Understand and practice these five sales principles and you’re on your way to closing more deals.
Brokers know all too well the pressure that comes with selling a property. But once you get the buyer to shake on it and sign that dotted line, the feeling of satisfaction makes up for all the hard work you put into it. You might be feeling like the luckiest person in the world after closing a huge deal, but good fortune has very little to do with your success. If you can keep in mind these principles and practice them, you won’t have to rely on Lady Luck to hit your sales targets.
A great seller knows how to research
Buyers appreciate it when you can how to lay out the facts about a certain neighborhood; what the closest schools are like, the crime rate of the area, etc. Knowing a certain location like the back of your hand will help with your credibility, and can even brand you as an expert in the field (no pun intended).
If you have connections, use them to gain knowledge about the location of the property you’re selling. Find out which areas are prone to flooding or are most affected by earthquakes. Take a drive from the property for sale to the nearest malls, hospitals, and banks, and commit to memory the time it took to get to these places. If you go the extra mile, your buyers won’t just be impressed; they’ll thank you for your commitment.
A great seller knows how to use technology
Many real estate companies are moving their businesses online, so being stuck in your old ways won’t do. These days, it’s not enough anymore to take out ads in the newspaper hoping a buyer’s flipping through them to find a home. They go online if they need a home ASAP, which means if you’re nowhere in there, there’s little chance you’ll be found by new prospects.
Use technology to your advantage; build an online profile through social media and create a blog or a website. These increase your online presence and help buyers find you more easily. Just make sure you’re constantly replying to inquiries and filling your pages with noteworthy content so you don’t come out as just another broker with a website. If you’re not that confident in your online skills, don’t worry; there are a lot of online real estate businesses that can help you get your name out there.
A great seller knows how to relate to a buyer
You know the saying “It’s not personal; it’s just business”? Well, sometimes it won’t hurt to be a little more human and a little less megaphone. When a buyer opens up about their reasons for buying a new home (having a baby, going through a separation, retirement, etc.), do you really want to be the broker who cuts them off by breaking into a spiel every five minutes?
Appealing to the emotional side of the buyer makes you more relatable and therefore more likeable, and it’s natural for people to work with people they like. This isn’t to say you need to pull out the psychiatrist couch and ask them to share their feelings. But connecting with them on a certain personal level helps you gain their trust and assures them that they’re working with someone who has their best interests at heart.
A great seller is always within reach
Not picking up the phone when a potential client calls is one of the gravest sins you might commit in real estate. Same goes with inquiries through emails, texts, and social media platforms. All questions about a particular listing must be answered, or your prospect might look somewhere else for a more responsive seller. It doesn’t matter if these come at odd hours of the day; be as prompt as you can when replying. The “I need my weekends” attitude is not going to fly either. In most cases, buyers are only available for trippings on Saturdays and Sundays, so you have to be at the ready too.
On that note, make sure your contact details in all your collateral and online profiles are always updated. This way, buyers won’t have a problem contacting you through the method that’s most convenient to them.
Of course, connecting goes both ways. Don’t just wait for the buyer to call. It’s OK to do a follow-up just to remind them about the deal that’s on the table. This is especially true if you know for a fact they’re considering a lot of other properties. You want the buyer to keep you in mind, right?
A great seller knows how to negotiate
In the ideal real estate business, both parties come out happy. But this hardly happens with both buyer and seller getting exactly what they want, so the key is learning how to compromise. For instance, if a buyer backs off because the price is too high, tell them you’re willing to lower it if they agree to close today. Or if you can’t go any lower, maybe you can offer extra options instead.
A compromise should be treated as your last option, though. Don’t offer one too early, or buyers will think you can be swayed to do anything they want. Make sure you’ve explored all the possible options before bringing this up.
There's no magic formula for instant success; real estate selling takes hard work and lots of it. But if you want to increase your chances of sealing a deal, a positive attitude and a set of best practices like these top tips will get you there.