Have you ever sat down with your potential seller and said, “Thanks for having me over, I’m excited to go to work for you” – and then hear them reply, “Well we’re not sure we want to sell our home”?
Taken off guard you ask, “Oh really, well why did you have me come out?” To which they say, “We just wanted to know what our home is worth.”
Then it hits you. They aren’t motivated to sell.
You reach into your bag of objection handling and try to save the appointment. “OK, first we need to determine if I am I the agent you want to have sell your home. If I am not, then any price I give you doesn’t really matter. If I am the agent to sell your home, then let’s review what I do that most agents don’t, which is why I get top dollar for your home. Then we will determine the selling price and execute the agreement so I can go to work. Are you serious about selling?”
They reply, “We recently took out a home equity loan to fix a structural issue, but we used the money to pay off some credit card debt, so we just need to know what our home is worth to see if we can qualify for another home equity loan.”
It hits you harder. They are not able to sell.
There’s no objection-handling that can overcome a condition. You’re dead in the water. If you had prequalified the seller prior to the appointment, you would have saved time and energy for both of you.
The Prequalification Process
The prequalification process is done prior to meeting and is designed to set the stage for signing the agreement. It requires uncovering the prospective sellers’ true motivations and identifying what your challenges will be. While it takes courage to ask certain qualifying questions, if they qualify you’ll be better prepared to present – and save time if they don’t.
During the prequalification process, you will seek to understand:
- Do they have a need?
- Are they motivated?
- Are there any conditions that prevent them from selling?
- Do they have a price in mind?
- What is their equity position?
- Do they have a home equity line of credit?
- Are they relocating? If so, where, when and will they receive relocation benefits?
- Are they talking to other agents?
The Prequalification Listing Script
This script is courtesy of Mike Ferry, the man that invented real estate coaching. If you scour the internet, almost every coach uses some version of this script. Other coaches have softened it, probably to avoid perceived confrontation. Don’t soften it. Dance with the original because it is the best.
Before I come out … there are a number of questions I need to ask you … OK?
- If what I say makes sense … and you feel comfortable and confident that I can … sell your home … are you planning to list your home with me when I come out on __________?
- Are you planning to interview more than one agent for the job of selling your home?
- Tell me again … where are you moving to?
- How soon do you have to be there?
- When I see you … how much do you want to list your home for? As a professional real estate agent, I study homes and prices every day, therefore I assume you’ll list with me … at a price that will cause your home to sell … correct? So … what price won’t you go below?
- How much do you owe on the property?
- Have you ever thought about selling it yourself?
- Will you help finance the home for the buyer … or do you want your cash out?
- Would you please describe your home for me?
- I’ll be sending over a package of information … will you take a few moments and review it?
- Do you have any questions before I arrive?
- So you know … our meeting should only take between five and twenty-five minutes … is that OK?
I’ll look forward to seeing you on _________ at ___________.
ArchAgent focuses on generating sale side leads to enable the top real estate agents meet their listing goals. It’s easier to qualify a potential seller if you have another listing opportunity backing it up. Our likely to list analytics provide an endless stream of new listing opportunities, regardless of market conditions. To be the best, become an ArchAgent.
Steve Cortez is a seasoned real estate professional with decades of experience and owner of ArchAgent. ArchAgent brings together the tools and resources the country’s top real estate agents rely on in a single package for a low cost.