For openers, you can never get enough great objection handlers. Here’s a great technique to simplify the challenge of handling home buyer and seller objections +8 more great nuggets to make your job as a real estate Salesperson much easier…
Nugget #1. A Secret No More
Proficiency in handling objections from your home buyers and sellers is one of the most important skills to be mastered on the ladder of sales success. Here’s a simple truth to make the process much easier…
An objection is simply a question that your prospect needs an answer to. So…to handle their objection all you need to do is answer their question.
It’s a 2 step process to master this “secret”…
Step #1. Understand the question behind their resistance. Here’s how you figure out what their question is. It starts with, “Why should I…?” Here’s three common objections to show you what I mean:
- WE HAVE A FRIEND IN THE BUSINESS… Their Q. “Why should I hire you…when all agents do the same thing anyway?”
- WE’RE GOING TO SELL IT OURSELVES… Their Q. “Why should I…pay you $20,000 to do something I can do by myself for free?“
- WE’RE GOING TO WAIT… THERE’S NO HURRY… Their Q. “Why should I…go out and look at homes right now?”
Step #2. Now that you’ve figured out what they really want to know…All you need to do now is to follow this simple 2 part formula:
- Understand what the question is (you now know that it starts with…Why should I…?),
- Don’t complicate it. Just… answer their question have a conversation with them.
Conclusion: Okay, it’s a “secret no more”. Now you know the SECRET SKILL. Here it is in a nutshell…Every objection is preceded by your prospect silently asking “Why should I…?” All you need to do is answer their question. Test it out, it works every time. You are now great at handling objections! NO Excuses.
Nugget #2. Want a Daily Schedule That Works?
Everyone knows that following a solid schedule on a daily basis offers three significant benefits:
- You get a lot more done and you work less hours
- You focus on the important tasks + it’s easier to SAY NO when you need to
- You sell more homes and you earn more money
So what should my daily schedule look like Bruce? Here is a template for you to start from. Take this approach that I followed for years and… this is important… adapt it to your personal lifestyle. Don’t change it dramatically, just adjust it so it fits the way you want to live.
Bruce’s DAILY SCHEDULE TEMPLATE
Suggested Sequence of Activities:
Get up on time (5:30-6:30)
Goals and Affirmations (15 minutes)
Exercise (30 – 60 minutes)
Get ready & Breakfast
Drive to office
E-mails and preparation (30 minutes)
Role-play and Practice (30 minutes)
Prospect for real estate leads (2 hrs. minimum)
Lead Follow-up (15 – 30 minutes)
Return Calls (15 – 30 minutes)
Return Calls #2 (15 minutes)
Prepare for Buyer and Seller Appointments + Administration (1 hour)
Go on Appointments (2 – 3 hours) or Prospect
Prepare for Tomorrow (30 minutes)
Optional – evening appointments/night phones
Gratitude Journal (5 – 10 minutes)
Go to Bed on Time
Conclusion: Good luck with this, I know it will take some ongoing adjustments. Don’t be intimidated by the early-morning activity… it pays off huge. You may have to get up a bit earlier than you are right now but it’s worth it.
Also, don’t try and get it perfect all at once. Make it a working document. By tweaking your schedule as you go, you will have a very strong personalized routine within 30 days. NO Excuses.
PS…for the ultimate Time Mastery Package, go to “All the Right Time“.
Nugget #3. How to Dig Deeper
Ever run into that situation when your prospect (real estate buyer or seller) doesn’t reveal their true motivation easily? Sometimes they are vague, sometimes they’re unclear, and sometimes it appears that they’re not even sure how motivated they are.
Regardless, there are 6 questions you can ask if you want to “dig deeper” and get to the bottom of their motivation. The first three are the standard ones that all real estate Salespeople ask (where? when? why?):
- Where are you moving to?
- When you want to be there?
- Why are you moving? (My preferred way to ask this one is…”I’m curious, what’s taking you to __________________ ?” It’s less confrontational that way.)
Problem… this is where most real estate Salespeople stop. The best Agents can sense when they need to dig deeper to get to the real motivation. Here’s three follow-on that will allow you to do exactly that:
- Sounds exciting, could you tell me more about that? (you are referring to question #3 here. IE: why?)
- What’s important about ( a bigger house, moving to Chicago, etc.)?
- Here’s a final question Mr./Mrs. Prospect…Just so I understand, what will that do for you…you know, moving to ________________ ?
Conclusion: Getting their true motivation is critical to you being efficient with your time. Don’t hesitate to dig deeper… the last thing you want is to find out too late that you have been wasting your time with an unmotivated Prospect. That’s certainly not in your Real Setate Salesperson Business Plan, is it? NO Excuses.
Nugget #4. Something They Always Remember – Home Buyers
One of the biggest challenges in working with your real estate prospects is to separate yourself from the competition. How do I stand out, Bruce? How do I stand out in this very competitive marketplace?
