Real Estate Inside Sales Coaching: “I’m going to try to sell it on my own for a while”

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Real Estate Inside Sales Coaching: "I'm going to try to sell it on my own for a while"

In today’s roleplay video, the ISA group goes over how to deal with for sale by owners (FSBOs) who want to try to sell their house on their own for a while. They might not think they can do the best job, or better than you, but they just want to give it a try for a while.

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Drawbacks of Not Hiring an ISA for your Real Estate Team

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Drawbacks of Not Hiring an ISA for your Real Estate Team

Hiring new people can be a daunting prospect. It means additional expenses like salary, commission, and benefits. But more than that, the process of hiring and training itself is a large undertaking and acts as a deterrent to many business owners who just don’t want to go through it. After all, they are focused on running their business or team and already don’t have enough time as it is.

However, if you have a successful and growing real estate business, you are going to eventually hit a ceiling. You and your agents are going to be pushed to their limits, and things like prospecting and responding quickly to leads are going to start to suffer. Eventually, the successful growth you had been rapidly experiencing will slow, and your business will begin to stagnate.

A solution to this problem? Hire an inside sales agent for your real estate team. Having an effective real estate ISA on your team means that you have someone who is trained for and dedicated to generating and converting leads in the office while you and your agents are running the rest of your business. They focus on having the initial contact with the leads and prospects, entering contact information and conversation notes into your database, and handle many of the administrative tasks associated lead gen.

In other words, once your business hits a certain point, your real estate team needs an ISA. Although there are costs and work involved with hiring an inside sales agent, the opportunity cost of not hiring one is even greater.

Here are some ways your business will suffer by not hiring an ISA when your business is ready for one:

  1. Prospecting Suffers

    – When your real estate team gets busy, the first thing to go by the wayside is typically prospecting. The simple fact is that if you don’t generate and convert leads consistently through a solid phone prospecting strategy, your business just isn’t going to grow.

Even worse, your costs of lead generation are going to go through the roof. This is because you and your team do not have the bandwidth to adequately communicate with your leads and prospects. The leads that you do spend money on to generate—and even the opportunities that come your way without you having to lay out a bunch of cash—are going to be missed because you’re just not making regular contact with prospects.

  1. Listing Appointments Suffer

    – Despite all the avenues that agents and ISAs have today to contact prospects, phone calls are still the most effective and most efficient method. There are a lot of potential leads out there, if you only are willing to and know where to look. You need ISAs who are constantly picking up the phone to contact expireds, withdrawns and FSBOs a daily basis.

ISAs are critical here because their job is wholly dedicated to picking up the phone and having successful sales conversations, they’re going to be on the phone 6.5 to 7 hours per day—every day, and they ensure that dials are made to get the requisite number of contacts to get you consistent listing appointments.

Put simply, having an inside sales agent or team of inside sales agents means that your real estate business is going to have a consistent stream of leads and appointments.

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  1. Lower Quality Appointments

    – This drawback to not having an ISA goes hand in hand with the other two. If you don’t have a dedicated inside sales agent the consequences are twofold. First, there is less time and effort dedicated towards prospecting, meaning that your leads and prospects are less diligently vetted. This results is more missed appointments and in wasting time with people who are not actually serious about buying or selling a home. And second, there is less trust fostered between your company and the prospect or lead. This is the result of less contact.

On the other hand, if you have a solid ISA and a consistent nurture strategy in place where you can foster relationships, your listing appointments are not only of a superior quality, but they are easier ,and take less time, for you to convert.

Without an ISA, it’s hard to make the requisite 6 to 8 contacts, or more, to prospects to establish a great foundation and nurture a relationship to the point where buyers and sellers welcome you and your agents into their home buying or selling process.

Conclusion

At the end of the day, scaling your real estate business requires hiring someone to handle your prospecting and lead nurturing. And not just handle it, but to consistently and successfully have effective sales calls. Let your agents focus on buying and selling homes, let your inside sales agents focus on setting quality appointments.

