Feel Free To Print This Post. Below are the common objections for PHONE CALL or DOOR KNOCKING for EXPIRED LISTINGS. A “cold call” is either a door knock or phone call. Each is broken down and a response is provided.
You may also want to COPY AND PASTE each section and put it into a word document and print it up. Practice, Drill, Rehearse these responses.
The most common objections for EXPIRED COLD CALLS are:
1. Timing
2. Stalling
3. Service (complaint more than objection)
4. Price
With EXPIRED COLD CALLS, the most common objections you WILL receive on the phone or in person are these four above.
Memorize them.
Timing
You will hear a prospect tell you they are waiting.
“We’re going to wait until…”
“We’re taking time off…”
“We’re going to list it in the…”
RESPONSE: “I totally understand and agree with you. If I could ask you, why did you originally list the home this last time around?”
This gets them to continue talking. Continue to AGREE and convey UNDERSTANDING. Follow up with questions like:
“I see. Where are you moving to. Why there?”
“What kind of interest activity did you get on the home while it was listed?”
“Why do you think it didn’t sell?”
If they mention timing the market – say like Spring time to sell during “best time of year”:
RESPONSE: “I completely understand. The two best times of the year to sell are ideally Spring time and early Fall – statistically. But what if you could get a good strong offer from a qualified buyer this week or next, would you consider that as an option?”
Stalling
The prospect will try and put you off or not have time for you. They will say things like:
“I have to check with my spouse.”
“I have to look at my calendar.”
“I just really want to take some time. Call me back….”
RESPONSE: “I totally understand and agree with you. Why don’t we do this, are you home later today? I will stop by with a packet I’d like to give you about some of my past successes. I also want to take a quick photo of the front of the house and send it to my buyers.”
Now they will probably persist because they are tired of the “game” of selling their home. They might also say something like, “I may not be home but you can stop by.”
RESPONSE: “I understand completely. Do you think we can grab just 10 minutes tonight (or whenever you said you would go by the house)? Reason I ask is because I know your’e getting bombarded by real estate agents and I know you don’t know me at all, but I am going to be the next agent you hire and I’m going to sell your home. It’ll be worth it to meet me for 15 minutes. I know I can help you.”
Note – with this response – you MUST believe in it and be convinced that it is in the BEST INTEREST of the prospect to meet with you. Deliver with the utmost CONFIDENCE AND ALSO HUMOR. Be funny with it, but be committed. Go all in! This is where you LOCK DOWN that appt. Don’t give up.
Service (I hate real estate agents)
They will say:
“I don’t want to deal with real estate agents any longer.”
“How come I never met you or how come you didn’t show my house?”
They will have an overall negative outlook on agents.
RESPONSE: “I completely understand and agree with you. Let me ask you, did most of the agents you have spoken to, including your past real estate agent, tell you the reason your home didn’t sell is because of price?”
THERE IS A HIGH LIKELIHOOD THAT A VAST MAJORITY OF THE FEEDBACK THE PROSPECT GOT WAS “YOU’RE PRICE IS TOO HIGH.” HERE WE ARE GOING TO GO AGAINST THE GRAIN.
RESPONSE CONT’D: “What do you think of your asking price?” ASK THIS REGARDLESS OF WHAT THEY SAY. Unless they say right away – what they feel about their price etc.
RESPONSE CONT’D: “I totally understand. What’s the most unique thing about your home or what do you like best about your home?”
Lock down appointment from there (see below)
Price
Expired listing prospects have been beaten up. They have been told time and time again, their home was “overpriced”. Much like the service responses, you want to get their idea of what they think their home is worth.
These responses require judgment on your part to ascertain – the MOTIVATION of the seller and from there identify if what they “need” from the sale of their home, is achievable. Another words, with the prospect who tells you they “need” X amount of dollars or “won’t sell for less than…” – you have to identify the MOTIVATION and from there determine whether or not to even pursue the listing.
Responses in general must be courteous and ALWAYS AGREEABLE.
I agree. I understand.
Questions like:
Why do you need to sell it for this amount of money?
What do you think of the….?
Why do you think that?
A lot of what and why questions TARGETED at getting to know what they prospect is thinking – will help you identify what the true needs are of the prospect.
Lock Down Appointment
Say this:
“It sounds like (AND REPEAT WORD FOR WORD WHAT THEY TELL YOU).
Why don’t we spend literally 10-20 minutes at your home? I promise I will make it worth your time. I completely understand
(REPEAT WHAT THEY TOLD YOU) and that makes perfect sense.
But I also heard you say (RECITE THEIR MOTIVATION FOR WANTING TO SELL IN THE FIRST PLACE)
So let’s make time X (the sooner the better – BE AGGRESSIVE in the best way – alter your schedule if you have to. Show them you’re willing to do whatever it takes to help them).
Would there be any reason you wouldn’t be able to keep that appointment time?
Do you have a piece of paper or a cell number I can text. Whichever is easier for you. I just want you to have my name, company name and my number handy and make sure you have a reminder about our appointment.
(Get cell phone and text them your info – if they have piece of paper – give them your information and remind them to write down time of appointment)
Great. See you then.