Mastering the Art of Selling Real Estate Fully Revised and Updated

by Hopkins, Tom

• ISBN13: 9781591840404
• ISBN10: 1591840406
• Format: Hardcover
• Copyright: 2004-08-03
• Publisher: Portfolio Hardcover

Summary

Thirteen years ago, Tom Hopkins, the top real estate sales trainer in the country, published How to Master the Art of Listing and Selling Real Estate—the industry’s bible—which has consistently sold well despite information that has become somewhat outdated. But now Hopkins gives a cutting-edge revamp to his still- popular classic. Along with its new title, readers can expect a complete elimination of dated material and inclusion of the most current information on the role of the Internet and computer software needed by every real estate professional.Full of anecdotes, sales scripts, and proven tactics, Mastering the Art of Selling Real Estatewill show readers how to:• Find the best listing prospects• Win over For Sale by Owner” sellers• Earn the seller’s trust• Work an unrealistic price down to market• Arrange the final agreementAnyone who’s serious about real estate can take charge with Mastering the Art of Selling Real Estate.

Author Biography

Tom Hopkins is one of the world-'s leading authorities on salesmanship and selling techniques. He has presented his seminars to more than three million people on five continents. He is the author of a number of bestsellers, including How to Master the Art of Selling, The Certifiable Salesperson, and Selling for Dummies.

