Sales and Sales Management Blog

August 17, 2007

Your Golden Opportunity

Filed under: prospecting,Uncategorized — Paul McCord @ 8:19 am

If you are a mortgage loan officer, a title escrow officer, Realtor, or have another sales role in the real estate market, you are looking a golden opportunity to move your business into high gear.

Since the real estate market has been hot for several years, you’ve acquired a tremendous number of competitors who have no business being in the business.  You may have started out as one of those.  You may have been one of the millions who saw a market that was going nuts and decided you could make a career for yourself.  Or, you may be one of the hundreds of thousands who entered your industry prior to the housing boom but have never experienced a pullback like the one we’re seeing now.

Whether you are a newbie, an old timer, or experienced but never have gone through a declining market, you have an exceptional opportunity in front of you.  A year from now, you’ll have lost half or more of your competition.  If you’re a Realtor in an area with say, 9,000 Realtors on the books, a year from now there will be about 4,000.  If you’re a mortgage loan officer with 1,000 companies competing in your market, a year from now there will be 350. 

Some of the household company names you are used to won’t be here twelve months from now.  Some that you’ve come to think of as invincible may be off the map.  Companies like Countrywide are on the edge.  Did you ever think Countrywide would be in serious trouble?  Or, how about Capital One?  Could happen.  Both companies have made serious errors in judgment due to greed.  Moreover, they certainly are not the only ones.

There will be casualties from the real estate brokerage sector also.  Not just small brokerages, but big names also.  Same is true in the title industry.

Look at the offices or cubicles next to yours.  Say goodbye to those folks now, they won’t be there in a year.

The question is will you be?  Not only are you looking at the biggest opportunity you’ve ever had, you’re also looking at the most dangerous time in your professional career.  Instead of turning your career into the dynamo it could be, you could more easily be in the unemployment line.

The natural reaction in the current climate is to pull back.  To ease your spending in the areas of marketing, training, and all other business expenses. 

That is exactly what your competition will be doing.  They are looking at the current market and determining that their income will be lower, requiring them to decrease their expenditures and activity.  They are running scared.  They’ll try to push prospects harder.  They’ll try to take shortcuts and find ways to increase their profit on each transaction.  They’ll try to make more off fewer.  They’ll be out of business.

And you?  What should you be doing?  You need to do four things starting today:

  • Hire a sales coach.  Right now.  Today.  Virtually every top producer has a sales coach.  A coach can give you direction, help keep you on track, and give you personalized training.  Hire a coach who is a sales expert.  There are a huge number of sales and business coaches that have never sold or been in business.  Avoid them.  They can’t teach you anything.  Hire only a coach with years of actual sales experience.
  • Increase your marketing.  Right now.  Today.  As your competition falls off, take on the challenge of increasing your business.  Double your prospecting activity.  Increasing marketing doesn’t mean increasing your expenses, it means increasing your activity.
  • Increase your personal training.  Not product training.  Rather, sales training.  Increase the number of sales books you read, the number of CD’s you listen to, the number of seminars and tele-seminars you attend.  Get good at selling.  Become an expert at selling.  As there are fewer prospects, your sales skills will become more and more important.  Double your personal training budget.
  • Develop a personal PR campaign.  Begin writing and publishing articles, send out press releases, begin speaking to local business and civic groups, expand your exposure.  PR is the most reliable way to enhance your image and reputation.  And most of it is free.  If you hire a good coach, they can help you design and implement a PR campaign that integrates with your marketing campaign.

You’re facing a true crisis in your career.  Now is the time you will either take advantage of these tremendous opportunities—or fail like the majority of your peers. 

It’s your choice.

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