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We’ve all heard the old saying that ‘winning is everything’. It’s a bold and thought-provoking statement.
While many may not choose to agree with that sentiment, find it politically incorrect or view it as creating unhealthy behaviours, there is no denying that in the world of sales, there is no prize for second place.
In real estate ‘winning’ the listing or ‘winning’ the sale is the activity that brings you income. However, regardless of whether you win or lose, there are important lessons to be learned.
Do you know why?
Whether the outcome is ‘winning’ or ‘losing’, we must learn from each to improve what we do.
That’s how we get better: align our services with more people who need our skills and truly assist people to achieve their aims.
To do this we need to ask for honest feedback, especially when it comes to losing, which can be easier said than done.
If you’ve won the listing and secured the sale, feedback is often forthcoming, with clients happy to tell you why they chose you above others.
But seeking feedback from a consumer who chooses not to use us is a confronting conversation which rarely bears the truth. Most people would rather let you down gently, than telling you as it is.
That’s only natural.
So how can you gain the honest feedback you need to improve and then apply it to build your skill set and career?
A deep dive into the wins and losses
When it comes to learning from the wins and losses, there are a couple of strategies I suggest.
Some involve gaining that all-important feedback from the people who chose to go with someone other than you, while others are about seeking feedback from clients and then drilling down into the results.
The third-party strategy
When it comes to gaining feedback about why you might have ‘lost’ a listing, you can employ the third-party strategy.
In this instance, request a fellow colleague or agency director to reach out to the missed opportunity and ask for direct feedback.
This often works well because there’s a better chance that people will reveal their real reasons to an employer/director or colleague.
With the feedback before you, it’s an opportunity to understand where you can improve, particularly if it reveals potential clients choose to go elsewhere for common reasons.
Ask why you won
An equally, if not more effective, way to improve our ‘winning’ outcomes is to ask why we win in the first instance.
In other words, ask those sellers who chose you why they did so over the competition.
The more you ask, the more you will identify the top three to five reasons that you win.
This approach will also identify what your competitors are doing wrong, which is great intel to gather and have in your armory.
Drill down into the wins
Once you know the reasons why you’re winning, you can begin to use this as a key performance indicator.
Common reasons clients might respond with include:
- You were the most knowledgeable.
- You had a database of qualified buyers.
- We felt you had more experience.
- Our friends told us they really enjoyed working with you.
- We loved how you weren’t pushy.
- You believed in our house more than the others.
- The other agent was borderline harassing us.
- Plus many more
This information is valuable, offering an insight into how and why you stand out from the competition. Knowing why people opt to work with you allows you to double down and create your own sphere of influence.
It also enables you to identify areas where there is room for improvement. For example, think of the reasons why you would like people to want to work with you, and if they’re not appearing on that winning feedback list, it might be an area in need of work.
Winning and losing must coexist
I openly admit I do not like losing. I love to win.
But I knew early in my career, both winning and losing coexist.
One cannot happen without the other. It’s yin and yang. And it’s what you learn from both that allows you to build a stable and successful career.
Manos Findikakis is the CEO of Agents’Agency.
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