Selling is challenging regardless of the business. Whether selling cars, software, or real estate, it takes tremendous time and energy. First, you have to understand what you’re selling. Most people can master product knowledge with a little bit of effort, but the next step separates those who become sales professionals from those who dabble in sales and move on to something else.
Finding the right prospects is one of the toughest parts of sales. In a competitive industry like real estate, it’s even tougher. On both the residential and commercial sides, potential customers are bombarded with sales calls. To stand out, you have to offer something the average agent cannot, such as exceptional knowledge and negotiating skills, an inside track to hot listings, or a recommendation from someone the prospect respects. An agent has to not just offer these qualities but also convince the prospect that these qualities add value.
Prospecting is the toughest part of sales, but once an agent has found the right people to work with, he or she has to engage in the work of selling. Selling is all about convincing people they need something. It’s also about convincing them that they need it now. Once sales agents achieve this, closing the deal becomes much easier. If you have the right prospect and you have done the job of convincing the prospect that they need your deal, closings are smooth and rapid. Expert agents and brokers follow these three principles in closing a deal.
Time kills deals and careers
When it comes to closing, experienced agents and brokers know speed is the name of the game. If the prospect is truly sold, then the prospect will want the deal to close as fast as the agent does. No buyer wants to lose the property to the competition, and no seller wants to be stuck with a property that’s been on the market too long.
Many real estate agents have discovered that when they get to the point of closing deals, it’s easy to let their prospecting efforts lag. This can lead to closing deals one month and suffering a goose egg the next month. To keep the pipeline full, prospecting efforts must be ongoing.
Being organized and taking advantage of online tools reduces the time needed for prospecting, leaving agents free to focus on closing deals without neglecting their pipelines. Many commercial agents use software to manage their prospecting. Integrating all social media information available on a prospect, saving agents hours of work. The more agents are able to automate research, the more time they have available for selling and, most importantly, closing deals.
Keep it simple
When clients are bombarded with information, they become overwhelmed and indecisive. One of the surest ways to lose a potential customer’s interest is to spend inordinate amounts of time telling them information they don’t need to know. Listening to prospects and then tailoring presentations to only what matters keeps prospects engaged in the sales process.
When agents first show a property, they should focus their presentation on the overall benefits. The first visit is not the time to go into details like energy efficiency comparisons. Later, when the prospect has confirmed serious interest, the agent can supply more details about the features that interest the client.
Be prepared for objections
During negotiations, buyers often point to the age of the property as a way of justifying a lower offer. Because of the property’s age, the buyer can expect more repair expenses. A smart agent is prepared ahead of time for these objections.
For this particular objection, recommends being prepared to offer a comprehensive home warranty. By offering the warranty, the selling agent can justify retaining a higher sales price. The buyer is protected in case a major repair is needed soon after the sale. Such warranties are available for an average of $350 for 13 months. Paying for the warranty is far better than knocking thousands of dollars off the asking price.
Selling real estate has never been easy. Competition is fierce and the hours needed to successfully prospect and make sales can become grueling. By mastering the art of closing, agents earn the commissions that make the hours worthwhile.
