Best Practices for Overcoming Objections
Sales professionals face objections just about every day. Seminars, books and coaches abound to help sales people anticipate and deflect objections of potential buyers. Real estate and lending professionals operate in a different realm than most other types of sales: They’re required to adhere to the rules and ethics of their licensing boards and regulatory guidelines. Also, the chances that a consumer would buy a home or get a mortgage as an “impulse buy” are far slimmer than they would be for shoes or home theater equipment (which don’t require piles of disclosures or mandatory waiting periods to finalize the deal). The “objections” that Mortgage Loan Officers and Realtors face are more often misunderstandings – created and perpetuated by multiple sources.
Many buyers have an incorrect assumption that getting pre-qualified or pre-approved constitutes some sort of irreversible commitment, and many avoid this important step for that very reason. Potential buyers make a lot of assumptions because the information is disseminated from seemingly credible, trusted sources like family, friends or media.
A co-host of a national cable news morning show recently said: “It’s hard to buy a home today! It takes 20% down and that’s a lot of cash for families to have to come up with!”
The industry expert being interviewed when the statement was made didn’t adequately challenge or correct the anchor’s uninformed comment, leaving the “20% down” remark hanging out there as an alarming takeaway for viewers. If you aren’t worried that your prospects are influenced by things like this, you should be. The good news is, you can simultaneously counteract incorrect information and advance your business plan.
How to Translate Current Events to Your Prospects
Your marketing to your prospects and clients should always translate current events surrounding mortgage, real estate and market conditions, and make clear what it means to them. Most everyone would be disappointed if they missed a genuine opportunity to advance their goals.
Your marketing and communications to prospects and clients should:
- Educate them and counteract “misunderstandings,” helping them explore potentially beneficial opportunities, while also growing your business.
- In addition to noting the concerns and objections of your prospects, take time to review and absorb the news “in the real world” and translate what this means to them.
It’s smart to watch and listen to what’s trending beyond the industry because that’s what your potential clients are doing, and they may be misinterpreting…