Don’t be surprised if, at least at the beginning of a new client relationship, you’re treated with skepticism and mistrust.
This is specifically true during uncertain times.
Building trust is a barrier that must be scaled for every agent when developing a new client relationship.
And, even after you’ve won them over, there are plenty of new objections you may have to overcome.
The following are two of the biggies you might encounter that prevent consumers from moving forward, specifically during a pandemic.
The commission negotiator
Agent commissions are the most common area of negotiation, specifically during a time when market stability is uncertain.
First, most consumers know that, by law, commissions are negotiable. What they don’t typically know is that you don’t pocket the entire commission. So your first objective is to educate them. Use numbers they can relate to in your example.
“Joe, suppose I earned $20 in commission. Half of that, $10, right off the top goes to the broker whose agent brought in the buyer for your home. The other $10 goes to my broker who then pays me my share, $5.”
If all else fails, fall back on a time-tested commission objection handling technique:
“Sure, Joe, you may well find another agent who is willing to cut her commission right now. But, ask yourself: If she can’t negotiate with you over keeping her earnings, how can you expect her to negotiate with the buyer when it comes to you getting the highest price possible? If she can’t convince you she is worth her full commission, she can’t very well convince anyone of anything”
The market challenged
Then there are the consumers who have a misunderstanding of what’s happening in the market and how it might affect them. “We’d love to sell and buy another home, but prices are too unstable right now.” In the current housing market, you may be hearing this objection frequently. The alternative to this one is “We’ve decided to wait until the market gets better.”
Either way, if the market truly is conducive to selling and/or buying, crunch the numbers for them.
In the current market, most sellers will still get what they want for their homes. It’s the buy-side they’re concerned about.
What they’re often overlooking are two very important factors:
- They have loads of equity right now
- Mortgage rates are at all-time lows
Combine the equity with the savings from low mortgage rates and you most likely have a situation where they can afford to buy a replacement home.
The bottom line
Objection handling requires a delicate balance – one that can be achieved through empathy. Dan Lok, entrepreneur, author, and founder of Closers.com uses what he calls the “3 Fs,” Feel, Felt, Found.
- I understand how you feel
- Others felt the same way
- Here’s what I found
An example of this is the following statement, “I understand that you’re frightened you won’t be able to afford a replacement home. Others feel the same way. But this is what I’ve found.”
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Now that you’re armed with an Objection Handling Brochure, it’s the ideal time to launch a marketing campaign.
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