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So, how’s the market?

21 Apr
Real Estate Marketing Script: Your Lead-Generating Response To, “How’s The Market?”
Published on Tuesday, April 6, 2010, 2:39 PM Last Update: 57 minute(s) ago by Joe Stumpf

Have you heard the expression, “Talk is cheap”? 

I’m going to go one better and say, “Talk is free — and generating leads can be, as well.” 
 
How? 
 
With a simple real estate dialogue you can master in minutes and use forever.
 
Let’s say we’re in a social setting. Someone introduces us, and during the course of our conversation I ask you what you do. You identify yourself as a Realtor or Lender. My next question will probably be, “How’s the market?”
 
How do you answer that? Would you say, “It’s slow” or, “Not bad” or, “It’s picking up” or, “I’m keeping busy”?
 
The truth is, when people ask “How’s the market?” what they’re really asking is, “How is my market?”  They’re not interested in how many homes you’re selling or how many loans you did this month. So instead of saying the market is “slow” or “not bad” or “picking up,” you can use my Magic Words That Get Referrals dialogue to begin a relationship, lead with a giving hand, and offer to send free information specific to their market.
 
If you’re a Realtor your response would sound like this:
 
“Experience shows, it all depends on where you live.  I would love to do some research for you and send you an email that will tell you what homes are for sale now, what homes have sold recently, and how long homes are taking to sell in your neighborhood.  So you can feel secure in the knowledge that you have the most accurate information.  This timely information will tell you right away how your market is right now!  I imagine that information would be of value to you, would it not?”
 
If you’re a Lender your response would sound like this:
 
“Experience shows, it all depends on what the interest rate is doing at a given moment and if there are government programs that affect you. I would love to do some research for you and send you an email that will tell you about interest rates, government programs, and some of the loans that are available now for both purchasing and refinancing. So you can feel secure in the knowledge that you have the most accurate information.  This timely information will tell you right away how your market is right now!  I imagine that information would be of value to you, would it not?”
 
Now, you’ve just asked someone for their email address, so be prepared to write it down. Tell your potential client when to expect an email from you — and then, most importantly, follow through.
 
You’ll need a system in place so this person is receiving an email from you on the same day, every month, that includes:
 
For Realtors:
  • Homes for sale.
  • Homes sold.
  • How long the sold homes were on the market.
For Lenders: 
  • Examples of purchase and refinance loans available.
  • Current interest rate.
  • Any government programs that may affect them.
For Realtors and Lenders:
  • Specific to their market.
Be sure to include your telephone number in your email so it’s easy for the recipient to contact you. And they will contact you, because you’ve been leading with a giving hand, providing them with valuable, free information, and demonstrating that you are the go-to person when they, or someone they know, has a real estate or mortgage need.
 
So:  How’s your market? 
 
The next time someone asks you that question, picture yourself using this dialogue to begin a relationship.
 
Begin a relationship, which can lead to referrals…transactions…repeat business…and it didn’t cost you one penny.
 
www.MyByReferralOnly.com. For more than 20 years Joe Stumpf has trained and coached the most successful real estate and mortgage professionals in North America on the systems and strategies for building a highly profitable referral-based business. Joe Stumpf’s By Referral Only provides you with expert coaching, turnkey business systems and revenue-generating marketing strategies so you can absolutely dominate your market.
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1 Comment

Posted by on April 21, 2010 in Real Estate

 

One response to “So, how’s the market?

  1. Allen Stout

    April 21, 2010 at 9:08 pm

    Good information since this is the most common question asked.

     

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