Selling Soulfully with Jennifer Allan

I'm doing a little one-on-one consulting with a relatively new agent (who's gonna ROCK!) in Denver. We have similar personalities when it comes to our feelings about prospecting and business-building, so our conversations about prospecting always lead to some interesting A-HA moments for both of us.

Anyway, yesterday, my agent friend told me about a conversation he had with a like-minded career coach - one who specializes in matching personality types with business-building strategies. According to this coach (and my friend's score on the MBTI), my friend is capable of cold-calling and door-knocking for business, and he might even be rather good at it, as long as he feels he has something of value to offer.

HOWEVER, the coach cautioned him that even though he might be moderately successful in his cold-prospecting efforts, his personality type is simply not one that tolerates rejection well over the long term. That if he spends too much of his time and energy on prospecting activities that involve a steady dose of rejection, he'll eventually become depressed and discouraged. And probably won't realize why he's so lethargic and unenthusiastic about his career... and his life.

That makes perfect sense to me! I've been preaching for a long time now that there's no reason to spend your days doing something that you aren't comfortable with when there are perfectly acceptable alternatives. And if there AREN'T perfectly acceptable alternatives, maybe you're in the wrong business!

The good news is, of course, there are plenty of real estate prospecting techniques that don't involve much rejection. Oh, sure, rejection is a part of life, but that doesn't mean you have to put yourself in positions of pursuing it in the name of generating business if you don't want to. There's no need to "suck it up" or "just do it" if the sucking-up or just-doing makes you miserable.

Life's way too short for that. Figure out what you enjoy doing that brings in business. Do that. It really is that simple.

RELATED BLOGS: 
Be Yourself... Have More Fun... Sell More Real Estate! 
Stay IN Your Comfort Zone!
When to Venture Out of Your Comfort Zone... and when to stay in

 

 

 

It's Here!!!! 
The Sequel to Sell with Soul
Own one of the first 1,000 copies printed, numbered & autographed.
www.SWSStore.com

Over the last few weeks, I've posted blogs about the concept of the Salaried Real Estate Agent. You can click here and here to catch up if you like.

Most who commented on my blogs didn't much care for the idea. And that's cool - it's what I expected.

But the negative comments really got me to thinking.  What's so darn special about OUR industry that the business model used by most other industries couldn't possibly work for ours? And let's be honest, our industry isn't exactly setting the world on fire with the retention and success rates for our practitioners...

Just so's you know, I like being paid on contingency - always have. My first real job was waitressing and I loved the idea of working for tips. My last job before I went into real estate was as a "outside SERVICE" representative in the employee benefits field where I was paid a salary + bonuses for every client I SERVICED (hold that thought). I liked those bonuses, so I took on as many clients as they'd allow, to the point where I had twice as many as any other SERVICE rep. Loved it.

In that employee benefits job, there were sales reps and service reps. The sales reps did what you'd expect them to do - they lunched, schmoozed, networked, cold-called, warm-called, popped-by, mass-mailed, advertised, etc. We service reps managed the business the sales reps brought in - as soon as the ink was dry on the contracts, those clients belonged to us, and the sales rep moved on to the next prospect.

The system worked well. The salespeople made rain; the service people took care of the customer. We service reps didn't just work 9-5 - it was in our job description to accommodate our clients even if that meant doing onsite employee meetings at 3am for the night shift. We had our own window offices and secretaries and expense accounts. We flew on corporate jets with our clients. Many of us had advanced industry-specific licenses. We were professionals.

But we weren't salespeople by any definition of the term. We SERVICED the business the sales force brought in and were well-trained (and well-paid) to do it. We were respected by the salespeople and by our clients (well, most of the time!) and didn't consider ourselves glorified assistants. None of us (as I recall) had any desire to move into sales - we were perfectly happy and satisfied working our a$$es off to fulfill the promises made by the rainmakers.

So, when I claim that a salaried real estate office could work - this is the model I'm referring to. Natural salespeople do what they do best... and what they enjoy. Natural servicepeople do what they do best... and what they enjoy.

Getting business ... and taking great care of that gotten business are two very different skill sets. Both are valuable and necessary to a successful business, whatever that business may be. Yes, even the real estate industry!

 

Last week sometime I posted a blog questioning whether or not a salaried model of selling real estate could work. Personally, I think it could, and will even go so far as to say that the public might be better served under that model. And I'll probably expound on that opinion in the near future.

But not surprisingly, most respondents didn't much care for my idea of the salaried real estate agent. Various objections were raised, including the rather ego-centric one of "But I don't WANNA work on salary! I like being my own boss!"

