If you aren’t able to identify a seller’s underlying concerns from the objections they offer, ask open-ended questions to draw them out.
Despite what you may have heard, handling objections effectively isn’t about mastering scripts. To overcome objections consistently, agents must be able to think on their feet and apply appropriate strategies.
Instead of trying to memorize specific responses to specific objections, think about strategies that address sellers’ underlying concerns.
Here are 10 common seller objections along with strategies that can be applied to overcome them:
1. ‘Your commission is too high.’
Sellers want to get as much money as possible when selling their homes, so you shouldn’t be surprised when asked to reduce your commission.
To address their cost-related concerns, you should emphasize the value of the services you offer. Explain that your commission is non-negotiable in a way that stresses why you’re worth what you charge.
2. ‘I need to interview a few more agents before making a final decision.’
You can’t blame sellers for wanting to hire the best agent possible. If sellers give you this objection, you haven’t convinced them that you’re the best agent for them.
Ask them what their doubts are to identify (and hopefully overcome) their concerns about hiring you.
3. ‘You seem like a busy agent. I want someone who can put more time into selling my home.’
As you know, being a busy listing agent isn’t a bad thing; it means you’re good at your job.
If a seller has concerns about your business volume, you need to explain that your ability to sell homes successfully is the reason you have so many listings.
4. ‘The price you want to list my home at is way too low.’
It’s not uncommon for sellers to think their home should sell for a price that is unrealistically high.
When this is the case, back up your proposed price with data and examples.
Because internet estimates are usually responsible for price-related objections, address why these estimates are often inaccurate.
5. ‘I need to find a new home before selling this one.’
Don’t think of this as an objection; think of it as an opportunity.
Convince these sellers that you’re able to help them find a new home while selling their current place. If you can, you’ll have the potential to earn two back-to-back commissions.
6. ‘There are a few home-improvement projects I need to finish before putting my home on the market.’
When you hear this objection, the seller wants to maximize his or her home’s price potential.
Explain that you can help select the upgrades that are most likely to increase the home’s sale price so the seller is able to avoid paying for improvements that don’t matter to buyers.
7. ‘I already know someone in real estate.’
With the number of people in real estate these days, most of the sellers you meet with already know someone in the industry.
When a seller feels obligated to hire another agent, help them understand that other agents’ feelings shouldn’t be their primary concern. Selling their home for the best price possible is of the utmost importance.
8. ‘Give me some time to think things over.’
This is another example of a seller who hasn’t been convinced that you’re the best agent to sell his or her home.
If you leave without identifying and addressing the doubts about your abilities as an agent, there’s a good chance you’ll never hear from the seller again.
Ask open-ended questions to uncover and overcome the seller’s doubts.
9. ‘I’d like to try selling my home on my own first.’
Sellers who tell you this are actually saying, “I don’t want to pay your commission.”
When you hear this objection, emphasizing why it’s worth paying for your services is one thing you should definitely do. You should also emphasize the fact that most FSBO sellers fail to get their homes sold.
10. ‘You seem like all the other agents I’ve met with.’
If the sellers have already met with other listing agents before your appointment, they may ask what makes you different.
Instead of taking a shot in the dark with your response, ask about the qualities they’re hoping to find in an agent. If you have stories that illustrate how you exemplify these qualities, now is the time to tell them!
As you know, the list of potential objections goes on and on. Memorizing each individual objection along with a specific way to overcome it isn’t practical or even possible.
Instead, identify concerns common to the bulk of objections and implement the strategies that are most likely to address them sufficiently. With this approach, overcoming objections will become second nature in no time.
Source: inman.com
