How to Overcome the Fear of Rejection When Prospecting

 

Do you put off prospecting activities because you fear being rejected? If so, you’re not alone! Here’s a quick tip to help you move past your fear and into the habit of regular prospecting activities.

A great analogy to use is a game of cards. For example, there are 52 cards in the deck—your job is to find the 4 aces that will do business with you now or in the future. There’s nothing wrong with the other “cards”—they’re just not what you’re looking for right now.

Consequently, when someone says “No,” just remind yourself this person is a “discard” not an “ace.”

In contrast, search for and “save” your aces—they’re the ones who put the “pot” of money in your pocket.

Recognizing When It’s Time to Stop

 

Several years ago, I had quite a few conferences in one month and the travel costs were really adding up. We had just gone to one credit card for our company and one for personal, doing our best to “pay as you go” instead of incurring credit card debt at over 20 percent per year.

After searching multiple travel sites until 1:30 a.m. in the morning, I couldn’t find a flight that worked within my budget and finally called it quits.

The next morning, I decided to bite the bullet on the airfare costs and went back online to reserve my room. When I clicked on the pay button for my stay, a message appeared: “Sorry, we’re sold out.” Not only was the room block sold out, the hotel was sold out as well.

I called the hotel and asked what was in walking distance. They gave me names of two nearby hotels. I went to Priceline and found a package deal that saved me over $500 for that trip.

So, here’s an important takeaway. When you find yourself in a situation where nothing seems to be working, stop and take a step back from the problem. Sometimes there’s a reason you’re being stopped.

Rather than trying to force yourself deeper into the corner, turn around and walk away. There is probably a much better option once you are willing to look elsewhere.

The One Step You Need to Take Today to Survive NAR’s New Commission Rules in July

 

Regardless of what happens going forward with the lawsuits at this time, the NAR owned MLSs will stop displaying a buyer’s commission fee sometime in late July. Furthermore, NAR’s new rules will require you to have a signed buyer brokerage agreement to show a listing through NAR MLSs.

Due to these changes, experts are now saying 40 percent of all agents will be forced out of the business.

While it’s critical that you master the new conversations for today’s post commission lawsuit environment, it’s even more important that you strengthen your overall lead generation and conversion skills.

Today’s interview with Jeff Lobb ran 35 minutes. I was only able to cover about 10 minutes of that content in my article today. Our Listen and Learn Real Estate Premium subscribers are getting all Jeff’s interview content (and ALL my other interview content throughout the year), for only $97.00 per YEAR.

Our Listen and Learn Real Estate program has the exact content you need to address ALL these areas of your business. Best of all, it’s accessible 24-7 so can get exactly what you need when you need it.

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Spring Cleaning Time

 

The first quarter of 2024 is history and it’s an excellent time for you to review your production numbers. Are you hitting your goals? Is your income on track with your expectations? If not, get out in the nice weather and hold regular and twilight open houses, connect with potential leads at sporting events by wearing your company attire, or even try some door knocking. The basics still work.

Also, it’s a great time to do a little house cleaning in your business. Get rid of anything that’s not working in your business or is taking too much time with too little return.

It’s also time to clear out those buyers who won’t buy and those unrealistic sellers won’t lower their price—fire them or refer them to another agent. Getting rid of them creates space for new, more motivated clients to come into your business.

You won’t believe how good you’ll feel if you do.

The Time to Take Action Is Now

 

The commission lawsuits have plunged the entire residential real estate industry into total chaos. Agents are in denial about what’s coming, but with NAR’s settlement agreement, in July of 2024, most MLSs in the country will no longer have a field for a buyer’s commission.

Complicating matters even more, if you’re relying on paid leads from one of the portals or major lead generation companies, those pipelines are also going to be turned off in July because they can only distribute leads from those sellers who have given written consent to receive that lead.

In other words, they can only refer the lead to one agent where the seller has given their consent, unless the seller agrees to have multiple agents contact them but still must have their names. (See RealClues February 26, 2024, edition.)

If you haven’t taken broker brokerage agreement training, do so now. As I stated in the article, it is going to be highly likely that only agents who have signed buyer broker agreements will be allowed to show the property.

Second, brush up on your negotiation strategies. The changes do not prohibit you from asking for a commission in your buyer’s office, a credit, mortgage rate buy-down—there are hundreds of ways to still put deals together on the buyer’s side—you just need to be able to show your value, be creative, and stay on top of your overcoming objections scripts.