You know that objections are simply part of the sales negotiation process. But do you know how to handle them? It helps to realize that objections are natural whether you are working with buyers, tenants, landlords or sellers. They occur because the client has questions and concerns about the sales process and the outcomes that follow. Your job is to make them feel comfortable, confident and informed, and that they will get a better deal with you than they would elsewhere.
There is an effective conversational technique we use called the Why/If I/Will You/Why technique. Objections usually arise over your fees versus another agent’s fees – or selling fees, marketing fees, etc. The technique works by first asking the client why they think the other agent’s fees are lower. Then you ask, “If I could meet the other agent’s fee, would you use me as your agent? If so, why would you choose me over the other agent?” What this discussion does is identify the client’s real concerns. Usually you will discover that they have misconceptions about pricing or the sales process that you can address and then move forward. Of course, you can use another approach which is to simply disregard their objection and drive forward. This can actually create confidence for them by displaying confidence in yourself and your process. But you have to have real self-confidence to pull this off, otherwise you will come off as arrogant and insensitive.
Occasionally clients raise objections at the point of closure. Suddenly they want to wait, or they want to see another agent, or they want to take another day and get back to you. At this point the best you can hope to do is restore confidence with your client by using a technique called reappointing, which creates a sense of urgency and immediacy for the client. Tell them one of your other agents has an interested party who wants to see their home, and ask if they would be willing to stay with the process so that buyer can have a look.
Fundamentally, handling objections follows a natural progression. First, identify your clients’ needs. Next, present the features and benefits that relate to them individually. Then proceed into trial closing. This is where most objections appear, so you can handle them before continuing into final close. If you have been attentive with your soft closing from the start, you should have no problems by final closing.
You can also address any probable objections you know your clients may have by bringing them up yourself and addressing them before your clients raise them. For example, initiating a discussion around fee approximation will demonstrate how your fees are competitive within your marketplace, which puts any questions about fees on the table and resolves any qualms your clients may have about the value they are receiving by using your services.
Basically you must understand and work with what is happening with your client. Know where you are at each point. Experience will show you new ways to work with specific types of clients. Really think about what each customer is asking you when they present an objection. Remember that most objections will have to do with fees and costs, so you will want to demonstrate value and relevance within your marketplace. Remember that objection is natural, and address it in a natural way.
I hope you’ve enjoyed today’s Coaching Tip, and look forward to seeing you here again next week.