This blog has some great insight, but if you want to skip straight to the White Paper, please be our guest.
Currently, we are in the early stages of an international crisis. While we have been through downturns and crises before, this is certainly unique since it is brought about by a health issue. Fortunately, as a nation, we are taking it seriously and, as of this writing, more and more people and companies are self-quarantining to prevent unnecessary spreading of the virus.
Since I am neither a doctor nor an economist, I will stay in my lane as an experienced business consultant and successful sales coach and offer the help that I can. As this crisis was unraveling and, frankly, becoming exponentially more alarming by the day, it occurred to me that a large percentage of the salespeople that we coach have never been through an economic downturn and mainly entered new home sales AFTER the Great Recession. With that in mind, I have created a FREE white paper, teaching us the essentials of how to deal with the business side of this situation.
This is no time for slick sales tactics or aggressive profiteering. However, the net result of this particular crisis is an economic downturn, the length of which is still unknown. Since I entered real estate sales in the early eighties (“I know, I look so young”), sadly I have had experience with four recessions. They are never fun, but frankly, like a few of the seasoned sales managers with which I work, it is where I developed my personal sales skills and we always made it through the crisis. The bottom line is that our clients still need shelter, especially now.
We have had an 11 year run since the Great Recession and, when the market is strong, every salesperson is equal in terms of sales results. This new market will require a deep level of empathy and caring for our clients, as well as displaying creativity and flexibility with our sales approach. It is also where this generation of salespeople will develop their personal sales skillset that will last them a lifetime.
You will see that we have broken the FREE WHITE PAPER into the following three elements:
Perspective is a wonderful thing, so to help equip ourselves with facts, we explore what causes a recession, how long they typically last, what governments do to help us move through them, and then, most importantly, what happens immediately afterwards. Spoiler alert, it is usually many years of economic growth!
I have provided a chart comparing interest and unemployment rates, and the duration of each. We will learn that, compared to past recessions where interest rates ranged from 8% to 20.7%, our current Prime Mortgage interest rate being less than 4% and the banks' willingness to lend are definite causes for pragmatic optimism.
2. Client Fears
This economic data is helpful for us to know, but your average clients couldn't care less. They need to know what’s in it for them. Like the rest of us, they are watching the news and probably experiencing a combination of anxiety and confusion over how they should react.
We look at the two main categories of their fears which are health and the economy. Fear is an irrational enemy and, for many people, this conflation of negative emotions overlap, creating a paralysis in their thinking and decision making. We will look inside these fears and help narrow it down, so that we can begin to guide them with empathy and confidence.
3. Solutions and How to Manage their Objections
Last, we look at real solutions to assuage our clients' fears, how we can guide clients through these turbulent times, and help them make a decision with which they are happy. We have to lean into this crisis and show true consideration for our clients' fears and needs, and then remember to question, as we always do, to find out what their underlying concerns are.
Once we have subtly unearthed our clients' real fears, then we can offer them practical solutions, based upon facts, that will give them comfort and empower them to make the decisions that are best for them.
Three weeks ago, I was with this wonderful team above at Stevens Fine Homes in Wilmington, NC for two-and-a-half days of training. They haven’t let the current crisis slow them down. Last week, in the midst of this crisis unfurling around them, they were able to stay focused and positive and sell an impressive fifteen homes. Proving there are still plenty of clients who would like to buy our homes and that, with the correct attitude and approach from us, we can still help them fulfill their dreams.
Above is a photo of a video conference from March 16, 2020 with this lovely Stevens Fine Homes team. Adapting quickly to this new environment, the team was given the option of working from home, so the majority tuned into our coaching call from the comfort of their own homes and were surrounded by their families. The topic was the workbook version of the attached White Paper, and we did a deep dive into how to deal with this crisis, coming up with solutions and crafting answers together.
In all my years as a sales coach, I have never had so many interruptions during a video conference! From babies cooing and toddlers sitting on their parents' laps and vying for our attention to dogs barking, spouses in the background chasing toddlers, and even someone petting their cat, which reminded us all of a friendly Dr. Evil.
Guess what? None of us even batted an eyelid or came close to getting upset. We all understood that “For now, this is the new normal”, and we all realize that “We are all in this together”. Frankly, the kids and pets were truly adorable and their parents abject attempts at appeasement were charming. Let’s face it, kids and pets are always going to win.
Just like our clients, when there is a national crisis we all have the same instincts and appreciation that there is no one more important to be with than our families, and there is no better place to be than HOME.
Please enjoy the Free White Paper and let us know how we can help.
Truly
Roland Nairnsey and the New Home Sales Plus Family
