Convert Every Real Estate Buyer Call: How to Use the Commodity Exchange

How many real estate calls have you blown?

A few years ago I conducted a seminar for a large real estate company that wanted desperately to improve its call conversion ratio. In a large conference room at a local hotel we rigged a cellphone to two large speakers and I called ten real estate companies randomly selected from a real estate portal.

Of the ten companies we called, two did not answer their phone instead voice mail eventually picked up the call. Of the remaining eight when we were finally connected to an agent I simply asked for the address of one of their listings.

Now here are a few questions for you: How many of those companies do you think asked for my name? How about for my phone number? How about for my email address? How about a simple appointment to show the home?

ZERO! None of the agents from eight different real estate companies asked for a single shred of information from me, and amazingly what do you think everyone of them without hesitation handed to me?

You guessed it every one of them gave me the address without requiring anything from me! Now you may be saying – Hey, I handle calls better than that! Do you?

Here is a great way to test your abilities. Invest in a digital tape recorder (or use your phone's built in recorder); you can buy them almost anywhere. Keep the recorder on your desk and when you receive your next few buyer calls press the record button. Trust me after you listen to the first three or four calls - you will be gritting your teeth in agony!

Almost all of us can vastly improve our call conversion skills. Let me give you a simple, painless, and easy way to begin converting every call! I call this method the Commodity Exchange. The concept is based on the fact that we all hold a commodity, something of value that the person who has taken the trouble to pick up the phone and call us wants. What is the commodity – in the vast majority of cases it will be a piece of detailed information the caller can't glean from the internet.

As soon as we give up our commodity does the caller still need us? Absolutely not! So now the question becomes what are you going to require in exchange for your commodity? Will you require a name? How about a phone number? How about an email address? How about an appointment?

When was the last time you called a business when they didn’t require your name, or your address, or your email address, or at least some kind of personal information. As consumers we are becoming conditioned to accept this as normal. In fact I believe that some consumers may be shocked that we don’t ask for more information before we hand out the address.

What else can you do to get better at converting calls? Let me give you four more quick ideas:

• Use a Script – Take the time to map out your conversation. If you follow a pattern to your call conversion process you will build strong habits. Here is one easy script that you can start using today regardless of what they are asking for when they call... What was your name and your phone number. When would you like to see the home?  Let me check the availability and get back to you on that within just a few minutes. While I have you on the phone did you know that the best listing's often don't hit the MLS they get sold before they make it to the open market? Would you be interested in looking at some unlisted homes? Great... Tell me what you are looking for in a dream home.... 
•  Track you’re Success – Measure your success against your actions. Is your script working? Can you make improvements? How do you rate compared to the rest of the office?
• Use Simple Conversion Tools – Keep copies of the company advertising close at hand, keep a pad and paper nearby, and always keep your appointment book open and ready.
• Listing Conversion – If you expect to receive calls on your listings, why not build a list of other similar properties that you can discuss with callers.

 What if you were able to convert every call into an appointment? What would that mean to your career? I believe that most of us today come into contact with far more potential clients than we could ever dream of working with. By taking the time to review your call conversion system you may be able to turn those missed opportunities into a treasure chest of new found clients!

About the Author

Jim Remley is a nationally recognized expert in the field of residential real estate. Entering the real estate industry at the age of 19 he began an unlikely rise from college drop out to real estate Rock Star by becoming ranked in the top 1% of REALTORS® nationwide. Implementing game-changing strategies and deploying the latest technology advances Jim shattered sales records by listing over 150 properties in one twelve month period.

At 24 he opened his first Real Estate Company and grew the company to 17 offices becoming the largest independent real estate company in the State of Oregon. Today Jim leads one of the largest real estate firms in the state of Oregon with over $766 million dollars in sales volume a year with just over 150 active Brokers. As a consultant, author, speaker, and trainer Jim has one mission – to create abundance through simplicity of action.

In 2018 Jim launched The Path an On-Demand Video Coaching platform series designed for REALTORS to tap into highly focused information and actionable ideas based on thousands of interviews with top producers from across the country.  Learn more at www.erealestatecoach.com.