyer to perceive us as such.
As a professional Real Estate Advisor, I have intentionally changed portions of my Buyer Consultation to include additional education on what to expect and how to prepare for “what’s next?” in this market.
My Buyer Consultation has shifted from, “Ideally, what are you looking for and what is non-negotiable?” to discussing the 85% home. The 85% home requires a deeper dive into WHAT they genuinely need and WHY it is essential. We must assess if there are areas of flexibility that will result in additional inventory options to show our buyer.
I will offer you a script below that may change how you present to buyers moving forward.
“I want you to understand that we are looking for a home that meets 85% of your needs in this market. To be honest, we have never seen a 100% home. There are always personal touches, even in new construction, that buyers make to get their home closer to 100%.
We have recently experienced many times where a buyer found an 85% home on their first showing and passed on the opportunity. The explanation was if they could see the 85% home on the first showing, then there MUST be a 90-95% home out there somewhere. Later, the buyer wished he had made an offer on the 85% home due to continued inventory shortages, not presenting a better option, and pricing increases.
Based on this information, can we agree that it would be worth writing an offer when we leave an 85% home or higher?”
“From this point on, I want you to give yourself permission to write a competitive offer even if it is the first home you view.
We have been tracking our numbers, and buyers often have to write offers on multiple homes before their offer is accepted. Please remember that it may be one of the first homes you see and the first offer you are writing, but it could be the 5th home and offer another buyer is submitting.
The 85% home isn’t settling; it is a pathway for getting you in your new home.”
These words of direction and knowledge could change your buyer’s approach to the homes you are showing them, and their aggressiveness in submitting offers.
In his visionary book, Tribes, author Seth Godin states:
The easiest thing is to react. The second easiest thing is to respond. But the hardest thing is to initiate.
Initiating is really and truly difficult, and, that’s what leaders do. They see something others are ignoring and they jump on it. Leaders cause the events that others have to react to. Leaders make the change.
Unlike a coin shortage, change as an intentional practice for your real estate business will last.