Any agent would like to make the real estate sales cycle more predictable. But the truth is buyers, sellers or renters can give you such a hard time that the entire process can spin out of control. All the more reasons to do your best and optimize the sales techniques you’re using.
How to speed up real estate sales cycle
1) Automate time-consuming, repetitive tasks
You can spend most of your day managing data entry and follow-up, or you can automate the most boring stuff and focus on the hot leads instead. Use your real estate CRM to store all sales data and automate your follow-up reminders and email campaigns. Some CRMs like AgentDrive CRM automatically add your website leads to your CRM contacts so you don’t have to do the same work twice.
Some good places to begin with are:
- automating your property proposals;
- automating follow-up messages for cold leads and reminders to follow-up for hot leads;
- automatically creating your marketing adverts, flyers and videos.
[Related post: 8 Reasons to Enhance Your Team with Real Estate Marketing Automation]
2) Try to find out more about each objection before replying
You haven’t sold any homes in my area. I have a friend in the business. Let’s list high and we can always reduce later. I met the other agent and she said she could sell higher. We want to save on commission and will sell on our own, thank you.
The list of clients’ objections can go and on. Most of them are quite common so you’ve probably encountered them many times. And it probably worked better to ask a few questions before making your point why these objections may not be relevant.
In order to handle objections successfully, your responses must be very specific so people actually see why the solution you’re offering is a better fix. To reply specifically, don’t hesitate to ask additional questions to understand your clients’ unique needs better.
3) Set a goal for each call
Another real Estate Sales hack is to define what exactly you expect from each follow-up call. It’s easy to get carried away in a discussion of the last year’s market trends and how they affect current prices – but that can take too long.
A much better approach would be outlining your agenda for each sales call. That way you can intelligently lead the conversation and reach the desired outcome, e.g. book a meeting. It’s also a good idea to let your client know about that goal too. If you’re calling to book a meeting, tell so and you’ll both share the same expectations. Plus people will understand the next step better.
4) Shorten the duration of each call or meeting
The more time you have to talk to your lead, the better you can plan your next sales steps. But with so little time in a day when you can actually call people, it’s necessary to maximize the value of those calls but spent less time on talking.
Consider this: You’ve been talking with your prospect for almost an hour, and you have another call booked in 15 minutes. This gives you little time to prepare for the next call, go through your CRM notes and collect the necessary info. The result? You’ll be hastily switching between the calls and other important tasks, like handling transactions, commissions, referrals, etc., will be pushed till late in the evening.
Set up a timer to track the duration of your calls. Once you’ve reached your limit, end the conversation. Not only this will save you time, you’ll learn to be more concise too.
5) Agree on pricing and commission early on
In real estate, people are always expecting hidden costs and commissions. Sadly, this is often the case.
To make your prospects less hesitant about the deal, address the pricing question early. If you think that price is too high and no one will bother to look at the property, tell them so. It’s realistic and it makes sense because, as an agent, you know everything about smart pricing strategies.
So the typical objection “Let’s list high and we can always reduce later” should be clarified asap. Save yourself lots of headache and protect your reputation. The same goes with your commission.
6) Offer them a plan
One of the most effective real estate sales hacks is suggesting your clients a plan of action. Few people are ready to go through the intricacies of the real estate marketing, home staging, pricing strategies, mortgages, etc. on their own. And that’s good because it’s what you can do for them.
Make sure to explain in simple words:
- how you’re going to market their home;
- how you can help to find a mortgage professional;
- how is the market performing (CMA);
- what’s the plan for staging, pricing and negotiating the property, etc.
A clear agenda can greatly speed up the Sales Cycle and might compel people to act faster.
7) Win a little “yes” after each touchpoint
Your ultimate goal is to see your prospect saying yes more often than no. This makes people feel more committed to work with this deal and helps them see real progress in this cooperation.
For example, you can end one of the first calls by asking for a cell number or offering to talk via messengers. If you’re accommodating their favorite technology, this speeds things up much faster as not everything deserves an email. Next time, you can ask to book a meeting to discuss their requirements or budget in greater detail.
There you go – 7 actionable hacks you can use every day to accelerate the real Estate Sales Cycle and make real a difference to your bottom line.
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The post 7 Winning Hacks To Accelerate Real Estate Sales Cycle appeared first on AgentDrive.