The Power of Questions in Real Estate – PART 1
For many new real estate agents, the biggest challenge they face at the start of their career is to deal with rejection.
It’s a contact sport.
Rejections are a part of real estate. There is no getting by it similar to the stairs you have to climb to get to the top or the riddle you have to solve to get past the giant troll (or gollum).
As a new real estate agent, the first thing you need to understand is that getting rejected is not a bad thing, neither a humiliation. One time or another, everyone gets rejected in this business.
So instead of looking at rejection in a bad way, learn from it. Try and improve, assess the mistakes you have made and avoid them in the future.
If you continue to use the “smile and sell” approach, you won’t get too far in the real estate field.
You’ve gotten rejected, it’s time to change things up.
Therefore, I have given you here your armour to fight rejection.
So, let’s get started!
One way to overcome rejection is through “The Single Ping Theory”.
What is The Single Ping Theory?
In the sales process, you should be sending out signals and asses the types of responses you get back. These signals are framed along the form of a question or in your case, a real estate question.
Let’s look at an example,
By asking simple questions along the line of “Why are you making a decision to sell this home?”, you will open the flood doors to many other possible questions.
Now let’s fast forward to the other end of the spectrum and focus on the closing phase.
Throughout the entire selling process instead of demanding a yes-or-no answer (which would make you seem like a pushy agent.
What you should be asking is, “Mr/Miss Prospect, so you’ve been considering our proposal for some time now. Does it make sense for us to think about sitting down and wrapping up some details?”
The single ping method is a way of using questions to advance from one level to the next in the sales process while being able to reduce the risk of failure. It will act like a bridge to lead your questions to the final signing.
Questions that involve finding the core of the issue and presenting yourself as the saviour will be a tactic you soon won’t forget.
Disarming the Contradiction Reflex
Rejection is not the only risk that real estate agents face during sales, this is when we introduce the Contradiction Reflex.
Contradiction reflex is people’s tendency to automatically contradict when someone says something.
As real estate agents you have probably came across this issue many times, the reason for this is human nature; the need to be an opposer to the topic. It occurs in the sales process when you ask your real estate questions.
Here are some strategies that you can use to ‘disarm’ the contradiction reflex!
Strategy # 1 Reversing the Positive
In this strategy, you reframe the question so you are less likely to be rejected immediately.
For example, when asking a prospective client:
“Did I catch you at a GOOD time?”
Just through human nature the most likely response would be:
“Yes” or “depends on what you need”.
By anticipating the contradiction reflex, you will know how to frame the question to a different view such as,
“Did I catch you at a BAD time?”
This is far more likely to yield the response:
“No, that’s okay. What can I do for you?
This technique is known as “Reversing the Positive”.
By framing the question in a negative manner, you put the reverse in the position, thus leading the encounter to be positive.
Strategy # 2 Your credibility
Let’s say you are there door knocking and somebody shows up after you ring the bell. Do you think that they’ll be welcoming you when they don’t even know you as a person or agent. No, right? This is because prospects will naturally be cautious with the salespeople they do not know. Not even at door knocking but whatever prospecting technique you are using like real estate farming, cold calling, etc you won’t be welcomed at first.
SO, how can you overcome that challenge?
You can build credibility by building a strong reputation within your community before you even go out there to market your skills as an agent. This can not only help you build a strong relationship with your prospects but will also help you in converting more and more prospects into clients. So, your goal here is to reduce their need to resist and build a strong rapport as they will be more likely to buy from someone they ‘know’.
Strategy # 3 Leveraging Curiosity
Using curiosity to your leverage, you have the power to disarm the contradiction reflex with success. This is because if a prospect is curious, he/she will want to know more.
Using certain tonal patterns when speaking to prospective clients to keep them on the edge of their seat and curious as to what you will be saying next.
You now understand that there are many different factors that are needed to peak your prospects interest. You are disarming their reflexes, but now what? They are interested, you’ve built some curiosity but that is still not enough. You still need to know how are you going to build the curiosity to taking leverage of it fully.
So, 5 methods below will help you learn, how to build your prospective client’s curiosity.
5 Ways to Build Curiosity
Way # 1 Provocative questions
Don’t underestimate the power of a simple pointed questions in real estate, such as “guess what?” Such a simple yet provocative question/statement will naturally make people stop and wonder why you said it or what made you to ask them this.
Way # 2 Segmented Information
Don’t bombard information at your prospects, at once. Share it little by little, strategically. Share just enough information with prospects so that they’ll want to ask you more question.
Way # 3 Tease with Value
If you can present value in a sense to save your client’s money like letting them know about the investment opportunities or buyer’s markets and providing glimpses of details to them will help you utilize your real estate market knowledge to keep them engaged and curious.
Way # 4 Newness and Exclusivity
Dangling something new and shiny has tremendous appeal. By that I mean, giving offerings like ‘exclusive’ property to clients will increase their curiosity. Tell them it is a one time offer, or a ‘steal’ – statements like these will get the prospective clientele to feel obligated to buy as it will be beneficial for them.
While doing that you must remember to stay true to your clientele and only use this method if the property lives up to these expectations.
Way # 5 Leveraging Momentum
Use your sales to other agent in the same industry as a starting point, by showing how you’ve solved similar problems for another client. This will do you a great deal in acquiring more clients.
Now that you have been introduced to these tactics, you can start to anticipate for situations to utilize these methods. You are now able to read people and manage your expectations. By using each of these tactics it is now possible for you to convert your rejection into sales. This two-part series will offer an immense amount of knowledge into rearranging real estate questions into your favor. You can now reach out to prospective clients on a psychological level, as these method if used in an ethical way, has the potential to help you convert maximum prospects into your clients.