Too many BDMs see sales objections as an indication that the customer is not going to sign up. However, says Tara Bradbury, it’s actually quite the opposite.
Business development managers, it’s time to realise that it’s actually a good thing when prospects raise an objection, especially around fees.
If your prospective landlord raises an objection, that’s actually a good sign. By talking out their concerns it means they’re giving you the opportunity to provide a solution, rather than just nodding in silence throughout your presentation.
EXPLORE THE OBJECTION
I find the first objections aren’t usually the prospective landlord’s real concern. Many landlords don’t want to admit that they don’t have enough money to use your service, so they’ll raise other issues instead. Before answering the objection, ask a series of questions, like: What was your past experience with real estate agents? Have you had trouble with property managers in the past? What has been your previous experience with this investment property?
These questions allow you to draw more information out of the prospective landlord.
LET THEM BE HEARD
When you’re 100 per cent confident the prospect is done talking, show them you understand by repeating their objection back to them. This shows you were listening and gives the prospective landlord a chance to clarify. It also demonstrates your ability to listen to them and builds trust.
BE THE ANSWER
Once you have a clear understanding of the objection, it is time to answer it. When a prospective landlord raises an objection, they’re generally expressing fear from past experience. Your mission is to alleviate their concerns. If you have some great examples, such as a story from a current landlord or a few statistics, make sure you present it.
Many BDMs avoid asking certain questions for fear of sounding silly, but when you’ve come this far with the objection don’t miss the opportunity. Ask the prospective landlord if you’ve answered their concern or whether they need to clarify something.
Once the objection is resolved, get the prospective landlord back on track. If you were part-way through your listing presentation when you stopped to address the objection, simply summarise what you talked about before you move on. Or, if you’ve finished your listing presentation, check if they have any other questions and then start closing the deal.
One of the best ways to improve your sales pitch and become more confident in overcoming objections is to practise your scripts. Take a look at my responses to some common objections BDMs often have to overcome on a daily basis.
Block out at least 30 minutes per week reading through the list and practising your responses so you’re armed and ready whenever you’re faced with a prospective landlord’s objection. Sometimes the best clues come from listening to the prospect’s past experience and concerns with another agency.
“(INSERT NAME), before I answer that question, would you mind if I asked what you have been offered for that management fee? In my experience, we find that agents who are offering a discounted fee are often providing a discounted service…”
“(INSERT NAME), in comparing our fees, you need to take into consideration that we don’t just look after your property. We are focused and dedicated to maximising your income and optimising your capital growth in all of our management processes. Did (INSERT AGENT’S NAME) highlight how they can reduce your risk when discussing their fee structures with you?”
“(INSERT NAME), another important consideration when choosing an agent is they seemed quick to negotiate on their management fees to secure your business. If they are open to discounting on their management fees, aren’t you concerned they may discount on the rent with a tenant to secure the new lease?”
Remember, use scripts as a guide, focus on the questions and then develop your own natural responses. Don’t let fear hold you back; be proud of who you are and what you have to offer as an agency and go for it.