By Julie Escobar
Oh boy. Things are heating up out there and competition is getting pretty intense. What we know is that nothing lasts—not the good times or the bad times. But one thing that ALWAYS seems to rear its nasty little head during the GOOD times is that the discount commission agents start coming out of the woodwork. And that means it’s time for savvy agents to get down to business and know how to handle objections well before a seller even has the chance to utter the question, “Will you cut your commission?”
To help you head that objection off at the pass, I sat down with ProspectsPLUS.com Company President Jim Morton to get some 5 Star dialogue for handling that oh so common objection!
The truth is that listings are (and always have been) the name of the game. So, what are you seeing RIGHT NOW? Agents want LISTINGS. Why? Because they’re SELLING. What HAVEN’T you seen in recent years? You haven’t seen a lot of discount brokerages, or sell-it-on-your-own type companies. But they’re back – and they’re back big. And FSBOs are getting a little cockier as well. So be PREPARED. You’re going to get hit with objections.
The best thing to do in this market? Is to get prepared. Know that there are really only a few common objections when you get down to it. And you’ll probably be hit with quite a few in the next year or so. See if any of these sound familiar?
- “The other broker said they would list it for less commission.”
- “I want to try to sell it myself to save the commission.”
- “I have a friend in the business and they said they’d take less commission.”
When you are hit with one of these – or any objection, remember this. The way to change another human being’s feelings is VISUALLY. A few well-chosen words with a correct visual will always take you further than the words alone. So having five or six commission handling brochures in your briefcase at all times. That does a couple of things for you. First, it lets the sellers know that you are prepared, and you’ve handled this before. Secondly, it will give you a track to run on. There’s six reasons why another agent might take less – and how that can be COSTING that seller money. Your job as the professional is to visually show them these six reasons with a few well-chosen words and have the ability to handle that objection without stress.
How do we get started? First go to the website, download a pdf of the commission handling brochure, fold them up and keep them in your briefcase as part of your presentation tools. If you’re using an iPad or notebook for your presentation you can display the pdf on that as well.
Next, use the five-step objection handling process:
- Agree with them.
- Ask them open-ended questions. (They usually start with: Who, What, Where, When, Why, and How).
- Isolate the objection with a sharp-angle close. “Well what if you knew ______________, would you _______?”
- Show them something.
- Use an assumptive close.
Here’s a little dialogue:
Mr. and Mrs. Seller, you know if there is a way to save money — I don’t blame you. I’m always looking for ways to save money as well. In today’s world it just makes sense-right? And you know if in fact you could save money going with that other broker, I’d recommend that – but I guess let me ask you this: What’s more important to YOU? Is it paying a lower commission or is putting the most money in your pocket?
Oh, OK, so it’s putting more money in your pocket? Is there anything else? Any other reason you would want to go with someone else other than the commission? — Ok – so just the commission.
Well let me ask you this – what if you knew that by going with that other agent you wouldn’t be saving a dime? As a matter of fact, you might be costing yourself five or six thousands of dollars out of pocket, would you still go with them? I guess, here’s what I mean. What if you knew that by paying a lower commission that you’d put less money in your pocket when it’s all said and done. Would paying a lower commission still be important to you? What’s more important? Paying a lower commission or putting more money in your pocket?
What if I could show you beyond a shadow of a doubt, that sure, I may charge a little more, but if I could put more money in your pocket would you go ahead and put it on the market with me? If putting more money in your pocket is really what’s most important, you’d almost insist right? Well let me show you some things that will save you a lot of time and aggravation – and even a lot of money. Would that be OK? There are six reasons that a broker or agent will charge less commission. Let’s go through them – let’s start with what could be the most important one — reducing their commission…
The truth is — a 1% reduction of commission results in 20% of their income. Let me ask you something – if your agent is so good at letting you negotiate a 20% reduction of their livelihood – how well will they do at protecting your interest with a buyer who wants to reduce the price of your house?”
The commission handling brochure has six great reasons why the OTHER agent is willing to reduce their commission – and frankly – why they SHOULD. It’s a powerful tool to have in your toolbox when facing pricing objections in what is sure to be a busy and competitive market ahead.
Hope the dialogues helped! Get your copy of the commission handling brochure today by clicking here. Need help with your marketing needs as we speed into the new season? Call us today at 866.405.3638! That’s what we do best!