If you’re not familiar with the term objection, think of it as a question from a buyer or seller that kind of gets in the way of them setting an appointment with you, or signing a contract. You may not specifically use the term objection, however if a seller asks you to cut your commission, or tells you they only want to list for 90 days, that’s an objection.
So, do you know the easiest way to handle an objection?
Don’t get one. It’s that simple.
Ok, stop giving the computer screen the finger…I was sort of joking!
But not really. You see, if you learn the answers to the most common questions/objections you get in every day real estate sales, then you won’t worry about getting those objections. And if you’re not worried, it’s safe to say you’ll actually be confident. And when a confident salesperson walks through the door the customer will literally almost be compelled to work with you.
So, you naturally need to practice memorizing the answers to the objections. Honestly, I don’t know how you could think of yourself as a professional salesperson if you plan to just wing it. Anything you do over and over again should be done the best way you can, consistently, every time you do it, right?
McDonalds and Burger King have policies and procedures to make their burgers exactly the same way every time they’re cooked. So, every cook in every restaurant in the country, no matter how much or little he/she is paid, does the same exact thing every time to produce the same burger that literally millions of people keep coming back for each day. The key to their success is consistency. You order a Big Mac or a Whopper and you have an expectation that it’s going to taste just like it did last time.
Professional atheletes all practice harder than they play. They consistently do the same things over and over again, the same way, so that they can train their muscles (muscle memory) to do those very things in the heat of the moment when they don’t even have to think about it.
And really, would you want your surgeon to wing your surgery because they’ve “been in the business for 15 years” and know what they’re doing? Or would you expect them to be professional and use checklists prior to your surgery?
How about your lawyer? Do you want him to wing it?
Ok, ok, I think you get the idea. Or do you? Maybe you’re ego thinks you’re that darn good. And that’s ok, I really hope you are. Christy and I at You’re The Difference Sales and Life Coaching want you to succeed at a massive level.
It’s just that if you constantly talk to buyers and sellers every day, and they all ask some versions of the same questions, or have the same objections every day, doesn’t it make sense to have the answers already on the tip of your tongue…so in the heat of the moment you just say the right thing?
SELLER: I want you to cut your commission.
WING-IT AGENT #1: Ok, sign here.
WING-IT AGENT #2: Um, uh…well, I can’t do that.
Oh, ok, you’ll think about it? You’ll call me next week? Um, ok. Thanks for having me over. Here’s my card.
PROFESSIONAL AGENT: I understand, and can I tell you why that could be the worse thing for you to do? You see, in this market, we need to do everything we can to attract buyers. More importantly we need to attract buyer’s agents, because they’re the ones who will decide what to show to their buyers. So, with 1500 homes to choose from, does it really make business sense to tell every agent right up front that their going to make less money if they sell this house?
SELLER: Ok, then cut your side of the commision.
PROFESSIONAL AGENT: That makes sense, and since you want to hire me based on my track record and marketing plan, how many of my services should I cut so that I can afford to work for you at a cut commission?
PROFESSIONAL AGENT: Why don’t you go ahead and sign the contract, and let me put my plan and record to work for you right away? Sign here.
Ok, I’m sorry to sound so harsh, but Wing-It agent #1 is an order taker and not a good salesperson. They will get the listing, and then most likely not be able to sell it for two reasons: 1) as mentioned in Professional Agent’s answer, most agents will try to avoid showing it because of the cut commission, and low showings equal little or no offers, and 2) if Wing-It agent was that easy to bend on commission, then they probably were that easy to bend on listing it much higher (where the seller wants it) than the market will bear. So no one will make an offer.
And if he/she does sell it in this market where homes are taking longer to sell, his/her hourly rate will be extremely low for taking it a cut commssion.
Wing-It Agent #2 will never get the listing. Even if commission wasn’t an issue, if a seller wants to think about it, that’s usually a smokescreen for something else. If you leave the house with no signed contract, there is a staggeringly low probability that you will ever get that listing.
Professional Agent will not only get the listing, more often than not, but will sell it quicker and for more money.
Regardless of what you might think, people want a powerful, professional salesperson. Yeah, clients may want to do some things that they think are in their best interest, and it’s your job to show them how it will negatively affect them. Low ball offers for buyers will hurt them because the seller will be less likely to negotiate. Cutting commission and/or starting at a higher price, thinking they’ll be able to negotiate later, for sellers will hurt them for the reasons stated above. Just because they want to do them, doesn’t mean it’s good for them.
The moral of the story is to practice. If you’d like to visit our products page at http://www.yourethedifference.com/products-page/ you can see we have a number of ways for you to learn and practice handling objections. Check out our book or CDs, Now What Do I Say?, where we give you multiple answers to virtually every objection you’ll get in real estate sales today.
To your continued success,