5 Key Ways to Handle Objections When Reaching Out to Expired Listings
Cold calling expired listings may seem daunting. But there’s no way around it if you’re serious about growing your business in Manhattan and Brooklyn. It’s worth it to dip into this pool of potential clients. Sure, you may not win them all over, but the ones you do will lead to more referrals and clients down the road. It’s worth the effort! However, how do you go into a call feeling prepared for the many objections you may face? There are scripts you can loosely follow to help you handle these objections and steer the conversation back to a meeting with you. And here are a few initial tips to keep in mind.
1. Listen to Understand
It’s important while using scripts to also actually listen to the seller. You definitely don’t want to come off as robotic or rude. But also by really listening to the seller and their objections, you will learn a lot about where they’re coming from. What concerns are propelling their objections to selling again? Were there issues with the previous real estate agent? Do they feel like that person wasn’t listening to them or really giving it 100%? Listen to understand rather than waiting to get in your next bit of the script. This will help you navigate the rest of the conversation and tailor the script to their specific concerns. But also if you offer empathy for their frustrations and disappointments, it goes a long way in building trust.
2. Repeat and Validate
This is a good practice to get into. Repeating back and validating the seller’s concerns lets them know you are hearing them. This works to build trust and shows them that you care about what they’re saying. It also gives you a beat to think of how to respond. So make sure to always affirm the seller. Something like, “I hear you,” or “Wow, yes that sounds so tough.” Pair an affirmation like these with a repetition of what the seller’s concern is, and then add onto it to stay in control of the conversation. Something like, “I hear that you’re exhausted from not being able to sell. It makes sense you’re frustrated. I would be too. But if I brought you an offer today at full ask, would you consider it?” This kind of response works to build empathy and trust while also still furthering the conversation.
3. Ask Questions
Let the seller know you are interested in them specifically and their issues selling. Ask a lot of questions. Ask them what went wrong the first time. Ask them if their previous agent gave 100%. Ask about the listing photos, the process of open houses and the marketing strategy. Asking specific questions lets the seller know you care about what they went through. But it also sets up the stage for you to be able to describe how you would problem solve for them.
4. Describe Your Strategy
Here you can start to respond directly to their issues. Rather than just a rote sales pitch, respond to the answers they gave to your questions. Describe how you would give 100%. Detail an initial marketing plan or a solution for better listing photos. Overall, describe how you will problem solve for them.
5. Don’t Give Up
Let the seller know you don’t give up. You are a problem solver and can work around issues that arise or problems that crop up throughout the process. You are a go-getter and don’t back down. Showing them this will help them build confidence in you and your abilities.
As you work to obtain expired listings in Manhattan as clients, keep these initial tips in mind.
*ExpLiMO provides high quality leads on a daily basis and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.