Top Adding - Real Estate

The business environment is getting more competitive every day. New companies and new concepts are being born daily. There is always someone trying to do it better and cheaper than what has been done previously.

There is more competition in today’s global economy than every be

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

fore. Do you remember when the US Postal Service was the only way to send documents? Now that age-old institution has to compete with delivery services such as Fed-EX, Airborne, UPS, as well as fax machines and the Internet with e-mail. Competition is everywhere and in every b

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

usiness segment.

The real estate business is no different. The new companies and the remaking of the old ones challenge us. There are two key questions that must be answered if we are going to thrive, not just survive, in the future.

1. How do we make our business (ourselves)

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

the obvious choice for the consumer?

2. How can we be different than the other competitive choices, so we can better attract customers?

These two questions are at the center of success in attracting new prospects and clients to your business.

Many companies and Agents have tak

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

en the discount route to answer these questions. Still others are adopting a fee-for-service model. Both of these philosophies are trying to attract consumers solely based on the cost of the service. I believe that this tactic is a losing proposition for the Agent, the company

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

, the real estate community at large, as well as the consumer. Cheaper is not always better…better is better. For some reason, we are fixated on the commission we charge. We often have tunnel vision as to how to compete. Because we lost a listing to a lower fee broker, we ass

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

me that we must lower our fee to compete.

We have been working diligently with all our coaching clients specifically on their sales skills, presentation skills, qualifying skills, and objection handling. We have scripted, rehearsed, practiced, and role-played with them to incre

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ase their levels of skills. Here is what we found, after studying their commission structure and fees. Most have actually raised their fees because of their confidence and delivery in their sales and objection handling skills. They have consistently received the highest commis

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

sions in their respective marketplaces. Many have even added a processing fee, between $295 and $495, to all their transactions. This processing fee has further increased their profit on each transaction.

The key in all this is the skills that you possess – the ability to hand

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

e the commission objection or the statement that another Agent will do it for less. Your sales skills will make you the obvious choice for the consumer. We all should have reasons that the consumer should select us. However, you must stop and ask yourself these three questions

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

:

• Are your reasons well thought out?
• Are they well laid out in scripts that you know cold?
• Are you able to convey them with power and conviction?

If you can’t answer “yes” to all these questions, you have work to do!

Step 1: List all your competitive advan

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

tages. They could be your company, your service commitment, or your statistics (listings to sales, days on market, or average list to sale price). Write down as much as possible.

Step 2: Look at the list from the customer’s perspective. What do they really care about, beside

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

lower commission? What would really set you apart in their eyes? Pick the five key services you think they want. If you are struggling, go back to a dozen past clients. Call them, and ask them why they selected you over the other Agents. You now have the consumer’s perspect

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ive.

Step 3: Select five competitive advantages and script a response to them. Your ability to drive these five points home can mean the difference between a powerful listing presentation and a weak one, and could well determine if you get the contract signed that night or hav

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e to wait a week. Be prepared to say to the customer what is most important.

We then need to analyze the next question: How can we be different to attract new customers? First, you must know your business and spend your time there. We often do activities at work that don’t b

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ing a large return. I coached a lady who did thirty-five open houses in one year and made $9,000 from all that work. Once she redistributed her time to calling her past clients, her production skyrocketed. She added over $50,000 to her gross commissions earned, in less than si

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

x months. It was a matter of understanding where her revenue was coming from and investing her time there. Why invest your time in activities that generate little income?

Another technique to attract more customers is expansion of your leads by using call capture, or IVR syste

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ms, to expand the number of leads you receive. You can expand the number of leads you get daily and weekly by 50 to 100%, by using call capture technology. There are numerous companies out there that provide this service. In my opinion, the most user friendly, with the best ma

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

keting minds behind the system, is Pro-quest Technology. They have mastered the use and implementation of this product and made it easy. As Agents, the ability to generate more leads allows us to be highly selective with the people we work with. Being selective leads to more r

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

evenue. Take the time to implement your call capture system today.

Take some time this week to reflect upon (and answer) these key questions. You are running a multi-million dollar sales company. Make sure you invest the time in planning your own course to a successful career

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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