Objection Handling 7-Step System

Johnny Carson once described the shortest measurement of time as that between a New York stoplight turning green, and the taxi behind honking. I would redefine that as the time between a customer or client raising an objection and and agent trying to answer it. Stop with the answers. They never work.

Here's an exercise I teach to really get good at the Pause. Next time you're with a buyer in a showing, make a promise to yourself to get through the entire set of showings without providing one answer to an objection. Instead, pause, listen an acknowledge. Here's how the afternoon would go: "I don't like these cabinets." (Hmmm, ok. What would you do with them?)  "This room is really small." (I see) "Who decorated this place?!" (That's a good question.) "The driveway is really steep." (That would be a consideration on this home.) "They're way out of line on their price!" (Think it's a bit high?)

I promise you, this will be the most fun you'll ever have on a showing. They're only going to buy one so on most of your showings they don't like the home so what possible difference could it make to answer their objections! Even if they ask you a direct question; "Is that part of the property or is it an easement for the golf course?" (That's a good question, let me make a note to confirm that.)

Even when you're at the final decision, the last moment, the end of the line on the home they might buy, and you absolutely have to provide a solution...phrase the answer as a question. "That steep driveway really bothers me." (I know that's is a real issue for you. Would that fact that your winter vehicle has 4-wheel drive resolve this for you?)

Try this on one set of showings and let me know what happens. You'll be laughing when you call.

There are general two reasons I see for objections:

1. Fear.  I had a client that needed to move, but did not want to after 23 years in one home.  Finding something wrong with houses helped put off what she did not want to do.
   
   
2. Some people live in a fantasy land and feel that if they just keep wishing it was there way eventually it will be.

Great information. Thanks for writing.

Learning to shut up is a difficult but necessary skill. Some agents are good at talking themselves right out of a listing or a sale.

Hi Lyndon,

Very good list of points to follow.  Another one is repeating back what the buyer or seller says to confirm it.  I have found that makes the other party step back and hear their own words coming at them and sometimes that makes a big impact.  Thanks for sharing your list.

Lisa

You are so correct on these points!  Asking questions and then actually paying attention to the answers you get can take you along way in the objection handling arena!  Thanks for the great reminder about how to handle our business!

Good and simple.  I like it.  Sometimes I do not remember to shut up as well.

This is a great list.  I especially like the "Shut Up."

SHUT UP! is the best. Sometimes we talk ourselves out of a deal.

I like Step 5, too.

Thanks for the list...I was really great....

Ginger

Maybe I'm just tired, but I don't really understand this post. Shut up about what?  What are the 5W's?  Sorry if I'm being lame ...

Once all of the objections are gone Lyndon, all you have left is a sale ;-)  Objections happen because the Clients are not sure about us. When we don't "flinch" in the face of adversity...it builds their trust in us and the many abilities that we have.

Lyndon - I think Steps 2 and 3 are so important - but it's so tough to keep quiet - you feel as if you want to fill the space with something.

Great post!

http://www.twitter.com/mortgageva

Hey Lyndon,

Great reminders, for certain. My Broker tells a story of his first sales manager telling him to write "Shut up" in the palm of his hand. Hmmmm...wonder why he told me THAT story?!!? ..lol

It's really good advice and definitely works...2 ears, one mouth...listen twice as much as we talk. We tend I feel to push our agenda rather than listen to theirs upon occasion, and it IS supposed to be all about their agenda, if we can make it happen.

Great comments, everybody.

Thanks so much for this, it really hit home!

Dave has some interesting notes for showings.  Good post and thanks for the reminder.

I bet like me you were a fan of Tom Hopkins...Hows business...UNBELIEVABLE

Lyndon:  We do forget to "shutup" at times don't we.  And really are there answers for everything?