Mistakes can be a beautiful thing.
Realizing you’re doing something wrong is the first step toward growth and improvement.
My brother Patrick Ferry has been selling real estate in San Diego for about four years, and he admits at one time, he was “clueless” about how to handle buyers.
But then he realized he was making some big mistakes:
- He says he was “obsessed” with getting people to sign in at Open Houses
- He jumped into pre-qualification questions way too early with some prospects
- He tried too hard to make an automated, one-size-fits-all follow-up program work
- And he was treating all prospective buyers the same rather than separating them into those in the “research” phase vs. the “transactional” phase.
Thankfully, he not only realized his mistakes; he discovered solutions for these or decided they weren’t as important as he once thought.
Moving beyond his initial mistakes, he implemented four critical KPIs to improve upon…
- Increasing Conversion of Conversations to Appointments
- Increase In-Office Buyer Consultations
- Reduce Number of Showings to an Offer
- Reduce Number of Offers to Acceptance
And I’m pretty sure you’ll want to see how he did it, because it’s darn good stuff!
Buyer KPI No. 1: Improve Conversations to Appointments Ratio
We all agree that anything you can do to convert conversations into appointments more efficiently is a good thing, right?
Well, Patrick started by identified three traits consumers are looking for and used them to his advantage to improve his conversion rate. They are:
Become the hyper-local expert
Patrick recognized how important it is for people to consider him not just another generic real estate agent, but truly a hyper-local expert.
He achieves that goal by feeling out their knowledge of a given market and then sharing his own personal experience to position himself as the local expert. He says doing this gets people to lean into him and form stronger bonds right from the start.
A key script he discovered to help gauge their knowledge level and tailor his response is “How familiar are you with this community?”