It’s that time and you and your prospect both know it.
A commitment needs to be made.
You’re close to getting one…but there’s an objection lurking in the wings that needs to be addressed before you can get that “Yes”.
Your ability to make sales – and earn consistent commissions – relies heavily on your ability to handle these objections and convert these speed bumps into into commitments to do business.
There are a ton of objections out there, but some of them come up way more than others.
In our world, there are three that come up pretty regularly.
“I/We need to think about it.”
“I/We want to pay a lower commission.”
“I/We have a friend/family member in the business.”
You may have cringed while reading those.
But at the end of the day, not handled properly, these three objections can stop your sales efforts dead in their tracks.
To help you smash these objections like a homerun over the left field wall at Jacobs Field in Cleveland, I’m sharing with you what works for me.
I know it will work for you.
Overcome These Three Tough Objections…
“I/We Need to Think About it”
This objection is the granddaddy of them all. It’s not only a great stall tactic, but it also brings any sales momentum you have to a screeching halt.
What makes it worse is that it’s not an absolute “No”. It’s vague at best and it really doesn’t give you anything to sink your teeth into to handle the objection as you would other ones.
When you get this one sent your way, you have to get into curiosity mode and start asking some questions like:
- “What is it you wanted to think about?”
- “When you think about it, what specifically are you going to be thinking about?”
- “Other than need to resolve the matter that is unclear to you now, is there anything else that would prevent me from helping you sell your home/buy a home?”
And once you get some traction there, start asking: “Anything else?” to get the momentum moving again and to keep them talking. Your goal is to peel the layers of the onion back so you can get to the real sticking point. Asking good questions and helping them get clear is a key part of that strategy.
The important thing to remember here is to not just roll over and ask, “Okay, when is a good time for me to follow up?”. You may end up there…just don’t start there.
Remember, objections are a natural part of the sales process. Your job is to address them and then resolve them while as soon as you can.
Don’t let them go unattended so that they grow into huge, immovable boulders on which you can’t get any movement and eventually lose the sale.
“I/We want to pay a lower commission.”
As with every objection, you need to determine the meaning behind it before you can successfully resolve it.
When it comes to commission objections like this one, it usually, means one of two things:
- You and your company are right for me, but we really can’t afford it: This one is tough because you have buy in, but your prospects just can swing your fee. Your goal here is to crunch the numbers for them and then see if it can work after that.If not, assure your prospect that there is no pressure to work with you at this moment and then nurture the relationship with them until they are ready to move forward. As well, if it makes sense to reduce your fee, do it and make it a huge win-win for both you and your prospect.
- We love you and your company, but we want a lower commission: Some folks fancy themselves as good negotiators and you just have to run with it.The goal in this situation is to get them to focus on what they’re making/walking away with versus what they’re spending. In fact, you can ask them outright: “Mr./Mrs. Seller, are you more concerned with what you’re paying or walking away with?”
They likely will say the latter.
At this point, you must be able to demonstrate to them that you’re going to get them more money for their home, even after your fee.
You can’t just tell them…you must show them.
If you have to, offer them a guarantee that you’ll take less if you get them less than a specific amount. That way, when they win, you win and if they lose, you lose.
“I/We have a family member/friend in the business”
This may be the toughest one of them all.
Getting a seller to not do business with someone they know and possibly love takes some serious leverage and a decent skill set.
The important thing with this objection is to first agree that it sounds like a good idea: “Mr./Mrs. Seller, it makes sense that you would want to use your family member/friend to help you get your home sold. You know them and trust them…two things that are important in making the decision to work with someone.”
From there, though, you need to create doubt about that choice: “Let me ask, are you hiring this person because you want to help them out or because you think they’re going to get your home sold in your time frame for the most amount of money?”
You won’t be shocked to know that many of the people who make this choice are looking to help their family member/friend out.
That said, even if the seller says that they’re choosing that person because they’re going to do a good job, the question is the same: “If you’re family member/friend fails to do a good job, wouldn’t it be damaging to your relationship? It’s kind of the same reason many doctors won’t operate on family members and friends. A negative outcome could have disastrous results on their relationships with family members and friends. That makes sense, right?”
If that makes sense to them, close for the listing and get the paperwork signed.
If they don’t agree to give you the listing. offer them the opportunity to pay their family member/friend a referral fee for their time and efforts and list the home with you so they get the best of both worlds – help their friend and get their home sold for the top dollar by a top real estate professional.
No matter how good of an agent you are, you will always face objections. The important thing is for you to be able to handle them and turn them opportunities to earn your prospect’s business.
If you can handle these three like a champ…you’ll become an objection handling machine.
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