✈️🏡 Chair Flying in Real Estate
Happy Monday!
Here is an Idea, an Action, and a Question to consider this week.
Idea
In the Air Force, there’s something we call “chair flying.” Chair flying is what you do to prepare for a mission before there are any lives on the line. When chair flying, I’d sit and imagine I was flying the mission. I would mentally execute every scenario, good or bad, and practice my responses. In pilot training, this was especially useful with a poster of the entire cockpit in front of me.
You can do the same thing with your clients.
For instance, what happens if there’s an expected low appraisal in a multiple-offer scenario? Should the buyer waive his financing contingency to try to win the deal? Or should they take another course of action? Don’t just tell your client, “Let’s see how the appraisal goes first and take it from there.” Instead, you should take ownership of these variables ahead of time, mitigate the harm from potential pitfalls, and lead the transaction to success.
You can also use extreme examples to illustrate your points even better. Rather than just discussing a scenario where the property appraisal is slightly low, walk your client through what happens with a very low appraisal. Extreme examples may shock your clients at first, but these examples will also help illustrate the options your client will have, manage their expectations, and allow them to think without the heightened emotions when their money is actually on the line.
This is easy to do in today’s market! There are many challenges that you’re facing right now. Don’t be afraid to share the possible pitfalls. Your clients will feel more secure if you provide all the most common scenarios––even the negative ones.
In a nutshell: Prepare your client for the most likely flow of events, but also discuss the way things can go wrong. Lead your client every step of the way. Practice the art of chair flying.
Action
Start a word doc. Call it “Chair Flying.” Slowly (just add them as you think of them) add scenarios and their accompanying action plans. Include scenarios like low appraisals, bidding wars, title surprises, and inspection issues. Think about all of the toughest scenarios you’ve dealt with and pair them with solid plans of action. Like Ben Franklin said, “By failing to prepare, you are preparing to fail.”
Question
Do you have confidence in your ability to close a deal when a major wrench gets thrown into the mix? In other words: Are you prepared?
See you next week,
Matt “Roar” Gardner
Real estate investor-agent, Author of Supersonic Real Estate: Light Your Afterburner to Accelerate Your Investor-Agent Career (Coming Soon!), and keynote speaker.
PS: Have you heard about my new audio course?! It’s designed to help you thrive in this unique market. You'll learn to plan effectively and be prepared for when the market shifts towards growth. There’s also an option to do a 1-1 coaching session with me if you’re looking for tailored planning/advice. Enroll today! ROAR ON!
