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Archive for Sales Success

Turning “Nos” into a “Yes”

Turn No into Yes

Do you hate being told no?

Most of us do. It’s frustrating. It means that we don’t get what we want – at least not right away. From the time we’re two years old we don’t want to hear “No.”

Unfortunately, in the real estate business you hear “No” a lot. How do you handle it? The good news is that you don’t have to simply walk away. You can turn a “No” into a “Yes.”

No is a Knee-Jerk Reaction

Most people will say “No” to anything as a first reaction. Are you shopping in a store, and an employee asks if you need help? “No.” Any time your coworker or child starts to say “Hey, would you..”

“No.”

The good news is that means the first time you hear a rejection it probably isn’t a firm one. They probably haven’t even thought about what you said. They are being interrupted, or they are defensive, or they are thinking about something else.

So how do you handle a “No” that’s not a real “No”?

Start the Conversation the Right Way

One way to avoid the knee-jerk “No” is to start the conversation without going straight for the sale.

Let’s say you are doing a pop-by and someone is chatting with you at the door. Ask questions like, “Isn’t this a great neighborhood?” and, “Wow, what a sweet dog, I bet that’s a blessing to come home to every day.”

In essence, talk about agreeable things where they start saying “Yes.” Of course they like the neighborhood. Of course they love their dog. Get them on these positive topics, and get them saying yes.

After this, you have more room to ask if they know the value of their home and if they’d like to find out. By that time, you’re already an acquaintance they have positive feelings about from your initial conversation.

Be Curious, Not Obnoxious

There are sales jobs where they tell you the customer has to say “No” three times before you can end the conversation. That leads to a lot of obnoxious, pushy sales calls.

Don’t be that person. Instead, be curious. Suppose they say no, they aren’t interested in learning the value of their home. Ask about it. “It never hurts to find out more about your home’s value. What about a value assessment doesn’t interest you?”

Think about things in terms of serving them, not in terms of making a sale. In what way can you serve them? What do you have that they need? How can you set up your conversation so it fits into the timeframe they have?

When you approach a prospect through eyes of curiosity and service, rather than sales and closing, you approach them as a person. The difference in your attitude will be obvious, and the prospect will be much more open to talk to you.

This is Just the Beginning

The full process of handling rejections and turning a “No” into a “Yes” is of course larger than a blog post can cover. But the approach can be the most important part. If you come at things understanding that “No” is often a knee-jerk reaction, and not a real answer, it will be easier to overcome.

You can start the conversation in a way that brings forward “Yes” before you ask for the sale. You can approach the prospect with a spirit of curiosity and service, instead of aggressive sales. Both of these help you set the stage for a good interaction.

What do you do to turn a “No” into a “Yes”? Share in the comments!

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Handling Objections From an FSBO

For Sale By Owner Objections

There’s a reason FSBO (For Sale by Owner) home sales have dropped from 19% to 8% over the last 20 years. It’s often not worth it to sellers.

But there are still those stubborn few who think they can save time, money or hassle by selling their own home. It’s your job to show them the many flaws in that plan.

So let’s examine a few common things your typical FSBO seller will tell you, and how to handle their objection.

For Sale By Owner Seller Says: “This Will Save Me Money”

They assume that your only function is to put your hand in their pocket and take a cut of the sale they could have had anyways.

This is, of course, wildly inaccurate and the numbers support this. The typical house sold by the homeowner sells for $210,000 while the typical house sold by an agent sells for $249,000. So the seller’s net from the transaction is actually likely going to be much higher from working with a Realtor®.

For Sale By Owner Seller Says: “I Know What I’m Doing”

No, they likely don’t. Most FSBOers will assume they can just Google the required paperwork, print it off, fill it out, and they’re good to go. We both know how absurd that is.

There is a lot of negotiation and red tape that needs to be handled before you even get to the actual purchase. And they need an expert on their side to guide them at every step.

“You can expect lots of competition, cutthroat tactics, all-cash offers, and bidding wars. Don’t you want a savvy and professional negotiator on your side to seal the best deal for you?” wrote real estate blogger, Rachel Stults.

“And it’s not just about how much money you end up spending or netting. A Realtor® will help draw up a purchase agreement that allows enough time for inspections, contingencies, and anything else that’s crucial to your particular needs.”

You have likely saved people a lot of time and hassle during your career. Tell your FSBO sellers about these times, and use real world examples of how complex things can be.

