Nov 21, 2022
When the market gets challenging, several things happen: scarcity creeps in and often leads to competition. So what will you do? Will you raise your prices? Take less commission? Adjust the level of service you provide?
Join our hosts for today’s episode of The Ninja Selling Podcast and discover their thoughts on knowing your business model and how so much else hinges on that. Considering your business model, should you increase your fees, elevate the services you provide, take a lesser commission? You’ll also hear a bit of Matt’s and Garret’s thoughts on how transparency around fees and charges can help open up your business.
As Matt and Garrett mention in today’s episode, you’ll find a thriving and active community of almost 10,000 Ninjas who collaborate, ask and answer questions, network, and more when you join the Ninja Selling Podcast group on Facebook at Ninja Selling Podcast Facebook. Leave a voicemail at 208-MY-NINJA if you’d like to offer more direct feedback. Be sure to check out Ninja Selling Events for upcoming installations and other events, and if you’d like personalized help in achieving your goals, visit Ninja Coaching to connect with one of our fantastic coaches.
Episode Highlights:
- Know your business and the value you
provide
- The experience matters
- Prove your value with
service
- Do not overlook micro
adjustments
- What does Matt think is BS?
- Decide the level of service you want to provide
Quotes:
“If you understand fundamentally that your value is more than the service – just, you know, getting contracts done, opening doors, all that stuff – you’re going to be able to charge a higher price.”
“These micro adjustments are things that we miss.”
“What if you said, ‘OK, instead of charging 3% for my fees, I charge 3.1%?’ On my side, that’s $500 extra which is not a whole lot of money. But if you do 20 deals a year… that would be a significant difference to your income.
“Back it up with service.”
“The real estate industry is an interesting place, where we keep all this stuff so secret. Clients can’t even know what the price for our services is until they sign a contract with us. That’s BS.”
“There’s so much opportunity to add incredible value to buyers and sellers up front that can help you support whatever commission that you’d like to charge.”
“Do your customers perceive your value?”
“You look at a high-end restaurant… those four tables are their highest priority… they have the time to offer that experience because they charge more.”
“That greasy spoon restaurant… I can think of like, three off the top of my head… they are successful. They understand their numbers, they understand their pricing, what their food quality is.”
“We’re not telling everybody to raise it to this level. It’s ‘understand your business model and if you want to provide this upper level, charge for it.’”
“It’s understanding what your business model is.”
Links:
www.TheNinjaSellingPodcast.com
Email us at TSW@TheNinjaSellingPodcast.com
Leave a voicemail at (208) MY-NINJA
Ninja Selling
@ninjasellingofficial
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Garrett
@ninjaredding
Matt
@matthewjbonelli