Have you experienced the real estate market lately?  Seems like so many of us are selling in this economy, while others are taking advantage of prices and buying.

My wife and I recently visited at least 10 open houses and interacted with another 10 agents for formal showings on one weekend. I thought we could explore what can be learned from this venture.  

"Information Butlers" Are No Longer Needed

We did all our research on the internet. We used web sites like http://www.zillow.com/ and http://www.trulia.com/ to help us to narrow our choices. We used the web sites of the listing company to find out specific details. As many recently studies have shown, prior to connecting with a sales person we were 60% to 80% through our buying process. This is a stat that should send shivers through every sales rep, VP of Sales, and CEO.  Why? Because today's buyer really does not need a sales rep to provide information. That information is now available 24/7/365 on the internet. Buyers no longer need "information butlers". The world of buying is changing at lightning speed while the world of sales is moving to catch up at the speed of a glacier.  Remember the days when you hired an agent to search for possible homes?  No longer, and we experienced this first hand by preferring to search for possibilities on the internet.

Preparation and Presentation Remain Key 

Having devoted my entire professional life to sales and now to the improvement in sales skills, it was deeply depressing for me to see the total lack of consultative sales skills and professionalism amongst almost all the sales reps we encountered. At many of the open houses, we observed that most homes were presented properly, however many were not. One in particular looked nice from the outside, and we rang the doorbell and was greeted by the sales rep. She welcomed us but warned that her husband was in the kitchen cleaning up some "mud he just tracked in." It was difficult to hear her over the yapping dog that was corralled in the kitchen. We love dogs but not during a potential showing.

Worse yet, I almost stepped in a dog dropping on the living room floor. Ouch! We instantly knew what the "mud" on the kitchen floor was. We quickly exited that home with the realtor chasing after us with a fist-full of MLS listings she thought we should look at.

The Importance of Knowing Your Product and Value Proposition

Sad but true, few realtors really knew the facts or value proposition for their home. They could not respond appropriately to even the most basic questions:

• "Are the furnishings included?"
• "Are pets allowed?"
• "Is this home wood frame or concrete?"
• "Where is the end of the lot line?"
• "What sets this home apart from other homes in this area?"
• "Why should we pay more for this home when there is one with a better view just down the street?

The Importance of Gaining Trust and Rapport BEFORE Product Dump

We were typically greeted with, "Welcome. This home is priced at $_____and features _ bedrooms and _ baths. It is _____square feet under air, the pool is only two years old, the kitchen has new appliances, the roof was replaced in 2011," and so on.  

Absolutely none of the agents asked what we were looking for. None had a grasp of the importance of trust and emotions in large, complex buying decisions. Remember the popular quotations: 

The Importance of Follow Up

We must have bumped into about 20 sales reps. We received a follow-up call from one! For me, this is almost impossible to believe.  

The Importance of "Insight"

Only a few sales reps were able to provide "insight."

Consumer product marketing expert, Pat Conroy, points out that insight is a statement based on a deep understanding of your target consumers' attitudes and beliefs.  As a result, there is a connection at an emotional level with your consumer, provoking a response such as, "This brand understands me! That is exactly how I feel! I have never thought about it quite like that." When leveraged, there is power in the ability to change consumer behavior1.   

Providing insight is the most powerful way to gain trust. It sounds something like, "Based upon my research, experience and your specific feedback, I'm going to recommend that you should ........"   This assertion is  simple to describe but difficult to deliver. You need experience, research and a comprehensive knowledge of the emotional variables involving your client.

The Importance of "Visioning"

Luckily, we bumped into one professional who was able to understand and listen to our "problem." Our requirements were relatively simple. We wanted a nice view with privacy and an open floor plan. When we told her that the home she showed us was close but a bit small, she immediately told us of another listing she had which was more spacious. When we took a look at that listing she understood that although we liked the floor plan and view it seemed dated and cluttered. She said, "You must visit a home I recently sold to a wonderful couple who did a beautiful job renovating. It will give you a fantastic sense of what this home could be."  She was 100% on track. Once we saw the updated home we were able to envision what could be.  

Oh, my wife wanted to add something. Please do not assume that you should direct brochures and paperwork into the hands of the wives...   

Good Selling!

Best,

1 "Insight" in Wikipedia: The Free Encyclopedia; (Wikimedia Foundation Inc., updated 22 July 2004, 10:55 UTC) [encyclopedia on-line]; available from http://en.wikipedia.org/wiki/Insight; Internet; retrieved 3 December 2012.