Coaches Corner Newsletter - Issue #976
 
April 16th, 2020
logo
facebook   rss   twitter   linkedin
 
 
Learn More
 
 
Words of a Champion...

The Law of Difficulty basically says this:  The harder the task, the fewer the people who will try to accomplish it. There is an advantage to the tougher tasks like being a Champion level objection handler. Most Agents will not do the work to perfect the skill.  Once you do perfect the skill, you will have very limited competition. When most people face a challenging problem or task, they will stop before they even get started. That’s why so few Agents have the right attitude with objections and the skills to make the sale in spite of the objections or concerns of the prospect.

There are two ways I have discovered in life to make a lot of money. These two ways are, in essence, two choices we make on how we will approach our business. The first is to be exceptional at something that, fundamentally, no one else can do. The world has become a world of small niches or specialists. We can look to the medical field, attorneys, sports, entertainment, and many businesses to see evidence of specialists.  The medical field started this trend years ago, but it has branched into other fields.  Being a specialist in real estate niches or skills can pay handsomely. One specialty I would suggest is being a specialist in handling objections.  Be prepared for all that comes along. Don’t be sidelined, sidetracked, or blindsided by anything a prospect says.

A skilled Trial Attorney has prepared briefs, questions, and analyses of every possible move the opposing counsel could make. He has crafted questions, arguments, statements, and responses to each strategy and tactic he wants to implement in the trial and that his opponent might want to implement. Be as organized, prepared, scripted, and practiced as a Trial Attorney who is representing a client on a murder rap.

The second option for high earnings is to do something that no one else wants to do.  There are jobs in this world that earn large incomes because few people would want to do them. Take, for example, working in the oil fields of the Middle East, working on a fishing boat in the Bering Sea, working for an asbestos removal company. All of these are highly paid but highly unpopular jobs. Salespeople can fall into that category, as well. No one likes rejection, especially when you are as close to making the sale as you are when you hear an objection. Mastering objections leads to increased sales, performance, and income. Too few Agents really work at this tough job.

To Your Success,

Dirk Zeller

img-160-166
 
Focus
img-160-166

There is one large barrier real estate agents need to master to create dominance in their marketplace.  That one barrier is focus. 

Focus always comes before success…even in the dictionary.  For one to achieve success in business, or in life, they must have intensity of focus.

Here is a key question we ask all our clients.  What is the one thing that, if done with excellence, would make the biggest impact in your business?  Now read that question again.  Think about it…what is the one thing?  Let me share a quote from Peter Drucker, the great leadership and business thinker.  “Effective leaders delegate a good many things; they have to, or they would drown in trivia.  They do not delegate the one thing that only they can do with excellence, the one thing that will make a difference, the one that will get the standards, the one thing they want to be remembered for. They do it.”  I know Mr. Drucker is right.  Too often, we are trying to do too much all at once.  Success is not built on being a jack-of-all-trades.  Success is built on the mastery of one thing.  Once mastery has occurred, we move on and create mastery in another area.  Mastery is contained in the simple, not the complex.  Mastery is created through knowing and applying the fundamentals. Most successful people do the little things with excellence.  In real estate sales, it is your ability to master the fundamentals of selling that will make all the difference.  What one fundamental is really holding you back?  I believe the fundamentals are scripts and dialogues, time management, team building, data basing, technology, systems, marketing, and life planning.

We cannot create mastery by working on eight things at once.  We have to work methodically, with focus, on the one thing that has the highest priority and then delegate the other priority items to others.  The jack-of-all-trades is master of none.  Select the area that is most integral to your success and start today.  Work toward mastery.

Look back at where you generated the most transactions.  Are you getting the most that you can from this area of success?  What can you do to increase and intensify the results?   What is the step-by-step process to drive this area of your business deeper?

Your ability to generate the income and lifestyle you desire is going to be contained in the first 90 days.  Creating momentum early in the year is paramount.  Focus on the one thing and do it with intensity the next 90 days.  You will be astounded by your progress.

 
divider image
 
Four Easy Steps to Handling Presentation Objections?
img-160-166

Sales objections are part of selling.  For most people in sales, they present an immovable object in the road to your success.  Real estate Agents often freeze when presented with a sales objection.  They don’t know what to do or say in the face of this perceived danger.