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ISA Call Review: Go After the Lead’s Most Critical Issue

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ISA Call Review: Go After the Lead's Most Critical Issue

In today’s Call Review video, Dale discusses the importance of determining the objection that is most critical to the lead. In other words, what is holding the lad back the most? 

That is what you have to go after on your calls and present a solution for. 

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Inside Sales Agent: How to Close on your Calls

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Inside Sales Agents: How to Close on your Calls

As an inside sales agent, being able to properly and successful close on your calls is one of the most (if not the most) critical parts of your job. Even if you are a master at overcoming objections, can relate to leads on your calls, and have enjoyable sales conversations, it is all for nothing if you don’t know how to close correctly and consistently.

Objection Handling

Successful closing is closely related to successful objection handling. So first and foremost, real estate inside sales agents need to know how to successfully deal with objections. As I explain in my Conversion University Course, the key to dealing with caller objections is to understand the lead’s perspective, process, and outcome—the three parts that make up every objection. This is called the PPO process.

The key here is to understand these three parts of the objection from the lead’s point of view, not just from your own. Below are the five most critical aspects of dealing with an objection once they tell you it:

  1. Acknowledge – Listen to what they say and let them know that you understand it.
  2. Paraphrase – Restate what they said without leading and without interpretation.
  3. Inquire into their perspective, process, and outcome – This is where you dig into their thought process how they see it. Get them to walk you through their knowledge, plan, and the unique thing they hope to accomplish. These are the three things you need to know in order to counter their objection, so ask questions that get you the answers.
  4. Determine the unique benefit or result they hope to achieve – this is their sought after outcome.
  5. Close if appropriate – Close if the lead does not bring up another objection as a result of the PPO process or if it becomes obvious that meeting is the next logical step in your conversation.

Closing Logically

More often than not, the objection (and how you deal with it) is going to lead you to the opportunity to close. Through dealing with the objection successfully, you will have had to convince the lead that you can either assist them with their process, or you offered a better process and convinced them that your process will help them better achieve their desired outcome.

The problem that many ISAs or agents have is with timing. Knowing when to close and not closing too early. The solution to this is actually pretty simple: closing has to be the logical conclusion to the conversation you are having with the lead. This means you have to be having ACTUAL conversations with leads on phone. You can’t just be going blindly from a script—you have to be in the moment, react to what the lead says, and ask relevant questions given where the conversation goes.

If you are working with them to get an understanding of the outcome they desire, and you are powering through any objections they present, then the time to close is going to naturally arise once you can tell they are satisfied with your answers to their objections. Just follow the conversation.

If the lead says they are starting to interview new agents and get their home back on the market in a few weeks, then the logical time and way to close would be to say “Oh great! I am excited to show you how our team sells homes in less time and for more money than other agents. I am available on Wednesday or Thursday to meet. Which day works best for you?” That would not be the logical close if the lead said, “We’re not interested in selling. We took it off the market and are going to wait until the market improves.”

Closing with Empathy

This largely gets back to the PPO objection handling process, but it is critically important to closing successfully. You HAVE to close with empathy. Put yourself in their shoes, understand what they know, understand what they want, and understand how they want to proceed.

If, from their perspective, it does not make sense to meet with you, sign with you, or have any sort of next step with you, then you have not done enough work to be ready to close. You have to be constantly viewing the conversation from their point of view. If it doesn’t make sense for them to take the next step with you, then ask more questions and acquire more information from them until you can present a proposition to them that makes sense—for them.

Conclusion

Closing is the key aspect of any sales call. If your job is selling on the phone, like if you are a real estate inside sales agent or even an outside agent, then a successful closing is all you can have to show for you work on any given call. It gets down to having a REAL conversation with the lead. Understand what they are dealing with from their own perspective, and close when you know you have something of value to offer them that will help them achieve THEIR goal in THEIR specific situation.

Call Review: “You have to work on their process”

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In today’s Call Review video, the group deals with an expired listing lead phone call. The key thing to do on these types of calls to find out and work through the lead’s process.

What did they do the first time around listing their home?

What do they plan on doing this time around?

And why?

