Be prepared and put the odds in your favor.
We all struggle with this, but when you build your objection shield you will come in with the odds in your favor. You will be surprised, even the best, experienced agent struggle with difficult objections. The only reason those agents make it look easy is they simply have more sales opportunities, more case studies, and generally more confidence to overcome any attack.
There are some agents I have met, amazing Agents, and very few of them can work “miracles” and win “unobtainable” contracts. So stop fighting (and be thankful that you don’t have to work with clients who would likely give you a headache).
Instead, focus on the objections you can overcome and become more confident to overcome them. In today’s blog, I’ll give you the tools to improve your approach.
The best way to deal with objections is to reduce the chances that they will arise in the first place.
How can you do that? Always try to “over-sell” yourself to the owner. It’s always better to over-sell than under-sell. Under-sold people often change their minds, get blocked by objections, or delay decision making. If you think someone is ready to sign up, do not stop your presentation. Instead, use a closing question to make sure they’re ready to sign up.
Some good test fences are:
– “Does this sound like what you are looking for?”
– “Are you ready to move forward today?”
– “If I can get you what you want, do you want to go ahead today?
How do you oversell yourself?
Use all the tools at your disposal. Use a Powerpoint or Flipchart presentation. Show sellers case studies and / or listings of other homes you / your business have sold. Build a relationship the moment you walk in the front door. Use the hypothetical fence.
Explain how your marketing will generate more interest in buyers so that sellers get a higher price. If you can demonstrate how you will get both owners, you will part with the agents who will only talk about the number of houses they have sold.
Practice your presentation until you are amazing. After all, practice makes perfect.
Sell yourself 100%, and it will be easier to sell your quality to others. Selling is the transfer of belief from one party to another. If you don’t believe in what you’re selling, neither can salespeople.
One of the best ways to sell yourself on the value you provide is to review all of your successful case studies. Look at the homes you have sold that other agents couldn’t sell. Look at the houses that you have sold for a record price. When you reflect on your successes, you realize the value you bring to the table.
Stop negative self-talk and focus on positive self-talk. Say to yourself, “I’m the best real estate agent in my town”, “I’m selling houses for the best price”, “The sellers want to hire me”, etc. Yeah, I know that sounds arrogant and almost like magical ‘voodoo’. But it works.
If a salesperson resists, tell them they can fire you at any time if they change their mind. I won many ads because I was ready to do it. And in today’s review-driven real estate environment, you’d likely allow a seller to cancel at any time anyway. It’s not like you’re really losing anything.
Practice handling objections. Just practicing objections reduces the likelihood that they will ever arise. I know it sounds strange, but it is. Confidence can prevent people from expressing their hesitation.
How to handle specific objections:
Objection: “I want to think about it.”
When someone expresses that objection, what they really say is, “I’m not 100% convinced that you are the right agent to hire.” In this situation, you want to identify what is holding them back, fix it, and then ask for the sale again.
Example of how to deal with it: “I showed you how I can market your house to attract more buyers and sell it for more money. What is it exactly that is preventing you from moving forward with me today?”
Usually the seller expresses their specific objection or hesitation. Then you can fix it and request the list again.
Objection: I want to find my next house before I put this one on the market.
Example of how to deal with it: “You know, ________, this sounds like a great way to sell your home and buy your next one. But, do you want to risk losing out on your perfect dream home?”
Pause and wait for the seller to say “No.” Then continue below.
“Here’s the problem with finding your next house first. As you know, it’s probably going to be a really great house. And because it’s great, lots of other people will be interested in it, which means the sellers will be able to pick and choose which offer they want to accept.
“And if you were that seller, which offer would you want to accept? An offer from a seller who hasn’t even listed their house, or an offer from a seller whose house is sold and who has everything lined up to buy your home? You’d probably take the offer from the seller whose house is sold, and the person selling your home probably feels the same way. So let’s get your home on the market, get it under contract, and then I’ll go to work to find the perfect home for you. Let’s move forward and get started today.”
Then, just assume they want to move forward and continue.
Objection: Another agent told me they can get me a higher price.
Remember that you can always ask for price reductions in the future. If the seller is insistent on a higher price, tell them you’ll list it at that price but warn them that you don’t think it’s realistic. Let them know that some agents just tell you the highest price to get you to sign with them, but they rarely actually deliver.
Example of how to deal with it: “We can list your home at that price, but I want you to be aware that I believe that price is too high for this area. I worry your home won’t be seen by the right buyers if it’s listed at an unrealistic price point, but we can start there and see how it goes if you’d like.”
