Myth #1: The most successful real estate salespeople are born, not made
Fact: Incorrect. Yes, a good agent may have a tendency and inclination to be a savvier negotiator with better people skills, but these are things that can be learnt and nurtured. Research shows that at a maximum, people are operating at 50 per cent of capability which means the majority of human beings are not realising their potential.
Myth #2: Agents that write $1m in gross commission do a lot of cold calling
Fact: There is no evidence that seven figure agents do cold calling. Seven figure agents run an attraction business that is built on momentum; their prospecting is best defined as either “warm” or “smart” calling. They simply are nurturing contacts they already have. In marketing this is called “lead nurturing”. At one stage they did have to do cold calling, but most of these agents have got to a level where they are having more calls come in than calls go out.
Myth #3: You have to work for a good office to be successful
Fact: A good sales manager or principal will make an agent feel terrific about themselves. However, a self-motivated agent can work in any environment with the right structure and business unit and be successful in whatever office they work for. Ultimately, a sales agent is not working for an office anyway. They are working for themselves. Self-motivated, skilled agents are always being recruited by every real estate office in the region.
Myth #4: The most successful agents are constantly attending training courses
Fact: This is not necessarily the case. Training courses are empty without courage and action. A training course will not teach you this. A training course and the coach can show you what to do, how to do it, but not to “want” to do it. You cannot outsource your goal. A life coach or business coach cannot be delegated with your lack of motivation. Having said that, many successful agents are attending seminars and courses because they know the ROI is excellent in training, as it takes only one idea to change the game. You don’t know what idea and where it will come from. So it makes sense to play the numbers game and attend everything you can. And always remember “you know what you know, but do you do what you know?”
Myth #5: The cheapest agent wins listings against more expensive agents
Fact: Vendors are interested in the net figure, not the fee you charge. If you can give them nothing else to talk about, it should not be a surprise then that maybe fee is what will matter most to them. The cheapest agent is in fact, the one that gets the best price. If you can articulate to a vendor that due to your process, marketing, and negotiation skills you can get a vendor an extra five per cent for their sale, they will be happy to pay 1% more in fee. If you don’t have the ability to get them to believe this, they will pick the lower fee. Ask yourself this: are you a messenger or a negotiator?
His weekly blog goes out to 14,000 agents, and focuses on being an attraction agent. He regularly interviews Australia’s highest producing real estate people. For more information, visit www.tompanos.com.au.
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