What’s Cooking?

Your weekly sales meeting should be the most important part of your business week. If you’re interested in making more sales, pay attention when your leader asks you, “What have you got cooking?

The definition of a cooking sale is a sale you believe you have a reasonable chance of closing.

Some sales are obviously cooking, for example, the buyers are coming back for a second inspection. These sales are usually the only ones that are given in answer to the “What have you got cooking?” question.

To get the obvious cookings is not why your leader asks the ‘cooking’ question. The purpose of examining the cookings is to help you to uncover the hidden sales.

People who call themselves buyers have been in your car, or walking through your open homes, during the past month. Not every one of these bought a property. Assuming that you qualified these people properly, you were calling them ‘buyers’ too. So, why haven’t they bought?

Possibly you didn’t have a property to suit them. If this is the case, and if these people really are ready to buy, then what have you done about finding a property for them? I am talking about prospecting.

You should never let a good buyer buy from another agency. Go out looking for a home for these buyers. Show them that you aren’t one of those wimps who says, “I’ll call you when something comes up,” then does nothing.

Another possibility is that you did have a property for your buyer but you missed an important clue. Sometimes we are too quick to dismiss our buyers because they don’t seem too fussed about making an offer on one of the properties we showed them. So, we let them leave, and with them, goes a sale.

Winning offices and salespeople use this popular method for uncovering hidden sales. It’s called, Shake Your Diary. You might like to go and get your diary and we’ll see how it works.

Without referring to your diary, take a sheet of paper and write down each sale that you think you have cooking. Do this ‘off the top of your head’. How many sales do you have cooking? One, two, three? Oh, come on. Is that it?

Now shake your diary. Go back over the last month and examine each buyer that inspected properties with you. How did you leave each other? What was the last thing that was said? When was the last time you telephoned the buyer? In your mind, build a picture of the property you think they will buy.

The logic of doing this is simple. You are thinking whether there is now a property on the books that will suit these buyers. You are also trying to think of any ‘buying signs’ that you might have missed and your chances of reviving a sale on a property that the buyers have already inspected.

As ridiculous as it sounds I once heard a salesperson say, when asked what a buyer thought of a property they had just inspected, “They loved it!” When I asked the salesperson why she didn’t have this property cooking, she said, “Oh, they didn’t want to buy it,” but she could not tell me why the couple didn’t want to buy a property that they said they loved.

Did the buyers really love the house, or were they just saying that to be polite? If they really did love the house, then let’s go and do the paperwork and help them own it. If they balk at that, then more questions need to be asked.

Questions stimulate offers. If the buyers really love the house but don’t offer, they probably think it is too expensive. Have the courage to ask.

Price Adjustments lead to love.

How many times have you seen a buyer who said they were not interested in a property become very interested after a price adjustment?

Would a price adjustment clinch the sale? If so, the lister should visit the seller and obtain one. Then call the buyer to arrange a second inspection. More than likely these actions will create a cooking sale.

Second inspections are always cooking.

How many buyers do you have who are coming back for second or subsequent inspections? For some reason, many salespeople book second inspections, but don’t think of the property as a cooking sale.

One word of warning about second inspections. Be careful that you don’t train your buyers not to buy.

When you book second inspections, you have every right to ask your purchasers, “If you both decide that you like this property after another look, will you buy it?” If you receive an evasive answer to this question, don’t book the second inspection. Your time is too valuable. The more often your buyers are allowed to view properties without any obligation to purchase the property that they say they like, the greater the likelihood of training the buyers not to buy.

Each day, ask yourself, “What’s cooking?”. Ask yourself again and again. Examine every buyer that you appointed. Why didn’t they buy? What will induce them to buy? Which property will these people buy?

Shake your diary. Think. Make sales.

Recent Articles

Habits of the Greats

Habits are a foundation of success. As you progress through your sales career, your results will improve as you replace bad habits with good habit...

The Changing Face of Adult Education

As an educator in the real estate sector, I have seen the face of adult education change radically. Agency leaders should change their view of trainin...

Keep The Team Busy

Idle hands, idle mind, so the saying goes. School children who are kept busy with sport and similar extra-curricular activities are less likely to...

Can Booming Markets Conceal Mediocrity?

The real estate agent's prayer goes like this: "God grant me another boom and I promise I won't stuff it up this time". Such is the prayer of...

Group Your Tasks

'Task Hopping' is a time management trap that causes huge productivity losses. Real estate profit consultant, Gary Pittard, says that multitasking...

Buying a Name

Some real estate agency owners believe you need a big name to survive in the marketplace but this is not necessarily so. In the 25 years that I ha...

Should Leaders Sell

Owning a real estate agency and being a selling principal can be profitable, but what point is money if you have little free time to enjoy it? Rea...

Useless Notes

As a presenter, I often see attendees furiously taking notes, which may be flattering, but often leaves me wondering what they do with those notes. I ...

Ask For A Review

There is an old marketing saying that says: "Don't tell people how good you are. Get happy clients to tell people how good you are". References fr...

Forwards or Backwards: there is no standing still

A question I often ask leaders is "Where are you taking your...

Point Of Difference

Smart real estate agency leaders seek multiple Points of Difference for their agencies. When a seller says to your salesperson, "Why should I list...

Personality Matters

Meet Brendan and Adam, chefs and proprietors of a new restaurant called 34bia in Redfern in Sydney. Before this venture, Brendan and Adam owned a s...

Want to reach your profit potential? Contact us now.

Pittard


Suite 71, Level 4
330 Wattle Street

Ultimo NSW 2007
Australia


Mailing Address
PO Box 2045
Strawberry Hills NSW 2012


: (02) 8217 8500
Fax: (02) 9281 4198
AUS Free call: 1800 663 600
NZ Free call: 0800 448 065
International: +61 2 8217 8500

: info@pittard.com.au

Contact Us