Monthly Archives: August 2013

Four Tips for Handling Objections in Real Estate

For new real estate agents and experienced agents alike Questionhandling the objections of clients, and prospective clients, is an art form that does not come naturally. Learning to successfully handle objections could have more impact on your success than any other skill. In the end you will find that it will help you secure more listings, earn higher commissions, put more deals under contract, close more contracts, and protect your final paycheck. Not only is the skill powerful, but it’s relatively simple to master.

Here are some basic tips from the Massimo Group to help you better understand and handle objections:

  1. Don’t take them personally. Some clients have objections that are truly legitimate, while other will throw them up just to see what they can gain in a negotiation. In either case, remember that it’s just business and stay cool. Not only will it make the negotiation easier, but it’ll also show what a calm negotiator you are and, hopefully, boost your perceived value.
  2. Understand them. For example, when a client says they don’t believe in exclusive listings, they could actually mean one of many things. They could be saying that they really aren’t serious about selling, in which case you might not want the assignment. In some cases, they just don’t understand what you can do for them if they retain you. Sometimes, they’ve had a bad experience in the past and you’ll need to prove you’re different from the previous agent that did a bad job for them. Once you know this, you can attack the objection the right way, instead of just making arguments blindly. In fact, to be sure you have it right, repeat the objection as you understand it back to them and get their confirmation before proceeding.
  3. Have evidence ready. Some clients will not just take your word for your capabilities. Instead of telling them what you’ll do – show them by bringing samples of marketing strategies you’ve performed for other clients. If they disagree with your pricing, bring comps to support it, and be ready to explain why the comps they have are wrong. As another example, if they think you aren’t experienced enough to represent them, bring your senior partner with you.
  4. Solve the problem. This might seem obvious, but I’ve seen many agents fail to do this. Once you’ve identified the objection, focus exclusively on it. For example, your track record isn’t the solution to a fee objection. Assuming you already described who you are and what you’ve done, the client is aware of your track record. They just don’t want to pay what you charge for it. You, instead, need to point to the specific value you add and why it’s worth what you’re charging. Remember you already had your client tell you exactly what their problem was, so you should be able to make a focused argument to solve their issue.

In real estate or any type of sales for that matter, objections are simply part of the process. Listening, understanding, and handling objections are your opportunity to shine and reinforce your expertise. If you follow these four simple steps, you will find that you will move past the objection and onto the transaction.

What do you do if your lender cuts off your equity line?

I have a friend who used the bonus from his law firm to pay down his Home Equity Line of Credit (HELOC). He and his wife toasted their fiscal responsibility for taking the windfall of extra money and applying it all to debt, instead of squirrelling it away or spending it on a vacation to Tahiti. They felt confident with this decision knowing if they needed the extra dough they could pull the money back out of the house through their equity line.

At least it sounded like a good idea a the time. Little did they know their bank would almost immediately reduce their equity line limit to a number only slightly above their outstanding balance. Read on for some helpful advice on what to do if your lender cuts, or even worse, cuts off your HELOC.

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