Elite AgentProspecting and Listing

Handling the price objection

If you’ve started 2012 ‘second guessing’ what selling prospects are thinking in terms of price, marketing, fees and choice of agent at your appraisals thus far, you are in for a year of disappointment. Rik Rushton, this years MC at AREL, looks at new ways of communicating old market fundamentals.

If I had one criticism of modern sales training, it would be the teaching of ‘scripts & dialogues’.

Selling in its simplistic form is all about asking the client what they want and then giving it to them.

If you’ve started 2012 ‘second guessing’ what selling prospects are thinking in terms of price, marketing, fees and choice of agent at your appraisals thus far, you are in for a year of disappointment. Rik Rushton, this years MC at AREL, looks at new ways of communicating old market fundamentals.

If your buyer interaction in this New Year has you spending major time at properties that they cannot buy then no level of negotiation skills will create the results you desire! The solution to these challenges for elite sales professionals is frequently just a strategic ‘question or two away’.

100% OF YOUR SUCCESS COMES FROM YOUR ABILITY TO COMMUNICATE

If I had one criticism of modern sales training, it would be the teaching of ‘scripts & dialogues’. Whilst I strongly believe in the value of learning the right words to use in our interactions with buyers and sellers, the manner in which they are used is critical in your chances of creating success. Like actors reading rehearsed lines, salespeople falsely play a ‘sales role’ when dealing with a prospect instead of being ‘real’. The challenge with this is that the client doesn’t know their part in your production! If you agree with the premise that 100% of your success comes from your ability to communicate, then you may need to re-think the manner of your communication. It’s your ability to ‘tune in’ to the needs of the client that allows you to provide a ‘solution’ to their needs and that cannot be done whilst you’re constantly broadcasting!

PEAK PERFORMERS IN REAL ESTATE SALES RARELY REHEARSE WHAT THEY WILL SAY

How much empathy do you display when delivering rehearsed lines? People see right through the ‘sales jargon’, especially if you do not display a genuine understanding of the client as individuals and what they are trying to achieve. Peak Performers in sales rarely rehearse what they will say. They do rehearse what they will ask. “What’s most important to you in selling your home? “ What’s your understanding of the current market?” “What’s the basis you’re going to use to choose your agent?” And for buyers, it’s as simple as asking what they would do? “What would you do if I showed you a property today that met all of your needs?

An Agent armed with the right questions will then allow the prospect to provide, through their answers, the insights to their dominant motive for buying or selling. Once you know this, you will know what to say!

WHEN YOU KNOW WHAT TO ASK, THE CLIENT’S ANSWERS WILL OFTEN TELL YOU WHAT YOU NEED TO SAY IF YOU’RE LISTENING.

Selling in its simplistic form is all about asking the client what they want and then giving it to them. But before being the ‘answer to their prayers’ you must first find out what they are ‘praying for’. So a structured question based qualifying system is a key fundamental to master if your goal is to increase sales in 2012. We have to remember that that words “listen” and “silent” have the exact same letters. You must actively listen to the answers the prospect gives you to ensure that you have the very best solution to their needs.

USE THEIR ANSWERS TO HANDLE THEIR LATER OBJECTIONS

If you have completed a thorough qualification, you can move forward with providing a solution. This doesn’t guarantee smooth sailing to securing the business, as the modern consumer is sure to test you with the odd objection or two. Here are a few to consider.

VPA objections

“We think our home will sell easily, so we just want to promote it on the Internet”. “I can understand you thinking that, however earlier you said that you wanted to be sold by Easter. Keeping that in mind it’s important to acknowledge that we are not selling your home in isolation… we are in competition with every other property that is trying to secure a buyer in the current market. That’s why our ‘time tested’ media plan covers all the print and electronic options at our disposal to get you sold in the premium-marketing period! We can’t wait for the day when all real estate media is totally electronic but it’s not the case just yet!”

Pricing objection

“We want to try a higher price initially”. “That was something we always did when I first got in to the industry…. but today’s buyers have so much information at their fingertips that they assess value very quickly. We can set the price anywhere but it will be the buyers who determine value… and remember you said earlier that you want to be sold by Easter to be closer to your work! Setting the initial price too high will only prolong that move!”

Fee objections

“XYZ said that they could do it for x% less than you”. “Well there are no trade secrets; we all know each other’s fees in a competitive market. Knowing that to be the case why didn’t XYZ simply match our fees rather than discount below us? Is it because they cannot match our results? We won’t discount your price to get a sale with a buyer tomorrow… and from that same position of integrity, we won’t discount our fees to get your listing today! We would rather you hired us for our negotiation skills rather than XYZ for their discounting mentality… ”

For more than twenty years, I have looked for new ways to communicate old market fundamentals. The challenges in our business remain the same but we are compelled to find new ways to resolve them. That’s why I commit to attending as many educational events as possible.

Here’s To Your Continued Success!

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