Here is success secret that you can apply not only to marketing luxury real estate, but to all aspects of life, as well. It is an essential pillar of what we call the inner game of market leadership.
There are two types of action: effortful action and inspired action. One is definitely more fun than the other. Inspired action just feels better. But, why is that so?
Effortful action is the result of a mindset that is riddled with self contradictions and/or self-doubt. You want to list a luxury home but, the sellers insist on an unrealistic sales price. You have the notion that there is a scarcity of potential listings and you take it against your better judgment. Then, to make it more palatable, you justify this choice by telling yourself that it is a trophy listing, that it will help you get more listings of this caliber and attract more buyers.
Every action that you take to market this home can potentially be effortful because of your internal contradictions. You say to yourself, “I just closed a deal on another house because I acquired a buyer who was originally interested in this over-priced listing, so it was worth it”. But, then you dread having to fight with the owners to lower the price.
It is entirely possible this is your M.O. (modus operandi) and you actually enjoy this listing game plan. For you, it is fun. But, if you are taking overpriced listings because you believe that there is a scarcity of business, this approach will be fraught with effort, even if you do not readily admit it (to yourself).
We once met a luxury real estate marketing team that had no less than ten over-priced homes listed. Suddenly, they were perceived as “players”, as potential challengers to the incumbent market leaders. Between themselves then knew that this perception was just temporary, that it had no foundation. They knew that these homes would not sell anywhere near the listing price. However, the bottom line with this team was that they were completely worn out mentally and physically.
Contrast this to a market leading client of ours who refuses to take on overpriced listings. He has built his reputation on accurately assessing home values and consistently beats out his competition because of it. But, that is what it looks like from the outside.
In his inner game, he knows that people like to do business with people like themselves. His ideal client is not the unrealistic seller, the one who needs to be flattered going into an overpriced listing and beaten down in price going out. By not wasting his time with these people he is able to attract more clients like him. Those clients appreciate his realistic price assessment and his willingness to walk away without getting listing.
There is no effortful action required when you have an accurate price in an active market. That does not mean that proven negotiation skills are not required. Under these circumstances, negotiations are usually based on inspired actions making the transactions challenging at time but much more fun.
At times, it takes resolve to keep your self-doubts and scarcity mentality at bay. Maintaining an abundant mindset requires consistent focus, and that takes practice. But, the rewards of inspired action that flow from this state of mind, vs. effortful action are plentiful: pure joy, loving what you do, enhanced health and a grounded sense of well being. This is what it feels like to win the inner game of market leadership.
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