Sales objections are a natural occurrence in the sales process. As you practice real estate sales, you’ll encounter numerous objections that your prospects will bring up. There are many reasons prospects object, ranging from habits to indecisiveness.
What kind of real estate objections could you face?
The truth is, there are many. Real estate objections are not just limited to objections about your commission being too high. Here are just a few of them that come to mind:
“We want to think about it before making an offer.”
“We want to find a house to buy before I sell mine.”
“Your commission is too high.”
“We need to make $x amount of money or else I won’t sell.”
“We can do it ourselves and save commission.”
“Let’s list it high first and see what happens. We can drop the price later.”
“This other agent is charging a lot less than you. Are you willing to do better?”
“We have a friend who’s in the business…”
“We are interviewing other agents… we’ll call you when we decide.”
“We want to think about it before we decide…”
Six steps to handle objections
Now that you’re overwhelmed with just a few of the objections you’ll encounter in real estate sales, let’s work on a solution. There is a methodological way to approach objection handling when it comes to real estate. Knowing this process will empower you to become a better objection handler. You’ll be better skilled at serving your prospects by following this six step process. Let’s explore the six-step system for handling real estate sales objections.
Many real estate agents are quick to jump to a conclusion. They think they’ve heard the objection before and quickly scramble to bark up an answer they think their prospect wants to hear. They fail to actually listen carefully to what the prospect is objecting. In order to effectively handle real estate sales objections, you have to listen intently to what your prospect is objecting about so you can uncover the real issue.
To show your prospect that you are listening, repeat the objection to them. This does two things. Firstly, it tells your prospect that you care enough about their needs that you are listening to and willing to address their objections. Secondly, it serves as a means to clarify the objection in case you don’t quite understand what is going on in the prospect’s mind.
Now it’s time to examine and explore what the reason for the objection is. Talk it out with your prospect. Understand what it is they are most concerned about. It helps to ask them a question after you’ve repeated their objection.
Once you’ve thoroughly examined the reason for your prospect’s objection, it’s time to provide a solution. As long as you have paid close attention to what your prospect is really objecting about, and you’ve careful examined what their concerns are, propose a solution that will help them overcome the objection.
After providing an answer or solution to the objection, spend the time to review what it is you’ve proposed. See if your prospect has acknowledged that your answer to their objection is a solution they are willing to accept.
Once you’ve reviewed the objection and everything has been cleared up, redirect the conversation back to where you need to go. It is important to take the lead and continue on with your sales presentation after veering off with an objection. This will allow you to address more points in your presentation, and bring up any other concerns your prospect might have before committing to doing business with you.
Practice and experience
To become a proficient objection handler takes practice and experience. It helps to practice objection handling activities with your colleagues. At the same time, nothing will teach you better than actual experience handling objections from prospects.
Don’t be intimidated or worried by objections. In fact, you should welcome them. They give you a better chance at serving your client and providing a valuable service to them. At the same time, it allows you to build a database of known objections that you can proactively handle in your future sales presentations.