Real Estate / Failproof Ways to Close More Deals / Chapter 5
Failproof Ways to Close More Deals
In our final chapter for this Real Estate Entrepreneur guide, you will learn. . .
- Why a lot of agents fail to close deals
- What you can do to avoid their mistakes
- How to become real estate pro
Now that you already know where and how you can find and reach out to prospects as well as how to get appointments, let’s talk about how you can turn that appointment into a successful transaction. Here is where it gets a little bit tricky. Getting that appointment is one thing, but actually closing that deal is a whole new level.
But don’t worry! In this chapter, I’ll walk you through the basics of handling negotiations so you can close more deals in less time. First though, let’s discuss a very important question.
Why do a lot of agents fail to close deals?
I’m sure you’ve also wondered why, especially if they’re doing their marketing right. And it’s important that you know what mistakes a lot of agents are making so you don’t end up making the same. Let’s look at three of these so you can see what you can learn from them.
Mistake # 1: They waste their time on the wrong prospects
One of the biggest mistakes that real estate agents make is not qualifying leads. Why does this matter you ask? Because if there’s one thing that you need to understand, it’s that not all leads are good ones. A good real estate agent should know how to qualify up front which leads they should be spending time on up front and which to let go sooner rather than later. If you fail to qualify your leads, you’ll most likely end up spending (even wasting) more time than you should on a prospect.
But how exactly do you determine whether a prospect is qualified or not? The best way to do that is by asking specific questions. For example:
- Is the prospect looking to buy or sell a property at a specific location?
- What is the prospect’s motivation for buying or selling their property?
- If the prospect is looking to buy a property, how much are they willing to spend?
- Is the prospect already pre-approved for mortgage?
- Is the prospect already working with an agent?
- Does the prospect have a specific set of requirements for the house they’re planning to buy?
- Is the prospect looking to move into a new property within the next six months?
- When is the prospect available to discuss in person?
Of course there’s no need to sound like you’re interrogating the prospect during your qualifying call. But it is important that you know the answers to those questions. Understanding the exact scope of a prospect’s needs can help you determine whether you could close a deal with that lead.
For example, knowing a prospect’s budget and house requirements can help you filter through listings on the market so you could help them get the property they want within their timeline. And knowing their motivation for buying or selling a property can help you come up with strategies and competitive offers for your client.
Mistake # 2: They are too quick to give up on cold leads
As I mentioned earlier, not all leads are good leads and that you need to filter out those who are actually highly qualified so you don’t waste your time on those who are not yet ready to buy or sell. BUT that does not mean that you should just throw away ‘unqualified’ leads. Just because they do not qualify now doesn’t mean they won’t qualify in a year or two.
So what should you do then with those cold leads? That’s where automation systems come in handy. With a system such as a CRM in place, it would be very easy for you to get those cold leads into a lead nurturing campaign. What I mean with that is, even if you don’t prioritize them now, you should still send them housing market updates or other helpful information periodically. That way, when the time is right for them, you could assist them with their property search or sale.
Again, don’t give up on a lead on your first try. Just continue to nurture them until they qualify to make a purchase or until they’re ready to sell. For some leads, it might take more than just two years for them to be finally ready and qualified, but you’ll have to learn how to wait. And here’s one more thing that you should know: It usually takes 7 or 8 contacts before you could make a conversion. So really what I’m trying to say is that In the end, it is your patience and persistence that will help you win that deal.
Mistake # 3: They fail at creating a Win-Win for everyone
Do you know that it is entirely possible for a deal to fall through even if a prospect is highly qualified? Believe me, I’ve seen this happen so many times. And we’re talking about failing to close a deal even if your prospect is actually looking for a property in your niche market, is already pre-approved by a lender, and is willing to buy within the next six months.
When that happens, it could be because the negotiations did not go as planned. And one of the biggest factors that can lead to a failed negotiation is when the real estate agent lacks the skills needed to close the deal successfully. For example, it is possible that the agent does not know how to negotiate with a win-win perspective for everyone to get a really good real estate deal. Or, an agent could be too emotional; perhaps overreacting when they get a lowball offer for a listing.
So what can you do to become a pro at negotiation? Well, first things first, you need to learn. Remember, being skilled at negotiation involves more than just excellent communication skills. You also need to learn techniques and tricks of the trade that can help you make the best offers for your client. Once you master these techniques, you will become a pro at closing deals.
Do YOU want to be the next real estate ICON AGENT?
Of course! Who doesn’t?
Just think of the infinite earning possibilities that real estate can offer you. Think of the brighter future that awaits you once you learn how to do real estate the way a pro would. Think of the financial freedom that comes along with it and what that would mean for your family. Think of how you would never ever have to work for someone else again. Just think about that.
Needless to say, there are no shortcuts when it comes to learning these things, but that doesn’t mean it’s too difficult for someone who’s new in the industry. And the fact that you’ve reached Chapter 5 of this DreamNation Guide for Real Estate Entrepreneurs shows that you are actually serious about becoming a rockstar real estate agent. And you can become one, with the right education and guidance.
What I’ve shown you in this guide are simply the basics. And while the basics are important and serve as your foundation as you begin a thrilling career in real estate, you and I know that you need more than just that. You need in-depth education so you could have all the knowledge and skills you need to go out there and look for clients and then close one deal after another like a pro.
And that’s exactly why I’d like to invite you to be part of the DreamNation Academy for Real Estate Agents.
You see, I was just like you when I started out as an agent. I had no clue about how the industry actually worked. I had no prior experience with buying and selling properties. I didn’t even have a huge startup capital to begin with. And yet I closed 46 deals in my first year as an agent.
Why am I telling you this?
Because I want you to know that you can be where I am right now. You can truly live a life by your design.
You want to be a real estate pro? Believe it. And then work with the right person who can help you achieve it.
I can help walk you through the nitty gritty of the real estate industry. I can teach you winning techniques and strategies that I’ve learned throughout the years as a real estate agent so you don’t have to guess which ones work and which ones won’t. I can tell you the secrets of how to close deals one after another in your first year as an agent. I can show you, not just how to survive as an agent, but also how to win more deals than you imagine you could in your first year.
In fact, let me show you a sneak peek of what’s waiting for you once you sign up for our Real Estate course.
Are you ready to start living a life by your design? Then click on the link below to get yourself started with the Real Estate course that will change your life forever.