Boomer’s Blog

A recent conversation with my friend Dan Doran reminded me of the quintessential real estate movie of all time: “Glengarry Glen Ross.” For those who are too young (or too old) to remember it, the 1992 movie was based on a Pulitzer Prize-winning play written by David Mamet.

In 1984, when Mamet wrote about a cut-throat, all-male real estate sales team working out of a dingy office and living on watered down booze and stale Chinese takeout, fallout from the “worst recession since the 1930s” gripped the United States economy — and the American psyche.

In many ways, the social, economic and political climate that led Mamet to write “Glengarry Glen Ross” easily can be compared to the many crises we’re currently seeing in the news– and in some of our financial accounts. Then, like now, banks were closing, the Fed was accused of sleeping at the wheel, unemployment rates soared, corporate corruption littered the headlines and real estate was in a major downturn.

The “World of Men” depicted in the movie includes Alan Arkin, Alec Baldwin, Ed Harris, Jack Lemmon, Al Pacino and Kevin Spacey. The focus was on their ability to close on real estate deals as though their lives depended on it. And indeed, they did.

When I first saw this movie, I was a little green in the business and it blew me away. Nearly two decades later, I’m still drawing upon its bare-knuckles illumination of real estate marketing and sales in the trenches.

There’s one classic scene that captures the essence of the real estate deal in a way that no other real estate boot camp, course, book video or coaching call can touch. And thanks to YouTube, I can offer it to you here. Please, only watch it if you’re not offended by a little salty language. (And by that, I mean a seemingly endless string of obscenities peppered with awesome wisdom on the fundamentals of survival in the real estate business.)

WARNING: This Clip Contains Obscene Language — Even By Today’s Standards.

(According to one source, actors in the movie deploy approximately 150 F-Bombs and 50 S-Bombs.) Please only view it if you’ll not be offended by the wanton use of words that beg for a bleep — or possibly if you have teenagers living in your house.

As Blake (played by Alec Baldwin) so vividly illustrates in the clip, the keys to success in the real estate can be distilled into two mnemonics:

AIDA

• A - Attention
• I - Interest
• D - Decision
• A - Action

ABC

• A - Always
• B - Be
• C - Closing

They’re deceptively simple to read, but can be brutal to implement because in real estate, as in life, the devil is in the details.

In my next post, I’ll take a candid look of one of the mission critical details that 99 percent of all real estate investors overlook in our real estate marketing. There’s one simple quick and inexpensive action you cantake to increase your income by $100,000 or more this year. Can you guess what it is?  Stay tuned and find out.

And while you’re here, be sure to become a member of GaryBoomershine.com. Just sign in using the yellow fields on the right side of this page, or on the main page at GaryBoomershine.com and you’ll get all the information you need to conquer tough markets, fly above your competition’s radar and meet your real estate investment strategic goals for 2009 and beyond.

How can relatively small improvements in your sales skills spark quantum leaps in your income? If anybody can tell you, it’s Dan Doran and Richard Roop. Today I found some notes I scribbled in my journal from a recent conversation I had with Dan and Richard about Sales Mastery for Real Estate Entrepreneurs, their audio training course we offer at SalesTeamLive. We’ll explore more about that here next week.

But since so many of us have selling on our minds these days, I wanted to take some time right now to highlight some insights I’ve gained from the dynamic duo on the mission-critical importance of negotiations in our business. According to Dan and Richard, negotiating is the world’s highest paying skill, and until now, it’s an issue that hasn’t gotten enough attention in our business

Seven Habits of Highly Successful SalesNegotiators:

• Continuously Practice and Improve: Mastering sales negotiations is both a science and an art. It’s a science in that it necessitates taking specific, measured steps that can be learned; it is an art because it requires an understanding that success can only come with dedication, practice and incremental improvement. When real estate investors commit to making perennial enhancements to their sales skills, the most lofty personal and financial goals are suddenly within reach.
• Master your Approach: Pursue deals with clarity in your purpose. Don’t look for deals with people who are motivated, find people who are qualified and use your sales skills to inspire motivation — even if they’re not encouraging over the phone. By simply shifting your perception and your approach, you can create exciting new opportunities in your business and advance the refinement of your negotiations skills. Approach every deal at your full potential. For meetings and presentations, do your homework and arrive early. Make sure you’re centered and not stressed out.
• Always Be at your Best: A useful trick for anti-stress and instant mood elevation is to recollect your last great transaction or happy moment. Use this memory to infuse your negotiations with passion and confidence. Tap into the resources you’ve got to make an instant change. Affirmations build confidence and self esteem are an awesome way to get into the “sales zone.” Review them before meetings and presentations. Muhammad Ali’s famous self affirmation: “I Am the greatest” became synonymous with his success as a champion. Use your affirmations to create a clear vision of the goals you want to reach and the steps it’ll take to get there. If you follow these tips, your enthusiasm may be so contagious that even your prospective client will catch it.
• Master the Presentation: Use a prepared presentation: this strategy is scientifically proven to boost your sales. Most investors don’t even realize they need one because they’re in a rut of thinking that real estate is just a numbers game. Don’t be jaded. Many of us often forget that we’re also selling a service. Keep your presentations simple, and avoid using technical terms and jargon with clients. Most of them will clam up if you’re using words that they don’t understand. Anticipate your clients’ objections and address them in advance by covering those issues in your presentation. Show clients the magic you can work for them. Embrace your purpose as a problem solver. Address people by name, agree with them whenever possible and follow a script.
• Find the Hot Buttons: Other than the obvious financial problems that are likely to plague your prospective clients, determine what other factors may play a role in their distress. Chances are, the hot-button items are emotional rather than financial in nature. It is not enough to identify the hot buttons, you have to use them to meet your client’s needs. To get a handle on your clients’ hot buttons, you have to spend time with people — 60 to 90 minutes — and be sincere in your motivation to help solve their problems. By spending quality time with clients, you’re able to use the hot-button issues you’ve identified to gage their agitation level. Once you’ve done this, you can draw them into the pleasure zone with your proposal and hopefully, offer some solid solutions.
• Master the Close: A good closer is a great presenter in this business. Many real estate investors don’t realize that the sale is actually created during the presentation, not during the close. A good way to engage with your clients is to apply yourself in conducting a great value-building presentation. Even if you’re not completely convinced that the client is into the deal, you must always mentally proceed with the sale. Here again, attitude is everything. To instantly improve your sales results, commit yourself to performing a great presentation. If you can do that, all that’ll be left in the close is the paperwork.
• Master the Followup: Do what others won’t, or just don’t bother to do: follow up after the close. The more distressed the client is, the more important it is to follow through after the close is complete. This important step lets people that they’re important: It crowns the transaction. It’s also how you’ll get your greatest testimonials.
• Boost your Self Image: Develop a great self image relative to selling. Richard and Dan say they battle this challenge constantly in their personal coaching endeavors. A positive self image is the most powerful sales tool in your kit. If you believe in yourself, you can do anything. Get negative sales experiences out of your head. In coaching, Dan and Richard ask folks to envision what their world would look like without their problems. The techniques and strategies we’ve discussed in this article, repeated over time, will boost your self image and provide you with phenomenal sales. Like Richard says, “In sales, you have to perfect your inner game before you can master your outer game.” Words for any real estate entrepreneur to live by.