Table of Contents

Acknowledgments	vii
Introduction	xvii
1: Portrait of a Professional Real Estate Salesperson	1	(12)
WHAT IS A PROFESSIONAL SALESPERSON?	6	(3)
COMMON CHARACTERISTICS OF THE PROS	9	(1)
STEPS TO PROFESSIONALISM	10	(3)
2: What to Do When You're New	13	(7)
STEPPING INTO BUSINESS	14	(3)
WHAT YOU CAN LEARN AT THE OFFICE	17	(1)
GET OUT THERE	17	(1)
GET PUBLIC NOTICE	18	(2)
3: Selling with Emotions	20	(9)
CREATING POSITIVE IMAGES	21	(4)
BUILDING YOUR REFLEXES	25	(4)
PART ONE: BECOMING A LISTING CHAMPION
4: Why You Should Become a Listing Champion	29	(5)
5: How to Acquire Listing Power	34	(8)
GETTING BEHIND CLOSED DOORS	36	(1)
TURNING DOORBELLS INTO DOLLARS	36	(1)
CANVASING THAT COUNTS	37	(1)
GETTING PEOPLE TO LIKE AND TRUST YOU	38	(1)
CONVERTING FOR-SALE-BY-OWNERS INTO MONEY-MAKING INVENTORY	38	(1)
GATHERING LISTINGS ON OPEN HOUSES	39	(1)
CREATING A PROFITABLE LISTING BANK	40	(2)
6: Liquidating Your Listings	42	(7)
HOW TO LOSE BY WINNING	43	(1)
SERVICING YOUR LISTINGS WITH STYLE AND CONTROL	43	(2)
HOW AND WHEN TO GET PRICE REDUCTIONS	45	(4)
7: The Typical Seller's Pricing Method	49	(6)
8: Being Prepared and in Control During Your Listing Presentation	55	(6)
THE TOOLS FOR GETTING THE JOB DONE	57	(1)
USING YOUR LISTING TOOLS WITH FLAIR	58	(1)
BALANCED RESEARCH	59	(2)
9: Reflexive Listing Techniques	61	(12)
THE ASKING SECRET	62	(3)
THE ALTERNATE OF CHOICE SYSTEM FOR SUCCESS	65	(1)
PIGGYBACKING	66	(1)
LOGICAL LISTING	66	(1)
YOUR BIGGEST CHALLENGE WITH THE LISTING FORM	67	(1)
HOW STRONG LISTERS KEEP MOVING WHEN THE SELLERS TRY TO STOP THEM	68	(1)
HOW TO TIE THE MINOR YESES DOWN	69	(1)
THE FOUR STYLES OF THE TIE-DOWN	70	(2)
THE IMPORTANCE OF THE PLANNED PAUSE	72	(1)
10: Learning to Love Objections	73	(10)
HOW TO ADDRESS CONCERNS	74	(1)
GETTING PERMISSION TO PLACE A SIGN ON THE PROPERTY	74	(2)
GETTING A KEY TO THE PROPERTY	76	(1)
THE PORCUPINE	77	(2)
THE FOUR MOST COMMON CONCERNS AND HOW TO HANDLE THEM	79	(4)
11: Getting Your Foot in the Door with For-Sale-by-Owners	83	(11)
HOW TO TAP THE BY-OWNER GOLD MINE	84	(3)
PHRASEOLOGY FOR THAT ALL-IMPORTANT FIRST CALL TO A BY-OWNER	87	(3)
PHRASEOLOGY FOR CALLING ON PRINCIPALS-ONLY ADS	90	(4)
12: What to Do and Say at the By-Owner Home	94	(10)
TOURING THE HOME	97	(7)
13: Be Ten Times More Successful Than Average with Effective Follow-Up	104	(14)
YOUR OWN FOR-SALE-BY-OWNER SIGNS	109	(1)
FOR-SALE-BY-OWNER FIRST AID KIT	110	(5)
FOR-SALE-BY-OWNER SQUAD	115	(1)
SUMMING UP	116	(2)
14: Real Estate's Royal Road to Riches Is Called Prospecting	118	(14)
ADOPTING ORPHANS	119	(1)
TRADING UP	119	(1)
EXPIRED LISTINGS	120	(1)
LEARNING TO SCRATCH AN ITCH	120	(1)
THE NEWSPAPER AS A LEAD SOURCE	121	(1)
START A SWAP MEET	122	(1)
COMMUNITY INVOLVEMENT	123	(2)
BEING REMEMBERED	125	(5)
SPEAKING ENGAGEMENTS	130	(2)
15: When Knocking on Doors Works	132	(11)
THE FUNDAMENTALS	133	(3)
THE WARM CANVAS DOOR	136	(4)
THE MOST PRODUCTIVE DOOR IN THE WORLD	140	(3)
16: Developing Your Listing Bank into an Income Gusher	143	(21)
STEP 1: CHOOSE THE RIGHT AREA	143	(3)
STEP 2: GET YOUR LISTING BANK INFORMATION SET UP	146	(1)
STEP 3: OBTAIN THE OWNERS' NAMES	146	(1)
STEP 4: SET UP A VISUAL CONTROL BOARD	147	(1)
STEP 5: USE LETTERS OF INTRODUCTION	148	(1)
STEP 6: KNOCK ON THE DOOR	149	(1)
STEP 7: USE A MARKET SURVEY	150	(1)
STEP 8: PUT THE MARKET SURVEY TO WORK	151	(5)
STEP 9: MAKE YOUR FIRST SWEEP IN 60 DAYS OR LESS	156	(1)
STEP 10: DRIVE YOUR LISTING BANK AT LEAST ONCE EVERY OTHER DAY	157	(1)
STEP 11: HAND OUT A SMALL GIFT ON YOUR SECOND VISIT	158	(1)
STEP 12: IDENTIFY THE NICEST 10 PERCENT	159	(1)
STEP 13: MEET EVERYONE IN YOUR LISTING BANK ONCE EVERY TWO MONTHS FOR ONE YEAR	160	(1)
STEP 14: ORGANIZE A SPECIALIZED PROGRAM	160	(2)
STEP 15: LOOK FOR TWO SPECIAL TYPES YOUR FOURTH TIME THROUGH	162	(1)
STEP 16: ASK FOR THE BUSINESS	163	(1)
17: Listing Preparation Techniques That Will Build Your Fortune	164	(42)
START BY BEING PREPARED	164	(1)
THE COMPARABLE MARKET ANALYSIS	165	(5)
