Have you ever wondered how your fellow realtors sell so many homes each month while investing the same amount of time and energy into the sale of each property as you do?
The most challenging component of the sales process, according to about 36% of sellers, is closing a deal.
Although a lot of realtors assert to have a ton of leads, they still have trouble closing them. However, one thing that keeps you from making as many sales as your colleagues is the use of effective sales techniques.
In this article, We’ll give you 9 real estate sales techniques that will help you close more deals.
The Traditional Selling Technique
Traditional sales techniques maintain hype pitches or compliments like “This house is the best on the market, It’s made with the best of materials, the location is secure,” and likes.
The goal of this technique is to simply overwhelm the potential buyer with all the advantages of purchasing the home while emphasizing its outstanding characteristics in the hopes that they will be so impressed and will convert to closing a deal.
This approach places more emphasis on the product and selling it than the requirements or needs of the client, which is why some individuals may find it a little pushy.
The biggest problem with traditional sales techniques is that your customers have heard it all before. However, while it might not work for some complex buyers who might need more convincing than just you shouting about how great your property is, it might work for other simple buyers who only require a few persuasive strategies to close the deal.
Since there is no one-size-fits-all method for every buyer, the key to closing more deals is to understand your sort of buyers and know which technique will work for them.
The SPIN Sales Technique
It might sound like a no-brainer, but it’s still worth noting that buyers want to be understood. A study found that 84% of customers are more likely to purchase from sales representatives who are aware of their objectives.
Although it may seem obvious that purchasers want realtors to be aware of their unique interests and situations, doing so may be more complicated than it seems, but using the SPIN-selling technique is one way to get there.
SPIN selling is a sales technique created to help navigate challenging sales situations. It is built around a sequence of questions in four different categories; situation questions, problem questions, implication questions, and need payoff questions. Each type of question fulfills a crucial function in the sales process, all building towards the need-payoff questions, which closes the deal.
The situation questions should clarify the buyer’s current situation, for example, “where do you live?”
The buyer’s problems are identified through the problem questions, which include inquiries like “why are you leaving your current neighborhood?”
The effects of the problems are explored in the implication questions. For instance, if the buyer claims that the lack of nearby schools for his children is the reason he wants to move, the query can be, “What harm has this caused you?”
Finally, the buyer should be able to define the advantages of your service as a result of the need-payoff inquiries. For instance, if he claims that driving his kids to school in a distant area costs him a lot of money and time, you could then enquire as to how selling him a home in a neighborhood with the best schools would be of assistance to him.
By following this sequence of questions, the buyer would most likely give a favorable answer that’ll set you in the right position to win the closing.
In addition to giving you access to a wealth of crucial details about the customer’s demands and how to modify your sales presentation accordingly, these open-ended questions also help you stand out from the sea of rivals fighting for the buyer’s attention by fostering a relationship with them.
Here, the focus isn’t just on selling your listing; rather, it’s on getting to know the prospect, his needs, and demands and then figuring out how to persuade them that by working with you, their problems would be resolved.
Using this technique will help you avoid coming across as pushy and instead position you as the answer to their problem, which will increase the likelihood that they will agree to close a sale.
Handling buyer objections
A sale is likely to be completed when a buyer has the financial means to purchase a home, trusts your abilities as a respectable realtor, and is in immediate need of that home.
However, the buyer might feel, at some point, that the above conditions have not been met, in which case there would be objections as to why the sale cannot go through.
Knowing where and why buyers’ objections frequently arise is therefore the first step in handling them. This is why it’s highly advised that you gather your complete sales team in one place and ask them to brainstorm a list of potential objections that could come up when you’re making your sales pitch to a potential buyer.
After getting the possible objections, you should get your tactical answers to them prepared before setting out to meet the buyer.
For example, knowing that the buyer could say that they currently don’t have enough money to buy the property now, you could research lenders with nice repayment plans beforehand so you could suggest it to them in case the objection comes up.
Knowing that they could be wary of making mortgage payments, you should be prepared with a thorough analysis demonstrating why purchasing a home and making mortgage payments would be a better long-term financial choice than paying rent.
Additionally, you should bring customer testimonials, evidence of achievements, or anything else that would convince them that you are trustworthy to the sales presentation because they can also state they don’t trust you as an agent.
Successful real estate agents are aware that an objection is essentially an opportunity hiding in plain sight.
In effect, if you’re able to overcome real estate objections with empathy and knowledge, you’ll easily convert indifferent prospects into engaged and devoted clients and close more deals.
Offering Alternative Sales
This sales technique gives your customers the ability to select between two options that will help you improve sales by giving them a sense of control over their purchases.
When a buyer displays concern about the pricing or a certain combination of amenities or features, shifting the conversation to an alternative home can occasionally help close the sale.