Objection: Have you sold any homes in this area/neighborhood?
Agents often run into these objections with sellers in a high-end area when they don’t have an established track record there.
Example of how to deal with it: “No, I have not sold any homes in this area. But, that’s exactly why you should hire me. Let me explain. You see, I work with a lot of people who are selling a lower priced home who will then be buying a home like yours, which means I’m going to be working with more buyers than an agent who works exclusively in this area. Does that make sense?”
Wait for them to say “Yes” and then ask for the listing.
Objection: I will sell it myself.
Most people have no idea how much work it takes to sell a house, especially for the highest price.
Example of how to deal with it: “I can appreciate it. And at first glance, it looks like you can sell your house yourself and save a lot of money. I feel like you really want the most money in your pocket, don’t you? Take a break and wait for the salesperson to say “Yes”. Then continue, “And that’s exactly why you should hire me.” I showed you how I can market your home to attract more buyers and sell it for more money. My strategies will allow your home to sell for 2-3% more, save you over 100 hours of work, protect you, and make the whole process much more transparent. I NET YOU the same amount of money and saves you over 100 hours of time. Based on that, will you list your home with me today?
Objection: Your commission is too high.
Example of how to deal with it: “I agree there are a lot of desperate agents out there who will happily drop their commission. And I’ve shown you how I will market your home to attract more buyers and sell it for 2-3% more money. So, you will NET more money with me. Can I show you why?
Pause and wait for the seller to say “Yes.” Then continue: “Here’s why I’ll NET you more money. Not only will I do a better job marketing your home and attract more buyers, but I’ll also fight for you. I’ll fight to get you the highest price and the best terms. Do you really think those agents who were so quick to fold with you will fight for you when a buyer wants to get a better deal?”
Pause and wait for the seller to say “No.” Then continue: “That’s why you need me. Let’s get started today.”
Another great way to combat this objection is by showing the seller how much money they will save by selling faster. Check out how Rusty handles questions about his commission rate.
Objection: I have a friend in the business.
If the seller has met with you, then they aren’t “dead set” on hiring the friend. In my experience, this is usually a smokescreen objection the seller is using to try and get rid of you. So don’t get flustered. Here are some different ways to handle it:
- Ask if they want to mix business and friendship.
It’s never the best idea to work with someone you know when there’s a lot of money at stake.
Example of how to deal with it: “I have a lot of friends in the real estate business, too, which is why when I look to hire someone, I look for the best. Obviously, you chose to interview me because you want to get your home sold for the most money possible. That’s what you want, isn’t it?”
- Offer a referral fee to their friend.
This can let the owner hire you and feel good about not working with their friend.
When you offer this and remind them that business and friendship can go wrong, it works a lot of the time.
Example of how to deal with it: “I have a lot of friends in the real estate business, too, which is why when I look to hire someone, I look for the best. Obviously, you chose to interview me because you want to get your home sold for the most money possible. That’s what you want, isn’t it?”
Pause and wait for the seller to say “Yes.” Then continue: “I’ve shown you how I can market your home to attract more buyers and sell it for more money. Your friend wants what’s best for you, and I’ll call and give them the news. Let’s get started today.”
Objection: We need to interview more agents before we decide who to hire.
When someone voices that objection, what they’re really saying is: “I’m not 100% convinced that you’re the right agent to hire.” In that situation, you want to identify what is holding them back, address it, and then ask for the sale again.
Example of how to deal with it: “___ I can appreciate that. And I’ve already done that for you. I shopped all the best agents in the area and compared what they do to what I do. And you know what was surprising to me?”
Pause and wait for the seller to say “No.” Then continue: “None of those Realtors took marketing as seriously as I do. And that’s why I’m going to get you top dollar. Which leads me to believe that somewhere along the way I haven’t convinced you 100% that I can get you top dollar. So, what specifically is stopping you from moving forward with me today?”
Usually the seller will voice their specific objection. You can then address it and ask for the listing again.
Make a decision to become the best. Set a goal and then start working on it. Real estate is one of the best businesses in the world – if not the best. Where else can you make more money than a dentist, without going to 12 years of school, without being trapped inside people’s mouths all day, and without the risk or overhead a dentist has to deal with!?
You decided to get into this business because you realized how awesome it is. So, you might as well get really good and crush it!
If you’re looking for a home in Houston surrounding areas , we can help! Working with a qualified real estate agent that works quickly, notifies you right away of newly listed homes and helps you make the most attractive bid is the best way to ensure you win the bid on your dream home even during the housing shortage in Houston. Call us today and let’s get started!