Let me share with you a radical concept.  Sales objections are actually good.  Now that I’ve blown your circuits, let me explain.  There is no selling of anything significant without sales objections.  Sales objections indicate an elevated level of interest, desire, or motivation to buy what you are offering.  These are merely a request for more information.

The prospect is saying, “I need more information.  If I like the information you give me, I will do business with you.”  What could be better than that?

One of the best ways to delay objections is to refer back to your approved agenda, saying:

“Mr. and Mrs. Seller, would it be all right if I answered your question when we get to Item Number 5 on our agenda?  That’s where we discuss _____.”

Better than 40% of the time, they won’t bring the sales objection up again.  You handled the sales objection by delaying its arrival.

Using your agenda to delay objections is particularly important when the concern deals with the home price or the cost of your service.  Don’t ever respond to pricing concerns until you have determined the sellers’ wants, needs, and expectations and established the value for your service.

Objections are inevitable, so be ready to deal with them by following this four-step system.

The Power of the Pause

When an objection arises, hear the client out completely and then pause.  Pause to collect your thoughts and, for many salespeople, to lower what might feel like rising blood pressure.  Pause to ensure that you heard the objection completely.  Don’t try to cut the person off.  I’ve watched salespeople interrupt, as if they are hoping to stuff the words back into the client’s mouth before they’re even out.  This is the biggest mistake you can make.  It demonstrates rudeness and insensitivity.

Acknowledging Concerns

After hearing the objection and pausing to consider it, acknowledge the concern.  This confirms that you understand what the client said, and it also gives you a few moments to consider and prepare your response.

Notice, nothing in the previous paragraph advises you to agree with the client.  You can acknowledge the concern and thank the client for bringing it up without saying that it is right.

You can acknowledge by using any of these phrases:

  • “I understand your concern in this area.”
  • “That’s a really terrific question. I’m glad you asked it.”
  • “I can see where that might cause you concern.”

One of my favorite techniques is to follow acknowledgement of a concern with a question or comment that probes for more information. The following responses give you an opportunity to learn more while also buying a few moments to develop a response:

  • “I understand your concern in this area. Why do you feel that way?”
  • “I can see where that might cause you concern. Tell me more.”

Isolating concerns

By now you might be ready to pounce on the objection with your best answers.  Hold off, if you can, while you isolate the concern. Isolation at its fundamental level, asks: “If it weren’t for this concern, we would be working together, right?”

By isolating, you cause the prospects to lay all their concerns on the table.  Through this one step, you learn everything that is standing between you and a signed listing contract.

Use any of these isolation scripts as you help sellers get their concerns out into the open:

  • “Is that the only concern that holds you back from moving forward with me?”
  • “Suppose we could find a satisfactory solution to this important concern of yours. Would you give me the go-ahead?”
  • “If this problem did not exist, would you be ready to proceed right now?”

By isolating the concern, you learn exactly what you’re up against.  You might surface another objection in the process ­– which is why many Agents shrink away from this step – but you would have heard it later anyway.

Responding with confidence

By now you’ve heard the objection, paused, acknowledged, and isolated.  Now is the time to respond.

The most commonly stated objections center around Agent commission, price of the home, length of the listing term, and the need for extra time to make the listing decision.  More than 80% of the objections you’ll hear over the course of your career stem from these key concerns, so prepare yourself by outlining and mastering your responses that convince the sellers you are able to handle the concern more effectively than other Agents.

Ask your Broker for scripts the company recommends to handle sales objections.  If they don’t have them, then make an investment in your career and buy them from an expert.

 
divider image
 
The Success of a Listing Presentation
img-160-166

The success of a listing presentation is determined by what you do before you even walk through the door. Most agents enter the meeting flying blind, ill prepared, and oblivious to the needs, wants, desires, and expectations of the prospect.

Make this pledge to yourself right now: Before you enter another listing presentation, qualify your prospects in advance.

Ask questions that allow you to obtain important information about the customer’s desires, timeframe, and expectations. Without this information, you can’t possibly serve the client well.

