Do you follow a script when out on a listing presentation? Or are you winging it every time? Going with the flow and seeing how the conversation is going to unfold? That’s an approach that sometimes works, but your conversion ratio is going to be very low. Below average. And the average is 20%. High performing listing agents can convert 70% to 80% of appointments to listings taken. Is this because they are using a script? Yes. This is not the only reason, but this is one of the important ones.
We have the presentation, objections and the close. If your pre-qualification was thorough, you could close your lead during the presentation or even before you begin presenting. So, close often and use any opportunity to ask your closing questions.
Generally, the better your presentation the fewer objections you get. Were you presenting like a 7th grader that has not done his homework in 2 weeks? Or was it more like a PhD student speaking passionately about his thesis? Which presentation would be more convincing to a non-expert? … If you do a good job at presenting, you may do away with objections. More often than not, you will have to deal with a few. This is where it gets uncomfortable for salespeople. Mostly because they are not practiced and don’t know what to say.
Let’s look at one of the very popular objections we all hear: we are interviewing other agents… They may or may not be. What we know is that your presentation did not impress them enough to hire you on the spot. What do you do? You can leave the ball in their court and let your lead decide how to proceed. Or you can influence them.
Ok, they are telling you, “as we told you on the phone, we are planning to interview a few other agents and will let you know what we decide at the end of the week.”
“Good idea. What is important to you in an agent?” you ask.
“Well,” they say “1. Communication 2. Local sales 3. Good networking skills”
“You are saying communication, local sales and good networking skills, right? And if I were to check all the boxes, you would hire me, correct?” "By the way, did you know that “lack of communication” is the biggest complain the public has with realtors?” “Every Friday afternoon we will give you an update on what we did this week and what results we got with your property.”
“Regarding the local sales,” you say “tell me, what’s important to you about it?”
“Well,” they answer “proven ability to sell in our area.”
“What else?” you ask.
“Network of local buyers.”
“Ok,” you respond “you are looking for a proven ability to sell in your area and a network of local buyers, correct?”
“Do you know how many homes an average agent sells over the course of a year?”
“Three and a half. We have sold 50. You see, what’s important for you as a seller is not whether the sales were local, but the sales volume and their geographic distribution. Do you know why?”
“Volume will tell you the size of the network we built last year and show you our ability to negotiate successful deals. Geographic distribution of transactions is showing you a simple truth. Buyers come from all over. We simply know how to sell. You want a team that can sell, don’t you?”
“Good. I need you signatures here and here.” you close the sale.
Let’s look at another one.
“Your commission is too high. We have other agents willing to do the job at 1%”
“Oh, I see,” you say, “you have other people willing to do it for 1%. Is that what I am hearing?”
“Look, I see you like wine. Say you went on-line to shop wine and see that your favourite bottle of Chateau Margaux is on sale at 50%. You know this happens once in a decade. Do you continue looking for a better deal or you buy a case?”
“I would probably buy a case.”
“So, the price was right, but there was something that was off, correct?”
“So, there are generally three reasons why you have not hired them yet, may I share them with you?”
“1. You are not sure they will stand for your price in a negotiation. 2. You are not sure they will market the property at the highest level. 3. You are simply not convinced they will deliver. So, let’s do the right thing here and put us to work, so we can get you what you want in the the time you want.”
These are samples and there are plenty of variations you can come up with. The main thing is to ask questions, where each one is inching you closer to a better understanding of their motivation and to getting the contract signed.