Role Playing That Can Help You Close More Transactions- EP 151

2022-08-15

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On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to throw some scenarios out, and they are going to discuss and may argue about what a client would say in such scenarios. These role play scenarios will provide you with some good language to use when you find yourself in various situations with clients. Don’t miss it! Episode Highlights: What should you say when a client you are kind of talking to, are not a client yet but might be a probable prospect? In a scenario Monica ca...

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to throw some scenarios out, and they are going to discuss and may argue about what a client would say in such scenarios. These role play scenarios will provide you with some good language to use when you find yourself in various situations with clients. Don’t miss it!

Episode Highlights:

What should you say when a client you are kind of talking to, are not a client yet but might be a probable prospect?
In a scenario Monica calls Jenn for one of the properties that are listed. Jenn shares a few probable questions that she would ask a caller, "How long have you been looking?" "What's prompting you guys to think about moving?" "If another house came up in the neighborhood, would you be able to buy it right away or would you have to sell your house first?
During the initial conversation Jenn often strikes to build a connection and gather information about the client's motivation.
Jenn says that she should call or e-mail the potential client who is actually relevant because everybody knows those portals are not like 100% relevant and we know that the client is off talking to 16 other realtors.
Monica disagrees with Jenn and says that if you were providing the information and if you are servicing and part of the portal is the servicing the clients, then there is nothing wrong in using that.
Jenn says that finding and focusing on motivated clients are really important. If as an agent, you have 200 leads that aren't motivated and aren't going anywhere. Then it is just a waste of time and resources.
The definition of a lead for a top agent is somebody who is going to do a transaction and sign a contract within the next seven days.
The next scenario that Jenn and Monica discuss is what do you do with somebody who says, "I may want to move next year, don't forget about us."
Jenn says that agents often spend so much time on potential leads who are not motivated that they are missing out on the people who are actually motivated.
Implement your smart campaigns until the people are ready and then leverage take over. So, as per Jenn, follow up with the people who are going to make a contract with you or with somebody else in a set amount of time in the seven to 10 days.
Jenn and Monica discuss commissions and what to say to a client when they ask for a discount or cut in the commissions.
There are a lot of ways to sell a house. If people are asking you questions, that's a buying signal. Questions are good, says Jenn.
Michael Foster, the tiebreaker for this episode, explains how interest rates and cost of houses go up and how it is not a wise decision to wait for buying a house. He says the longer you stay in a rental where you are, you are going to be paying somebody else's mortgage. And why not be building equity because for the next three years they are looking at homes appreciating as much as 23% versus you paying 23% more rent when you would rather be putting money in the bank.
Another situation that Michael usually encounters is the question usually is "I am not ready to take on a real estate agent yet. I am just looking on my own. I am just going to open the houses."
Michael had a client who had said to him that they were looking on their own. So they went ahead and started looking on their own. And they went to an open house, and they fell in love with it, but they didn't have an agent, so they missed out on that house.
Michael tells his clients that as a buyer's agent, he doesn't cost the client anything. He is compensated through the seller. So, his efforts are 100% to take care of the client and protect the client's interest.
Michael talks about a scenario wherein a client really likes a property but does not have the time to go and visit the property. He shares what he does in such scenarios.

3 Key Points:

Initially Monica focuses on getting the clients in a portal where she is the one who is sent their house as an agent. On the other hand, Jenn tries to learn about their motivation and focuses on setting an appointment.
Don't wait on people who are going to take 6 months or so instead focus on those who are going to sign a contract in the next couple of days, says Jenn.
Tie breaker, Michael Foster, partner at Foster-Vosburgh Realty Group, joins the conversation. He shares his opinion on "What are the common objections that the agents are dealing with?"

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