All your business skills will come to test when you are closing a sale. In the real estate sector, closing a sale is even more crucial. It takes almost 60-90 days to seal a deal. In this period, a buyer will look at thousands of ways to negotiate or look for other options.
However, it is up to your level of patience and presence of mind to pull back your client. Note that, at every stage of closing a sale, ideally a seasoned investor and skilled negotiator will try to close the deal.
Hence, as a closing agent, prepare to close every sale as if it is your only chance. However, here is the trick - you cannot show your ‘preparedness’ in front of your clients. Instead, you must realize the buyer that you want the best for them.
Moreover, closing a sale in real estate is also about gaining trust. If you rush simply to close the sale at a fixed price, clients might turn down their interest!
Now, it is time you get prepared with some practical lessons. Hence, let us explore this blog and close a sale like a pro!
Importance of Using the Right Strategy in Closing a Sale
As a part of your real estate marketing, one of the crucial elements is valuing your client. When you know the criteria of your client, your method of closing a sale will vary as well. Furthermore, you might not apply the same strategy for person A and B. That is where your understanding skill will come to work.
In fact, the methods you employ must have the potential to either make closing a win-win situation. Note that, when you win a closing of sale, you also gain a long-term loyalty for your brand. After all, the values that you share with your clients represent your business!
Now, the benefits of applying appropriate strategy in closing a sale are infinite. But, below are the ones that are essential for your company’s growth -
● Boosts conversion rates
● Increase in client satisfaction
● Higher rapport and trust
● Maximizing the sales cycle time
Since you have learned how properly closing a sale can benefit you, it is time to get to work!
11 Expert Strategies for Closing a Sale in Real Estate
Let us start with some of the classic ways of closing a sale -
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Tempt Buyers with Options
Give a prospective buyer several options to select from when you are making an offer during negotiations. Even though all of their decisions ultimately result in the same outcome, this will offer them a sense of control over the process.
Giving the buyer a variety of options gives them a sense of control, even while the buyer's constraints actually restrict their selections.
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Showing the Urgency of the Ticking Clock
Sometimes a little prodding is all a prospective buyer needs. You can give them just that by putting pressure on them with a deadline for your offer. Creating a sense of urgency might make the buyer feel they have to act now, or they will lose out.
Try taking advantage of the present real estate market to speed up the transaction process. For example, use rising loan rates or declining house values as inducements to move fast.
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Providing a Little Break
It may not be a good idea to include a time constraint for certain prospective purchasers. But you must reduce your client’s pressure. It will help them to consider signing the contract if they are uncertain or nervous about it.
This also gives the impression that the seller (which is you) is being kind by giving them more time. However, most real estate experts advise using this strategy -to be crucial and explicit about the limited time you are giving them, so they are still motivated to make a decision.
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Take the Route of Transparency (no schemes)
Gaining your clients' trust can be achieved by being honest with them about all the specifics of the offer.
In fact, this is like the "justify your offers" strategy, which involves informing the buyer about all expenses, the condition of the property, and other details to give them the impression that they are in control.
Giving the buyer the upper hand will encourage them to heed your professional advice and have faith in the sincerity of your offer.
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Prioritize Client’s Comfort & Requirements
Every buyer wants to get that premium level of importance. For this, you must convince the buyer that they have the best choice of purchase. You must also let them know that the offer is all about their convenience.
Make sure they understand why they should choose to sign with you over someone else; after all, every buyer wants to get the most out of any given purchase.
In this strategy, you may also include the concern of handling a buyer’s further procedure. You can promise them of assisting them with certain financial guidance as well. In fact, try to understand their previous experiences and attempt at sealing the deal for their personal happiness.
The above five are the principal ways almost all real estate experts believe in.
Below are other six types of closing sale tactics. Applying them will boost your creative skills of closing a sale as well! Try them now -
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The Assumed Close
The agent may use the tactful but effective Assumptive Close tactic, assuming the customer is prepared to buy and acting accordingly.
When clients have demonstrated interest and contributed to the process' advancement without express confirmation, this method works well.
For instance, without a doubt, book them, “When would you like to schedule the final walkthrough?"
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The Summary Close
Before requesting a sale, the Summary Close entails highlighting the property's salient qualities and advantages to reaffirm its worth.
Clients find it easier to agree to the purchase when benefits are summarized since they are reminded of the reasons they liked the home.
For instance, you may say, "The home is situated in a well-regarded school district, with a large garden, and a recently remodeled kitchen. Should we proceed with the papers now?”
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The Question Close
By using a tactic known as the "Question Close," the agent can get the customer to admit that they are ready to make a purchase.
This strategy starts a conversation with customers that inevitably results in a successful purchase.
For instance, "Does this property satisfy all of your requirements? Do you think you could live here?
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The Direct Close
Asking the customer directly for the transaction is known as the "Direct Close."
This method works well with clients who are decisive and value a straightforward approach.
For instance, "Are you ready to make an offer on this property today?"
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The “Option Close"
The Option Close helps clients make decisions by providing them with two or more options.
Offering options helps clients make decisions by reducing the number of options available to them.
For instance, "Would you prefer to close at the end of this month or next month?"
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The Colombo Close
The Colombo Close, named for the well-known TV detective, is asking a seemingly innocuous question just as the meeting is about to an end, surprising the customer and persuading them to change their mind.
When dealing with last-minute objections, this method can be quite successful.
For instance, "Just one more thing, would a slight price reduction make this property more appealing?"
Takeaways,
When buyers decide on spending on a certain property, they will have many thoughts on their plate. As a seller, your job is to put your persuasive skills so they cannot back out. This may seem self-centered, but in practice, you will apply strategies that can benefit both of you.
When a seller negotiates, it is to come to a common ground where the buyer can agree. Hence, you have to put all your efforts into understanding solely the needs of your client.
But, your focus should be to negotiate at every stage and talk your client into agreeing. Hence, it is up to how you bring sales while also fulfilling your client’s needs.
Well, do not worry, you do not have to prepare alone.
The power pack of eleven strategies is ready for you. Apply them and see the results!
