Join Brandon Patrick as he interviews Chris Tabscott on real estate agents investing in real estate! Chris is a former All-American who blocked for Daunte Culpepper in college. Toady, Chris is CEO of Titan Home Loans. This is a must hear interview!
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Brian Rodgers, Real Estate Coach and Co-Founder of BusyAgentpro.com, a popular business management platform for real estate give quick company update on the video below. Whether you have been a long time BAP Platinum Member or you are a free BAP Gold Member you will be very interested in the announcements on this video. And if you haven't yet heard of BAP, you need to get over there and check it out right now at http://busyagentpro.com and make sure you look at the real estate websites module.
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One of the most powerful influences that sways human behavior is known in the psychological world as the "principle of scarcity."
Many a study has conclusively shown that people attribute a higher value to items they perceive to be scarce and not so readily available.
Which, of course, accounts for the occasional "bidding war" you're privy to witness when two or more buyers are presenting offers on the same property. Once it is know to the buyers that another equally qualified buyer actually exists then the principle of scarcity comes into play the property is viewed as even more valuable and desirable than it was just moments before.
It's crazy, but it is a principle that can and will affect people for better or worse. In fact, I know of a young guy who has not only put himself through a very, very expensive college but has also managed to save a good sum of money using the principle of scarcity in buying and selling used cars.
His method of operation is simplistic in nature, but genius in approach. First he purchases a used vehicle that he knows he can resell at a fair profit. He fixes it, cleans it, and runs small classified ads in the paper. When people respond to the ad - he makes an appointment for them to view the vehicle. And here's the secret to his success…
He arranges all viewing appointments to coincide at the same, exact time!
So what happens? Potential buyer number one shows up and begins kicking the tires and giving the car the once over. He may or may not be particularly interested. Then buyer #2 drives up and this young entrepreneur explains to buyer #2 that "in all fairness to buyer #1" he or she will have to hang back until buyer #1 makes a decision. Interestingly, buyer #1 gets visibly more interested in the car now.
Then buyer #3 drives up! Then #4 -and the principle of scarcity begins to burn rampant.
This young guy has told me that he never has to take less than his asking price and often gets quoted over asking price because the competition for the car seems so intense.
Incredible.
So how can you harness the principle of scarcity? Easy…
When presenting your standard CMA, emphasize how many homes are on the market in contrast with how many listings are pending final sale. What's the ratio? Are there a 105 active listings per 1 pending sale? If so… that means there is, historically, ONE BUYER PER 105 HOMES!
By evoking this principle of scarcity you have subtly, yet powerfully, changed the perception of your seller from one of "my home is incredibly valuable" to - "oh, my gosh, how do I get my hands on that ONE buyer!" The buyer becomes more valuable and, chances are, YOU can get a price concession or whatever else you need to cinch the deal.
You can use the principle of scarcity to your negotiating advantage the next time you present an offer that isn't automatically accepted. For instance, the seller and agent begin discussing a counteroffer - you might respond:
"Before you get too involved here, there is something I am obligated to tell you. If anything is changed in my offer, it's invalidated, null and void, and you no longer have an offer. On the other hand, you can sell your home right now by accepting it. You can put all this uncertainty behind you and move forward with your lives. But, quite frankly, a counteroffer puts us right back to square one. And I don't know what my people will do with it. If we look at the present realities of the market, there are X number of homes currently available and there are X number of listings pending sales. That this tells us is there is, historically, ONE BUYER for every 105 homes on the market. ONE! And right here, right now, we have this fine couple ready, willing and able to go with your home. We have our ONE buyer. And before you get too committed to making a counteroffer, don't you think it would be wise to talk about this privately? This is a very important decision you have to make. Are you willing to chance losing the "bird you have in hand" for who knows what some where down the road? Maybe your agent and I should leave you alone for 15 minutes to discuss this…"
Then get up and head for the door - a classic "take away" technique. You take away their "control" and literally force them into a debate. Plus, you've initiated the steps to activate the principle of scarcity - and, chances are, you'll get your offer accepted.
Subtle, yet very powerful.
With warm regards… Brandon Patrick Dean of Students Real Estate Toolbox University |
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Join Brandon and Brian on this exciting podcast where Brandon and Brian speak with Tim Davis!