Once you understand their process, you will be able to see if what they are doing makes sense, and you will have a much better chance of setting the appointment with them.

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Real Estate ISAs: Convince Sellers to Sell this Winter

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Real Estate ISAs: Convince Sellers to Sell this Winter

If you are a real estate agent or an inside sales agent then you have heard this objection from sellers many times: “I want to wait until spring to list my house.” This time of year, especially, many—if not most—sellers would prefer to wait until winter is over before they even think about selling their home.

That spring is the best time to sell is a ubiquitous idea in the home-selling world. And it is not necessarily wrong—the spring has a large number of buyers, more demand from people looking to get into their new home before school starts in the fall, sellers often feel their homes look more appealing in the spring and summer, and, in colder climates, the weather itself is easier for buyers to deal with.

But are the spring and summer the only times to sell, or even the best times to sell?

Understand Their Perspective, Process, and Desired Outcome

As an agent or ISA, this objection can be difficult to deal with. There are many advantages to selling in spring, and the idea is so entrenched among the general population that it can be tough to convince them otherwise on the phone or during an appointment.

But no matter how prevalent and persistent this objection may be, you deal with it in the same way that you deal with any objection: understand the potential client’s perspective, process, and desired outcome.

The lead’s perspective is their past experience, knowledge and speculation. Examples of perspectives that may lead to objections are “I’ve sold my home myself before”, “I’ve already met with an agent”, and “I can do what an agent does, you guys don’t do much.”

The lead’s process is their own plan that they have for their situation. Examples of a process is “I’m going to sell my home myself”, “I’ll just use the agent I used before”, or “I am just going to wait until spring to sell my home and get a better deal”. The process is typically what will lead to an objection. They have their plan and you are not a part of it in their mind, so they turn you down.

And finally, the outcome. This is the unique result or benefit the lead believes their process will deliver for them. Examples of these are “not wasting time”, “avoiding disappointment”, and “proving to my neighbors or real estate agents or to the world that I am right”.

There Are Advantages to Selling in Winter, Too

Your first job as a real estate inside sales agent or outside agent is to understand what your potential client is seeking to accomplish, and how they think they are going to accomplish it. Next, your job is to determine whether their outcome will better or more easily accomplished if they list their home now (in the winter) rather than waiting four months until spring arrives.

To do this, you have to let the lead know that there are also clear advantages to listing their home in the winter that may be beneficial to them in light of their goals. Here are three reasons for sellers to list their homes in the winter:

  1. Less Competition – Because most sellers wait until the spring to list their homes, there are fewer homes on the market, which means less competition from other sellers. Additionally, the low inventory can create increase competition among buyers, which generally result in higher sale prices.
  2. Winter Brings Serious Buyers – Similar to why there is less competition in winter, this season draws out the serious buyers because most buyers think it is best to wait until spring to check out the market. The ones who do come out do so because they are serious and cannot wait until spring to purchase a home. These are not window shoppers, but motivated buyers who want to take advantage of the less competitive market and get their hands on their ideal home.
  3. You Can Highlight the Winter Side of Your Home – Show off your home’s winter-readiness. Have the fire going, showcase the hot tub, highlight the design and features that will make their life easier during winter, like an easy-to-shovel driveway, new roof and furnace, south-facing windows, and well-insulated pipes, among other things. These features, however simple, will show that your home can handle the harsh elements.

Conclusion

As a real estate agent or inside sales agent, your job is to try to produce the best possible outcome for your client. To do this, you first have to get to the heart of what their desired outcome is. Once you understand that, you then have to determine yourself if you think it would make sense for them to not wait until spring, given their desired outcome. If you think it makes sense, your next job is to convince them.

There are great reasons to sell in the spring, but there are also great reasons to sell in the winter. Understand their perspective, process, and desired outcome and then thoughtfully explain to them why it would be advantageous for them to not wait. That is how you will convince sellers to list this winter.  

Real Estate Inside Sales Agent Objection: “I don’t know the process”

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ISA Call Review: Get to The Critical Issue for The Lead

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ISA Group Roleplay: Match Yourself With The Lead

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