Sales is an art that requires a lot of skill. And just like with any skill, you have to master it. The thing is, mastery is chock full of trial, risks, practice, and mistakes. One aspect of sales in real estate that takes a lot of practice is converting qualified leads. Many real estate agents can generate leads through web traffic and marketing but still struggle to convert and close deals.
Some say that people no longer rely on realtors for buying or selling a home. But that’s far from the truth. According to the National Association of Realtors, 89 percent of all homes purchased in 2019 were made through a broker or realtor. Consider this: maybe the issue is in your approach. Year after year, the buyer profile changes, meaning real estate agents must adjust their tactics to meet them. Using the wrong method can push a qualified lead away. But how do you avoid this, you ask? Together, let’s take a look at sales tactics that you should abandon.
Overselling the Product
Your leads see the value in your services and in the properties you show them. But there’s such a thing as overselling the product. It can make your qualified leads run for the hills and back out of buying or selling through you. Often, agents are overzealous and believe that if they stay on a lead, they’ll make a sale. This isn’t the case. The trick is to let your lead breathe — but not too much. Share occasional helpful articles and tips to help them make their decision instead of pouncing on them and trying to force the sale.
Ignoring Their Timeline
Every prospect has a timeline for buying or selling, and it’s up to the agent to stick to it. Like with any sales deal, there are different kinds of leads: those who are ready to buy or sell and those who aren’t quite ready to leap. Ignoring their timeline in favor of your own can result in pushing your qualified lead away and them spreading the word about your haste to close a deal.
The first step is to respect their timeline, even if it doesn’t align with yours. Doing this let your lead know they can trust you, and it increases the likelihood that they’ll use your services whenever they’re ready to move forward. Another strategy to use is staying in touch and occasionally checking in with them through emails and phone calls. When they feel ready to start their journey, your name will be top of their list.
Talk More Than Listen
Another way you could be pushing away your qualified lead is by talking too much. We’ve all been on both sides of this one. We’re interested in purchasing a product and the salesperson keeps going on and on, telling you their opinion instead of listening to what you want. Or, you’ve been chatting with a qualified lead and couldn’t contain your excitement.
It’s an embarrassing experience, but also one you can learn from. Instead of telling your qualified lead what they want, take a breath, and listen. Connect with your lead, take the time to learn about what they’re looking for. And remember that it’s not about you, it’s about them.
Leaving Next Steps Unclear
Have you ever had a friend or a family member leave you out of the loop? It’s not fun. In real estate, you mustn’t give your qualified lead the same treatment. Leaving them in the dark will only have an adverse effect. It’s wise to keep your client in the loop every step of the way. Start by having a well-thought-out sales process, so that you have a journey map to share at the beginning of your relationship. Having a mapped-out plan for your qualified lead reduces the likelihood they’ll get cold feet along the way.
Thinking You’re Too Good to Learn Something New
To be successful in real estate, you can’t rely on sales strategies you learned years ago. You’ve got to be open to learning new tricks of the trade. This includes product knowledge, new sales strategies, customer knowledge, and willingness to adjust your client approach. Your desire to learn and grow directly impacts your business, and stubbornness can ultimately push away qualified leads. To stay up to date on the latest practices and trends, we recommend reading real estate blogs, attending industry events, and enrolling in certification courses.
Using the Same Sales Process for Every Lead
One mistake that real estate agents tend to make is treating each of their leads and deals the same. One sales pipeline doesn’t fit all. Having this attitude is highly unrealistic. You may have some leads who are ready to sign based on the first house you show them, whereas others may take weeks or months before they’re prepared to make a purchase.
You need to remain flexible and have a game plan for each kind of buyer and seller you work with throughout your career. Don’t worry; you’ll build your playbook in time. Lastly, learn how to read the signs of when you should move forward with your next steps.
Not Taking No for an Answer
Nobody likes getting a big fat “no” as an answer, but receiving one from a qualified lead doesn’t necessarily mean that it’s the end of the world. However, your response to rejection can make or break the sale. Trying to force a sale when your lead tells you “no” is the quickest way to push them away. Please do your best to keep your cool and show that you understand their concerns.
Sticking with a lead when they say no can make it all the more rewarding when they finally find the perfect home. Find out why they’re saying no and shift your focus. Is it the location? Is it the price? Or is it the wrong amount of square footage? The details will help guide you in the direction of an excited “yes.”
Call Motivated Sellers
Nailing down the perfect strategies to convert qualified leads into closed deals isn’t a set science. It takes tweaking your process as you build your investment portfolio. But you don’t have to navigate strategies alone. At Call Motivated Sellers, we can help you find success, from our cold calling services that bring you the best leads, to offering support and advice on the real estate industry.
To learn more about our services, contact our team today!