PACKING LISTING POWER INTO THE CMA	170	(3)
INSIDE ANOTHER HOME	173	(1)
OTHER BROKERS' LISTINGS	174	(3)
FIND AN REO WHILE YOU'RE KNOCKING ON DOORS	177	(2)
GATHERING DATA BEFORE CALCULATING VALUE	179	(4)
INSPECTING THE PROPERTY	183	(4)
"SURPRISE" IS A LISTING WORD	187	(1)
ROLL YOUR OWN BOILERPLATE	188	(3)
LISTING IN TWO STEPS	191	(4)
THE MAIN REASON YOU'RE THERE	195	(4)
PREPARATION BACK AT THE OFFICE	199	(5)
THE FINAL PSYCHE-UP	204	(2)
18: The Mood of the Move	206	(6)
19: Creating a High-Scoring Listing Presentation	212	(27)
HOW TO TAKE CONTROL	213	(2)
CREATING LISTING POWER WITH A VISUAL AID BOOK	215	(5)
FOUR EASY WAYS TO POLISH YOUR PERFORMANCE USING THE VISUAL AID BOOK	220	(1)
AFTER THE TOUR	221	(4)
POWERFUL TURNAROUND PHRASES	225	(1)
HANDLING THE "WE CAN RENT IT" BALLOON	226	(1)
WORKING THE PRICE DOWN TO MARKET	227	(2)
CLOSE FOR THE PRICE	229	(1)
OPERATING ON THE PRICE WITH THE DOM STUDY	230	(1)
LISTING THE HOUSE BY ITS BARBECUE	231	(1)
HOW TO TURN DOWN A TURKEY	232	(1)
SET UP THE SELLERS FOR FUTURE EVENTS	232	(3)
TWELVE TRICKS OF THE TOP PRODUCER	235	(4)
PART TWO: YOUR SELLING REAL ESTATE CAREER
20: How to Handle the Telephone Effectively	239	(13)
INGREDIENTS OF A GOOD AD	239	(2)
PREPARATION FOR TAKING A CALL	241	(2)
HOW TO DO THE CALL RIGHT	243	(4)
COMMON TELEPHONE QUESTIONS	247	(5)
21: Open House Opportunities	252	(11)
INVITE THE NEIGHBORS	254	(1)
SIGNS	255	(1)
A LITTLE HELP	256	(1)
BLACK OR WITH CREAM AND SUGAR?	257	(1)
INFORMATION TO GIVE AND TO GET	257	(1)
KEEPING BUSY	258	(1)
OPENING THE HOUSE	258	(1)
THEY'RE HERE!	259	(2)
THE PERFECT HOME	261	(1)
GETTING TO KNOW YOU	262	(1)
22: Qualifying the Buyer	263	(11)
BUYER'S ANALYSIS FOR BETTER SERVICE	265	(3)
URGENCY QUESTIONS	268	(4)
DECIDING WHAT PROPERTY TO SHOW	272	(2)
23: Demonstrating the Property	274	(15)
SETTING UP A SHOWING SEQUENCE	274	(2)
GETTING THEM INTO YOUR CAR	276	(1)
DRIVING TO THE HOMES	277	(2)
ARRIVING AT THE HOMES	279	(4)
DEMONSTRATING THE PROPERTY	283	(2)
COMMON OBJECTIONS	285	(3)
FIXER-UPPERS	288	(1)
24: How, When, and Where to Close the Sale and Get the Commitment	289	(7)
WHEN TO CLOSE THE SALE	290	(2)
WHERE TO OBTAIN THE COMMITMENT	292	(2)
STEPS TO FILLING OUT THE PURCHASE AGREEMENT	294	(2)
25: Getting a Commitment on a Property	296	(16)
THE DEFINITION OF CLOSING	296	(1)
THE IMPORTANCE OF CLOSING	297	(2)
AT WHAT POINT DO YOU CLOSE?	299	(1)
THE ANATOMY OF A CLOSE	299	(1)
CONCERNS	300	(1)
STEPS TO HANDLING CONCERNS	301	(1)
REDUCTION TO THE RIDICULOUS CLOSE	302	(3)
ORDER BLANK CLOSE	305	(1)
BEN FRANKLIN BALANCE SHEET CLOSE	305	(1)
THE SIMILAR SITUATION CLOSE	306	(1)
THE "I WANT TO THINK IT OVER" CLOSE	307	(1)
THE BEST THINGS IN LIFE CLOSE	307	(1)
THE SECONDARY QUESTION CLOSE	308	(1)
THE WISH I'DA CLOSE	308	(1)
TWO-PARTY INDECISION CLOSE	308	(1)
MULTIPLE CLOSING	309	(1)
SILENCE IS GOLDEN	309	(1)
MENTALLY PREPARING YOUR BUYER	310	(2)
26: Presenting the Proposal	312	(9)
SETTING THE APPOINTMENT	312	(1)
PREPARATION PRIOR TO THE APPOINTMENT	313	(2)
THINGS THE SELLER WILL WANT TO KNOW	315	(1)
STEPS TO THE SIGNATURE	316	(2)
NORMAL SELLER OBJECTIONS	318	(2)
THE COUNTERPROPOSAL	320	(1)
27: Building a Too Percent Referral Business	321	(7)
THANK-YOU NOTES	324	(1)
REMEMBRANCES	325	(1)
HOW TO ASK FOR A REFERRAL AFTER THE SALE	326	(2)
28: Implementation	328	(30)
NET WORTH STATEMENT	330	(3)
GETTING A FIRM GRIP ON THE SLIPPERY MINUTES	333	(1)
THE THREE BASICS OF TIME SAVING FOR SUCCESS	334	(3)
FLICK THROUGH THE FILES DAY	337	(1)
THE ACTION-ORIENTED DESK	337	(3)
PLANNING/APPOINTMENT SYSTEM	340	(1)
THE STRENGTH OF THE STANDARD WEEK	341	(2)
FINDING MORE HOURS THROUGH TIME PLANNING	343	(6)
DAILY ACTIVITY CHART	349	(4)
FIGURING RATIOS	353	(5)
29: How to Defeat Failure and Create a Winning Attitude	358	(5)
HOW TO CHANGE OVERNIGHT	358	(1)
REJECT THE FEAR OF REJECTION	359	(1)
THE CUBE OF 20 PUTS $10,000 A MONTH IN YOUR POCKET	360	(1)
THE CREED OF THE CHAMPION	361	(2)
Recommendations for Continued Training	363	(4)
Index	367

