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How to Use Small Commitments to Close Deals Faster

How to Use Small Commitments to Close Deals Faster

How to Use Small Commitments to Close Deals Faster

When we’ve committed to an action, we’re more likely to follow through with it. By getting potential sellers to make small, easy commitments, they will be more likely to respond positively to bigger requests, making it easier for you to negotiate better deals and close them faster.

Voluntary and active

We all make commitments we don’t keep. So what separates strong commitments from weak ones?

Well, they must be voluntary. Trying to compel or pressure your prospects into a commitment, even just to get your foot in the door, will not make that commitment stick. That’s why an easy “yes”, a small commitment for which you’re likely to get a positive response, is a great way to build toward a bigger one.

Commitments also need to be active. Don’t pressure a prospect to agree to something; pressure them to commit to what they’ve agreed to. 

Focus on the smallest next step

If you want something from a prospect, like a commitment for a sole mandate, don’t start there. Start small.

Think about the easiest question for which you could get a positive response. You could offer a free weekly update of relevant property information. You could simply ask if they would like sit down with you for a free coffee to discuss the potential their property has.

Offering clients high-quality, low-cost resources is a great first step. Read about using reciprocity to attract more business here.

For example, say you’re trying to secure a sole mandate from a seller. Start by requesting a meeting some time in advance. If you’re hoping for a meeting on short notice, ask if you could call today at a convenient time. If you want a prospect to commit to filling out a survey, start with a commitment to read an email you’ll be sending later today.

You could get the ball rolling by offering an intelligent and unique property valuation.

Having your prospects make small, easy commitments not only makes them more likely to commit to large requests down the line, but also shows off your own consistency and commitment as an agent.

Consistency goes both ways

So far we’ve focused on how commitment and consistency on the part of your prospect can improve your chances of getting a “Yes” when you want it. It’s also a great way to showcase the quality of your service as an Agent.

When a prospect commits to attend a meeting, make time for a phone call or receive monthly updates, that’s when your own commitment and consistency become important. You can broadcast your competency, initiative and diligence simply by following through on the commitments made between you and a client.

More than remembering birthdays or bi-weekly check-in’s, this is what client relationship management is about.

In Summary

  1. Start small. If you want something from a prospect, like a commitment to buy, get your prospects to make small, easy commitments. This will make them more likely to respond positively to more ambitious requests.
  2. Don’t pressure a prospect to agree to something; pressure them to commit to what they’ve agreed to.

Interested in closing more deals?

Learn how Bonni was able to close her deals and secure a new mandate every 8 days. 

Reach more buyers and sellers with relevant messages using email marketing.
(Fill in this form and get it first!)

How To Get More Listings from Past Clients

How To Get More Listings from Past Clients

Repeat customers are great. They refer more often and they’re less likely to try pay less than your asking price. It’s also easier (and cheaper) to maintain client relationships than it is to consistently acquire new customers. Here’s how you can make the most of your past clients.

The Protection of Personal Information Act

The Protection of Personal Information Act

The Protection of Personal Information Act

The Protection of Personal Information Act, No 4 of 2013 promotes the protection of personal information by public and private bodies.

 

WHEN DOES POPI COME INTO EFFECT?
  • The Protection of Personal Information (POPI) Act was signed into law by the President on 19 November and published in the Government Gazette Notice 37067 on 26 November 2013.
  • Once the Act is made effective, companies will be given a year’s grace period to comply with the Act, unless this grace period is extended as allowed by the Act
  • The President has signed a proclamation declaring some parts of the Protection of Personal Information Act No 4 of 2013 effective from 11 April 2014
  • It is anticipated that the Information Regulators office will be setup very soon and start issuing codes of conducts for industries to comply with
WHAT ARE THE KEY OBLIGATIONS OF A COMPANY UNDER POPI?
  • OPENESS: A data subject must be given access to their information if requested
  • ACCURACY: Ensure you keep the data subjects data up to date
  • SECURITY: Ensure measures are put in place to keep the data subjects data secure
  • STORAGE: Only store the data for the time it takes to complete a specified process
  • PURPOSE: Only use the data for the purpose it was collected for and for the consent type given
  • PERMISSION: Only store the data for the time it takes to complete a specified process
WHAT IS PERSONAL INFORMATION?

DEMOGRAPHICS

Age, sex, birth date, etc.

HISTORY

Employment, educational, financial, criminal

CONTACT DETAILS

Email, telephone, address etc.

OPINIONS

Opinions of and about the person

CORRESPONDENCE

Private Correspondence

BIOMETRICS

Biometric information Blood type etc.

WHAT IS PROCESSING?

Processing broadly means anything done with the Personal Information, including:

WHO IS THE INFORMATION REGULATOR AND WHAT ARE ITS POWERS?

The Information Regulator is a juristic body that will be appointed in terms of POPI and will have wide ranging powers and duties including:

Educate the public about POPI
Monitor and enforce compliance
Handle complaints about alleged violations
Attempt to resolve complaints by means of dispute resolution mechanisms such as mediation and conciliation
WHAT SHOULD YOU DO NOW?
  • Password protect all agreements that have personal information in them before emailing
  • Make sure you have a system to track all opt-in and opt-outs
  • Make sure you have a system that allows you to delete a consumer record if a consumer requests same
  • Make contact with all contacts in your database with the objective of getting an opt-in from each contact
  • Make sure you have a process that keeps your database up to date
  • Make sure you change your passwords to any systems you use that store consumer information so that you avoid any loss of data
  • Make sure that if you are using cloud based solutions that your service providers servers are located within the borders of South Africa and your data does not cross the borders of South Africa
HOW CAN YOU GET CONSENT FROM YOUR CONTACTS (OPT-IN)
  • It terms of Section 69 of the bill, POPI applies to electronic communication that refers to SMS and Email in the POPI definitions
  • Regular Person to Person (P2P) telephone calls are not included
  • This means you have the option to call each data subject (contact) once, to ask for consent.
  • You may only call data subjects who have not already opt-d out
  • You need to be transparent in your request for consent and ask for permission to send marketing/suburb related information by email or SMS from time to time
  • Then you need to make use of a system where you can record the consent obtained (opt in or opt out) so you can demonstrate you have taken every reasonable step to comply with the POPI Act

