When overcoming objections is not an option
I was staggered recently when Matt Lancashire told me he is “not very good at overcoming objections”.
Matt from Ray White New Farm is one of the most prolific auction agents in the country and certainly someone who achieves remarkable vendor marketing contribution. So what is his secret?
Well as I discovered, and as you will see if you watch his episode of The Real Deal, there is no secret – no magic bullet. There is, however a great lesson.
In Matt’s own words:
“I’m actually horrible at overcoming objections and the main objections that we get from the majority of our clients are:
- They don’t want to go to auction,
- they don’t want to pay for advertising,
- they don’t want to do open homes, and
- they want to pay a low fee.”
“Massive roadblocks right there because I’m actually really bad at responding to all of those things.
“So rather than having to overcome an objection when they come to me, I have created my listing presentation based on case studies, which explain situations of auctions and how I’ve achieved success from auctions.”
He also explains that advertising has brought more buyers to his properties with competitive bidding, and that’s why he sets his fee at 3.3 per cent, inclusive of GST.
Once he shares those case studies, the fee doesn’t really come into it. Matt goes up against a lot of agents who do discounts on their fees, but he explains that if an agent is prepared to negotiate the fee at the point of listing, you can just imagine how they’re going to be when it comes to negotiating the final sale price of the home.
“So I take that very seriously and I don’t negotiate my fee.”
In his own way Matt is overcoming objections but doing it as part of the presentation. He tells stories – real life examples of how the process of selling a property can be very successful.
Readers of the REIQ journal might recall how my wife Carolyn and I sold our family home last year. That was a very good experience with Brooke Copping from Ray White Windsor. I documented the experience in a previous edition.
Brooke and Matt are very similar and both very successful. Not because they are good at scripts and dialogue but because they have figured out what works and they can explain it and more importantly they believe what they are saying.
I struggle a bit with scripts that someone else has written ….. ‘learn this, use it and be able to list more property’. The reason I am uncomfortable is because there is a certain fraudulent feeling about it. Scripts and dialogue are okay if you adapt what you are saying so it is something you understand and believe. Not someone else’s words!
What Brooke and Matt do is not exclusive to Ray White – not something that is trained – because Carolyn and I are selling a property with Amanda Waters from LJ Hooker Aspley at present. Same thing and a similar result.
Amanda is very confident, she laid out a plan for us, executed everything she said she would do and stayed in control all the way. We didn’t use auction because that wasn’t Amanda’s preferred option and she was able to tell us why. Credibility!
Great agents don’t all do the same thing. Some use auction, some don’t. Some use big press marketing campaigns while others are successful with local marketing or just the internet and opens.
The message here is that your success will not be defined by how well you overcome objections or if you have a killer presentation. It will be determined by how real you are, how credible you are and how you can tell someone about the journey you are both about to embark on.
Kevin Turner hosts Australasia’s longest running and most listened to podcast for real estate agents, business owners and property managers – Real Estate UNCUT. The Real Deal episode mentioned here will be broadcast in March on both Real Estate UNCUT and PropertyTV. Subscribe to receive notifications.