- Focus on nurturing the relationship and chasing down the "no" to overcome buyer objections.
Calling buyer leads is a daunting task. People are often resistant to being on the phone and will say whatever it takes to hang up. And they definitely don’t want to be sold to.
Here are 10 common buyer objections real estate agents encounter on the phone and how you can overcome concerns by chasing the “no.”
I’m not going to give you any snappy comebacks or blabbered explanations to smear all over your lead. Instead I’m going to teach you a process to deconstruct buyers’ objections and get them to decide that your solution is the answer.
‘I don’t need to get prequalified’
The key is to uncover their thought process and let them realize prequalification is the way to go.
Find out why they think they don’t need to get prequalified.
By asking if they want to have the least difficulty in their transaction and want to pay the lowest monthly amount, you can then let them know that prequalification is the way to make that happen.
Now it seems like they came to that conclusion all on their own.
‘I’m not ready to talk to an agent’
Does the buyer know what talking to an agent means for him or her? You won’t know this if you don’t take the time to ask.
Let the buyer know it could be the difference between finding the perfect home and finding “OK” home.
Explain that “talking with” does not mean hiring. Taking the step to talk early on in the process can avoid “OK” and get buyers into their perfect home.
‘I just want to see this one house, and I don’t need to meet with you’
Again, defining the terms helps, but let the buyer define the terms on his or her own.
Find out what the buyer thinks meeting with you means, and you might see why he or she is opposed to it.
You could also start by letting buyers know that it’s your office’s safety policy to meet new clients in the office or at a public location.
If they still object, uncover the roots of the perspective by having them define what it means to meet with you. Then you can shed light on a likely faulty perspective.
‘I’m just going to call the listing agent so I get a better deal’
What, why and how are the keys to this objection:
- Find out why they think they will get a better deal.
- Find out what a better deal means to them.
- Find out how they plan to get a better deal through the listing agent.
When you know how they plan to get a better deal, you can poke holes in their theory and show how using their own agent will actually get them the best deal possible.
‘I want to use my (cousin, aunt, friend, neighbor) to buy a house’
It’s crucial to understand what the customer thinks he or she will avoid or gain by using the person he or she has in mind. Again, don’t tell the prospect he or she is wrong for having this thought.
Dig a little deeper.
Find out if the buyers have ever purchased before and what is most important to them about the process or end result of buying their home.
Knowing their previous or desired outcome will give you something to work toward or away from.
When you know that info, you can ask if they would consider avoiding the conflict and stress that comes with buying a home through their friend or family member if they could achieve the same, or better, results while still getting their preferred agent paid (we are talking about referral fees).
‘I’m not in a hurry to buy’
It may be difficult to get a straight answer as to when they would like to buy, but maybe by first figuring out why they are buying, you could uncover some time indicators.
Ultimately, your success will rely on understanding what pain they are trying to avoid or pleasure they are trying to attain by buying.
Now the question is not, “When would you like to buy,” but, “When, or how soon, would you be willing to attain these pleasures or avoid these pain points.” If the answer is ASAP, move forward with an appointment.
‘I’m just going to keep renting and wait for the prices to come down’
Why were the buyers considering buying in the first place? And just how long do they think it will be before the prices come down?
Do they know the multiple ways homeowners build equity in a home? If they don’t, then illustrate how continuing to rent and waiting for a discount might not save them money over and above what they will spend on their rent and lost equity between now and whenever the market changes.
Sometimes, perceived savings is the only reason they would delay buying now. These savings aren’t often actual — but merely perceived. Ask if they would consider buying now if it was obvious that they could have a much better shot at getting savings now rather than risking the chance later.
‘My credit isn’t good enough yet’
All you can do here is inquire about how the buyers determined that. Find out if they would like a second opinion from your credit repair company.
They only stand to gain from a second opinion, and what’s more, you’d be glad to help them with that.
‘Would you be willing to reduce your commission or give us a rebate?’
You can politely tell them “no” and move on, or you can ask them if your price is out of line with other offers they have received.
If they do not see the value in working with you versus other agents, politely tell them no thanks.
‘We are looking for our friend’
Ask if their friend would be interested in getting access to properties that don’t have signs and can’t be found on the internet.
Is the prospect willing to give you the friend’s personal contact info to get them access to those properties? These are good places to start fielding this type of objection.
Remember, be careful not to just smear your lead with snappy responses that will make them feel “wrong” for objecting. Dig deep, listen and ask questions.
Drag those objections into the light and chase down the “no.” Meeting objections with objections will kill the rapport building required to overcome the buyer’s resistance.
Dale Archdekin is the founder of Smart Inside Sales and the current director of lead generation for Global Living Companies at Keller Williams in Philadelphia. Follow him on Facebook or checkout his Facebook group.