You have to give them “Something They Always Remember”. I call this a STAR moment (Something They Always Remember). Here’s how to do this for your home buyers…
Your Buyer Package.
When meeting with a home buyer early in the process, most real estate Salespeople give them the usual brochure/handout that was produced en masse by their Corporate Head Office. Very forgettable and seldom read. That isn’t “something they always remember”. Here’s a very effective alternative…
Show them a very powerful list of your customized “Marketing Plan for Buyers”? Here is a key point… you need to go over this list with them rather than just hand them a piece of paper. Sell your home buyer on what you do that is special. Be assured, no one else does this!
MY “SECRET SAUCE”
What’s different about me? — Buyers
- Do an initial search of existing homes for sale that meet your needs.
- Create a “Computerized Automatic Buyer Search Program” customized specifically for your needs. E-mails are sent immediately.
- Research all For Sale by Owners, expireds, and cancelled listings for additional potential matches.
- Prospect two hours every day looking for new listings that are not yet on the market.
- Contact the Top 25 Listing Agents locally to discuss potential “pocket listings”.
- Broadcast your needs and wants at our office meetings to identify any new inventory first. We have a total of__________ Salespeople.
- Preview properties regularly to help you save time.
- Negotiation Skills: my Buyer transactions typically are 2.5% below the average prices negotiated in our area. This means $_______ in your favour in your price range!
- Eliminate any properties that do not meet your needs.
- Personally DOOR KNOCK the neighborhoods you are focusing on to identify any possible Sellers not on the market.
- Advise you as to the most advantageous offer strategy prior to preparing your offer. (E.g.: unique terms and conditions.)
- Provide a list of qualified tradespeople to assist you in the buying process when necessary.
- Support you through our extensive Lender contacts to secure the best possible mortgage rates in the area.
- If you have not purchased within two weeks, conduct a full Consultation Interview with you to re-evaluate your strategy. Recommend any changes necessary to our search criteria.
BONUS TIP: pay special attention to item #14. If they have not made an immediate purchase, this is where you sit down with them and go over “what we have learned”. You may need to counsel them on either: a) lowering their expectations or b) increasing their budget. It’s a great way to introduce that necessity if it arises.
Conclusion: It’s that 10% extra effort that you put into delivering unique added value that will set you apart as the “go to” real estate Salesperson. Give your home buying prospects something different to remember about you. Not that difficult when you build it into your on-going business model.
Start thinking about what you can do that makes you memorable…create that STAR moment. Use the above list to get started in generate your own Marketing Plan for home buyers. NO Excuses.
Learning to Drive
A new Coaching Client recently shared a great analogy about getting started in real estate Sales. She said…
“You know Bruce, when I got my license to sell real estate, it was like they gave me the keys to the car… but no one showed me how to drive!”
This is a fairly common concern, don’t you think? Like it or not, you are pretty much on your own as an independent contractor when it comes to deciding on how you’re going to improve your real estate selling skills.
Jim Rohn always advised that we should “work harder on ourselves than on our business”. There are two main aspects of this very sage advice:
- Work on your mindset daily. Fill up your tank with new material to combat the naysayers.
- Work on your selling skills and your business management skills every day so you are growing, not standing still.
The challenge is that often you are so busy dealing with the day-to-day “snakes that get out-of-the-box” that it’s easy to overlook these two critical issues. Here’s 4 suggestions that won’t impact your daily schedule and still let you stay ahead of the crowd:
- Get up 15 minutes early Monday to Friday. In the quiet of your own home, read or listen to some inspirational or training material . Set yourself up for success before you start the day.
- Never drive your car during the work day (or on the treadmill when exercising) without listening to some great input that will “show me how to drive”. Many of our Coaching Clients listen to “All the Right Words”.
- Hire a Coach. No one ever got an award for “doing it on their own”. A great Real Estate Coach will help you through the daily “minefield” of selling homes and hold you accountable every step of the way.
- Spend the last 15 minutes of your day in the quiet of your bedroom reading or listening to some inspirational material (in this case – no training material, just something to send you to slumberland in the right mood). It’s a great way to empower your subconscious.
Conclusion: Be one of the 10% who actually does these 4 things. Don’t just agree and then keep doing things the same way. Jim Rohn’s advice about “working on yourself” doesn’t have to interrupt your work activity when you take this approach. Add these ideas to who you are and it will rub off on everything around you. Invest in yourself. NO Excuses.
Nugget #6. We Miss You Vince
There is a hard truth in the quest for success that go matter what route you take, you must pay the price. Hall of Fame NFL Coach Vince Lombardi died in 1970. He was a master at motivation, many of his truisms are still as legendary as the man himself.
