By Bob Corcoran
The great entrepreneur Joseph Sugarman once said, "Each problem has hidden in it an opportunity so powerful that it literally dwarfs the problem. The greatest success stories were created by people who recognized a problem and turned it into an opportunity."
If any profession has felt its share of “problems” over the last couple of years, it’s real estate. But if you’re reading this, congratulations, you’ve survived the storm. And that tells me you’re a persistent sort, so I might be preaching to the choir here, but please stick with me for a few more minutes.
I want to shake up your vocabulary. From now on, promise yourself that every time you see the word problem you actually say the word opportunity to yourself under your breath. That’s why I put problems in quotation marks above. It now should read, … share of “opportunities” over the …. And the same for the word obstacles or any other variant: hurdles, difficulties, pain, etc.
So what are the obstacles (practice your new skill now!) you face in selling your listings today? Let’s go through some of them and hopefully you’ll begin to see life a little differently from now on.
Obstacle #1 – Hesitancy from buyers. This becomes an opportunity to find out why they’re hesitant. You can’t solve the problem (or create an opportunity) until you learn what it is. Understand what they’re thinking. Perhaps they believe they’ll find a better house next week. Maybe they think interest rates will drop farther. Whatever it is, turn that problem (their hesitancy) into an opportunity by addressing their specific concerns. Yes, it’s entirely possible that they may find another house they like more next week. But as another week goes by, they could also lose the house they’re considering now. And interest rates, some believe, may be heading upward instead of downward. Know and explain your local market in terms that creates urgency.
Obstacle #2 – Buyers who say, “The price seems a little high.” That's a perfect opportunity to educate buyers on how you arrived at the price -- which of course should be in line with the current market's home prices. Explain the market and the comparables in that neighborhood and perhaps how low interest rates will make the monthly payment quite possibly lower than renting.
Obstacle #3 – Sellers who are unmotivated to stage their homes properly. You guessed it, a grand opportunity to show sellers that well-staged properties sell better than those that aren't. You now have the chance to showcase your knowledge and professional advice on specific recommendations they can (and should) do to make their homes more enticing. It's simple. If they want to sell, they'll need to act on most, if not all, of your suggestions.
I’ve shared some common obstacles here, but what I really want you to take way from this article is a fresh set of eyes that helps you view problems differently -- no longer as hurdles, but as real opportunities – and not only in real estate, but in all aspects of your life. You may be surprised how this simple adjustment can change your life.
So as you move on in your life and career, think about where you want to be in the future. With a new vision, reaching your career goals can be a "problem" that actually becomes fun to solve. And, at the same time, you may find yourself going in an exciting and fulfilling new direction you may never have imagined.
Best of luck to you!
Bob Corcoran is a nationally recognized speaker and author who is founder and president of Corcoran Consulting Inc. (CorcoranCoaching.com, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential or commercial broker or agent’s existing practice.