Inspection Multiplier

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We now enter ‘the main event’. To control days on market in slower cycles, it’s critical that you have an effective process internally.

Topic – How to increase sales + decrease DOM

Mentor – Jess Densley

  • Do each of the 4 steps in order
  • Big mistake to move from Step 1 to Step 4
  • Danger of a buyer getting there BEFORE the seller

Developing your leadership style – Jacob Aldridge Who has the monkey?  Speaking to principals, it does feel like they often have a few monkeys on their back.

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Transcript:

Kevin:   Jess Densley is our featured guest this week as our mentor. Jess is from Discipline Group Australia.

Kevin:   We’re telling you about the Sales Activation eBook, which is a totally free download for you. 31 pages, a very detailed report on how you can increase your sales and also decrease your days on market. It’s a free download. Just click on any one of the links.

Kevin:   Well now that we’ve moved through, Jess, the preview stage of a campaign, it’s time to enter the main event. To control days on market in a slower market, it’s critical that you have an effective process internally. The four key elements now, at the main event, are as you describe them, the inspection multiplier, delivering the facts, alignment through, the fuel for the alignment and then the final sale, creating predictability. Can we take the first one, the inspection?

Jess:   Yep. Okay, Kevin. As you mentioned, we went through the previous stage and now we’re moving to the campaign itself and, again I reinforce, as you indicated, slower market cycles.

Jess:   For me, in the last five years, it’s been very easy for agents to move through from getting the inspection straight through to the sales stage, so in this main event it’s about taking the strategies and the platform to go through your business and make sure we can increase inspections, which we’re talking about today, then we’ll go through some further activities in tomorrow’s last call.

Kevin:   There are three rules here, aren’t there? Can we run through those?

Jess:   Yeah. For me, the first one is rule one. So we talk about inspection multiplier. So think about in our businesses that our inspection numbers will fall away in slowing marketplaces. So this first process we talk about, rule number one, you want to call the one to three inspection rule. It’s about how we multiply inspections in our business.

Jess:   And, Kevin, one of the things that I like to talk to agents about a lot is that buyers will always make different decisions than what they initially tell us. They might indicate they want to buy a property on the north side of town, they want to spend $500,000, and we ring them two weeks later and they’ve spent $700,000 and bought on the south side of town. So that’s true and that’s a fact.

Jess:   Inside our businesses, we’ve got to be able to have a process that we take one buyer to three properties at the one time. That allows the process to multiply within our business in terms of the feedback that we can gather. That’s rule number one.

Jess:   Then we focus on rule number two, which I talk about the 20% rule. It’s about the types of buyers that we’re going to call and contact inside our listing, and on that 20% rule, for me, it’s about how we contact buyers 20% less than the actual listing price. I believe, Kevin, that’s highly more likely to find that emotional purchaser if we contact those buyers for those types of properties.

Kevin:   Just on that point, are you indicating there that most buyers will come up, well, maybe not 20%, but there’s certainly some flexibility there, and the same with the seller, to come down?

Jess:   Absolutely, Kevin. I mean, you think about it in real terms that if we’re contacting buyers who have got a property on the market at $1 million and we’re contacting buyers at a million dollars, more often than not they won’t want to come and view those properties.

Jess:   But if you’ve got buyers who are indicating they’ve got a budget of $800,000 and you get a property of a million dollars and it’s sold in the right way, they’re going to want to come and have a look at that property, they feel like there’s a good opportunity there. So that increases our chances to get multiple inspections through our properties.

Kevin:   Yeah, I guess if you’re looking at a buyer who’s got a million dollars to spend and you’re showing them million dollar properties, they’re probably going to be disappointed, because they’re seeing better quality properties because the property you’re selling may not be worth a million dollars.

Jess:   Absolutely, yeah. So this rule number two in this inspection multiplier phase, it just allows you to increase inspections rapidly, and if we take rule number one and we tie that in with rule number two and match those two together, you’re going to be able to multitude and increase inspections rapidly in your business, as we indicate in a slowing marketplace which is coming down, you’re going to push inspections the other way.

Kevin:   Activity is rule number three, or activity is what it’s all about. Take us through rule number three, which you call the 48-hour sunscreen effect.

Jess:   Yeah, so I call it the 48-hour sunscreen effect. So, Kevin, as I talk about, like when you go to the beach, if you don’t reapply sunscreen you’re going to get sunburnt. So for me it’s the same within your business and how we should be viewing our listings.

Jess:   So rule number three is about undertaking three core activities every two days on each individual listing. So number one we talk about the inspection, so making sure we’ve got an inspection every couple of days. Number two is making sure we’ve got an offer, while number three is a crucial conversation with our vendor.

Jess:   So we like to, in this process, have a client undertake at least one of those three activities inside that 48-hour sunscreen stretch every 48 hours. And if you can do that, again, and tie those rules one, two and three together, Kevin, you’re going to be able to make sure you’re going to have a clear process within your business to increase inspections.

Kevin:   Yeah, we’re only delving right across the top, just skimming the surface of this report from Jess, and just in this section alone there are four parts. We’ll have a look at another one of those parts tomorrow as we round this series out. But seriously, you’ve got to download this book. It’s 31 pages of absolute gold. Sales Activation eBook from Jess Densley at Discipline Group. Make sure you get it. It’s free. Get it today.

Kevin:   Jess, look forward to talking to you again tomorrow morning, mate. Thank you.

Jess:   Thanks again, Kevin. Speak to you tomorrow.

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