The real estate market is shifting and it might be harder to get listings. When this happens, you don’t have to jump right to discounting your commission to win more listings. There are ways to keep your commission and gain listings.
Often, working for less can bring resentment into the picture. When agents discount their commission, it might cause them to pay more attention to the listings they didn’t have to give up money to gain. Let’s look at some of the ways you can win more listings without having to discount your commission.
Use the Reject-Then-Retreat Principle
This principle comes from the book Influence, The Psychology of Persuasion by Robert Cialdini. When you use this principle, you are going to ask for something larger, expecting to be told no, and then ask for something a bit smaller, which should get a yes. Most people won’t say no twice, especially if the first time was a hard no.
For example, you might present your commission first and get a negative response, but then follow up by presenting the list price you want, which gets a positive response. This technique can help you from discounting your commission when trying to win more listings.
Ask Questions
Typically, the person asking the questions controls the conversation. If you listen to an interview, the person asking the questions will steer the conversation in the direction they want it to go.
You can do this with potential clients by asking questions and taking control of the conversation. If you don’t take control, the potential client will likely gain control and drill you about the worth of their home, how fast it can sell, and your commission.
Instead, ask questions that help you gain an understanding of what they know about buying and selling real estate, the process, the current market, and other similar things. Then, you can assess their comfort level with a real estate transaction.
Know Your Potential Client
There is nothing more important when trying to land a new listing than knowing your potential client. When you know who they are, what they need, and what they want, you can better sell your services to them.
Asking questions about the home they want to sell and the needs they have can help you gather the necessary information. This will help you tailor your presentation to meet their needs, along with showing them how you can find buyers for their homes.
Back Everything Up with Proof
Proof of what you can do is a very powerful thing. When you provide proof to potential clients, they will see that you can sell their home faster and for the right price. However, if you don’t provide any proof, they might just think you are all talk.
Show them the rave reviews you have and the social proof they need to give you their listing. Very few people are willing to be first, so you want to let your potential client know, they are not alone in choosing you for their listing.
Realize You Are Worth Your Commission
If you don’t think you’re worth the commission you charge, you’ll be fast to discount it. Figuring out that you are worth the commission you charge and letting it show in your presentations.
You can even present your commission with a statement, such as “I like to think I am worth…” This is a hard statement to argue with and can help you protect your commission, while also landing more listings.
Keep the Pressure Out of it
You’re a real estate agent, not a used car salesperson. It’s not necessary to pressure potential clients into giving you their listings. You don’t need to resort to high-pressure sales tactics to win more listings without discounting your commission.
Instead, have an attitude of low pressure and don’t come off desperate. High-pressure sales often come from desperation for a commission. When you keep your presentation low-pressure, you will have better luck landing more listings.
Remember, You Are the Authority
Unless you’re presenting to someone with extensive real estate knowledge, you are the authority in the room. When you take the authoritative position, it’s harder for someone to tell you no. Make sure you establish yourself as an expert in your local real estate market, even before the presentation.
With so many people finding real estate agents online, you want to have a website and blog filled with expert information. Make sure you show how well you know the local market and community. When people see you as a go-to expert for local real estate, they will be able to trust you faster.
It can be helpful to focus on one or two niche markets instead of trying to cover all of residential real estate. This can help set you apart from other agents in the area, too.
Work with a Great Broker
Sometimes, an agent can be excellent at what they do, but they have only a so-so broker, which drags them down. Choosing an excellent broker will give you the tools you need and the support you need to win more listings.
Plus, when you work with a broker that has a stellar reputation, that reputation acts as an umbrella over you. It will help give you the clout you need when speaking with new clients, even if you don’t have the most established reputation in the local market.
Landing more listings doesn’t have to mean giving up some of your commission, even when the market isn’t favoring the seller. You can use these tips to help you win more listings and grow your real estate business.
