As the daughter of master sales trainer John Palumbo, Woodland Homes sales agent Morgan Palumbo was inadvertently conditioned to sell homes. Traveling the country with her dad, who worked to train various builder sales teams, she listened in on sales calls and training sessions. “At the time, I didn't appreciate the indoctrination I was getting, but now I see it as a gift,” she says.
The duo spoke at the International Builders’ Show in Vegas this year on how to keep moving forward as the hot housing market slows. They shared insights on "upskilling" and connected learning. The compelling presentation sparked a conversation between BUILDER and the new-home sales agent who had over $30 million in personal sales in her first three years in the industry.
BUILDER: How have the past three years in new-home sales been for you?
Palumbo: The last three years have been a roller coaster, which I think everyone can agree on. The years 2020 to 2022 were a whirlwind of uncertainty, whether that uncertainty was as a buyer—“Will I get the house?”—or as a seller—“How many hours before my house is under contract and for how much over ask?” For builders, we didn't know when we would get material or if a sub would actually show up for the price we contracted them for. Sales were never the problem over the last three years.
BUILDER: What’s your first step when approaching a potential new home buyer?
Palumbo: I am a relational seller. I strive to make a connection with each buyer that darkens the door of my model home. Once that connection is established, the customer tends to peel back the layers a bit quicker. The sooner I know what their drivers are, the better I can serve them.
BUILDER: What are some ways new-home sales agents can better equip themselves for selling?
Palumbo: Education, but I'm not talking just the continued learning that comes with being an agent. I'm speaking about connected learning. Connected learning is stepping outside your comfort zone and expanding your horizons. Connected learning is not just putting together a net sheet and talking about today’s rates. It is being able to walk your customers step by step through the financial options out there, so that by the time they reach the lender they already know which option may work best for their situation.
It is being able to talk through the minor details within the construction process, rather than just demonstrating the home. For example, I am currently enrolled in an interior design program at a local university. Not because I plan to have a career change, but because I want to be an asset to my customers (and builder) beyond just the sale of the home.
BUILDER: How have you tackled the sales slowdown as the market rebalances?
Palumbo: I have focused on getting back to the basics. The tedious and mundane things about sales that we were able to let slide in the last few years are now going to be what keeps us afloat. With less customers knocking down my door and blowing up my phone day and night, I am able to dedicate the time needed to mine the database, follow up with leads that went cold, doublecheck those direction signs to my neighborhood, and, yes, even the dreaded cold calls. But those are the things that fell to the wayside the last few years, and those are the things that will produce success as this market rebalances.
BUILDER: What are you most hopeful for the 2023 housing market?
Palumbo: I think we can all agree, the market needed to cool off a bit from last spring. In this current housing market, I am most hopeful for the customer service I will be able to provide. There will always be buyers in the market because of the three “D's”—death, divorce, and disaster. While the past few years we have had a lot of luxury buyers in the market, the three “D’s” are the people who will be buying in 2023. I am excited to serve those people with the highest level of customer service possible. My goal is for each customer to say, “We are so glad we met you.”
BUILDER: What are some of the challenges you’ve faced in new-home sales?
Palumbo: What a loaded question! Anyone who was been in this business for any amount of time knows that this industry comes with its daily challenges. I do mean daily because that is how quickly things change. Most recently would be the hard conversations had with customers in the last 24 months—from escalations and price increases to material availability and timelines. We, as new-home sales experts, have both the pleasure and duty to help shape our customer’s future for their family. That is quite the responsibility to bear, and it gets heavier when the conversations are anything but hearts and flowers.
BUILDER: How did you prepare for those conversations?
Palumbo: This is where being a relational seller has helped me the most. Since I formed true connections with each customer, it made the conversation go much smoother. I felt I could be honest and genuine with them about what was going on in the building world, and they felt they could vent their frustrations with me, instead of at me. This got us to a place where we could work as a team to brainstorm solutions with a favorable outcome for everyone.
BUILDER: How are you and Woodland Homes preparing for the spring selling season?
Palumbo: We have already seen an uptick in market movement this year. The average consumer has been desensitized or gotten over the sticker shock of the interest rates. Woodland Homes has stayed the course and continued to release homes to the field. So come warmer weather and more buyers, we will be prepared with move-in-ready or under construction homes.
As far as me, personally, I have used this time to sharpen my sword and work on upskilling today for tomorrow's buyer. That means, when I am busy again, I will have habits and processes in place to keep the momentum going, rather than falling into a place of complacency.
BUILDER: Is there anything you’d like readers to know about you?
Palumbo: Personally, I am experience driven. From traveling the world with my husband and three kids to trying all the exotic foods, if it promises an experience, I am there. Professionally, I believe in going to the International Builders' Show and strongly encourage everyone in this industry to attend. I have been every year since I started in this business in 2014 and had the honor of speaking several times. The connections and friendships formed over the years have proved to be invaluable. I am a bit of a new-home sales junkie, and I’m happy to share ideas, techniques, and insights through email or Facebook. I hope to connect with everyone in Vegas next year.
