6 Ways to benefit from a failed real estate sale

failed real estate sale

Rejection is defined as “the denial of a proposal, idea, etc.” and destroyed the careers of many real estate agents. Whether it’s work or personal life, rejection is everywhere, but few manage not to be negatively influenced by it. When we hear a novice real estate agent say “I will never be a good seller because I can’t stand the idea of ​​being rejected”, the first thing that comes to mind is that working life will be difficult for this seller.

In real estate sales, we interact with customers on the phone, in person, and on the internet all day: if we want to climb the top to be excellent real estate sales professionals, we must learn to manage the effects of rejection. 

Be wise with every “no” to make it a “yes”

The first thing you need to understand is that rejection is not a sales issue. It is an experience or an illusion created by the one who experiences it. If you don’t like rejection, it is ultimately a completely understandable thing that makes you agents and people more normal than abnormal.

The experience of rejection as an emotion is actually what happens when an agent has a high level of responsibility in the process of selling a property: “I have not sold the house, so I will feel sorry for myself, I will label this experience as a real refusal, I will finally put myself in the condition of the victim.”

Nothing happens to you; it happens because of you!

How you handle rejection is the key. If you try to avoid it, you will be doomed to failure. If you start to think less about the service offered after receiving a no, then you will be replaced by someone else.

When you receive a “no” or “not yet” or “we bought from someone else” do you feel personally rejected? Obviously not! You will only feel this thing called rejection as a negative feeling if you do not take full responsibility for the situation and its outcome.

We offer you 6 techniques to overcome the rejection cycle:

> Be rational

A “no” should not be considered as a refusal; rather as a “not yet”, which means that the buyer is not ready to buy a home right now. But don’t give up; most buyers will say no a number of times before saying yes. So, be rational with the rejection, the buyer is not rejecting you, only what you have presented to him.

For example, in a recent Mystery Shop campaign, it was found that more than half of the time was spent looking for the right purchase, the customer was on the wrong product. Your client will rarely say yes to a house that they don’t think meets their needs, how could you expect the opposite? So one way to eliminate rejection is to provide qualitatively adequate information and ask good questions in order to ensure that the buyer is presented with the house to which he will say yes as quickly as possible.

> Understand what rejection really is

Buyers say “no” when they don’t know what else to say, or don’t want to give the real reason why they can’t say “yes”. A true professional knows that under every “no” there is a world that opens up. To investigate, be curious, and find out the reason for the “no”.

The next time a customer tells you that they need to talk to their spouse before buying the property, agree with them, then ask, “I understand, but let me ask you, what would you do if your spouse said no? “. If the customer says they would not buy the property, find out what the spouse would say no to colour, structure, size, price, deposit, etc.? 9 times out of 10, the buyer will tell you the real reason they “need to talk to their spouse”.

> Have your agenda so full that a “no” becomes a relief

Think of a day when you had almost nothing to do, just an appointment on the agenda, no phone calls to the agency. Then, the 4:30 pm appointment you’ve been waiting for all day is cancelled. This refusal will make you feel disappointed, defeated, probably to the point of making you hate your job in the real estate world.

Now, imagine a day when you have two purchase proposals on your desk and four appointments one after the other from 2:00 pm to 5:30 pm, two more appointments at 6:30 pm. In the event that one of the 6:30 pm appointments is cancelled, do you feel disappointed or relieved? Do you see what the difference is from the first example? Rejection is perceived only by those who rely too much on few opportunities.

> Do not be discouraged by having received a rejection

If you’re a salesperson, getting discouraged will eventually kill your productivity. One trick to help overcome the emotions associated with rejection is to assign a cash value to every interaction with a customer. This way, you will be able to monetize every conversation or appointment with any customer.

For example, let’s say you talk to 50 people in a month, and you sell 2 houses this month for a profit of € 10,000. Divide your income by the total number of clients for whom you have spent your time on phone calls, property visits, agency interviews and so on (10,000 / 50). In this case, every customer you spoke to, regardless of the result and the time it took, cost you 200 euros.

> Benefit from strong personalities

The stronger the buyer’s personality, the more you will want to have him as a customer. Difficult shoppers tend to be the most loyal once convinced. The more difficult and resilient the buyer is, the more complicated it is also for the competition to convince them to become their customers.

When a customer is tough and pretentious on you, roll up your sleeves and take the challenge. Remind yourself that you have a great opportunity to prove that you are an exceptional agent, different from everyone else in the real estate market. Don’t be frightened by their swagger, keep calm and have a positive attitude. Persist as long as the customer does the right thing, that is, he buys the house.

> Become a master in the art of “concluding”

The best way to handle rejection is to become an ace at closing deals. Nothing gives a real estate agent more confidence in the process of buying and selling a property than knowing that you are able to handle any objection from one or both parties.

Think about how your perspective would be different if you could handle every objection or doubt a buyer could ever ask you. You would feel unstoppable, your self-confidence would skyrocket. People may label you as conceited and arrogant because “you think you can sell any house” and you should be convinced that you really can.

A sales ace doesn’t feel rejection, he knows how to handle it. Think of a salesman who is unable to manage his emotions following a rejection, he would be just an amateur who spends too little time on training, preparation and refinement of his profession, and too much time complaining and find excuses. Create a log of the objections your customers are used to raising, so that every time you receive a no, you will take your log, go home and find the best way to turn that “no” into a “yes”.

Novice real estate agents who have adopted simple techniques such as recording their clients’ objections and daily role-playing games have managed to do business with some of the most experienced entrepreneurs in the industry. The principles mentioned above have served them and they will surely serve you too.