4 min read – Overcoming seller objections
Real estate sales is a competitive sport.
Requiring the technical perfection of gymnastics, the speed of track and the accuracy of fencing, agents are challenged to work within stringent rules to get to the front of the line, in order to win a listing.
And just like sport, second place doesn’t go home with the gold!
What can be most disappointing, is getting through all the early heats, making it to the finals and being ruled out by a judge who just can’t see the ‘10’ in your performance.
In the case of selling real estate and winning listings, the toughest judge you can come up against is a homeowner who is preparing to sell.
Often driven by emotion, and with expectations set by reporters rather than reality, sellers are looking for the agent who will deliver them the best result, for the most competitive commission.
What this means, is a race to the front door, with a listing presentation that instills trust and confidence in your process, and reliable pricing that is both achievable and appealing.
But sometimes, even this is not enough.
Sometimes, the property owner will still feel uncertain, insecure and unsure about exactly who it is they should select to lead their sales team.
And fair enough, this is one of the biggest decisions of their lives!
To get through this challenge and to find the peace they need, they come armed with a barrage of questions or objections that can leave some agents heading for the door, dreams of gold in tatters.
Like anything, having the right responses and the right information, can give you the edge you need to put objections to rest, and have the for-sale sign raised in the front yard, before the afternoon is over.
Access to quality, accurate and comprehensive property data can be an invaluable tool in your belt when managing seller objections.
Your price is too high
While agents have responded to this objection for years, with carefully-crafted local knowledge, there’s nothing like data to strengthen a story!
Drawing on current market and historic listing information, you can extend your comparables and create reports to show a seller a visual representation of how the market has faired over recent years and months.
Together, you can virtually visit properties in the same area as theirs, of the same era and composition, and that are in a similar condition.
With these visual and data-driven aids, you can exemplify to the seller exactly why you have recommended the pricing shown in your CMA, and demonstrate what might happen if they price too high (scare off interested buyers with a lower budget) or too low (risk underquoting).
In just a few clicks, you can type the property address into National Property Data’s platform, filter your search criteria and produce pages of property results that will support your well-informed pricing perspective.
We already have 3 other agents to consider
Even though there are others in the race, you know you can produce the right results!
Showing the client this, in a way that is unique, can be challenging – especially if they won’t let you inside the door.
Some agents will deliver a listing presentation, often including a CMA with a dump of data that can be overwhelming and difficult to understand without explanation or context.
Delivering a CMA that uses careful language and explanation to walk sellers transparently, step-by-step through your pricing – even if they won’t initially see you in person – gives you an opportunity to make a unique impression.
National Property Data’s first release CMA is a simple and effective guide for sellers, that really highlights the lengths an agent has taken to appraise and price their property.
Look out for Release 2, with even more opportunity for personalisation and customisation.
I actually want to try to sell it myself
The market for selling your own property is still quite small in Australia, only around 1 – 2%, but that doesn’t stop more sellers from considering the idea once they have some useful insights from local agents.
Something they won’t have, though, is the same depth of data as you do. Under legislation, there are restrictions on the data that can be provided to an individual citizen who is not a property professional.
Explaining to the seller the vast array of data you have access to and how this can help them, in addition to your well-honed marketing, sales and negotiation skills, can be all they need to see the best way forward.
I don’t want to pay for advertising
Vendor Paid Advertising is mandatory in some agencies, never requested in other agencies, and a bonus if you can get in all remaining.
With agents seemingly pocketing large commissions (we know the reality of your share, your costs, your agency fees), sellers can feel that paying extra for advertising is a big ask.
But helping them understand what’s already included in your commission can bring some clarity.
Explain to sellers that the expertise, the time and the data is all on you.
Then bring it to life by taking them on a tour of your data platform to show them how you distill suburb profile data and recent trends into buyer profiles that enable tighter marketing targeting that gets them more for their advertising buck.
All they have to pay for is the third party spend.
As we’ve quoted before, knowledge is power, and accurate market data, is some of the best knowledge you can have to overcome objections, when trying to win listings.