Real Estate – Success Used to Go to the Highest Bidder

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RISMEDIA, April 22, 2008-Going once, going twice, sold! From fast-talking auctioneers to bidding frenzies, a live auction can get your heart pounding. There’s something about the auction arena that brings out the competitive spirit in people and creates a fierce desire to win and take home the prize whatever it may be. Auctions are effective in creating a sense of urgency and making people act quickly before someone else does.

Bidding frenzies for houses were a common occurrence during the red-hot seller’s market of the past decade making it almost impossible for an agent not to succeed. But now that the tide has turned and the supply of listings has grown, achieving success in the field of real estate is going to take a lot more effort.

“One of the biggest obstacles for agents today is that we are in a buyers market and buyers know it, but some sellers still don’t,” says Darryl Davis. “So now you have the challenge of getting someone to list with you over someone else, in addition you also have to break the bad news that their house is worth less money.”

Davis heads up Darryl Davis Seminars, Inc. (www.DarrylDavisSeminars.com) a company that trains agents, brokers and managers to increase their productivity through its seminars and coaching program.

“What differentiates our company from other speaking companies is that we actually teach agents what to say, how to say it and when to say it in real life situations using a variety of practical tips and techniques,” says Davis.

However, Davis moves beyond simple “tips” and “how-to’s” and coaches sales people to emulate what works for top producers in his POWER Agent Coaching Program®, the only year-long course for real estate agents where agents on the average double their production over their previous year.

The Shiny Penny List

The second biggest obstacle in this type of market according to Davis is buyers don’t have any sense of urgency to buy now. “In a sellers’ market, the buyers knew if they liked a house they better buy it before someone else snatched it up away from them. It was almost like an auction and houses were selling with virtually no skill involved.” But now that buyers have so many other houses to choose from, he says agents need to learn how to create that same sense of urgency and that requires skill.

Among the many techniques Davis teaches in his training sessions to help create urgency with buyers is the “Shiny Penny List.” The Shiny Penny List works on the premise that the buyer is going to choose the best value out of the available homes in their price range. “Before taking them to show any houses, you need to show them print outs of about 30 houses in their category and allow them to be part of the process of picking them. Then you ‘un-sell’ the non-shiny pennies and as you do, you actually tear the sheet up. Now you’re down to only five houses and if they don’t buy one of those, they’ve got nothing. So they are going to view these houses with a commitment to pick one of the five.” Another technique is to show one house to three buyers at the same time because, as Davis says, “People want what other people want.”

As for dealing with sellers in this market, Davis coaches his members to communicate clearly to homeowners how the market has changed. “You can provide examples from USA Today or Fortune Magazine or the New York Times of what the experts are saying,” continues Davis. “It provides third party validation – just be sure to show them the original article, not a photocopy.”

In order to not only survive, but thrive, in today’s real estate market, Davis says agents need to work harder at mastering three skills. “First, they need to work on their attitude in order to stay positive in the face of adversity. Second, they need good business skills and third, they need strong listing and selling skills which includes knowing how to clearly communicate and deliver their value.”

While it may be more challenging to acquire listings and make sales in today’s market, Davis says the business is out there. “In this market you just have to be prepared that houses will take longer to sell and have systems in place to keep in touch with your clients over the long term.”

For over 17 years, Darryl Davis has traveled around the country coaching agents and brokers on how to achieve their Next Level of success. He is the creator of the nationally acclaimed POWER Agent Coaching Program, the only yearlong coaching and training course where Power Agents, on average, double their production over their previous year. Darryl is a best-selling author, one of the highest rated speakers at the NAR Convention each year, and has a career-curriculum that brings agents from “Rookies to Retirement.”

For more information, visit www.DarrylDavisSeminars.com or call 1-800-395-3905.

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