You can show the buyer other homes, if you have any, that fit the specifications the buyer is searching for or fall within the price range he is ready to spend because this motivates them to make a decision to buy rather than staying undecided.
Visual content sales technique
In your sales process, visual content should not be disregarded. What once brought in money for the real estate sector no longer does so because customers have grown weary of the conventional techniques employed by realtors.
You must therefore adopt new trends and technology, such as getting visual, to differentiate yourself from the competition.
According to recent studies, 65% of people learn best visually, individuals are 85% more likely to purchase a product after seeing a video about it, and our brains process images 60,000 times faster than texts.
These numbers demonstrate how appealing pictures are to humans. Therefore, you must incorporate them into your sales strategy.
This can be achieved in several ways, including by displaying pictures, graphs, videos, and anything else that will help people visualize what you’re saying.
The potential buyer would be more likely to close the transaction with you if you included these pictures or videos in your sales approaches.
Storytelling Sale Techniques
The storytelling sales technique helps to create an emotional relationship between the buyer and the client.
Despite our desire to believe otherwise, we don’t always make logical decisions. Potential buyers may utilize logic to examine a home and its pricing, but their final purchasing decisions are often influenced by their emotions.
The emotions your stories evoke have a significant impact on how your audience perceives you, and it increases the mental connection they have with you.
Customers can better picture their intended uses for a room after purchasing it with the aid of storytelling.
You can assist the customer in creating an image of how they might like the space to look by telling a story about a room’s prior uses or potential future uses.
By explicitly mentioning information the customer has already expressed while describing their preferences, you may be able to boost their perception of you, thereby enhancing the closure of the deal.
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The Exclusivity Sales Technique
The Scarcity Principle sets the stage for the effects of exclusivity on people.
The scarcity principle states that the more scarce or difficult something is to obtain, the more valuable it is.
People get curious when something is exclusive, and while satisfying someone’s curiosity is rewarding in itself, exclusivity also has several beneficial psychological impacts, including a sense of importance and belonging.
You might be unsure of how to proceed. Well, let us tell you.
To utilize exclusivity as a realtor to close deals, you should consider emphasizing the fact that your properties are not for everyone. There is a greater sense of desirability when you are picky about who you work with.
By doing this, those who are fortunate enough to purchase from you would see themselves as among the elite.
For instance, if you are a realtor in charge of an estate, you can establish exclusivity by stating that a particular area of the estate is only available to a specific group of individuals and that space is limited.
You could spice it up by suggesting that those who purchase those homes in that specific area will receive beautiful items, which will be revealed upon closing.
This would help you close deals since people would want to reside in that area to know why it’s special, to feel among, and to not miss out.
SNAP Sales Technique
The SNAP sales technique is quite a new one. It was developed to fit into the extremely hectic schedules of buyers.
This sales method recognizes that we’re all operating at full capacity and provides strategies for grabbing the buyers’ attention even when they’re overwhelmed and have more than a hundred options to pick from.
Using the SNAP selling method, you may efficiently sell real estate properties to busy buyers without spending a lot of their time. This style of selling is most effective if your real estate business is well-known in the industry, does business in a crowded environment, and contends with fierce competition.
When using this technique, realtors must be clear about the features of the homes they are selling, explain the traits that distinguish their brand and their properties from those of their competitors, and customize their message to the needs of the customer.
So how do you go about doing this?
This sales technique is carried out by employing four strategies: Simple, iNvaluable, Aligned, and Priority.
Keeping it Simple by giving a succinct and to-the-point explanation of the property; being iNvaluable by highlighting the distinctiveness and value of the property that exceeds the properties of competitors; always Aligning by ensuring that the property satisfies the customer’s needs and raising Priorities by focusing on the customer’s preferences.
And boom, you have the four components of magical SNAP!
This technique helps realtors build trust and a relationship with the buyer, which in turn motivates them to close the deal with you.
Urgency-Based Sales Techniques
Creating a sense of urgency sparks emotion and can motivate buyers to “hurry up” and buy your home before somebody else does.
This technique’s effectiveness is founded on the psychological mechanism that people are frequently averse to committing, even if they want what you have to give them.
To instill a sense of urgency in your prospect, you must offer them something that is in high demand. For instance, you can profit from the trend by highlighting how in demand a colonial-style home is if you’re selling one. This would indicate to potential buyers that there may be several bids on the home, and as a result, they would probably close as quickly as possible.
Another strategy is to provide them with an incentive that they can only receive if they commit within a specified time frame, along with a deadline. You can say, for instance, that anyone who commits by a specific date will receive a 20% discount.
This would make the potential buyer feel as though they were missing out on something if they decided against buying the home, which would likely result in a faster response.
I became a realtor when I was 25, Right now I’m a digital marketing expert helping realtors, brokers and real estate agents generate more leads online.