Last week, we examined how paramount processes are when it comes to exceeding client expectations and breaking into the Luxury Real Estate market.
This week, we will be talking about overcoming the big “O”.
What Exactly is the Big “O”?
The big O is what keeps people on the sidelines of the Luxury Real Estate business. They are incredibly petrified of the big O and it stresses out agents before an appointment or during an appointment. Sometimes, they don’t even make an appointment because they’re so afraid of the big O.
If you haven’t guessed by now, the big “O” is objections.
It can take one of several forms or it can take all forms. It’s when a seller asks you:
- “How many million dollar homes have you listed?”
- “How many million dollar homes have you sold?”
- “How many homes have you sold in my location?”
- “How many homes have you sold in my neighborhood?”
I’ve been in the same market for four decades, but if I go to a new market elsewhere in Cape Cod—maybe 20 miles away—I’m subject to the big O. It is intimidating because you are asked a series of credibility questions. Indeed, in a move to a new market, sellers will inevitably ask you questions like, “How many homes have you sold in our area?” “How many homes have you sold over five million in that area?” “How many homes have you listed in that area?” Trepidation arises from questions like these because you know the answer to all those questions is the same: zero.
The Secret to Overcoming Objections
It’s integral to have a strategy for overcoming objections, and I’ve heard every suggestion in the book. Some of those strategies include bringing an older agent with you, sharing with another agent, or changing the subject.
I don’t advise any of that.
I say answer the question straight on with a completely and totally honest reply:
- “Mr. and Mrs. Seller, I have never sold a home over a million dollars in my life.”
- “Mr. and Mrs. Seller, I have never listed a home in your town, your market, or your neighborhood ever in my life.”
You then tell them with confidence that you’re going to make your mark on the listing and sale of their property. In fact, tell the seller that you are going to be so obsessed with their home and selling it that it will be the very last thing you are going to think about before you go to bed and it will be the very first thing you think about every morning when you wake up.
Moreover, you can boldly tell them: “As a matter of fact, I am not going to take one more listing for a million dollars or more until we have an accepted offer on your house. Mr. and Mrs. Seller, let me ask you this: how does it feel to have somebody this dedicated, this driven, and this passionate about getting your property sold?”
I have found that most wealthy people, especially those that are self-made, will see a little bit of themselves in you when you take this approach.
Now, is it successful 100% of the time? Absolutely not. However, it dramatically increases your odds of overcoming any objections because you have a plan for doing it, and you’re turning it into a benefit. You’re taking a negative and turning it into a positive. And while other agents might have numerous listings they have difficulty keeping track of, you’re just taking one until it’s sold.Everybody has to start somewhere, so don’t let objections stand in your way. Click To Tweet
Until next time, make it a great week.