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Dear Walter, It was a pleasure meeting you during your recent event in Laguna Hills, CA. I appreciate the material your covered during the event and wanted to thank you for your generosity on gifting me the "Beating the Competition" sales system. Jose U. Jaramillo, Keller Williams

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“Walter, We Need to Think About It.” Pt. 3 August 2nd, 2017 | Posted in General Real Estate, Other Interests, Real Estate

We’re into day three of this blog series. If you’ve missed the past two days, be sure to go back to catch them. We’re going in depth on how to respond to the dreaded phrase, “We need to think about it.”

Let’s pick up where yesterday left off —

What follows is the technique that I used for twenty plus years to successfully overcome the hidden commission objection. Please use this checklist when you hear the commission objection or if the previously discussed quick tools did not work effectively.

1. Isolating the Objection: The first item that you do in answering any of the objections in this chapter is to restate the objection and ask if you could have the honor of representing the sellers’ home if their concern is met to their satisfaction.

“I understand fully. If I can remedy your concern regarding commission (or whatever it may be), then may I have the honor of representing this property?”

This, of course, gives you the preliminary commitment for closure you need. If you and the seller can come to successful resolution on the commission objection, this will be the last objection, and you will receive the listing.

2. Restate the Commission Request in a Dollar Figure: If the sellers have agreed to give you the listing if you answer their objections satisfactorily, then I want you to restate the commission objection in a dollar figure.

“What you are saying is that if you increase your net proceeds by your 1% commission reduction request, in this case $5,000 on your $500,000 home, then you will allow me to proceed with our effective marketing plan?”

If the client agrees, you now have the green light to move ahead knowing that you will have the opportunity to receive this great listing by increasing their net by $5,000 or more.

3. Prepare or Re-evaluate the Net Sheet: If you have already done a net sheet, it is time to pull it back out and discuss the price that you and the seller have agreed upon. On this net sheet, you need to know what they determine is an acceptable net. I want you to include all expenses on the net sheet. Never under-estimate the expenses; doing this will prevent you from being the hero at closing. Give an estimate of fair or worst-case analysis expenses. Please include your full commission.

Turn the net sheet around and explain it to them. While pointing at the net figure, ask them, “Is this enough equity to get you where you are going or to accomplish your goals?” If the answer is yes, the commission negotiation becomes a moot point; however, the majority will say “That is about what we thought it would be, but we are still not paying you the full commission.” They might also say, “No, we want to see our net increased by the amount of the commission reduction.”

4. Your Promise to Increase the Net: You now have the sellers on the same page, because they will give you the listing if the net is increased by the $5,000 we previously discussed. You are now free to say, “Well, I hope that you have felt that my presentation has exceeded your expectations. I would like to exceed your expectations one more time. I would like to show you a number of ways in which I can increase your net by the amount we have discussed.” You will have to have a number of ways to increase their net, none of which includes a commission reduction.

 

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