Summary of selected Shadow Experience
For the record, I was not expecting to learn a lot of things about sales, marketing, and merchandising strategies in this shadow experience. The opposite of what I was expecting happened because I, in fact learned a lot, particularly in the field of economics, marketing, and merchandising. In this sales call strategy report, I will discuss the different things that I learned from a real-life sales person working for the Ocean Marine Yacht Club in Hallandale. The line of product and or service being offered is directly related to properties and real estate. The first time I came into the venue of the sales operations—the sales center in Hallandale, I was astonished by the premium quality of the condominium units that the Ocean Marine Yacht Club was offering and mainly because of that aspect of their product offering, I thought that it would be very hard for anyone, even for someone who have years of experience in being a real estate sales agent or brokerage professional, to make a decent number of successful sales. Another factor I considered was the price of the real estate products that the company, and thus the sales agent or professional I worked with was selling. To make the long story short, the products being marketed by the sales professional I worked with costs a fortune. So far, these were the two major challenges that I think I faced during my shadowing experience with the Ocean Marine Yacht Club sales professional. It is also worthwhile to note that I was able to learn three major things from the experience; that selling real estate properties can be slow-paced; that selling such products cannot really be compared to selling simpler and cheaper merchandises; that it is important for real estate sales agents and basically any sales professional to have a code of ethics that they should follow in any marketing or sales experience.
For this assignment, we were given the task of shadowing or working hand in hand, in as close and hands on a manner as possible, with a sales professional. The company I chose to work with for this shadow sales experience was Ocean Marine Yacht Club.
Three Things I learned as a result of interacting with the sales professional
In the first few days of my shadow sales experience, my mentor instructed me to watch how he handles every single live or onsite customer inquiry about the real estate property we were marketing, which in this case are the condominium units of the new Ocean Marine Yacht Club building. It is here where I learned that in the real estate market, hard sales strategies or those that are meant to put pressure on the customer to make the purchase are not that effective. I asked my mentor about this and he explained to me how people tend to be more careful whenever they make purchasing decisions or investments that involve a huge amount of money such as buying a condominium unit in a high end luxury real estate project. He also educated me how using hard sales strategies in this field could actually ruin the company’s efforts of selling as many units as possible—with an ultimate goal of achieving full occupancy one to two years after the project’s completion; how hard sales strategies could, in fact, drive customers away instead of convince them to go on with the purchase.
I have also learned the principle, that according to my mentor, can be unique to the real estate market that suggests that when there is a significant (does not necessarily have to be high) market demand for the particular product we were offering, all that we, the real estate sales agents, have to do is to assist the customers with their purchase because people who buy real estate properties are often smart people—or those who have already invested a fair amount of time researching about the real estate product being offered by a particular company even before they make a phone or an on-site inquiry.
The last thing I learned from my mentor is the importance of having and actually implementing a personalized code of ethics. He explained to me that having and actually following a personalized code of ethics can be an effective tool that can set particular real estate sales professional from the rest. He also taught me the importance of transparency in dealing with the customers; that I should treat every question that the customer throws at me very seriously because of the fact that they are investing serious amounts of money in the property; that even after making a successful sale and getting our commissions, we should still be committed to keep our promise that we will provide a high quality of aftersales service to the customers.
On my last day, my mentor let me handle a high level client, one that he knew I could handle. At first I was nervous because I knew that I would not get any assistance from him. Later that day, I led the customer to the site of the building and showed him how the project would look like when it is already finished. Overall, the customer was pleased with my presentation and has decided to pay for the reservation fee for two combined loft-type units. I was so glad that my first real life sales experience was a success and this closed deal was thanks to the sales strategies and principles that my mentor taught me, all of which are described in detail in the three things I learned from him above.
Things that the Sales Professional did well
I think that the mentor that I chose to teach me in this shadowing project is an excellent one. For one, he managed to make at least three successful sales in just a span of five working days, without having to exert a lot of effort, and without having to rely on hard sales strategies and unethical marketing and sales strategies which according to him are highly common in the real estate industry. For the most part, I can say that every answer he threw at the customers in response to their questions is based on truth and not just some marketing bluffs that other not so ethical real estate sales agents use so they can make a successful sale and get their commission. I can say that the best thing that my mentor in this shadow experience taught me is how to make a successful sale in a highly professional way.
