With so many agents making little or no money, many are resorting to cutting commission as a way to generate business. When a perspective seller asks for commission reduction on a listing presentation, there are a variety of ways to handle the situation.
It all starts by being well prepared and believing that you’re worth what your charging. Remember, “The Greatest Limitations are Self Imposed.” Tell yourself that reducing commission is not an option. Listed below are 5 great ways to overcome commission objection.
Commission Close #1 – Anticipate the Objection
One of the best ways to address this objection is to proactively deal with it in advance with the objection being raised. this can be done by identifying your unique selling proposition. The more value you can show the better. It can also be helpful to discuss each point ad nauseum. Points could include many of the following:
- Exclusive focus on luxury residences
- Personal resume or sales performance
- Company resume or production in high-end
- Highest quality marketing materials
- You want and are getting the best
- Identify competition’s deficiencies
- Accompany all showing
- Understanding of market trends
- Inside Information- access to buyers first
- Experience in luxury market
Commission Close #2 – Pile of Data Close
Bring Piles of Data and set them on the table to impress your client. It’s not necessary to go over every piece of data. The Pile of information shows the expensive research that you do in the market and your deep understanding of trend. Be sure to include data on:
- sold properties
- pending sales
- comparably priced active listings
- year over year market trends
Commission Close # 3 – Give Up My Money Close
This one speaks for itself – “If I was to Give Up My Money that quickly, can you imagine how quickly I would give up your money?”
Commission Close #4 – The Tough Negotiator Close
This one also speaks for itself. – “If I’m strong enough to hold out for full commission, I’ll certainly be strong enough to negotiate the best possible price.”
Commission Close #5 – Never Lost a Transaction Close
Explain to them “In all of my years working in real estate, I’ve never lost a single transaction due to commissions.
**Part 2 of 4 will be sent tomorrow.