Many salespeople, especially in real estate sales, think they’ll offend the customer if they ask questions. Here’s an analogy that should put your mind at ease. Imagine you’re sick and schedule a doctor’s appointment. You arrive, the doctor enters the examining room, and you look up and say, “Guess what sickness I have today?” From across the room, the doctor is supposed to assess your symptoms, diagnose your ailment, and prescribe a cure without checking your ears or throat, listening to your lungs and heart, and, most importantly, asking you questions about what is wrong and how you feel. It sounds ridiculous; yet it’s what Realtors do when they try to serve clients without first asking questions to qualify their wants, needs, and expectations.

Without good client information, a listing presentation becomes an explanation of your services and service delivery system. But what if the prospect sitting in front of you wants to be served differently? Then what?

The customer ultimately determines whether your service is good or poor. Since the customer rules on the quality of service received, the only way to start the service process is to learn what customers want, rather than trying to guess their desires and expectation.

You need to qualify prospects for two main reasons:

  • Qualify prospects to safeguard your time. By qualifying prospects, you assess their motivation, desire, need to take action, ability to act, and authority to make buying or selling decisions. You also assess the odds that the prospect will result in income-producing activity. The qualifying process increases your probability of sales success by determining which prospects are likely to result in commission revenue and which are likely to consume hours without results.
  • Qualify prospects to determine their service expectations. What kind of service do they expect? What buying or selling approach do they follow? Is there a match between your philosophy and theirs? If not, can you convince them through persuasion that your approach is better than their preconceived notion of what and how you should represent their interests? If not, are you willing to turn down the business? The only way to address these issues is to learn what your prospects are thinking before you make your presentation.

Before you enter a listing presentation, diagnose the situation you’re entering and the opportunity it presents by learning the prospect’s answers to qualifying questions. I recommend you acquire this base of knowledge over the phone when you’re scheduling the presentation appointment. If you wait until you are face-to-face with the prospect, it’s too late. By then you want to be offering a tailored presentation, not acquiring baseline information.

Focus your qualifying questions around the following four topics:

  1. Motivation and Timeframe:  Ask questions that allow you to learn how badly the prospect wants to buy or sell, and in what timeframe. Sample questions include:

    • Where are you hoping to move?
    • How soon do you need to be there?
    • Tell me about your perfect timeframe. When do you want this move to happen?
    • Is there anything that would cause you not to make this move?
  2. Experience:  A prospect’s view of the real estate profession is filtered through personal previous experience and experiences related by friends and family members. The following questions help you learn your prospect’s real estate background and preconceptions:

    • How many properties have you sold in the past?
    • When was your last sales experience?
    • What was your experience with that sale?
    • How did you select the agent you worked with?
    • What did you like best and least about what that agent did?
  3. Pricing: The following questions will help you to gauge the prospect’s motivation. They’ll also help you determine whether the prospect is realistic about current real estate values. 

    Let me share an old real estate sales truth: The higher the list price, the lower the motivation; the lower the list price, the higher the motivation.

    Listen carefully to the answers to the following two questions. They’ll reveal whether your prospect is ready to sell or just fishing for a price:

    • How much do you want to list your home for tonight?
    • If a buyer came in today, what would you consider to be an acceptable offer for your home?
  4. Service expectation: Learning your prospect’s service expectation is absolutely essential to a good working relationship, but I’ll caution you that when you begin to ask the service-related questions, you will likely hear silence on the phone.  Likely, your prospect has never met a service provider concerned enough to ask what the customer wants, values, and expects. As a result, you might have to probe and ask follow-up questions to help the prospect open up and enter a dialog.

    • What do you expect from the real estate agent you choose to work with?
    • What are the top three things you are looking for from an agent?
    • What would it take for you to be confident that my service will meet your requirements?

By qualifying your prospects before the appointment, you will be prepared for your prospects needs, wants, desires, and expectations.  Then you will be able to find clients that fit your business, and you will be able to serve them well.

 
Continue Your Training...
portfolio_1
portfolio_2
portfolio_3
 
 


Learn More
divider image
Our mailing address is:
Real Estate Champions
5 NW Hawthorne Ave. Suite 100.
Bend, Oregon 97701

If the unsubscribe link is not working, please email info@realestatechampions.com with your request.
Copyright ©2020 Real Estate Champions, Inc.
Home     About     Contact
img 600 290