And hey, I agree - I, too, enjoy the pay-for-performance compensation structure of the traditional real estate model and I love the challenge of never knowing if next month will be my biggest ever... or, um, not even close. And I most certainly have no desire to punch a time-clock.

But that wasn't really my question - whether or not "we" like the idea for ourselves. The question was whether or not it is a viable business model. And again, I'll likely pontificate more on that later.

For now, though, let me ask this question. Would you have gotten your real estate license and gone into the real estate business if:

1. The average SALARY (that is, guaranteed pay) was $75,000 + benefits & bonuses, and
2. You had no sales responsibility (that is, your job was to manage the transaction, not procure business)?

Just curious - your thoughts? (And no, I'm not thinking of opening up my own salaried shop - egads - SO not my thing to manage people!)

Part III Here...

Like any self-respecting author, I do a little consulting here and there on my expertises-of-choice. Not a ton, and it's not how I make my living, but I do enjoy it and my clients seem to be happy enough.

But one service I don't offer is accountability. As in, helping an agent create a game plan and then hounding him every week to stick to it. Oh, I considered adding some accountability monitoring to my offerings, but just couldn't get excited about it, even though I've probably lost potential clients because I refuse to "hold them accountable."

Wanna know why I refuse?

Let me explain with a little anecdote from my past.

When I was in college, my roommate and I joined Weight Watchers. I hated the weekly meetings, but went anyway and paid my $10. And, lo and behold, lost some weight. Why did I lose weight? Because every week I had to weigh in, and by golly, I was determined to hold up my end of the bargain and drop a pound or two. They held me accountable and it worked. I did what I didn't want to do (that is, stick to a diet) in order to please my Weight Watchers leader.

Uh, Jennifer, aren't you making an argument for the other side? No.  Read on.

Today, my weight stays steady, right where I want it. Because I learned willpower 20+ years ago at Weight Watchers? Uh, no. In fact, after I quit WW, I gained back the weight I'd lost and then some. No, I stay relatively thin because I've found a way of eating my body likes and is satisfied with. "Dieting" isn't something I've done in years because I've discovered the RIGHT way to eat for ME. And I do it naturally, without much thought.

Do you see where I'm going with this?

Thoughts? I'll share more of mine next time...

If you've been around my blog for more than five minutes, you probably know how I feel about Begging for Business or Referrals. I don't like it. I don't think you should do it. I don't think you need to do it. I think it makes you look unprofessional, needy and, well, I'll say it again, unprofessional.

Was I clear?

Actually, probably not. When I use the word "beg" I'm not just talking about the literal definition of the word where you accost everyone you know and meet, and sob on their shoulder about your lack of business and beg them to find you a buyer or seller. No, when I say not to "beg" I'm also advising against "asking," "reminding," "incentivizing," and in many cases, even "appreciating."

"But... but... but..."

Yeah, I've heard all the but, but, but's and they don't sway me from my stance on the matter. 

So, what should you do instead? How DO you inspire the people you know and the people you meet to send you business if you don't ask/beg/bribe/remind for it?

Tee Hee... Here comes the pitch...

Join me on Saturday morning, January 16th for a freebie teleseminar on this very topic - "Alternatives to Referral-Begging." We'll talk about WHY it's wrong to beg for business and WHAT you can do instead to get the point across without discrediting yourself. And yes, as time permits, we'll address all the but, but, but's...

Details and Registration here
www.SellwithSoul.com/referral-begging

 

 

 

 

It's Here!!!! 
The Sequel to Sell with Soul
Own one of the first 1,000 copies printed, numbered & autographed.
www.SWSStore.com

 

 

 

 

 

 

 

 

It's here, it's here! My new book - it's here! I mean that literally - it's EVERYWHERE in my house. Boxes and boxes of books, everywhere I look. Yeah, it's kinda cool. Strike that. It's so darn freakin' unbelievably cool. I do a little happy dance every time I trip over my boxes and boxes and boxes! (But check back in with me in two weeks as I'm moving all these boxes and boxes to my new place!)

Here's an excerpt from the first chapter of the book... enjoy!

"If You're Not Having Fun Selling Real Estate, You're Not Doing it Right!
by Jennifer Allan

Chapter One 
"What's Fun Got to Do with it?"

