Lessons From The Real Estate World: From Property Sales To The Corner Office

Business.com / Strategy / Last Modified: February 22, 2017

Realtors know their business extremely well, and they just may be able to give you a new take on yours as well. Learn more inside.

What does it take to make and close a sale? It depends who you ask and what they sell.

But even though people in different fields may answer this question differently, ultimately there are a few key factors underlying most sales.

Being able to make those sales, however, sometimes requires thinking outside your industry box and trying something new.

That’s why it’s important for business people in all fields to constantly be on the lookout for new sales strategies, and one of the best ways to do this is by paying attention to how those in other industries close their big sales, and when you think big sales, you should always think real estate.

If you need to mix up your sales techniques, try these four strategies from the real estate world.

Realtors know their business and they may be able to give you a new take on yours as well.

Related Article: What Real Estate Websites Can Teach Your Business About SEO & Social Media

Craft a Community

Realtors who sell extremely expensive homes aren’t just selling a building or a collection of architectural features. No, they’re selling a complete community.

Part of what makes a great realtor effective is their ability to market the full experience: activities, neighbors, and amenities in the surrounding area, especially if these include hobnobbing with the rich and famous or living right down the street from a prestigious school.

As a businessperson, you should be selling your product as a community experience. This is why you often see advertisements featuring celebrity endorsements.

The idea is that by purchasing this product you can be like these famous individuals. You also might offer statistics about how many people use your product, other companies that have adopted it, or other details that demonstrate the spread and popularity of what you’re selling.

Everyone wants to be part of the in-crowd, so show them how to join.

Be Extravagant

High-end business dealings don’t function on the same plane as your average grocery store or mall kiosk interaction. Rather, drawing luxury buyers into your business requires offering them a wide range of extras in the course of the sales process.

This is what luxury real estate agent, Joshua Flagg specializes in. Customer service with an extravagant twist.

Flagg’s emphasis on customer service means that he does things like flying out to see a client to sign paperwork rather than sending those documents in the mail or over the Internet.

If his clients want to see a property by helicopter or ask him to drop by in the middle of his vacation, Flagg makes it happen.

In an era when so much happens over the Internet, a personal touch like those, Flagg offers can really benefit your business.

If you’re trying to close a sale and it seems tenuous, make dinner plans with the client or take them to a sporting event where you can interact casually. This informality is actually a component of the sales process, but that doesn’t need to be obvious.

Related Article: How Content Marketing is Changing Marketing-Sales Alignment

Don’t Let It Get You Down

Sales, no matter what you’re selling, hangs heavy on personality, so it’s important to be positive when interacting with client. Unfortunately, since unhappy employees far outnumber happy ones this can be a challenge, but sometimes you have to fake it until you make it.

Just putting a smile on your face has been shown to have a positive effect on mood, even if it isn’t genuine at first.

Real estate agents are masters of this kind of positivity and they know how to set themselves up to consistently project an upbeat attitude.

That’s why a great real estate listing always starts with the best feature of the home. Pick a real selling point of your product, and this may vary depending on the needs of your client, and tuck that away in your mind.

When you feel things going astray, return to the aspect of your product you think is really great. Your mood will lift and your client will be reengaged.

Downsizing Is OK

In most sales situations, you want to avoid downsizing. A smaller order or a less complex system brings in a lower profit, but it isn’t the end of the world.

In realty, there are even people who specialize in downsizing, sometimes it’s the right thing to do for your client. Instead of desperately clinging to the old shape and size of a home, some buyers use a new space as their main guide, even when it’s smaller.

How can you make downsizing work for you as a salesperson? The main value of downsizing is that it can allow you to close a sale that otherwise might not happen at all.

When a client continues to resist what you’re selling, see what you can hold onto and what you can toss to make the sale happen. Clients appreciate your flexibility and they’ll be more likely to become repeat customers if you’re accommodating.

If you can’t find a way to shrink the purchasing commitment, clients will go elsewhere. A small sale is better than no sale and is more likely to lead to larger purchases in the future.

Related Article: Get Inspired: The Top 10 Blogs on Sales Management for 2016

Be Savvy Yet Supportive

Working in sales is a challenging position, but with a little inspiration from smart realtors, especially those working the luxury properties beat, you can start closing more sales more effectively.

Sales requires a real commitment to your clients’ needs. Match what you’re offering to what they need and you’ll find everyone benefits.

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