Multi-Spectrum Considerations and review of skill sets needed of today’s Realtor
The importance of “Multi-Spectrum Consideration” is of paramount importance in consulting with and protecting real estate buyers and sellers in today’s technology driven markets.
It is based on knowledge, study, and the belief that, “people don’t judge people”. Instead, we, all of us, consciously and unconsciously, weigh others (people) on multiple spectrums. I call this Multi-Spectrum Considerations, and everything is on a spectrum.
Defining spectrum as:
used to classify something, or suggest that it can be classified, in terms of its position on a scale between two extreme or opposite points.
“the left or the right of the political spectrum”
Our Real Estate Industry is Under Attack
We were at fault. Once, we Realtors controlled all the real estate data. People came to us for our knowledge of the market. Well that card has been played. Realtors no longer control the information. Actually, no one controls information in 2020 as everyone has all the information.
Now, we Realtors must proclaim our position as professionals because information was the least of our skills and abilities. Let’s uncover these together.
Death of Expertise
The once exalted and ethically underpinned professions of Doctors, Lawyers, Engineers, and Realtors are now in question. Their individual knowledge and expertise, respected and sought by the public, is now available on the device in everyone’s pocket.
Sign seen recently in a Doctor’s office.
What the public does not recognize is: The Menu is not the Meal, and Zillow and Google are not the sum total of knowledge possessed by the Realtor standing in front of them.
Real Estate is a People Business
The business of real estate is not only about property. The business of real estate is, in fact, majorly about people. It is people who buy, sell, lease, rent, occupy, or ‘offer to’ any of the aforementioned. The real estate business is a “People Business”.
Locating, mapping, measuring, recognizing, evaluating, assessing, or verifying real estate is easy compared to speaking with, uncovering, questioning, answering, listening to, educating, encouraging, comforting, uncovering and satisfying the needs of each individual in the transaction. The numbers of people as contact points in each transaction is staggering. See below example:
Multi-Spectrum Consideration of the Individual
Every human being has uncountable facets that separate each from another. All of which are ever changing based on situational environment.
In my 48 years of real estate classroom education, both in the seat and at the front of the room, I have learned, and taught, multiple, commonly known scales that attempt to identify individual personality traits. It is my experience that these scales do nothing more than ‘pigeonhole’ a few individual traits. This may in fact harm the learner, as now ‘the student’ believes they know everything about buyer and seller behavior.
Lawyers have barred Realtors from practicing Law. Perhaps the medical profession should bar Realtors from practicing Psychology. Regardless, that’s what we do. Every day as we practice real estate, meet potential customers or clients and start a communication, we are logging hours in the study of humans and their behavior.
Top Tier Realtors
I am fortunate to personally know many ‘Top Tier Realtors’ across the US. Let me quickly define them. These are men and women who radiate professionalism, are loved and trusted by their family, clients, community, and their profession. Standup individuals that yes, earn a good living, but moreover epitomize service to the real estate buying and selling public.
There is one ability that is possessed by each; that is, the ability to communicate positively with anyone. Most are actually known as a ‘People Person’, they enjoy and are particularly good at interacting with others.
Multi-Spectrum Considerations of a People Person
Being a ‘People Person’ is not a born trait. However, many of the traits that comprise one are. Here are a few spectrums that apply (to name only a few):
- Optimistic vs. Pessimistic
Positive vs. Negative
Motivated vs. Discouraged
Honest vs. Dishonest
Trust vs Distrust
Communicative vs. Non-Communicative
Giver vs. Taker
Open vs. Closed
Happy vs. Sad
Towards vs. Away From
Abundance vs. Scarcity
Authentic vs. Fake
There is a good chance if you are a Realtor who is particularly good at interacting with others and you can check off a majority of the traits in the left-hand column above, you are a ‘Top Tier Realtor’.
Back to Multi-Spectrum Considerations
Good news, we all possess the traits of ‘Top Tier Realtors’ and can apply them to improve our lives both personally and in business. Oh, no. Now comes the sale pitch for taking a class. NO! It’s easier than a class. It’s a simple conscious awareness that everything is on a spectrum.
Let us look at the spectrum of Physical Fitness. Ask yourself, where are you on that spectrum. Extremely Fit or Unhealthy. Let’s say, for discussion, you are in the middle. Next, look at one of you clients or workmates. Where, in your perception, are they on that spectrum compared to you, more fit or less fit. In an instant, you have identified a Multi-Spectrum Consideration.
We all place others on many different spectrums, countless times a day, consciously or unconsciously. Simply identifying one experience and knowing that it is a definable trait gives you the power to achieve ‘Top Tier’ status.
Some call it, “a great ability to read others or the situation.” Others say, “they possess magical insights.” I say, both are true. It is ability and it is magic. Magic in that there’s never been a rabbit pulled out of a hat that wasn’t put there to begin with.
Each one of us has this magical ability
There is nothing to learn it. You simply need to accept it as yours. I believe it is a gift based on our five senses, the root basis of all learning, communication, and love regardless of your nationality, language, belief system, education, country of birth, or sexual orientation.
