Real estate agents need to be able to pitch effectively to those who want to sell their property. After all, it is the key to determining whether clients would agree to a deal or not. It can be a powerful tool that can deliver a great deal of success to the one who wields it.
However, it can also be a potentially risky tool that can set the wrong expectations, unwarranted demands, or exaggerated promises in order to close a deal just to get a commission.
Use sales pitches wisely to help customers get a good deal or make a wise decision, instead of a one-sided benefit that could be damaging to one’s real estate career.
Build rapport and connect with your potential client
It may take some time and effort to develop a strong professional relationship with clients, but in the absence of efforts to start building rapport and opening doors with clients are necessary to win them over.
This is why it is essential to set-up the initial meeting with a rapport-building interaction as you try to understand, discover, and explore pleasure and pain points associated with the decision in taking their property to the market.
Start the rapport-building part by establishing a common ground such as a common interest, which should ideally come naturally and not pressured by a make-believe claim.
Open up with a dialogue
Real estate agents must avoid dazzling clients with their experience and skills that could overshadow efforts by a potential client to get into a “question and answer” meeting that could make them open up about their goals, motivations, and challenges.
Try to be natural with your initial conversations and not treat it like a job interview. Asking a lot of open-ended questions and actively listening to their stories could help you better identify their wants and needs, as well as enable you to add value to the process.
Know your client
It is important for the real estate agent to identify the personality type of the potential client, as it will guide you accordingly through the process.
In the real estate industry, there are generally four personality types that have been identified, such as the conscientious corrector, the dominant driver, the dependable supporter, and the open influencer.
For instance, if someone is authoritative, it is likely that they will respect anyone who is especially in the real estate business. This is a key element in ensuring that clients continue to stay engaged in the process.
Identify problems and offer solutions
Knowing the pain and pleasure points of clients in the plan to sell their property enables the real estate agent to identify the best course of action. It is always prudent and practical to make the effort to understand your client, which is one thing that they will thank you for and keep you in mind for any real estate deal they plan to undertake in the future.
Understanding your client’s needs is critical and each has their different concerns and issues- not a one-size-fits-all solution that you can just pull out of your pocket.
For instance, asking a client about previous real estate experience and observe the direction of their conversation, which will let you determine challenges and opportunities that you can leverage on.
Find out their struggles, challenges, and opportunities then help identify and offer solutions that focus on addressing it.
Take advantage of the moment
Once you have identified all your points of contention to address everything that you have gathered from your potential client, take advantage of the situation by making your pitch to help address the client’s needs.
This is the best time to convince the client that you are part of the process and that you can make it work. Be ready to provide hard data and facts to help support your stand, as well as citing case studies related to your proposal.
Managing expectations and perspectives
Make sure to take control of the flow of your discussion but avoid making unrealistic promises to ensure the client’s confidence in your capacity and knowledge.
Sellers would immediately want to settle on a price, which oftentimes can be above the usual fair market and property values, so make sure that you manage expectations using actual figures and data.
Always remember to point out that your valuation is not based on your personal assessment, rather it is dictated by the market and what you can do is to help them achieve the optimum results.
Commission rate: value versus cost
It is important to understand the difference between value and cost when it comes to commissions. It is advised that instead of giving in to a discount on your commission rate, it is best to help the seller understand the difference between value and cost.
Offering clients a better value compared to cost is a more viable proposition that ensures optimal benefits for both parties. Real estate agents who outright agree to a discount in the standard commission rate is an indication that they can only compete on cost and are not capable or have the tools to provide more value.