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As we start shifting our gears going in to spring 2008, I have to think of lessons learned from 2007. Although we have had successful real estate practices for years, did we keep money in the storehouse for lean times? Did we overspend, living high on the hog, thinking there would never be a national real estate crisis? Don't let the spin doctors try to fool you, there IS a real estate crisis. Tell me your pocket has not felt the crunch. Now is the time more than ever before to be in coaching, training and support of our fellow members of The Real Estate Toolbox University. We must sharpen our saws!
You know, being molded is good. We get stronger by overcoming adversity. In ancient times, outside of most cities was a place called the potter's field. This was a place where broken and unwanted pottery was thrown with the junk. Once beautiful pots that were broken, cracked or no longer held water were thrown into this pit by their owners. The reason why you see ancient artifacts that have to do with pottery is because of this area of the cities.
Potters would go into the potter's field to get the broken pots. They would bring them back and crush them into fine powder. "Stop!", the broken pot would say, "you are crushing me, and I was, after all a beautiful pot that is no longer needed". The potter says, "I am crushing you to get the thorns, debris and thistles from the purity of the clay from which you were molded".
The potter takes the finely crushed powder and pours life giving water over it to form a lump of clay. "Well….here I am", the lump of clay says, "I WAS a beautiful pot that unfortunately broke, and because of that, I was discarded by my owner, and this water sure is nice!" With that, the potter takes the ugly lump of clay and throws it on the table and pounds it unmercifully to begin to mold it. "Oh please, stop!", says the ugly clay. "I have been through so much, and I need to rest. You beating me hurts so bad!"
At that point, the potter throws the beaten piece of clay on the wheel and turns on the wheel. "Oh, this is so nice", says the clay. "The nice potter is reshaping me and molding me". At that point, the potter smashes the newly formed clay to the wheel and removes it, stretching the clay to it's limits. "Please sir!", says the smashed pot, "Please, oh please stop the hurt.. First you crushed me, you pounded me, you started making something special of me, then you smashed and stretched me to no limits. I cannot take much more!"
The potter throws the smashed ugly lump of clay on the wheel and begins the process again, this time making a gorgeous pot! "That is so much better", says the freshly molded clay. "This is the way I was supposed to be in the first place".
At that point, the potter takes the clay pot to the fiery 1500 degree kiln, opens the door and places it inside. The pot screams, "Dear God, I cannot take this anymore! You have put me through living hell, and now I am being scorched!" The potter replies, "I am firing your outside to make something beautiful. Time will show!"
Hours later, the potter comes to the kiln and removes the scorched pot. The pot is in tears. It says, "I cannot take it anymore!"
The potter takes the pot over to the table and glazes it to give the pot a beautiful texture and glassy look. Just as the pot thinks it is over, the potter reaches over for his creation and walks back to the kiln. The pot screams, "Please, oh please do not put me in there! It is so hot and I hurt so bad!." The potter says, "If I don't put you in there, you will never be able to hold life giving water."
In the kiln the pot goes for hours to the unbearable heat. The next day, the potter comes back to retrieve his beautiful work of art. If the dirty lump of clay had not been through the crushing, the pounding, stretching, the fire, the glaze and more fire, he would have not been on the high shelf he is today, prized by his owner.
Sometimes in our practice, are we like that lump of dirty old clay? Think of the tragedies, the setbacks the hurt we receive in our lives on a day to day basis. Maybe some of you have gone through marriage crisis, a death in the family, sickness, loneliness, sadness, depression, financial ruin….the list goes on and on. Maybe our business has failed and we don't know what to do. Friends, God is not going to put ANYTHING in our path that he knows we cannot handle. He assures us of it in His word!
As we are molded by the potter from an ugly dirty piece of clay, we remember that this too will come to pass, and life situations are what makes us who we are. How we come out of these adversities is what makes us the beautiful pot. Things can get horrific, but remember that the sun will come up the next day. You will be OK!
Please take this lesson, and apply it to your life. I am here to help you understand that it is not what has happened in your rear view mirror, it is what is in your windshield that counts. Take this lesson, and apply what we teach you in real estate. Be coach able. I believe in you, and want you to reach for the stars!
Now go call one of your inner circle people (we will get into this lesson next), and tell them how much they mean to you!
Happy Selling!