Here is one of those realities that Lombardi shared that helps separate the “those who want” from the “those who do”…
“I have never known a really successful man or woman who deep in their hearts did not understand the grind, the discipline it takes to win”. Vince Lombardi, 1913 – 1970
Conclusion: Nothing more needs to be said. You might consider doing as I have done… take the above quote, print it out and post it on the wall in your office. Use a large font size (eg: 28, Arial Black).
Worth reading every day. Thanks Vince. NO Excuses
Nugget #7. Laser Focused Lead Follow-Up
In real estate sales there are two basic types of leads…30 day leads and longer-term leads. It’s very important to make a distinction between these two. Why?… Because the time spent on the first group is much more productive than that spent on the second group.
It’s safe to say that your 30 daily leads are your HOT leads. These are people that you believe will take action to buy or sell a home in the next 30 days.
Here’s a great system to keep the two types of leads separate and at the same time ensure that nothing “falls between the cracks”.
- Keep all leads in an online database – a CRM that you can review easily.
- Keep your 30 daily leads in hard copy on lead sheets that you can update manually every time you speak with them over the next month. Critical Point: your next follow-up date should always be recorded for easy reference.
- Use HOT PINK paper for these lead sheets. Something that will “jump off the desk” and never get lost.
Conclusion: Typically you will have 6 – 8 of these Hot Pink lead sheets on the go at any one point in time. It’s a simple process to stay ahead of the game, simply flip through these home buyer and seller leads first thing every morning.
All you are looking for are the ones with TODAY’S DATE marked on them for follow-up. Make sure you have at least 15 – 30 minutes in your schedule every morning to call your Hot Leads. Typically there will only be 2 – 3 that you should call on any given day.
Keep it simple! This Laser Focus approach can easily generate 2 – 4 additional transactions each year. Well worth the effort. NO Excuses.
Nugget #8. Not Last In?
It’s can be unnerving when competing for a new listing to find out that you are not going to be the last Salesperson they interview. The good news is there are some excellent questions you can ask to protect yourself (and your home Seller) so that they end up with the best real estate sales Agent (ie: You).
Here are 6 questions for you to ask in a conversational manner:
- Just so I understand Mr./Mrs. Seller, why did you decide to interview more than one agent?
- No problem, what are you looking for in an agent?
- I’m always interested, where does price fit in to your criteria when you are deciding? (The reason for this question is because of the following truism… no matter what they tell you when they answer question #2, price and commission are always number one on their list)
- How will you decide what your price should be?
- Here is an important question… how will you decide who you’re going to pick after you have interviewed everybody?
- Last question Mr./Mrs. Seller…Because you are interviewing another agent after myself, can I make a suggestion to you? (Sure)
Just so you get the best for you and your family, would you make sure that you don’t sign any contract before we talk one more time?
What I mean is, if anything comes up that you feel we haven’t covered, let’s make sure we discuss it before you make your final decision, okay?
Conclusion: Get in the habit of using this approach every time you are not the last one in. Two items for you to consider…
Pay special attention to question #5. The… “how will you decide who”… question is the KEY question. It’s a great way to help them see why what YOU bring to the table is better than anybody else can offer. This is where you show them “what’s different about me” and the added value you bring to the process.
Also, question #6 helps keep the door open in the event that a competitor is “closing for the signature”. Make sure that they understand that they don’t have to be pressured into making a hasty decision. Be assumptive – you are the best choice. NO Excuses
Nugget #9. How often do you get on the weigh scale?
It’s a quirk of human nature that the only reason people do not want to get on the weigh scale is because they don’t like the answer it gives them! Just the you know, I’m not asking you how much you weigh. What I’m really asking you is how often do you track your results in your real estate sales business?
To run a successful real estate Sales practice at least once a week you need to update the following…
- How many home seller listing appointments you went on?
- How many properties you listed?
- How many homes sold – sellers under contract?
- How many buyer sales – buyers under contract?
- How many home buyer or seller transactions closed?
Most Salespeople would respond that they already know the answers to those five questions. Now here’s the Advanced Version…
Is it just in your head or is it written down and posted on the wall in your office?
I’m not talking about having the #s on your smartphone or in your computer – I’m talking about having your results highly visible. This is important distinction… when they are staring you in the face you never lose track of how you are doing.
Here’s a simple process to follow:
Step #1. Buy a 2’ x 3’ white board and hang it up where you will see it every day.
Step #2. On the left-hand side indicate your targets for the next 30 days for the above 5 categories.
Step #3. On the right-hand side track your results so far this month.
Step #4. Make every effort to ensure that the right-hand side is equal to the left-hand side by the end of the month.
Conclusion: Would you like to sell more homes, earn more money, and have less stress? The first step in doing more business is to measure your results no less frequently than every week – and post them on the wall.
Winners are trackers, losers are guessers. You may not always like what you see but that’s the first step in fixing it. It won’t be very long before you’ll be very excited with the results you are posting on the wall. Make sure you are getting on that “weigh scale” at least once a week. NO Excuses.
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