For Sale By Owner Seller Says: “This House Sells Itself”

If a seller has a hot property that will likely move quickly, selling it themselves will likely leave money on the table by not getting the highest possible asking price for it.

“It’s not impossible to sell a home on your own, but you’ll find that buyers expect a substantial discount when you do, so what you save on a real estate commission may end up meaning a lower price,” wrote real estate and finance expert, Teresa Mears.

“It’s not impossible to sell your home on your own for the same price you’d get with an agent, but it’s not easy.”

For Sale By Owner Seller Says: “A Yard Sign and Newspaper Listing is Enough”

Again, this may make sense in their minds, but the data shows there is almost no truth to this theory.

When it comes to where buyers are looking for new homes, 44% look for houses on the internet and 33% use a Real Estate Agent. Only 9% use yard signs and 1% use the newspaper. So a FSBO seller is only exposed to roughly 10% of the buyers that could see their home if they worked with you.

The FSBO mentality will forever be one of your biggest competitors. There will always be be people who think they can make more money from a FSBO transaction, because they know what they’re doing and their house will sell itself via a simple yard sign. You know better! So always use anecdotes from your actual career to illustrate the many examples of the times you helped buyers make more money, and saved them a ton of time and heartache.

PS: As you get ready to market your new listings, don’t forget about flyers and postcards! You can customize your own design and have high quality marketing materials delivered to you quickly and easily! 

Six Things That Could Be Sabotaging Your Sales Success

Sabotaging Sales Success

Did you just lose a big prospect and you’re left wondering why? Or do you feel that your sales could be better, but you’re just not sure what’s holding you back? Real estate is a hard business, no doubt about it. Fortunately, there are some common errors that Realtors® make that sabotage their sales success. After taking a look at these, you may know exactly what you need to do to improve your business.

Your Value Doesn’t Match Your Commission

Being a full-service broker means a lot, but it comes at a price. It’s amazing to me that the kind of scrutiny about pay that Realtors® get every day. But nonetheless, it’s there. So, if you have a higher commission than is common in your area, you need to provide the value and service that backs it up. This will help you handle objections as well, since you can point out exactly what you do that others don’t. If you can’t prove that you work up to your commission, you are losing business left and right.

You’re So Busy You Fall Behind

You can never have too many clients, right? WRONG! When you’re so busy that you fall behind and start dropping the ball, you’re giving your clients a terrible impression. Unfortunately, you will quickly develop a bad reputation that will hurt your business and make your sales plummet. It takes an unbelievably short amount of time to create a bad reputation – don’t do it to yourself! If you have too much business, work out a split with another agent or hire help.

Your Team Isn’t Solidly Identified With You

Having a team is a great help, but the marketing you do needs to reflect that team spirit. If you don’t identify closely enough with your team, the clients you refer to team members will feel slighted and may drop out of the deal. Make sure everyone has the same explanation of the sales process as you do, and introduce your clients to your team in a warm, integrated way. Don’t just hand them off and run! Having your team on the same page and using warm introductions will go a long way to keeping clients on board.

You Run Late

As an agent, it’s very important to be on time – preferably a few minutes early – to any appointment, lunch, etc. Is there likely to be a lot of traffic or construction? Leave plenty of time to navigate. Even if you have a great story or excuse as to why you were late, the fact is that the client doesn’t care. They only care about their own schedule, and if you disrupt it, you are definitely losing the sale.

You Seem Desperate

When someone is looking for a date in a desperate way, they scare off all but the extremely sleazy members of the opposite sex. The same is true in real estate. If you seem super desperate, hoping to turn everyone you meet into a sale, you’ll scare off the good prospects. The only people who will give you the time of day are the ones who will waste your time, take advantage, and probably never give you a sale in the end. Relax – let your marketing do its work, and don’t be looking for “fresh meat” everywhere you go!

Your Website is Horribly Outdated

Websites get better every day, it seems, because the technology used to build them gets easier and easier for even a novice to use. If you’re not using an up-to-date website builder, or if your website is nothing but a bunch of tiny text jammed together, I guarantee you’re losing sales. People look online for real estate before they ever call an agent, so make sure your website is dressed to impress.

None of these six common mistakes is impossible to overcome. The biggest obstacle is often recognizing what the problem is. Once you figure it out, it becomes easy to make the corrections and get the sales you deserve. So whether you need to update your website, coach your team, or set your watch ahead, get on it! Stop losing sales over silly mistakes.

Do you see Realtors® losing sales for common, silly reasons? Share in the comments!