A few seller objections is normal. But if you have a lot of them your presentation needs work!
You are always going to get a few objections, because we all know that no one likes to be sold but everyone likes to buy.
Unfortunately in real estate what isn’t normal is the ability to hear an objection, respond appropriately, move on and ask for the sale. Because most agents haven’t taken the time to memorize and internalize the scripts for the most common objections.
As with all scripts remember that you’ll need to slightly tweak them for your market and how you run your business.
|10 Objection Handlers|
1. “I have to keep my promise to a friend/previous agent I talked to/bought the home from.”
“That’s great, I can appreciate your loyalty and that is a quality that I respect in people …
So I’m curious, let me ask you this …
Has there ever been a time when you decided to buy something or do something and because a friend said, hey no problem, when you need help, I can do it and in the end, because you didn’t check around, you really didn’t get what you wanted … have you ever been there before?” (Yes)
“Well this time is just like that time, and with that in mind, I’m sure you can see the importance of having me over just to give you a second opinion … that wouldn’t hurt anything, would it?”
2. “We are waiting to see if our loan modification goes through.”
“That’s great let’s start Email Marketing the home as coming soon while you’re waiting.” If your modification goes through, you stay put. If for some reason it does not go through, well will have a list of buyers ready to make an offer”
3. “You’re too busy, you have so many listings, we want someone that can give us the attention we deserve.”
“It’s funny that you say that … Benjamin Franklin said, “if you need something done, ask a busy person.”
“I can appreciate that and you probably haven’t had a chance to think about the advantage I have over my fellow agents in town.
You see, the more listings I have the more signs I have on the street. The more signs I have on the street, the more calls I get from buyers … and, of course, most of those buyers don’t buy the home they call about and many will be interested in your home.
If you were a buyer would you want to talk to an agent who had 2 homes for sale or 50 homes for sale?
Can you see the advantage of listing with an agent that has 50 or more homes for sale?”
4. “I want to find a house before I put mine on the market.”
“I agree, finding your new home is important and the unfortunate thing is it may take as long as 3 to 5 months for your home to sell. Then it will take another month to get the closing done and by that time, any home that you would have found will likely already be sold. Does that make sense?
Let’s get your home on the market right now and get to work on getting your home sold so you don’t have to wait any longer than is necessary to get moved into your new home … sound good?”
“Terrific! Have you seen a home you want to put a contract on? (No) Great let me go ahead a schedule a time with my buyer agent so they can help you find the perfect home. In the mean time I can be working on getting your home sold that way when we get a contract on your home we can put in a contract on your #1 choice-close both homes the same day and … move only once. Won’t that be great?”
5. “You don’t handle many homes in our price range.”
“You’re right, I don’t sell a lot of homes in your price range and that’s exactly why I’m here tonight … I usually sell homes in lower price ranges and what I find is … after I sell my clients homes, many of them move up to your price range, therefore, it only makes sense … that the next logical step, is for me to sell your price range as well, considering I already have a relationship with many buyers that will be interested in your home … does that make sense?”
6. “If we have to sell that low, we will sell it ourselves and pay 3% to the agent that sells it.”
“I completely understand your point of view and it sounds like you haven’t been involved in this kind of transaction in a while … can I tell you why?
Agents work with buyers because it is easy. You show the house, the agent writes the offer and the agent on the listing side handles the next 30 to 60 days of the legal paperwork trying to get the deal closed … does that make sense?
If you list it for sale yourself, who will follow up with the 30 to 60 days of legal paperwork … you? If so, what agent will want to risk the fact that you may not have done it before?
Let me ask you this … if you were an agent, would you rather show homes that were listed with professional agents that worked to get deals closed?
Or would you rather show a home and keep your fingers crossed, hoping that you don’t get sued by the buyers because some legal aspect was overlooked by the homeowners and the transaction didn’t get done … which would your rather do?
Do you see my point?
Your idea sounds valid. It just doesn’t fit in today’s market reality … Are there any other questions I can answer before you sign the listing agreement?”
7. “We can always come down in price later.”
“You’re right, and I think you need to take into account how homes get sold.
You see, if we come out of the gate with your home overpriced, all of the agents that show properties will instantly write you off as non-motivated sellers…Can I explain what that means from an agent’s perspective?
You see, if we come out of the shoot with your home overpriced, all of the agents that show properties will instantly write you off as a non-motivated seller …
The higher a price on a property, let less the seller needs to sell it … at least that’s what the agents believe … purely from their past experience …
Now a non-motivated seller means, that even if you come down on your price later, two things will happen. Most agents won’t even realize your home has been reduced. Now you might say, can’t we just send them a flyer telling them that it has been reduced?
Yes, we could send everyone a flyer telling them the price has been reduced, and yet the agents get 500 flyers a week and there’s a good chance it will go unnoticed.
If they see that you had the home priced really high in the beginning that will tell them that you were kind of unrealistic when we listed the property, meaning that you didn’t believe that what I was saying was true … all agents interpret this as trouble when it comes to getting the deal closed.
Do you understand why? If we price it to sell right from the beginning, our odds of getting agents to show it are much higher.
Alternative: “By the time the buyer for your home will have bought another. Do you want to lose that buyer?”
8. “We aren’t quite ready yet, we need to finish a couple of projects around the house before we put it on the market.”
“I agree that making sure the house is up to par is important and you probably didn’t realize how little effect it will have on securing a buyer …
Let’s get your home listed for sale, get some of the top brokers inside to show the house and get their feedback. The good news is you’ll find out exactly what projects you don’t have to do and the ones you need to do while were in the escrow period.
It sure would be nice to not have to spend a dime to get your home sold…wouldn’t it?
Great, which would be better for you, tonight at six or 7:30?”
“Great, why don’t we complete the paperwork now and while you are doing your projects, I’ll get the flyer done and paperwork processed so when you are ready, I will be ready too! We can begin showing in 2-3 weeks.”
“How much money will you spend on those? You’ll probably not make that money back on the sale. Let’s just sell it as is and save you the time and money ok?”
9. “Will you cut your commissions, other agents will?”
“You know, you’re right, there are a lot of desperate agents out there and I’m a little concerned … can I tell you why?
Do you own anything more valuable than this home? (No)
Could you say that it is your most valuable possession? (Yes)
If an agent is so desperate that they are willing to broadcast the fact that they don’t think they have value as a Realtor, then I’m confused.
Is that the type of person you want sitting across from the negotiating table trying to negotiate you a better price?
We are talking about a person who has already admitted that he or she doesn’t even see value in himself or herself.
Is that the type of person you want to represent you in the most valuable transaction of your life?
Good. If that was the case, then I should not even come over, considering I work 14 hours per day and my assistant works 8 hours a day to get your home sold and that’s very valuable … don’t you think.”
10. “We want to have an exclusion in the listing contract in case our company, friend or neighbor wants to buy it.”
“I agree that it’s important to be thorough when we are filling out this contract and let me ask you this …
Why haven’t you already sold the home to your company, friend or neighbor? (No one has made us an offer)
Your personal marketing hasn’t worked and that’s why you are hiring me … is that right? (That’s right)
So, I’m curious as to why I should waive my commission. If my marketing works well enough to convince your company, friend or neighbor to buy it … isn’t that what you are paying me for in the first place?
Aren’t you hiring me to let the public know your home is for sale and convince people they should buy it?
So why would I cut my commission if my marketing works??”
Alternative: “You have 24 hours to let them know you’re listed. Call them. They do or they don’t.”