How do you handle objections as a real estate investor?
Let’s you’re on the phone with a motivated seller and they just keep bringing up concerns. What’s going to bring that seller to the table?
The key is to control the conversation. This doesn’t mean you come off as controlling. Instead, your goal is to give your motivated seller the experience and communication they’re looking for—to offer them great customer service.
They probably couldn’t tell you what they’re looking for, so you need to know how to make them comfortable. And the following four steps are sure to help you build a culture of strong customer service and close deals in no time.
STEP 1: ASK A TON OF QUESTIONS
As an entrepreneur (or any salesperson really), you’re paid for the questions you ask, not the statements you make. Your client’s answers to those questions will help you uncover their real motivation and their true concerns.
The more you ask questions, the more your client is going to tell you what they really want and what they’re worried about. They might not have thought this all the way through, so by asking those questions you’re not only learning for yourself, you’re helping that client define for themselves what’s motivating them and what’s causing them stress.
As soon as you have these answers, you’ll be prepared to give your clients what they want and help them take the next step.
STEP 3: OFFER WORDS OF APPROVAL
Right after you repeat what they say, affirm it. If that same client wants to wait until the new year to sell, you say, “You don’t want to sell now. You want to wait until the new year. I completely understand where you’re coming from, and a lot of my clients initially feel the same way.”
This motivates them to keep talking.
This step is often where sales people or entrepreneurs go wrong. They want to handle an objection head-on, and they’ll say something like, “Oh no, you don’t want to wait until the new year to sell.” And the moment you make a statement like that you make the client wrong. You create tension. And that moves you further from the sale, not closer to it.
Instead, let them know it’s ok that they feel a certain way.
STEP 4: FOLLOW UP WITH ANOTHER QUESTION
At this point, ask permission to ask another question. Say something like:
- Is it ok if I explain the problem that might create for you?
- Can I give you another perspective to consider that might create more money for you?
When you position your response to their objection that way, you’re asking a question that’s permission-based. This helps the client to feel like they’re in control.
Of course, you’re directing the conversation, so by asking these questions you’re really the one controlling the direction and the tone of the conversation. The person who asks the questions is always the one in control.
APPLICATION OPPORTUNITIES
These four steps work in all sorts of environments. If you’re buying leads, cold-calling, or doing an in-person meeting, take the four steps:
- Ask questions
- Repeat
- Approve
- Ask another question to get to the close
And don’t give up. Statistically, 80% of appointments are made or conversions happen after you handle the sixth objection. So you’re going to need the skills and the persistence to make it past 6 or 7 objections. Stay on the phone. Handle the objections.
THE BOTTOM LINE
Ultimately, people invest with people. If you’re trying to figure out when you make your sales pitch, you’re asking the wrong question. Instead of trying to cram as much information about your business into the conversation as possible, try to cram as many questions about the client in as possible.
The more you talk about yourself or your business or your amazing investing opportunity, the more people start to tune out. The people who get deals hardly talk about themselves or their companies. The people who invest with them or sell to them are convinced because they feel good, not because they heard a specific fact.
It’s about emotion, not just about what you have to offer.
This is going to be a challenge at first because there’s always pressure to keep conversations moving and close deals. If you’re just starting out, work hard to master this early on before you start trying to scale your sales efforts.
IT’S A COMPANY CULTURE
And this isn’t an attitude that ends once your motivated seller agrees to a deal. If you want happy sellers (and referrals!) focus on an amazing client experience. Communicate with them. Anticipate their needs. Support them and come up with creative solutions for them. If you build a company culture focused on client care, you’ll build a business that has a competitive advantage.
And as your company grows you’ll need to equip your team with plenty of training that focuses on empowering your team and helping them to work in their strengths. Don’t just let your deals become transactional. Keep up the energy and the client-focus and you’ll see your business thrive.
The best way to do this is to make sure you’ve got a key person managing your sales team. They should be the kind of person who’s driven, confident, and always moving toward a goal. Get the right people in place and rely on them to get the work done.
YOUR THOUGHTS
How do you close deals? What have you found that keeps sellers on the phone? Give me a shout out below.
Be Daring,
Josh
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