FSBO sellers will reject you because they would prefer not to use your services. But if you maintain a steady, professional relationship, offering help and staying in contact for four to five weeks, you'll usually be able to win an interview. From there, if you have excellent presentation skills, a listing follows.
Increase your odds of success by taking these two precautions:
1 Limit the number of FSBOs you cultivate. Focus only on the best clients, as described in the section titled "Targeting your prospects" earlier in this chapter
1 Avoid prospects with low motivation or unrealistically high price expectations. These sellers are usually the most toxic, and too often they'll try to take their frustrations out on you.
The reason that agents who pursue expired listings and FSBOs are so effective in securing listings is because most agents either don't attempt to compete or, if they do, they compete on a haphazard basis, usually quitting long before the sale is made.
If you're going to succeed in sales, you have to get used to hearing the word "no" more often than you hear the word "yes."
If prospects always said yes, real estate agents wouldn't be salespeople. Instead they would be called order takers. They would just take someone's order, confirm its accuracy, and fulfill it as if they're working the counter at the local McDonald's, with no selling involved.
Beyond that, if prospects always said yes, our income or payment for services would plummet. One of the reasons that real estate agents usually get paid so well is that they're compensated for dealing with prospect rejection and finding solutions when answers aren't readily available.
Study after study has confirmed that most salespeople quit long before the sale occurs because they can't take the rejection. For example:
1 44 percent of salespeople quit trying the first time the prospect tells them no. In other words, at the first point of resistance, nearly half of all salespeople quit trying to win the sale and earn a commission.
1 22 percent of salespeople quit the second time the prospect says no. That means that two-thirds of salespeople eliminate their chance of a paycheck after two small roadblocks.
1 14 percent of salespeople quit after the prospect says no for the third time.
1 12 percent of salespeople quit and go home after a fourth no.
Imagine that! 92 percent of salespeople bail out after four attempts to get the sale. That means that only 8 percent of all salespeople continue after the fourth rejection.
Here's the amazing number: The studies further prove that more than 60 percent of all sales are completed after the prospect has said no at least four times. Maybe the prospects said no due to the terms and condition, maybe they needed more information and clarification, maybe their schedules didn't allow for the purchase, or maybe the timing was just plain lousy. In any case, the end result is that 92 percent of salespeople were missing in action by the time the seller was ready to say yes. That means that 8 percent of the salespeople control 60 percent of the business, simply because they're there to ask for the sale when the buyer is ready.
Was this article helpful?
Discover the Jealously Guarded Insights of Real Estate Tycoons and Hot Dealers! Back in the days of the wild, Wild West, when easterners traveled across this vast country looking for opportunity in the newly opened territories, they were often referred to as a ‘tenderfoot’.