As Realtors we wear many hats. We're business managers, marketers, councillors, advisors, book keepers, construction and renovation consultants, and so much more. But all of this is built on and around a single crucial skill: the ability to close real estate leads. Without that basic ability, we fail. And yet most of us just aren't amazing at it. In fact if we were totally honest with ourselves we'd admit that we probably aren't very good at it and could use some serious improvement in the area. So to help us all along, here's a few things that I think you should be asking on EVERY SINGLE AD CALL.
1. "Why are you buying a home?"
The great Walter Sanford preaches about discovering a clients' motivation and using that knowledge to earn their business. I can't count how many times he's said to me "You can't fix their pain if you don't know what it is." If you can identify their motivation, you can use every question from this point forward to close them to become a client. So why aren't we asking this question right at the beginning? Why? Because we're scared to. It's a direct question. Direct questions get direct answers, and sometimes we're afraid to have the buyer answer honestly with "I'm not buying a home. I'm just curious."
2. "Do you have a home that you'll need to sell to buy this one? Or are you renting?"
If a lead has a home to sell, as well as to purchase, you are looking at double the income. Personally, I put a little more effort into closing a lead if they're also going to generate a listing for me. I love listings, so these leads get a little more lovin' from me. Likewise I also like to know if my buyer-lead is renting. The answer usually gives me a timeline for their purchase through the follow-up question. "When is your lease up?"
3. "Have you been approved by {brokerage name} to get the best discount on mortgage rates with the major lenders?"
This is so much more effective than "Are you pre-approved?" Most buyers don't know the difference between pre-approved and pre-qualified. This eliminates that problem. Likewise, it opens the door for my lender to get into the game. The lender can give me a more enlightened view of their financing position, as well as providing an ever so valuable 3rd party referral to the buyer when they talk to him/her. By wording the question this way, the buyer lead gets hungry to work with my lender... an assumptive close for me.
4. "Are You Working With Another Realtor?"
Don't kid yourself. Some people don't want to bother their agent, or just don't understand that they shouldn't be calling the listing agent directly. But they do. Then they write the offer with their agent. So find out if they're wasting your time up front. Then you can decide if you want to service your seller and show the listing, or tell the buyer to call their own agent to see the home.
There you have it. 4 questions that, when applied against every lead, will increase your closing ration. This means more clients for less cost, more commissions, and a better life. Good luck out there!
- John Carle
Edmonton Real Estate Agent
ReMax Real Estate (Edmonton) Ltd.
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