Excerpts

Introduction Welcome to the wonderful world of real estate! I began my career in real estate in the 1960s. It was wonderful then and has evolved into something even more wonderful today. What a joy it is for people to own real property?to have a place they can truly call home. And you get to delight in helping people achieve their dreams of home ownership, while earning a good income for yourself and your loved ones. It?s a truly satisfying career choice.Back in the 60s, real estate was primarily an older man?s business. There were few young men choosing real estate as a career and even fewer women. Fortunately for all of us, times have changed. I know of some young people these days who got their real estate licenses while still in high school and had a jump start on their careers on graduation day! Due to its flexibility of working hours, the field has provided excellent opportunities for thousands. I?ve seen many exciting changes over the years and congratulate you on your choice of a career in real estate. When I wrote the first version of this material, it was actually two separate books. One just covered the listing aspect of real estate. The other, selling. They were first printed in the 1980s? back before computers, wireless phones, pagers, and the Internet. You are so fortunate today. Much of the research you need to do is available with the click of a few keys?and in minutes. I used to invest hours in researching data for Comparable Market Analyses, and reading through the Multiple Listing Service book (yes, it was a book, back then). While the times have changed, some important aspects of buying and selling real estate have not. These include: the reasons people need your services; motivations for wanting a particular type of home; how husbands and wives relate to each other during real estate transactions; and how you must relate to them. That?s the power of this book. In it are step-by-step strategies for getting started in this business, for finding people who need your services, for helping them like and trust you and your expertise in the field, how to prepare for a listing presentation, what to expect from potential buyers, what to say when they give you the most common questions or objections, how to negotiate offers and counteroffers, and how to close people on either listing their property with you or buying the home you?ve helped them find that best suits their needs. In this revised edition, I have kept the best of the original books, deleted old strategies that may not be as effective today as they once were, and have added strategies that work phenomenally well in today?s marketplace. I cover the use of technology to save you time and increase your appearance of competence with clients. This book is designed to help you achieve a certain level of comfort within the real estate industry?being comfortable with the knowledge of what to expect and how to succeed in this truly wonderful career. Treat it as a textbook. Read it with a highlighter, a pen, and a notebook. Let it become your quick reference guide and your study guide as you grow. There is enough material here to help you through many years in this business. And, to help you find the success you dream of more quickly than you would without it. My wish for you is to find as much joy and satisfaction from your real estate career as I did mine. MASTERING THE ART OF SELLING REAL ESTATE Chapter 1 Portrait of a Professional Real Estate Salesperson If you are reading this book, you may already have had a day that stands out as your worst day in real estate. If you?re new to the business and haven?t had such a day, don?t worry, you will. Just don?t let it deter you. Perseverance has made all the difference in my life. My worst day is one I will always remember. I was new to real estate, nineteen years old, and I didn?t own a suit. So, I wore