Selling real estate can be a blast. All day, every day? Uh, no. There will be days you long for the stability and security of a steady paycheck and regular hours. There will be nights you lie awake tossing and turning, unable to forget that scathing criticism you received from your unhappy seller. You'll have weeks - maybe even months - when you have no idea where your next mortgage payment is coming from. That's definitely not fun... and, unfortunately, something a lot of us can relate to in recent times.

But you'll also enjoy the euphoria of successfully negotiating a tough inspection. Of beating out five other agents for that primo listing without budging on your commission. Of picking up the phone to find a $1.5M buyer on the other end who found you as a result of your blog. Of hearing from your new referred client that your mutual friend said you were "the best." Of being too busy to breathe and then, when you finally come up for air, realizing that you just had a $50,000 month.

Making gobs and gobs of money is fun. Getting steady streams of referrals is fun. Being a master negotiator is fun. Solving problems is fun.

Being an exceptional real estate agent is fun.

This book is going to show you how to have more fun selling real estate by being exceptional at what you do and making lots of money doing it. Yes, you can mix business and pleasure... and have a heck of a time doing it.

First, we'll revisit and expand upon the Sphere of Influence (SOI) business philosophy introduced in Sell with Soul, because having lots of friends is fun, even for introverts like me. Getting business and referrals from your friends is even more fun-more fun than cold-calling, door-knocking, mass-mailing and advertising combined! We'll discuss how the traditional Numbers Game is not much fun at all and how you can change the rules and beat ‘em at their own game.

Moving on, we'll jump into the car with your buyers and debunk most of the nonsense that real estate trainers have been pushing at us since time began. The way we've been trained to "manage" and "handle" and "protect ourselves from" our buyers is a bunch of hooey! Relax, enjoy your buyers, trust your buyers, respect your buyers and they'll be a joy to work with.

Next, we'll spend some time discussing some advanced strategies for marketing, selling and closing your listings, with a particular emphasis on pricing. Trust me, being an outrageously effective listing agent - that is, one who knows how to actually sell houses - is buckets of fun. Being good at turning your listings into paychecks gives you an intoxicating sense of power over your business.

We'll also discuss some of the finer points of being an exceptional real estate agent-covering topics such as win/win negotiating, the right use of systems and effective communication skills.

Finally, we'll wrap things up with some fresh ideas on time management, taking your career to the next level (or conversely, down a notch), firing your clients and much more.

.....................

Want one of your very own? You can buy it from me (numbered & autographed - www.swsstore.com) or at Amazon... I think the Kindle version is already available, or will be shortly.

You can also get one for free, sorta, if you participate in the book release party at my website - just go here for details.

Did I mention how darn cool it is to release a book?

 

 

Here's the interview - it was another fun one!

Right before Christmas, I did a live interview with PI Window on Business's Jon Hansen with the somewhat cryptic title: The Sincere Introvert: Sincerity and Vulnerability in the Age of Personal Branding. The premise of the interview was to discuss how a self-professed introvert (that would be me) was able to succeed in a sales-oriented career by creating a "quiet" personal brand.

Good stuff, if I do say so myself. I had a good time, anyway.

Well, my 45 minutes flew by, and according to Jon, the audience seemed entranced (okay, those are my words, not his) by our conversation, so he invited me back for another round.

That's where I'll be today (Thursday, January 7th) at 12:30 eastern time. Would love to have you join me! Here's the link to do that... http://www.blogtalkradio.com/jon-hansen/2010/01/07/the-sincere-introvert-part-2-the-new-age-of-personal-branding

 

 

The other day I wrote a blog about how I wish the whole world operated under the Tempur-Pedic model of Satisfaction Guaranteed or Your Money Back! Which, in a way, is how our industry operates as well since in most cases we don't get paid until/unless we perform. However, I promised to also explore the other side of the equation - that is - a real estate industry without commissions, without the emphasis on Pay for Performance.  In other words - a salaried or fee-based model.

The most common objection to the salaried real estate agent (and for simplicity, let's just call all non-contingency-based models "salaried") is that without the incentive to perform, service to the client would suffer.

In theory, that makes perfect sense; as I've experienced way too many times in the last year, once you've paid for something, you're stuck with the service you get or don't get, whether you're satisfied or not satisfied.

But here's the thing. That blanket assumption actually CONTRADICTS a big part of the traditional real estate compensation model - specifically - that we are paid a PERCENTAGE of the deal. That is - we make far more money on a $500,000 deal than on a $100,000 one. Therefore, the anti-salary line of reasoning says that we will naturally work far harder on the bigger deal than on the smaller deal.

