Don’t make the mistake of limiting your success by asking people about buying and selling. Only 20% of the people you meet or know have a direct real estate need. Almost 100% of people you contact have a vested interest in knowing about what is happening to real estate prices.
Instead of being a real estate agent or salesmen, become their trusted real estate advisor. Remember, the single greatest asset they own is most likely their home. It only makes sense for home owners to have a very strong interest in tracking the value of their home. The beauty of this approach is that it can be used with virtually everyone you meet. For example, when you’re in the salon, retail shop, or business office, try the following approach:
- You ask about their business- “So how’s business?” They respond—”Business is slow.”
- You answer—”It will be nice when business finally turns around.” They agree.
- You ask them if they track economic trends to identify when things will get better. They say, “They don’t really have a chance to.”
- You mention that you found that most people you’ve talked to are tired of losing money on their house and are looking forward to a turn around.
- You ask them if they own a house and they say, “Yes.”
- You ask when they bought it and found out that it was at the height of the market and they lost a lot of money.
- You ask them what they think about a specific topic like “deficit spending” (or any other topic you receive in your Cup o’ Joes). They don’t know how to respond or have limited information.
- You explain that you do a lot of research on issues that directly impact real estate prices and share that information with your best clients and even your best friends. You further explain that most of these people aren’t selling in real estate but they like to keep “their finger on the pulse” of the economy and real estate market so that they know what’s happening to the economy and the price of their own home.
- You further explain that most of these people like to know about trends because they help them identify when their own business will pick up. Some of your clients even share the information with their customers.
- You close by letting them know that you are in the process of doing a comprehensive analysis on deficit spending or (any specific Cup o’ Joe topic) and would be happy to share with them any results that may have a direct impact on their situation.
- By pointing out that it would be nice to know in advance when things are actually turning around. They agree and accept your invitation.
- You ask them for their best email address and they give it to you.
- Finally you let them know that you’ll only send information that is really important to them and that if you see anything else that’s significant, you’ll let them know.
- As a “by the way,” you ask them “Do you know of anybody that’s making a move in real estate?”
Using this approach is the first step to establishing a long term relationship with a new contact. It should be used with everyone that you discuss real estate with.