2 outcomes of any closing: Yes or No

Summary

This script focuses on the mindset needed when engaging with potential buyers or sellers in real estate. The key takeaway is to mentally filter conversations into two categories: either they want the property or they don’t. By recognizing objections and empathizing with clients, you can maintain focus, build strong relationships, and navigate the process more effectively. The goal is to determine whether a client is genuinely interested, which leads to closing deals. If not, it’s important to respectfully part ways, ensuring no pressure is applied but maintaining professionalism throughout.

Takeaways

• 😀 Focus on two possible outcomes in conversations with potential buyers or sellers: they either like the property and are ready to move forward, or they have objections and do not want it.
• 😀 Stay mentally focused on these two outcomes to avoid getting lost in excuses or reasons that may be presented during the conversation.
• 😀 Empathy is important in building relationships, but it's crucial to stay clear on whether the potential buyer or seller is genuinely interested or not.
• 😀 Avoid getting caught up in the details of objections. Instead, filter conversations to see if the person is sold on the property or if they have reasons for not wanting it.
• 😀 By keeping the conversation focused, you can better navigate situations and prevent yourself from wasting time on prospects who are not ready to commit.
• 😀 If a potential buyer or seller doesn't like the property, it's important to acknowledge that politely and move forward without pressuring them.
• 😀 Building relationships is key, but understanding the core message of whether they are truly interested or not will help you save time and energy.
• 😀 Use techniques to identify where the person stands, whether they're sold or still unsure about the property.
• 😀 Avoid the trap of empathizing so much that you lose track of the actual goal: determining if they like the property enough to take action.
• 😀 Ultimately, the process should focus on either securing a commitment (signing contracts, making payments) or recognizing that the deal is not going forward.

Q & A

What are the two main categories to filter a potential buyer's or seller's responses into?

The two main categories are: either the person likes the property and is ready to rent or buy, or they don't like the property due to reasons like it being overpriced or other objections.

Why is it important to mentally filter the conversation with potential buyers or sellers?

Mentally filtering the conversation helps prevent getting caught up in excuses, reasoning, or emotional responses, making it easier to stay focused on whether the person is genuinely interested or not.

What should a real estate professional do if the potential buyer or seller seems unsure or brings up objections?

The professional should stay focused on the two possible outcomes: either the person is sold and ready to proceed, or they are not interested due to objections or uncertainties. It’s important to avoid getting lost in these objections and stay clear on the decision.

How can empathy be used effectively in these conversations with potential buyers or sellers?

Empathy allows the professional to build a relationship, relate to the buyer or seller, and show genuine care. This helps create trust, even if the person ultimately decides they are not interested.

What is the main purpose of filtering everything the potential buyer or seller says into two categories?

The main purpose is to keep the conversation streamlined and clear, ensuring that the professional understands whether the person is moving forward or if further follow-up is needed due to objections or disinterest.

What is a key phrase that can be used when a potential buyer or seller doesn't seem interested in the property?

A helpful phrase would be, 'It just seems like you don't like the property, and that's totally okay.' This approach respects their decision while keeping the conversation open and pressure-free.

How should a real estate professional handle a situation where a potential buyer or seller gives excuses or is non-committal?

Instead of getting caught up in the excuses or emotional reasons, the professional should stay focused on determining whether the person is truly interested and ready to proceed or if they are not, and act accordingly.

Why is it important to recognize if the potential buyer or seller is 'sold' or 'not sold' during the conversation?

Recognizing whether the person is sold helps the professional know when to move forward with the application, lease, or purchase contract. If they are not sold, it’s important to acknowledge that and not push further, but instead offer them the space to decide.

What are some potential outcomes if the buyer or seller isn't sold on the property?

If the buyer or seller isn’t sold, the professional should show them that it's okay and there’s no pressure, ensuring the door remains open without pushing them into a decision.

What is the '99% rule' mentioned in the transcript, and how does it apply to real estate interactions?

The '99% rule' suggests that, in most cases, either the buyer or seller will either be ready to sign contracts and proceed with the deal or not. If they are not ready to sign, it’s clear that they are not interested, and the professional should acknowledge that without applying pressure.