2. RE/MAX Mumbai Gujarat Maharashtra
Typical Objections
• Price too high
• Talk to lawyer
• Bad market
• Too much taxes
3. RE/MAX Mumbai Gujarat Maharashtra
Handling Objection
• Ask questions!
• Echo (Question back objection) - Find out what the
objection really means.
• Para Phrase - be more specific.
• Advise / Counsel - “seek to understand” what the
objection means and how it will affect them.
• Sell features and benefits. Deal with the objections
rather than avoid them, and then move on to the
benefits and the wonderful features.
• Negotiate - look for the solution and as a final step give
concession for concession.
• Know when to walk away and find new prospects. There
are plenty more!
4. RE/MAX Mumbai Gujarat Maharashtra
Objections..
• We want our parents to see it.
– Ask if the parents okay the house if they are prepared to
purchase.
• We want to think about it.
– Ask probing questions – what do you need to think about?
– Would you like me to arrange a second viewing?
• We would like to see other homes first.
– Overcome through their trust in your market knowledge.
– What is it you don’t like about this home?
– Does this style of home suit you?
– How do you feel about the price?
5. RE/MAX Mumbai Gujarat Maharashtra
• We haven’t sold our present home yet.
– Not an objection but a condition and may be but as a
condition in the offer (this should have come up in
the buyer interview).
• House needs work.
– Is this an affordability concern?
– Who would be doing any needed renovations (buyer
or contractor)?
• House is too big/small.
6. RE/MAX Mumbai Gujarat Maharashtra
Commission Negotiation
• Overall Impression
• Product Knowledge
• Professionalism
• Listing Presentation
• Response Time
• Did we look after special needs?
• Would you refer us?
• Would you use us again?
• Finally - Did we earn our commission?
7. RE/MAX Mumbai Gujarat Maharashtra
Lowball Offer
• The seller has to move, or has already vacated the
property. Sometimes the seller's Sales Associate will
disclose that a client has a firm date by which he must
relocate or that he's already bought a new home and
moved. (In general, if a house is empty, there's a better
chance the seller is flexible.) These situations make for
extremely motivated sellers, who may accept a low
offer.
• The home has been listed 90 days with no price change.
Few sellers are going to take a lowball offer right out of
the gate. On the other hand, if they've been seeing little
activity at the listed price and are considering dropping
the list price anyway, a low offer may seem more
enticing.
8. RE/MAX Mumbai Gujarat Maharashtra
• The seller has plenty of equity in the property and isn't
at risk for being "underwater." In most areas, it's
relatively easy to use public records find out the amount
of a homeowner's outstanding mortgage; for a would-be
homebuyer, this can be key information. A homeowner
who has listed a property for far more than the amount
they owe the bank has more flexibility than a seller who
owes the bank nearly the full value of the home. For
most homebuyers, submitting a lowball offer that's less
than the seller's mortgage balance isn't a strategy with
great odds of success.
• The home is the last one in a new development.
Developers that are pessimistic about the housing
market may want to get unsold homes off their books.
That's particularly true if it's the last unsold property in a
development and as soon as the builder moves it, he
can close up shop, move his sales rep to a new
location, etc. That's a huge incentive to cut a deal.
9. RE/MAX Mumbai Gujarat Maharashtra
• The home is being sold as part of a divorce or estate
sale. Particularly in a contentious divorce, soon-to-be
exes may be willing to take a discount just to get on
with their lives (and apart from their ex). And in an
estate sale, inheritors with no sentimental attachment to
a property would probably love to have if off their
hands, and since an inheritance is often treated like
"found money" anyway, they may be less inclined to
hold firm for a particular price.
10. RE/MAX Mumbai Gujarat Maharashtra
Attracting Buyers Via Seminars
– First time homebuyers
– Condominium Ownership for Seniors
– Life Leases
– Relocation
– Buying a cottage/recreation property
– Real estate as an investment
– Buying property internationally
11. RE/MAX Mumbai Gujarat Maharashtra
Timeline
• Get in contact with potential partners
• Create plan to hold seminar
– Time
– place
• Establish team structure
– Speakers
– Timing – who will do what when?
12. RE/MAX Mumbai Gujarat Maharashtra
• Establish a budget
– Who is paying for what
– Refreshments, hall, a/v, advertising
• Select a date and location
– Book well in advance
– Plan audio video requirements
• Plan the seminar
– Agenda
– Videos
– Registration
– Guest speakers
– Subjects covered
13. RE/MAX Mumbai Gujarat Maharashtra
6 Buyer Mistakes
• Mistake #1. Not Pre-qualified.
• Mistake #2. Don’t shop for a mortgage.
• Mistake #3. Don’t get professional inspections.
• Mistake #4. Don’t use a professional Sales Associate.
• Mistake #5. Buy first.
• Mistake #6. Don’t know the cost of buying.
