Mike Ferry - Objection Handler

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Mike Ferry - Objection Handler
2013-12-03 21:51:22
Mike Ferry Objection Handler
Real Estate Training
Show Answers:

  1. "I have seen this marketing plan from many other agents...what makes yours different?"
    (Level Shift)

    "You know what?  You're right!  There are only a certain number of things any agent can do to get a home sold and I think the final decision is not based on what I do differently...

    "I think the real issue is how you feel about the agent representing you...So tell me, what qualifies are you looking for in an agent?  

    (This is a level shift from what do you do different to what qualifiefs are you looking for?")
  2. "I'll sell my home when the values go up!"
    If a prospect has no reason to sell their house then that is a condition.  You can't overcome conditions.
  3. "How much advertising will you do, because I want a lot of advertising?"
    "I understand that advertising is a concern...Are you familiar with the difference between passive and active marketing?"  (No?)

    "Passive marketing is basically sitting around with your fingers crossed waiting for a buyer to step up and buy your home..."

    "Active marketing on the other hand is much more aggressive and very predictable."
  4. "I want to find a house before I put mine on the market"
    "I agree, finding your new home is important and the unfortunate thing is...it may take as long as 3 months for your home to sell. Then it will take another 2 months to get all of the paperwork done and, by that time, any home that you would have found would already have sold.

    "Lets get the listing agreement signed right now and get to work on getting your home sold tonight, so you don't have to wait any longer than is necessary to get moved into your new home...sound good?"

    Top Agent Alternative:  "I understand your concern about your new home.  I've brought you a list of current listings that fit your need.  Check these out and we will start looking.  Once this house goes under contract, we will put a contract on your #1 choice - close both homes the same day - one more for you!  You are in good hands.  I will take care of you."
  5. “I’ll sell my home when the values go up!”
    If a prospect has no reason to sell their house then that is a condition. You can’t overcome conditions.
  6. “You’re too busy, you have so many listings, and we want someone that can give us the attention we deserve.”
    I’d level shift this one, I’d say…

    “I can appreciate that and you probably haven’t had a chance to think about the advantage I have over my fellow agents in town…

    “You see, the more listings I have, the more signs I have on the street. The more signs I have on the street, the more calls I get from buyers…and, of course, most of those buyers don’t buy the house they call about and many of them will be very interested in our house.

    “Can you see the advantage of listing with an agent that has 20-30 signs on the street working for you?”

    • Top Agent Alternative:
    • “It’s funny you should say that…Benjamin Franklin said, “If you need something done, ask a busy person.”
  7. “You don’t handle homes in our price range.”
    I’d level shift…

    “You’re right, I don’t sell a lot of homes in your price range and that’s exactly why I’m here tonight…

    “I usually sell homes in lower price ranges and what I find is…after I sell my client’s homes, a great many of them move up to your price range, therefore, it only makes sense…that the next logical step for me is to start to sell your price range as well, considering I already have a relationship with many of the buyers that will be interested in your home…does that make sense?”
  8. “If I have to sell at that price, then I will sell it myself.” 
    “I can appreciate your frustration with the market place and I was wondering, what specifically causes you to believe that you can sell this home yourself, when less than ___% of the home listed for sale with Real Estate Agents are selling?” (I don’t know…but, I can’t afford to sell at that price)

    Ah-ha! The real objection comes out! Now dig more, find out the true motivation and handle the objection the way I have already taught you.

    • Top Agent Alternative:
    • “No matter what you ask for, the homeowners are trying to save money by selling their homes themselves. I can create more competition through the brokerage community.”

    Here’s a derivative of the same one…
  9. “We don’t want to list at a price that will get it sold in one week.”
    First of all, why would you tell them that it was going to sell in a week, unless they told you they needed to be gone in a week?

    The only reason you would get that objection is if you were getting overly egotistical and ambitious and bragging…I’ll sell your home in a week…

    It is more important to listen to when they want to be gone and tell them that your price will get them there on time and maybe even a week or two sooner!

    You created that objection yourself, so I’m not going to handle it.

    • Top Agent Alternative:
    • I’d rather turn down 10 offers than never get one…I’ll work with you to get the right price for your home.
  10. “You don’t hold open houses…Why?” 
    I would say exactly the same thing I said about advertising and talk about passive versus active marketing.

    Here’s one…you were guaranteed the last interview and after all is said and done they say….
  11. “We want to think it over” 
    I would force them to make the general more specific.

    “I can appreciate that, making a logical decision is important…so tell me, what is it specifically that you’re going to have to think over?”

    Now, they will give you the real hidden objection and you can handle it using the patterns you have already learned.
  12. “Why should we choose you?” 
    The only way to answer this one is to know what makes you different from other agents. Since that is different with every agent…I’ll leave that one up to you.
  13. “We have a good friend in the business.” 
    I’m going to have to steal my Dad’s brilliant one… “I can appreciate that, almost everybody does, so when would you like to see how 85% of the homes I list for sale sell and why only 40% of the homes listed with other agents sell…tonight at 6:00 or tonight at 7:30?”

    • Top Agent Alternative:
    • “Your friends will want the very best for you. I will be happy to call them for you.”

    • Top Agent Alternative:
    • “Are you willing to jeopardize your friendship?”
  14. “Your office is not close to our home.”
    This sounds like a smoke screen, so I’m going to flush them out…

    “I agree, it’s not right around the corner from your home and tell me, why is that important to you?”

    Now you’ll get the real objection…more service, less cost, whatever.
  15. “We want to wait for the market to come back before we try and sell it again.” 
    Can you get around the fact that they don’t want to sell? No!

    But, and I mean BUT, you may want to keep digging and see if they have an underlying motivation that we don’t know about that is forcing them to sell now!

    The fact is…if you don’t know how to match peoples’ communication patterns, they oftentimes won’t feel comfortable telling you the truth and so you need to dig more!

    • Top Agent Alternative:
    • “In today’s economy the market is going to do one of two things; either remain the same or continue to go down, so you see waiting just doesn’t help does it?”