“Often the only thing that stands between a person and what they want from life is merely the will to try it and the faith to believe that it is possible.” ~Richard M DeVos
If you want to increase your income you can either increase the number of transactions you do, or you can make a higher profit on the transactions you close.
Because most people focus on the first option, lead generation and prospecting are often the topic of training and coaching with endless options for generating more leads: paid advertising, lead capture websites, direct response marketing, etc., etc.
Much less attention is given to the second option, increasing the profit from your listing transactions, which we’ll be demystifying for you in this article.
There are really only three basic ways to make more from each transaction.
1. Transaction fees 2. Charging higher commissions 3. Referral fees
Before you start thinking, “Oh, that can’t be done in my market, or in this economy,” let me assure you, it can be done and there is only one thing that stands between you and higher commission checks.
Fear of asking for more money, fear that you aren’t worth more money, and fear that your client won’t think you are worth more money. The way to overcome this fear is to be prepared ahead of time and understanding a bit of psychology to help get what you deserve.Transaction fees can be charged [...]
Even the most social of the social butterflies among us can’t deny there are more people we don’t know than we do. This makes the math fairly simple: the number of potential transactions is greater with strangers than with those we do.
So how do you market to the people that don’t already know, like, and trust you? And what, specifically, is the purpose behind your marketing to this demographic?
The answer to both of these questions can be summed up this way: A powerful call to action is fundamental to getting in front of people outside your sphere of influence.
You’ve no doubt seen the JoS A. Banks commercial that says, “Buy one suit and get two more new suits… this Saturday only!” Why would they make such a seemingly excessive offer? Easy, it gets people to respond. The perceived value is immense because it is “this Saturday only” and the resulting perceived scarcity provokes immediate action.
Here’s the hook… when you walk through the doors on Saturday you already know in your heart of hearts you aren’t going to buy a $500 suit and get two more $500 suits for free. There are always restrictions and as discerning consumers we have come to expect them.In the real estate industry savvy agents are using this same type of ‘call to action’ to get in front of new prospects.
There are several that have been tested and proven to be extremely successful, but these four are standouts, and [...]