Stop Losing Sales to your Competition.

6 08 2009

Why do Realtors or salespeople in general lose the listing or the sale to their competition? Sometimes because they’re not professional other times because the seller had a relationship (referral or other) with the other agent, but in my opinion the main reason is because they never qualified the appointment to begin with.

What if you spent a little more time qualifying your prospect? What if you knew in advance that this meeting will result in a listing or if the prospect it’s just gathering information to make a decision later; how will your presentation be different?

During a listing presentation, most agents make sure the seller knows how wonderful they are and how great their company is; but, how about learning early on in the meeting if they will be making a decision today or if they have scheduled appointments with other Realtors?

Am I suggesting we should ask if they are looking to interview other agents? Absolutely! If they are planning on meeting with your competition, you have to play your cards in a very smart way; asking them to give you the opportunity to meet again after they have met with the other agent(s) for the most part it doesn’t work. You must insure they let you back in before listing with your competition. If you are thinking that suggesting they meet with your competition will be the equivalent to committing suicide; don’t. Today’s savvy sellers know and like to weight their options before making a decision, so you are not planting any seeds; and by doing some research at the beginning of the meeting, you will learn if they have other appointments before you show them all your cards.

So, how can I qualify the appointment? Simple just follow these four easy steps.

1. During the ice breaking step, ask if they are looking to meet with any other agents. If the answer is “yes,” don’t act upset or surprised; instead praise their decision to look for the best agent. It’s important not to ask who and when, at this point there may not be enough trust on their side to give you accurate or any other information, you can always find out who and when later.

2. When you are asking questions (why are you selling, etc?) Don’t forget to ask why they want to meet with other agents. Is it that they want to compare companies or is it that they have a relationship with the other agent? It’s also important to ask that if they feel you are competent and can market their house for a price they feel it’s fair; will they be willing to list with you today?

3. Dazzle them with your marketing. The grand majority of Realtors don’t have a marketing plan that will leave your prospects highly impressed and wanting to see you again. How different is your marketing plan from your competitions? We all have the same tools, so it boils down to how impressed the sellers are with your show.

4. Don’t discuss CMA. No matter how good you are, many sellers make the mistake of listing with the agent who promised to sell the house for more money that it’s worth. So how can you leave without disclosing price? Simple, take notes while looking at the house and after presenting your marketing plan ask for an appointment to come back and present your CMA. If you think the sellers will see you as an inexperienced agent, don’t; dazzle them with an amazing marketing plan and you’ll see how easy is to set a second appointment. Of course you can always show all your cards, but now they have plenty of information to compare you to your competition and the odds of losing the listing increase.

If you graduated from one of my workshops, then you already have a marketing plan like no other; are you still using it? I hope I gave you some ideas to help you get more listings.