WHAT IF YOU DON’T GET CONSENT?
  • Simply put. You will NOT be allowed to send out any Email or SMS to a data subject without consent being obtained
  • Your database will be worthless if you can’t engage with your contacts
  • You face massive fines and/or jail time for non-compliance
  • You face reputational damage
WHAT IS THE SANCTION FOR NON-COMPLIANCE WITH POPI?

Non-compliance with the Act could expose the Responsible Party to a penalty FINE OF R10 MILLION and / or imprisonment of up to 10 years!

  • MYCE will give you a pre-populated database that you can start calling to obtain consent
  • MYCE will keep your database enriched each month to keep your database up to date
  • MYCE has a full POPI management module so you can record all your opt-in/opt-out
  • MYCE audit trails all your activity so you can demonstrate you are complying the act
  • MYCE only uses local servers so your data does not leave South Africa
  • MYCE is only accessible with unique usernames and passwords chosen by the user so your data is stored securely
  • MYCE has a easy to use function to delete contact records if you get a request from a data subject
    Opt-d out contacts are automatically excluded from any marketing communication to avoid any reputational damage and ensure compliance to the Act
How To Get More Listings from Past Clients

How To Get More Listings from Past Clients

Repeat customers are great. They refer more often and they’re less likely to try pay less than your asking price. It’s also easier (and cheaper) to maintain client relationships than it is to consistently acquire new customers. Here’s how you can make the most of your past clients.

How to Use Reciprocity to Close More Deals

How to Use Reciprocity to Close More Deals

How to Use Reciprocity to Close More Deals

The point of reciprocity is not to shower your prospects with all the gifts you can afford, waiting for the opportunity to capitalise on them. You should think of reciprocity as a handful of daily practices – being generous with your time, offering real value when it’s needed – that will help build your reputation and likability over time, something that will persuade people to work with you and help you close more deals.

Give and ye shall receive

“We all like to return favours. Most people got it all backwards thinking it means if you will do this for us, then we will do something for you…that’s wrong.” – Robert Cialdini, author of Influence: The Psychology of Persuasion. 

People respond to feeling appreciated or looked-out for. Cialdini suggests that people have an in-built desire to repay their debts, something that makes them very sensitive to things like gifts, special treatment and being given something of value.

So how can we apply this to the work of a South African real estate agent?

Be generous with your time to close more deals.

Fortunately, the best way to develop reciprocity is also the cheapest. Giving your time freely and unconditionally is the clearest investment you can make in your sellers. 

Make sure you have enough time during any call or meeting to have a casual conversation where you can answer questions or otherwise offer yourself to your client or prospect.

The same goes for viewings. Arriving early, bringing water or snacks or preparing your presentation all contribute to how prospective sellers will think about you.

The point of reciprocity is to get your prospects to respond to your actions. Being generous with your time, through preparation and your attitude to calls and meetings, is a gift that people will respond to because it is a powerful indicator of the effort you are putting in to them.

It also can’t be faked or rushed, broadcasting to prospective sellers that you are thinking about them even when they aren’t thinking of you. 

Invest in high-quality, low-cost resources.

You don’t need a high-value gift in order to make use of reciprocity. Far more important is the simple act of making prospective sellers feel appreciated. Focus on the act rather than the gift

Low-cost gifts or resources with a high impact might include:

  • Paying the bill when you have meetings in coffee shops.
  • Travelling to sellers for meetings.
  • ‘Thank you’ cards.
  • Trinkets – Mints, pens, notepads etc.
  • Water or snacks at viewings.

Offer a high-value resource

To really make an impression, consider offering one or two high-value resources. These don’t have to cost much and may not have to cost anything. You could even turn a low-cost resource into a high-value one by offering it regularly.

These high-value offerings are your opportunity to set yourself apart by truly offering value to your clients. If you offer a great weekly property resource to your clients, it’s also likely that other property sellers will hear about it.

Consider offering to assess your client’s paperwork, insurance etc. If you have skills or information that would be of use to your clients, offering it will help you establish yourself as a helpful and potentially invaluable resource.

Alternatively you could assist them with the logistics or costs related to moving, home inspection services or any other aspect of their experience that you could assist them with. 

In summary

  • Giving your time freely and unconditionally is the clearest investment you can make in your clients. It also can’t be faked or rushed, broadcasting to your clients and prospects that you are thinking about them even when they aren’t thinking of you.
  • Focus on the act, rather than the gift. Building reciprocity is all about client relationship management. Use gifts or resources to build on your relationships with clients and prospects.
  • To really make an impression, consider offering one or two high-value resources. Set yourself apart by truly offering value to your clients.

Interested in starting and closing more deals?

Learn how Bonni uses reciprocity on a seller’s most important day in order to secure more mandates.

Reach more buyers and sellers with relevant messages using email marketing.
(Fill in this form and get it first!)

How To Get More Listings from Past Clients

How To Get More Listings from Past Clients

Repeat customers are great. They refer more often and they’re less likely to try pay less than your asking price. It’s also easier (and cheaper) to maintain client relationships than it is to consistently acquire new customers. Here’s how you can make the most of your past clients.