Things that the Sales Professional could improve upon
If there is one or a few things that I think my mentor could improve, that would be the fact that he cares too much about the customers even if at times, they are abusing his kindness as diligence to work as a real estate sales agent. At one point during my shadowing experience, for example, we both knew that the customer who was throwing a lot of questions about the property and products we were selling was not interested to buy. Instead of being gracefully frank with the customer, he still answered his questions, even though it was already clear to both of us that that customer was only after the free food being offered at the open house event. Because of that, we both wasted time entertaining that customer—time which could have been spent on another and possibly more valuable customer.
Do the concepts being discussed in AEB 3341 apply to what I witnessed during the shadowing experience?
One important thing I learned in this shadow sale call strategy experience is that an individual’s skills in sales cannot be improved by heavily relying on books and classroom discussions. Experience will almost always outshine any form of higher education when it comes to being a good sales man. In this case, for example, a large portion of the concepts and theories that we have discussed in AEB 3341 was not applicable to the sales and marketing processes in the company where my mentor was working for. I actually asked him about this and he simply explained to me that in order to be a good salesman, one really has to rely on experience and never on educational background. He also mentioned how being a good salesman is more about trial and error—keeping on doing the things that work and eliminating those that do not.
Company Background
The Ocean Marine Yacht Club is a company that offers luxury condominiums mostly for the high end real estate market consumers. One of their latest real estate projects is the 28-storey Ocean Marine Yacht Club tower in Hallandale Beach. According to one of the company’ top sales agents, their main selling point is the fact that this residential tower boasts an incredible view of the Atlantic Ocean and that future owners would have access to premium yacht club and marina—something which is often uncommon for luxury condominium owners. In-house, the high-rise residential tower also offers amenities such as private cabanas, fitness centers, business centers, pubs, game rooms, and commercial establishments located within different designated areas in the building. The person I worked with was a real estate agent. Him and other real estate agents report to their manager—a certified real estate broker for any possible sale made and should one or more of their prospective clients make a successful purchase, that particular client’s handler would be the one who will be entitled to receive the commission from the sale. This particular real estate product offering is originally intended for the high-end market and so even just a single or preferably a couple of successful client sales would lead to a hefty commission. The percentage of commission, according to the real estate sales manager, is confidential and varies from one sales agent to another. He, however, gave me a range that hovers around two to five percent of the real estate product’s total contract price. In my case, since I was mainly shadowing, I was not set to receive any commission from the sale because I informed them that I was only there to speculate and learn from the experts at the time. In terms of market share, I can say that this company is fairly new to the market and that their release of projects—in terms of numbers, are more on the conservative side.
Business and Customer Profile
Contact Number: 954 455 6441
Sales Call Strategy Worksheet
Opening
Hi, I am (Student Name); I will be helping you today.
Presentation
I am going to present to you today our latest project, the Ocean Marine Yacht Club residential building. It is a 28-storey building that is situated close to the shore. The views are astonishing and unique because residential towers situated close to the shore are quite rare. The amenities are good too, if you want, you can just view the pictures and the details in the brochures I will provide you. I will also be the one leading the site visit for you to check the grandeur of this product/property yourselves.
Handling Objectives
If you have any questions, please do not hesitate to call my attention and I will answer them in an as detailed way as possible.
- What financing options are available?
For now, we are offering in-house financing options. Over time, we will also be able to process bank-financing options. Additionally, we do have promos from time to time so do not forget to check in our office.
- Do you not think that living in this place is dangerous in case of hurricanes and natural disasters?
I do not think so mam. As you can see in the brochures I have given you, this residential area has been masterfully planned by professionals and natural disaster hazards among other hazards have all been taken into consideration.
Closing the Sale
I hope you liked our presentation. Our units, as of the moment are selling like hotcakes and so I recommend that you place in your reservation as soon as possible. In case you decide that you want to live in this place, please contact us in our contact number.
Thank you letter
Dear Mr. Gonzales,
I am writing this letter to you to formally express my gratitude and gratefulness for giving me the chance to learn a lot from you and the company that you are working for. My experience at the Ocean Marine Yacht Club would not have been the same and I would not have learned a lot of things if not for your diligence and patience in teaching me. Rest assured that I will treasure all the sales and marketing ideas and perspectives you taught and shared to me the entire time that I was your mentee. I know that through your service, you have helped a lot of customers fulfill their dream of having their own home in a high end and very convenient residential location. I hope you continue to be the good person I have known you to be. Again, thank you for your time and effort in imparting to me your years of experience in the real estate sales industry.
Sincerely yours,