I don't know about you, but I don't work that way. My $100,000 clients get pretty much the same attention and service as my $500,000 ones.  Not necessarily because it's the nice thing to do, but because that's WHO I AM. If someone hires me to do a job for them and I agree to be hired by them, my pride ain't gonna allow me to give them a half-a$$ed effort, regardless of the final paycheck. That's how I'm wired. Aren't you?

So, if we agree that we don't treat our lower dollar-versus-higher dollar clients much differently, is it really that big of a leap to assume that we are capable of providing excellent service under a salaried model?

If you were hired and paid a decent salary to take great care of a handful of buyers and sellers, would you really do a sub-standard job because you aren't being paid on contingency? Or would you take your job seriously and do your best because that's who you are?

Now, I'm not talking about prospecting. I'm talking about doing what needs to be done to market, contract and close your seller's home or getting your buyer into his first home, next home or dream home.

But see, this is where it gets fuzzy. BECAUSE of how we're compensated, our business tends to attract practitioners who view the career as primarily sales, not service. They enjoy the chase, the hunt, the pursuit - that is - they like to prospect. And there's nothing wrong with that. But those aren't necessarily the skills and talents that make a great real estate agent - one who gets her deals to the closing table - leaving a stream of satisfied buyers and sellers in her wake.

Which is, in my humble opinion, something we need more of in our industry.

But that soapbox aside, I can easily see a model where real estate agents are paid a salary to do the job their buyers and sellers hire them to do. The companies that have the best tools, training and systems in place to serve their customers will naturally get a larger share of the local business, assuming they have a decent marketing department. Sure, there would be a sales force, but most real estate license-holders would focus on taking care of their current customers, rather than on the pursuit of new ones.

This little blog isn't meant to be any sort of manifesto crying out for change, or anything like that. Personally, I like being paid on contingency because it means if I do a good job for my customer, I get a juicy paycheck, due to the risk I agree to take by working on contingency.  And I like juicy paychecks. But if I were to open my own real estate company, I'd seriously consider a salaried model, simply because that's the sort of practitioner I want to attract - one who would rather serve than hunt.

Just a few too many rambling thoughts on a chilly Monday morning...

 

 

 

 

It's Here!!!!
Just Released, like YESTERDAY!
The Sequel to Sell with Soul.
Own one of the first 1,000 copies printed, numbered & autographed.
www.SWSStore.com

 

 

 

 

 

 

I was watching TV the other (sleepless) night. Caught a Tempur-Pedic commercial. Seems the Tempur-Pedic is a spectacular bed for whatever reason, so spectacular that the company gives you a 90-Day trial period. Not 90-days of simply looking at your new bed, but 90-days of actually sleeping on it. If you don't love it, you give it back. No questions asked.

Now, that's a guarantee.

I'm not in the market for an expensive bed these days (I'm actually sleeping on a blow-up right now - don't ask), but I tell ya - I'm impressed. I'm sure Tempur-Pedic's 90-Day guarantee is mostly gimmick, and I have no idea if they stand behind it, but I'll give them the benefit of the doubt. And proclaim that we could use more gimmicks like this in our world.

What if everyone guaranteed their product or service this way? Wouldn't that be SWEEEEET? If your doctor doesn't cure you, he returns your money. If your publicist doesn't increase your exposure, he doesn't see a payday. If that pay-per-click campaign you shelled out $500/month for doesn't produce results, you get a refund.

Sure, there are innumerable flaws in this model, but isn't the overall philosophy wonderful? Put the pressure on the provider to 1) be worth his or her fee, and 2) analyze the situation before accepting payment to determine if your money will be well-spent, and I imagine we would see an exponential improvement in the quality of products and services delivered to the marketplace. I can't tell you how many times I've paid for a service and been told after a disappointing experience - "Well, we never guaranteed results!"

Why not? Why did you TAKE my money if you didn't think it was a good investment for me? (Okay, that's a silly question, but I still think it's a fair one).

While I believe that the real estate industry's compensation model is seriously flawed, I do like the message we send that if we don't perform, we don't get paid. Unfortunately, all too often we DON'T perform, even under this model, but that's a topic for a dozen different blogs. Philosophically, though, I like it.

That said, and yeah, this will sound really inconsistent, but I could also get behind the model of real estate agents as salaried professionals or pay-per-project consultants. Which I'll elaborate on next time!

 

 

 

 

It's Here!!!!
Just Released, like YESTERDAY!
The Sequel to Sell with Soul.
Own one of the first 1,000 copies printed, numbered & autographed.
www.SWSStore.com