Brandon Patrick
Dean of Students
Real Estate Toolbox University
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Watch this video for information on RETU's newest podcast with Robb Campbell, RE/MAX Internationals 2007 Broker/Owner of the Year! Robb's company volume last year was over $1 BILLION in sales! You are sure to get lots of info from this interview.
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First of all….I HATE this headline. I HATE promoting anything that discourages hard work. At the same time, it is funny how we see headlines like this every day in the real estate industry. The reason why we constantly see them is because everyone wants the "Magic Bullet"…..you know….the one that is "silver" and puts down the werewolf in the horror movies…(Hey….who wasn't scared of the werewolf in Dark Shadows of the 60's, the werewolf on Scooby Doo in the 70's or The Howling in the early 80's…..I spent alot of time hiding behind the couch from werewolves as a kid….
)….the one bullet that is a hollow point that totally annihilates whatever it hits…..which is our problems…..again….EVERYONE wants the Magic Bullet. Unfortunately, these "Magic Bullets" rarely get us to where we want to go.
Hard, smart work is what takes us further. Life in general is not a bed of roses. It would be nice to think of that long lost rich uncle that will someday leave us a fortune, or that lottery ticket that will someday win, but nothing beats hard, smart work. I work hard. My buddy and Co-Founder of the Real Estate Toolbox University Brian Rodgers works hard. I cannot tell you the countless calls we make to each other every day, sometimes going into the late hours of night to bring you relevant information that will bring value to your business. We don't sit on our butts doing nothing, and we don't expect any less from you. We will continue to bring you the best information and insight to the real estate world, and your job is to utilize the wealth of knowledge. It is your decision………success in real estate and graduating with honors from the Real Estate Toolbox University, or "getting around to it later" in using this gift of marketing skills and flunking out. Flunking out means back to mediocre sales, or finding another career because you couldn't make it in the business during hard times. Are you an eagle who soars to over 30,000 feet and is king of the air, soaring over the highest mountains, and when he gets hungry targets his kills, or are you a buzzard sitting in the trees living off the scraps of real estate roadkill? I, for one, believe you are here for a reason. I believe you are reading this because you are an eagle, or you want to be an eagle in training.
We have to realize that nothing worthwhile having is free or comes easily. If you do something half way, you don't get halfway results……you get NO results. Real estate is hard…..life is hard. Hard, continuous, smart work will get you to where you want to go…..NO MAGIC BULLETS!
Now…….go over to your lessons at The Real Estate Toolbox University and study them…..make the lessons second nature…..apply what you learn. Make it a part of your business.
I BELIEVE IN YOU!
Brandon Patrick
Dean of Students
Real Estate Toolbox University
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Watch the video below and be sure to follow Brandon's instructions to get access to the full interview that Brandon did in the office of this incredible individual, Jay Nelson!!
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How to Fast Write Your Own Commission Generating Book In 10 To 15 Minutes A Day And Simultaneously Create The Most Expensive Programs In Your Niche With This Rapid Business Development System…
Are You The Intentional Choice Of Your Potential Buyers and Sellers?
I am excited to inform you that in our next module we will be covering with my good friend Glenn Dietzel the dynamics of how to design, author and distribute a commission generating book. By taping into your own personal positioning and projecting yourself as the expert to your local market in a way that separates you as the only choice for your ideal clients.
Consider This Right Now: Your target market is faced with a very real problem. With limited time and opportunity to experiment, your ideal clients intentionally narrow their choices to those who are on top.
And this is acutely true in the Recommendation Age in which you now live.
This next call is not about how to make money. This is about how to use a little known law called Zipf’s Law to compel your target market to want to crave a relationship with you.
It is NOT that it is expensive and difficult to separate yourself as the only choice like most would tell you. It is that there is a very specific model that few truly understand.
Here’s the Problem: Over 90% of Realtors fail to make a profit. And the new business reality in the Recommendation Age requires that this be so!
Here’s the Solution: Research shows that the best lead generator is a Book connected to a process using target emotional response marketing. A unique process where your target market chooses you for life within three minutes.
Not just any book. But a commission generating book which aligns your unique proposition with the right distribution channels where you are considered more than an expert. You are the intentional choice.
Note two important facts.
1. This is a system where you don’t have to invest $100,000 like many of Glenn’s clients have done in hiring his company to implement this system.
2. This is more than writing a book. This is about creating a powerful lead generation system that positions your expertise properly in the new age we now live in: The Recommendation Age.
