Top 5 Real Estate Agent Closing Techniques
Are you good at schmoozing and research and answering buyers’ questions, but it all falls apart when you try to close? Closing can be difficult for a lot of agents, seasoned or not. But it’s the most important difference between two very different potential outcomes.
‘Yes or yes?”
Buyers are nervous, and understandably so. And they are people, which means that they can create excuses for not doing anything. The “yes or yes” technique sets up the value proposition in a way that makes the buyer’s excuses not to buy disappear. Rather than ask “Would you like this or not?” ask “Would you prefer A, B, or C?” All options are beneficial to seller (and agent) and the question gives the buyer the feeling of control over the decision. They can choose whichever option they like, but ultimately it works out for you.
Ticking clock (for buyers)
Clients under time pressure are motivated to make decisions one way or the other. But often, if you show them the risks associated with waiting, they will make the decision to close the deal with you. When home prices drop or mortgage interest rates are low, for example, you can simply inform buyers that waiting could mean spending more when rates and prices go back up. It also helps sellers sell, knowing the market could drop at any time. As with football, it’s best to use the clock wisely.
‘Sleep on it’ (for sellers)
Conversely to the ticking clock method, telling clients to sleep on it before they make a decision can be a powerful closing technique. People often feel pressured to decide on the spot and, often enough, panic and regret what they’ve done, at least initially. Giving clients a night to mull it over gives them breathing room and makes them feel more comfortable and reasoned when they make the decision to sell.
Walk the walk
Whenever an offer is on the table, every party involved must be able to justify what they have to offer, whether it’s the house’s condition, the yard, or the finances to buy. Preempt any problems and show you’re for real by disclosing those things you need in order to satisfy all involved ?? without being asked, preferably. The people on the other side of the table will see you as sincere and professional and be more inclined to close with you.
Make it about them
The number one question no one really wants to ask in a big real estate deal is, “What’s in this for me?” A great closing technique, then, is to make sure they know (without them even asking the question) what’s in it for them if the deal goes through. Adding a bonus on the deal, for example can greatly improve the chances of closing. Think about how much better the buyer feels when you say things like “The seller will replace the tub and shower,” or how much better a seller feels when you say “The buyer will cover closing costs.”
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