With this being my first blog series, the pressure is on. To summarize the previous part , we learned about the top ways to rearrange real estate questions, and shift the focus using psychological methods to your favor. One most important thing that you need to remember and we discussed it in previous blog too is to use the power of curiosity to your advantage.
Questions are a part of everyone’s life, from asking your teacher to go to the washroom, to questioning your prospects with the aim of converting them into leads – you are practicing it since you were a child. But, your questions now need to be well-thought and more calculated.
Now, focusing on the exact questions to ask your prospective clients depends on your niche and area of real estate focus.
The Herd Theory
What is the herd theory?
It is basically,
The basic human fear of being left out.
To you it might seem confusing to you, so allow me to explain it to you.
It means that, If many agents and clients seem to be interested in your real estate resources , then other agents and clients will be interested as well.
As strange as this sounds, you can utilize this to your advantage, instead of relying on traditional “happy customer, happy business” testimonials. Go for the momentum approach by implying that since many other agents and clients are interested AND satisfied with your services, then there must be a good reason for it.
The Herd Theory – The Questions
Let’s get started into molding our questions according to the herd theory.
This is such a successful real estate maneuver that if utilized in the correct manner, you will be able to decrease your entire prospecting rejection rate.
When you say to someone, “ I just wanted to make sure you didn’t get left out,” the next four words the person will say are, “Left out of what?” In the same way, when the prospects become curious about what they might miss, it’s human nature to act on it and ask for more information.
Tactic # 1 Effective Voicemail Messages
Your prospective client spend his day at work, meeting with new people, writing out content, introducing new products, and he has 12 missed calls on phone, 1 of which is yours. Out of these 12 voicemails, the only one he will pay attention to and be curious about is yours.
You know why?
Because, you asked the right questions .
This next strategy is to leave a question in the voicemail to keep your prospects on the edge of their seats.
The Two Voicemail strategies
Strategy # 1 The question they can only answer
- Think of ways to personalize the message with unique questions
- “I am calling because I have a question that only you can answer. If you would, please call me back. I will be free around 5pm.”
- By setting up your call by asking the prospect a question, you are now giving them the chance to feel important and valued
Strategy # 2 The “I thought of you”
- No, I’m not talking about a lovey dovey message, but this is still a personal approach to attract real estate prospects
- When building rapport you will be connecting through common hobbies – might be fishing, a basketball game, and the list goes on. You can even utilize that to arrange a meeting with the prospect.
- You can then leave a message such as “Hi, [Prospect name here]. I decided to pick up the phone and call, not because anything is wrong but something happened today that made me think of you. When you get a chance, call me back, I’ll be free at 5pm.”
- You can also say, “You ready for this? I have a question only you can answer.” This will arouse a sense of curiosity hence increasing your chances of getting a response.
Tactic # 2 Establishing Credibility
Now that you understand and have engaged with your real estate prospect’s curiosity, you are able to set a time and place for you to meet with them for the listing or buyers presentation.
Your goal here is to establish credibility. It differs from rapport as this focuses on showing favorable impressions to your real estate prospect about your trustworthiness, believability, and value rather than connecting with them on a personal level.
Credibility is your key to success in real estate.
By narrowing the direction of your questions, you will start to pinpoint new needs and wants of your prospects, thus building the confidence of the prospects.
Tactic # 3 Engaging Questions
To establish credibility and show your prospects that you mean business, you have to cut the sh*t and stop asking open ended questions. Real estate agents will have more success if they target certain questions that are closed-ended, very specific and only take up a little bit of time to answer.
Real estate questions like these will allow you to slowly start building up a conversation between you – who is an agent and the prospect – who is your potential client.
Here is an example on how to make closed-ended questions for real estate:
Agent: “How quickly do you want to sell the house”?
Prospect: “In the next two years”.
Agent: “Which area are you curious about?”
Prospect: “The XYZ area seems interesting, I have some relatives and dear friends living there as well”
*This part is where you have been given a chance to bring some value for to your prospect by explaining your knowledge on that area and how it could benefit them if they would move in the next year.
Agent: “So, how much are you expecting to sell your house”
Prospect: “$620 000”
Agent: “And what is your budget for your next one?”
Prospect: “About $700 000”
Agent: “And why do you want to move?”
Prospect: “I have just received a promotion and my wife is expecting”
Agent: “Wow congratulations! Okay, so you are a smart guy [Mr. insert name here], you understand investments take planning, and we both know the hardest part of starting anything is taking the first step into it. For you, I will start planning for YOU! I will email you some listings based on your budget and at the same time you need to give me some of your needs and wants, just to give you an understanding of what you are looking for in the future.”
By this point, you’ve used specific real estate questions, you have found the exact reasons as to why they are going to sell, you showed them multiple benefits and introduced them to the value you are going to add to their real estate transaction. Asking the right questions will give you the right answers that is crucial to success of every real estate transaction.
Real estate is your passion, you are able to dig in crucial information to make you a successful agent. This series is your ticket to decreasing your rejection rate and growing your prospect list. By following each of these measures and searching for chances to use each one, you will be able to utilize the power of real estate questions to your complete advantage.