Discover a comprehensive system to turn your expertise in any one of the areas where your inherent strengths lie: law, investing, negotiation, construction, psychology, demographics etc. into a viral system that incorporates both the offline and online worlds as you easily write your own commission generating book.
Here are just a few concepts you will discover:
–How to eliminate your competition and ethically control your target market in less than three minutes. Note: you must promise to use this system for only ethical and moral reasons due to the comprehensiveness of this system.
–How to use this proprietary model that will show you specifically how to take an idea and strategically transform it into a Recommendation…A Recommendation where your optimum clients can ONLY say yes to you. Over and over again.
–How to make the new rules of the Recommendation Age work for you. Note: If you still think we live in the Information Age, this is all the more reason why you must be on this call.
–How to get into your target market’s mind using the Awakened Ideation system—use this specific questioning system to unlock the real resistance that your target market has of you and powerfully reframe your solutions to their hidden wants and desires.
–How to position your target market to overcome their natural resistance to you with your million dollar story—yes, you have a million dollar story and you will discover how to position it.
–How you can command Zipf’s Law to your advantage?
–How to leverage Zipf’s Law thru another little understood law, Milgram’s Law, where you will be more than the perceived expert, but the only solution your ideal clients will choose.
–How to become an Insider in the Recommendation Age to reap the untold wealth as a Knowledge Broker of your local Real Estate Market.
–How to align yourself with a hungry market and create a data base of raging fans that want to refer all of their friends and family to you.
–How to author your commission generating book—a 100 page commission generating book—in only 12 hours!
–How to gain instant access to our books-in-stores New York Publisher
And so much more.
Make sure you are on the call early as Glenn will be walking you step-by-step thru this proven and tested system that lends itself perfectly to what Brian has been teaching you.
As Brian has stressed on several occasions, “You must know how to get your customers to buy now and forever from you…and this is infinitely more important than anything else you can learn in your real estate career.”
Welcome to a system that will turn you from unknown salesperson to Celebrity Expert and ultimately to the intentional choice for your ideal clients.
Glenn
P.S.
Just for being on the call, you will gain the ability to get access to two Exclusive Bonuses:
1. The Idea Virus Software (Value $197) to create your own viral eBook where you begin to make money immediately.
2. The Expert Positioner Software (Value $147). Ethically control your target market in less than 3 minutes with this software.
To get in on this great call you must be a Platinum Member over at: http://busyagentpro.com
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As we continue on our journey of relational marketing, I wonder how many of us are sitting down with our clients to review our relationships with them…..Hummmmm……. we actually have to go out and SEE our clients! You know…the people who put food on our table and in our kids' mouths….the people who make our mortgage companies happy….the people who allow us to have the finer things in life! Yes, THOSE people. As in relationships with our spouses, siblings, parents, loved one's etc., we need an annual if not bi-annual check IN PERSON to see how we are doing. The worst thing that can happen to our business is that we neglect our clients and another agent slips in and forms a relationship that is stronger than the one we have with our clients. It is ten times more cost effective to retain our clients than it is to continually be on the prowl for "new business"…the folks that have absolutely no relationship with us. Why is it that real estate agents spend 95% of their marketing dollar always trying to drum up new business when they have people that already love them that want to do business with them? It does not make much sense. I personally believe that we should be spending no less than 80% of our marketing budget on people we have already have relationships with. It just makes sense.
"Brandon…..I agree with you…..I have neglected my clients", you say. "Where do I go from here????"
OK, young Jedi Knight, here is the gameplan……
1. Call you clients and see when a good time would be at their convenience.
2. Coffee or lunch is the best. Starbucks, McDonalds, etc. It doesn't have to be expensive.
3. Ask your client what your weaknesses or imperfections are and get deep into problem areas. Don't be afraid to take the chance. Problems solved are clients for life!!! If you don't ask what you can do to be better, you will never know.
4. When you get feedback, write it down. Look at implementing the ideas and feedback you are given.
5. Find out about different parts of your clients lives. You will be suprised at how business just falls into your lap if you just ask them about themselves or those around them.
6. Remind your clients of services you do. Unless you tell them certain niches they cover, they may forget!
7. Enjoy time with your client-friend! This is, after all, about the relationship.
Happy Selling!
Brandon Patrick
Dean of Students
Real Estate Toolbox University
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