Handling objection is a skill. Honing that skill leads to better negotiations and, most likely, more contracts and closings.
There are five common reasons real estate agents and others have trouble handling objections, according to Aja Frost’s May 31, 2017, blog “5 Reasons Your Objection-Handling Skills Suck” on Hubspot.com.
No. 1. It’s not about winning or losing.
The goal is not to argue or convince a potential or current client that he or she is wrong. Even if a person concedes at the time of the conversation, chances are good the objection will remain unresolved. Instead, real estate agents should strive to address and resolve concerns. Embrace objections as an opportunity to correct misconceptions or enlighten listeners about what they may not know, according to Frost.
No.2. Not all objections are equal.
Are you hearing objections or getting the brush off? Real estate agents need to be able to tell the difference because effectively handling the two can be different. A client who makes a blanket statement about not wanting to pay a real estate commission might be brushing off the agent. And, in that case, the agent should provide more information about the value of the service. On the other hand, a buyer who objects to having to pay for a property repair has a real and focused objection—one that requires a targeted, timely response and some sort of solution.
At some point in their careers, all real estate agents are faced with handling objections of some sort. Real estate expert and trainer Dan Hamilton provides a comprehensive explanation of the stalls and conditions and how to handle them in his book, Real Estate Marketing & Sales Essentials: Steps for Success.
No. 3. Prepare for the inevitable objection.
Try to anticipate individual client’s objections, so that you can better respond and avoid knee-jerk reactions.
Preparing for client objections can come from experience with other similar clients. It also helps to know your clients’ likes and dislikes, which helps you anticipate objections.
No. 4. Respond as quickly as possible.
Putting off people’s concerns or objections only makes matters worse. Address objections when they’re new. That gives you a better chance at resolving these client concerns and keeping them happy, according to Frost.
Consider being proactive and asking clients for their objections at every step of the home buying or home selling process. According to Frost, these questions might help start the objection conversation:
• Is there anything you see standing in the way of your buying this home?
• What do you see as potential obstacles to this purchase?
• What are your concerns at this point?
• You seem to have reservations about the house. Would you like to talk about it?
Asking the questions will do more than give you insight into your client’s decision making; it will also earn your client’s trust and respect, Frost wrote.
No. 5. Honesty. It’s the best policy.
Glossing over a buyer’s or seller’s concerns by offering half-truths might close the deal at hand. But, in the long-run, angry clients turn into somebody else’s clients. Especially in real estate, where full disclosure is a must, agents should address clients’ objections with truth and completely.
Source: “5 Reasons Your Objection-Handling Skills Suck,” Hubstpot.com (May 31, 2017)