8000 homeowners were surveyed in 2017 by The National Association of Realtor’s (NAR) Profile of Buyers and Sellers report. All of them had bought…
How to Use Small Commitments to Close Deals Faster
When we’ve committed to an action, we’re more likely to follow through with it. By getting potential sellers to make small, easy commitments, they will be more likely to respond positively to bigger requests, making it easier for you to negotiate better deals and close them faster.
Voluntary and active
We all make commitments we don’t keep. So what separates strong commitments from weak ones?
Well, they must be voluntary. Trying to compel or pressure your prospects into a commitment, even just to get your foot in the door, will not make that commitment stick. That’s why an easy “yes”, a small commitment for which you’re likely to get a positive response, is a great way to build toward a bigger one.
Commitments also need to be active. Don’t pressure a prospect to agree to something; pressure them to commit to what they’ve agreed to.
Focus on the smallest next step
If you want something from a prospect, like a commitment for a sole mandate, don’t start there. Start small.
Think about the easiest question for which you could get a positive response. You could offer a free weekly update of relevant property information. You could simply ask if they would like sit down with you for a free coffee to discuss the potential their property has.
For example, say you’re trying to secure a sole mandate from a seller. Start by requesting a meeting some time in advance. If you’re hoping for a meeting on short notice, ask if you could call today at a convenient time. If you want a prospect to commit to filling out a survey, start with a commitment to read an email you’ll be sending later today.
Having your prospects make small, easy commitments not only makes them more likely to commit to large requests down the line, but also shows off your own consistency and commitment as an agent.
Consistency goes both ways
So far we’ve focused on how commitment and consistency on the part of your prospect can improve your chances of getting a “Yes” when you want it. It’s also a great way to showcase the quality of your service as an Agent.
When a prospect commits to attend a meeting, make time for a phone call or receive monthly updates, that’s when your own commitment and consistency become important. You can broadcast your competency, initiative and diligence simply by following through on the commitments made between you and a client.
More than remembering birthdays or bi-weekly check-in’s, this is what client relationship management is about.
- Start small. If you want something from a prospect, like a commitment to buy, get your prospects to make small, easy commitments. This will make them more likely to respond positively to more ambitious requests.
- Don’t pressure a prospect to agree to something; pressure them to commit to what they’ve agreed to.
Interested in closing more deals?
Repeat customers are great. They refer more often and they’re less likely to try pay less than your asking price. It’s also easier (and cheaper) to maintain client relationships than it is to consistently acquire new customers. Here’s how you can make the most of your past clients.
Beyond making you memorable, being active and visible in your community will give you expertise that your prospects wouldn’t be able to get anywhere else.