"I'm Waiting for the Market to Crash" - Overcome this Common Real Estate Objection

The market is shifting, which means we get to deal with a bunch of new (but not really new) real estate objections. The most common one our clients are hearing from leads lately is “I’m going to wait for the market to crash.” If you’re not armed with a tried, tested, and practiced response, then this real estate objection may stop you right in your tracks.

In this article, we’re going to cover the dos and don’ts of handling this common real estate objection.

What Not to Do

As with handling any real estate objection, when it comes to getting past “I’m waiting for the market to crash”, there are certain things you never want to do. Here they are:

Disagree with the lead
Make the lead wrong
Educate the lead before understanding them
Trying to close immediately

Basically, what these don’ts all come down to is listening to the lead, taking in what they tell you, and not being confrontational. Don’t tell them that the market is not going to crash if they tell you they think it will. And try to avoid using the word “why”, because it’s inherently confrontational. Instead, try something like, “what makes you think the market is going to crash?” Hear what they say, acknowledge it, ask any clarifying questions, and then try to educate them. Only try to close once they have accepted that they may not need to wait for the market to crash to move forward.

What You Should Do

The way to overcome this real estate objection (and really, all real estate objections) is to do these six things:

Get the lead’s perspective
Get the lead’s experience
Tell the lead the benefit of moving forward now
Educate the lead after understanding their perspective
Identify motivation and ability
Set a logical next step

Here’s how to cover all of these points and overcome this tough real estate objection:

Ask

When you say crash…What do you mean?
When do you think that will happen?
What will that do for you?
What if that doesn’t happen?

Educate and tell

Housing economists point to five main reasons that the market will not crash anytime soon: low inventory, lack of new-construction housing, large amounts of new buyers, strict lending standards and a drop in foreclosures.

Get at their motivation and ability: Would you move forward…

If you got an acceptable offer in the next few months?
If a great home came on the market in the next few months?
Would moving in the next few months even make sense for you?

Tie them to a logical next step

When will you talk next?
Why will you talk next?
What will they get out of it?

Getting the lead to commit to a logical next step is crucial. And be specific. Don’t just say “give me a call when you are ready to move.” Tie them to something that they want to talk to you about. Focus on the benefit they will receive from meeting with you at that time.

Don’t Let this Objection Slow You Down

“I’m waiting for the market to crash” is a real estate objection of someone who may not fully understand what is happening in the market, and who is probably getting a lot of their information from social media. The key is to get in there with the right information, while being sensitive to the opinions they have already formed. Come from a position of patience, understanding, and helpfulness.

If you want more information for overcoming this real estate objection and all other objections, then our Conversion University program is for you and your team! See all of our training programs here.

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4 Tips for Real Estate Teams and Companies

It might feel like times are getting shakier in the real estate industry. And if you lead a real estate team, then you’re probably feeling the added stress of protecting your own income AND that of your team members. The question is, how can you keep your team as productive as possible and ensure your company stays strong in a slowing market?

The answer is to make sure you’re running a tight ship. Your real estate team or company needs to work like a well oiled machine with minimal waste. Here are a few tips to keep your business running at its best in uncertain times.

Create a Real Estate Business Plan

Real estate businesses are just like any other businesses. You need goals and a plan to achieve them. The first thing is to figure what your primary lead sources are. Then build out a strategy outlining what specific actions you will take in your prospecting, marketing, and sales efforts. Set a goal for how many homes you want your real estate team to sell this year. Ask yourself how many leads will that take? How are many phone calls? How much money is it going to take? What’s going to be your conversion ratio?

Your real estate business plan won’t be perfect, but having it written down will help you and your team be accountable for reaching your goals. And it will give you all some clarity in an uncertain market.

Keep Your CRM Up to Date

A real estate CRM has to be updated in order to be useful. Your team needs to take the time every week to make sure data is entered correctly, that it’s organized in a way that makes sense to everyone, and that it is kept clean from out of date information or cold leads that you don’t need any longer. A clean real estate CRM will help ensure you’re making the right amount of touches and keeping in touch with your leads.

Don’t Skimp on Real Estate Sales Training

Real estate sales training is crucial to your team’s success. And I’m not just saying that because we’re a real estate sales training and lead conversion company. Training is key to teaching your agents how to have productive conversations, how to overcome difficult objections, knowing when to close, and how to speak like a human and not a robot reading a script. The problem is, many team leaders cut back on real estate sales training during slower times. But in reality, those are the times that you need training the most. Leads will be harder to come by, so you need to capitalize on every phone call and convert every lead possible.

Take a Look at Your Business as a Whole

When times are tougher, it’s also important to look at your business as a whole. Are your books and records in order? Are there any expenses that you can cut? Are you only paying the exact amount required of you for taxes and not more? These things might seem a little off topic, but they can make all the difference for your business and real estate team.

With the passage of the Inflation Reduction Act, the IRS will be greatly expanded. That means that your books and records need to be impeccable. It might even be worth hiring a professional to handle the financial side of your business for you. Doing so will free up your time and ensure everything is done correctly. Hiring a professional will also make sure you’re not paying too much in taxes (most businesses do).

When it comes to expenses, take a close look at all your tools and subscriptions. Video editing software that you haven’t used in years can probably be cut. Real estate sales training and an accounting professional should be kept. Take the time now to determine what is necessary for your business and team and what’s not. You’ll thank yourself in a few months!

If you have any questions about real estate sales training, or how to keep your team successful in the coming months, please don’t hesitate to reach out to our team!

Month: October 2022