Last week, we talked about how to keep your listings.
Now I want to talk about how you can improve your negotiating skills. We can have an increased ratio of closed transactions if we become better negotiators and learn how to overcome objections when they arise. I think it’s a great idea to review some of the techniques we have talked about in the past.
Try to avoid negotiating.
You ideally want to be in a position where you don’t have to negotiate at all. The best way to overcome the need to negotiate is to review the steps on how to handle objections. When there are no objections there isn’t a need for negotiating.
Steps to successfully overcome objections.
First of all, at your next office meeting, get a whiteboard or a flip chart and gather everybody around. Make a list of every seller objection you have ever heard from a seller during a listing presentation and during a listing appointment, and write them on the flip chart.
Knowing these objections takes a lot of the pressure off because you can prepare a great response. An objection is really just a question in the mind of a customer and it’s unanswered. You have to find the answer to that question to move on and get beyond the objection and alleviate the need to negotiate with them.
Follow these steps next time you get an objection.
1. Pause. Be silent.
When somebody pauses on you, don’t get sucked into babbling away and giving away the whole store. Just take a moment and pause. My objections go away in the silence that ensues.
2. Repeat and acknowledge.
Steven Covey said in The Seven Habits of Highly Effective People that we need to seek first to understand before we can expect to be understood. When you repeat and acknowledge an objection to a client, they will know that you listened to what they are saying, and most importantly, you heard them.
3. Isolate the objection.
You want to make sure that before you start addressing their objections that you have the whole list of them.
4. Deal with the objection.
Once the objection has been isolated, you can then begin to find the solution. What kind of solutions do you have? And, what kind of solutions can you add as a Luxury Real Estate Agent?
The last step is to close. Sign the paperwork that authorizes you to go to work for your client.
These steps will work most of the time, and they will alleviate the need to have to negotiate with anyone.
Leave a comment below and tell me – what is your best negotiation story with a client?
Until next time, make it a great week.