The Business of Real Estate

Chasing Your Commission Advance: 5 Ways to Overcome Common Buyer Objections

August 18, 2017
Chasing Your Commission Advance: 5 Ways to Overcome Common Buyer Objections

Chasing Your Commission Advance: 5 Ways to Overcome Common Buyer Objections

By on Aug 18, 2017 in Uncategorized | 0 comments

How sweet would life be if you could just show a home to a buyer, quickly close the deal and go home with your commission advance in one hand and a nice cold drink in the other? Alas, purchasing real estate is not a speedy process, and buyer objections can stall progress in a heartbeat unless you know exactly what to say in order to get the deal back on track.

“We’re Just Looking…”

Stop viewing this common brush off as a stopping point and reimagine it as a launching pad for what could be a very valuable conversation. To avoid overwhelming tentative shoppers, dial back the “go get ‘em” and respond with an affirmation combined with gentle but leading questions instead:

  • Great! How did you hear about this property?
  • I totally understand. What are you looking for in a home?
  • It’s always smart to browse before you’re ready to buy. Have you seen anything you love?

Flip the focus to the buyer’s needs, and their comfort level will soar.

“You’re Just in It for the Commission Advance…”

There’s a hundred variations on this objection, and they all boil down to one central issue: Buyers assume that an agent is going to put profit above all else. Try to allay their fears by showing an interest in their needs and back story rather than pushing one particular property. Honor their budget, don’t try to talk them into properties that don’t fit their checklist, and most importantly, explain to them how commission structures work.

“Our Credit Isn’t Good Enough”

This assumption has derailed countless real estate transactions before they even begin. First, establish whether their credit has been confirmed by a lender. If not, explain why it’s in their best interest to meet with one. If they’ve already been turned down by a lender, let them know that different mortgage lenders have different requirements and offer to refer them to someone you trust.

“We Can’t Buy Anything Until We Sell Our House”

There are at least three approaches here:

  • “Do you need help selling your current home while you look for a new one?”
  • “Would your search be easier if you had a better idea of what your current home is worth?”
  • “Have you explored the possibility of qualifying for a new home purchase before you sell your old one?”

All three questions open up a dialogue and an opportunity for a continued relationship.

“You Seem Too Busy Building Your Listing Advance to Give Us the Personalized Attention We Need”

Talk about frustrating! You’re essentially being punished for being successful, but even this roadblock can be removed simply by painting a clear picture of why the constant jangling of your cell phone should be a positive rather than a deterrent.

  • Be present. Not everyone is impressed by an interrupting assistant or the announcement of a supposedly urgent text.
  • Be an active listener. Take notice of personal details, repeat children’s names, and ask questions that build off the information provided.
  • Explain that the more clients you attract, the bigger your network is. That means faster access to homes that have just hit the market, more offers on homes you’ve personally listed and (hopefully) a good rapport with fellow agents, which can make negotiations (and, yes, your listing advance) that much more successful.

Scoring a bigger commission advance requires a bigger sale, and the first step toward that end goal often calls for a kinder, gentler approach to real estate. By finding creative workarounds for common buyer objections, you can turn a solid “no” into a wealth of possibilities, one client at a time.