Given where I live you might jump to the conclusion that I’m referring to alligator hunting or something so I will clarify the topic quickly. The 3-foot rule is specifically for real estate sales people. It simply means that you should talk real estate to every person that comes within three-foot of you. I have also been teaching this technique to people in sales of other industries for many years, and I might say with great results. When it comes to sales, with any industry, sales people are always looking for some magic. They want to learn a technique or a method that produces huge results with little to no effort on their part. There is no such magic! However, the three-foot rule comes the closest.
There is such an enormous misunderstanding about real estate sales. There are no hidden secrets to selling real estate. Product knowledge is very helpful. It is even necessary to protect your client’s best financial interests but the most ignorant person can sell real estate. Whoa! Don’t misunderstand what I am saying. Experience and education is of most importance to the consumer when closing a sale but not when making a sale. You see, a house sells itself. A prospective buyer either likes a home and wants to own it of they don’t. It’s just that simple. If they don’t like it, the best of sales person in the world couldn’t sell it to them. The most difficult task a sales person has is marketing the property. That is finding someone to buy a property you have listed.
Marketing Property for Sale
Answer this question for yourself; “How far can you go into the forest before you begin leaving the forest?” The answer is quite simple; half way because going farther is actually leaving the forest. The question is actually very difficult to answer because finding that half-way point can be very difficult. When marketing one of your listings, you select a method that you think will most likely produce a prospective buyer. Let’s imagine for a moment that you stopped by the service station for gas. While pumping your gas you noticed that every island has someone purchasing gas. What are the chances that one of those five people might be interested in buying a house? You’ll never know unless you ask them. Real estate agents walk right by people interested in buying or selling real estate every day; while in search of someone that might be interested in buying or selling real estate. Does that sound confusing? There is a misnomer that prospective buyer will call you at the office. In fact, that’s what so many agents want a buyer to do. They want a buyer or seller to come to them rather than the agent going to the buyer or seller.
Generating new leads of people wanting to buy or sell real estate has been simplified to asking two questions. The questions are very simple and direct; “are you interested in buying or selling real estate,” and “do you know of anyone who is?” Do you see how simple these questions are? If I get a negative response to these two questions I usually ask them a third question, “Would you do me a favor; would you keep my card and if you happen to think of someone, would you give them my contact information? I would really appreciate it!” These questions are not offensive. They aren’t demanding. They aren’t difficult to answer. Matter of fact, they are so simple most agents don’t even ask them.
The 3-foot Rule
I can promise you a successful career in real estate sales if you will ask the three above questions to everyone you come within three-feet of. Naturally I’m not referring to your immediate family, best friends or people you work with on a daily basis. I’m talking about everyone else. Just think about how many people you come in contact with on a daily basis. Think about all the public places people visit on any given day and how many other people are there. How do you know those people, or at least some of them, are not interested in buying or selling a home? You may be spending hundreds of dollars each month to produce new prospects to work with when in fact you are already around them every day and never say anything to them.
Become a Millionaire
If you have a real estate license and you are willing to ask the above three questions to everyone you come with three-feet of, and if you’ll ask them for their contact information so that you can touch them in some way on a monthly basis for the rest of your career, you will become a millionaire! It’s very simple. Take their contact information and put it into your contact manager. Set them up on monthly email drip campaigns or monthly mail outs. Then make sure to call them once every 90-days just to let them know you are thinking about them. This is a fool-proof method that will produce more sales than you can possibly dream. The commission on those sales will make you wealthy. The key to success is you must commit to working the system religiously.
Ask and you Shall Receive
Should you have specific questions concerning various issues, please let me know and I’ll research the answer for you. I also want to encourage you to subscribe to our “News & Updates” weekly report so you can stay abreast of issues that might affect you when buying or selling real estate. If you haven’t visited my website, please go to www.AlabamaRealEstateInstitute.com and view previous articles.