As a real estate agent, the formula to success is obvious: The more deals you close, the more money you make. The tricky question though is: How can you secure more transactions? You can try to grab more leads, but if you’re already doing everything you can in this area, your best bet is to close on more of the leads you already have. To help with this, I’m sharing three of the most common reasons why potential sellers don’t want to list their homes and how you can address their objections.
1. “I don’t want to have to buy a new home when interest rates are so high.” If your lead bought their current house at a great rate like 3%, they won’t want to give that up without a good reason. Fortunately, you can respond to this complaint by reminding your client that they don’t have to “marry” their interest rate—they can refinance. Mortgage interest rates are always changing, so even if they’re high now, they’ll likely come down in the future. If your lead isn’t afraid of interest rates, they’ll be much more willing to list their home.
2. “I don’t want to go through the hassle of an extended sale.” Let’s be honest: Selling a home can be a pain for the owner. There’s a lot of uncertainty involved, and constant showings are a big hassle. You can address this objection by giving your lead two options. First, inform them that you know tips to get their home ready before listing and minimize time spent on the market. Secondly, let them know that they can receive an instant cash offer from an investor to avoid dealing with the stress of an extended home sale. Each option has pros and cons, but they should both alleviate your seller’s fear of a drawn-out sale.
3. “I don’t need a Realtor to sell my house.” Whether your lead wants to sell their home themselves, or they think their cousin who’s had a license for two weeks will do just fine, tons of people think that hiring a real estate agent is just a waste of money. The best way to address this objection is by convincing your lead that hiring you will save them money overall. Using data to back up your claim will make it seem more credible. For example, you can mention that according to the National Association of Realtors, for-sale-by-owner properties sell for significantly less than those listed with an experienced agent. Demonstrate your value, and your client will be more likely to ask for your help.
Of course, these are just a few of the most common seller objections. If you have questions about a specific objection you’ve received, call or email me. I am always willing to help!