The Magic of Five Senses
We are all born with five senses. Using these senses to the best of our ability is our life mission. They are what keep us safe, happy, healthy, and active. And they level the playing field by making us all the same.
The same for the exception of those who are consciously aware of the power and magic our five senses give us. Powers we all have that can easily be learned by simply reflecting on self by using the third eye.
Here comes the magic, remember the rabbit? We all have the ability to see ourselves from outside of ourselves. Right now! See yourself from outside, that is put your mind’s eye to your upper right and see yourself. What’s your posture? How’s your breathing? Where are your hands? What is your face expressing?
We have done this all of our lives. Many of you did this exercise without being conscious of ever doing so or your ability to do so now. Magic and the rabbit were always there. Others of you knew you did this but never had a name for it let alone considered it magic.
Split Vision
This ability to see yourself from outside of yourself is often referred to as the third eye. It not only can see you, it can also see others. Some of us use it only to see ourselves and can result in a little egotism. Others only use it only to see others and, therefore, may often feel a little self-conscious. But a positive and practiced learned trait is to use the third eye to monitor the communication loop. Not only watch yourself but to watch both you and others. Magic, that will tell you when to speed up, slow down, be dominate, be passive, speak, listen.
Multi-Spectrum Considerations
The continuance of this blog will cover different situations in real estate success by reflecting on the third eye, external and internal observations and feelings, and charting Multi-Spectrum Considerations.
Pre-Negotiating the Sale with the Seller
The idea of Pre-Negotiation is based on my knowledge and belief that people don’t judge people. Instead, we, all of us, consciously and unconsciously, weigh others (people) on multiple spectrums. I call this Multi-Spectrum Considerations.
again Defining spectrum as:
used to classify something, or suggest that it can be classified, in terms of its position on a scale between two extreme or opposite points.
“the left or the right of the political spectrum”
I believe the importance of “Multi-Spectrum Consideration” is of paramount importance in consulting with and protecting real estate buyers and sellers in today’s technology driven markets.
Working With Sellers Starts in the Past
When going on a listing interview, we start with what has happened. Regardless the scenario – listing referral, suspect listing, or a past client, we always need to be ready to answer their number one question. “What’s It worth?” We answer this by reflecting on the past. Comps, what has sold will set the asking price. Even in a fast-paced market, we use comps. Experiences the seller has had, or has been told about, or has read on the net will often set the tempo of the appointment.
There are many methods of uncovering and negotiating a listing price. Most use a CMA, Competitive Market Analysis unveiling a price range, which, in my experience, the sellers always pick above the highest price given. After all Zillow says, “…”
My wife and I use a Right Price Analysis, same as above but we don’t give a range. Instead we state, “Our RPA shows a price point of your property to be $Xxx,xxx.” Then shut up, engage the third eye and LISTEN. Whatever they say at this point is fine, even if they agree with you, you’re going to say, “Price will be finalized when the right buyer finds your property.”
Quickly Move into the Future
“Our job now is to, ‘not price your property out of the market’ and never capture a buyer attention. Let’s look into the future (point or gesture up to their right) and pretend your house is sold tonight. What will you do next?”
Again, shut up listen and watch. You will uncover motivations of where they are on many spectrums:
- Price Blocking Progress Yes —— No
Urgency Now —– Later
Expectation High —– Low
Ready to Move Yes —— No
Sellers Easy —- Difficult
What you have just accomplished has moved them from Price being a problem, to Price being a solution, all while you’re defining the Spectrum that they are currently on.
- Listening Not Listening
Accepting Resistant
Comfortable Uncomfortable
Positive Negative
Together Separate
Continue the Future Speak
“When and offer is received, and accepted, negotiation is not over. It has just begun and here are a few points. Appraisal, if needed, high or low. Home Inspection and any defects uncovered or repairs needed. Fix them or not. Adjust the price.” Or will all of these be reduced to a dollar figure.
Most Agents Never Discuss Offers Until they Appear
It amazes me the number of agents who never discuss the offer until they receive one. By starting at the end, you will collect massive amounts of knowledge on how to work with the sellers. You’ll identify their hot buttons, their motivations, the way in which they will work with you and how they will or will not take your advice and or lead. Also, if the sellers are a couple or partnership, you’ll identify how they work with each other.
Further, in discussing the negotiation process, you’ll want to share with them, how offers come in, the steps you’ll take in their protection, how to electrically sign, define earnest money and due diligence, set closing dates, moving and occupancy information, etc. continually asking questions, monitoring answers and watching the communication loop. This further identifies the individual multi-spectrum considerations so that YOU the professional can advance and protecting real estate buyers and sellers to achieve their goals in today’s technology driven markets.
You now have set the pace to walk the sellers back through the entire procedures and process an active listing. Consisting of but not limited to: Showings, lock boxes, marketing, photos, communication preferences, property condition. All in a zone of comfort. Because you went to the desired goal of the sellers first. Like the skill of a surgeon’s bedside manner you discussed results, not hope. Clearing a myriad of objections before they ever happened.