Selling properties is the primary goal of a real estate agent, but equally important is achieving a successful closing to celebrate reaching that milestone. Several sales closing techniques contribute to closing a lucrative deal. Here are four phases that must be executed with utmost care: prospecting, approach, proposal, and closing.
How to close a sale successfully?
Closing a sale involves identifying the needs of potential customers. It also requires using a range of techniques tailored to the specific situation and considering the following aspects:
- Know your customer. Ideally, the product or service offered should be helpful to the customer. To achieve this, it's essential to understand what motivates the customer and what drives their purchasing decision.
- Discover their objections. Analyze the potential objections that are hindering their decision-making. It will be very helpful to understand the advantages of what you offer and how you can relate this to the main concerns of potential customers.
- Identify the decision-maker. If you're offering your service to a group of people, you need to identify who has the final say in the decisions. If you're selling a house to a family, you should definitely analyze the parents; this will save you time explaining the benefits to someone who won't be making any decisions.
- Time to give up. Not everyone you talk to will become a client. That's why it's good to learn to read prospects and know when to walk away from a sale. It's better to leave on good terms and not become someone they never want to see again.
- Rely on your team. If you work in real estate, you can support the closing process by having more experienced people or those who have previously contacted the prospect. You can use collaborative tools to send and receive information from clients and make better decisions.
Closing the sale is one of the last and most important stages of the buying process. The goal of implementing effective techniques is to convert interested parties into clients. Improvements in this area ensure the financial stability of the real estate agency, increase its market share, and, most importantly, help individuals and families acquire their dream property.
What are the stages of closing a sale?
Every sales process involves four stages: prospecting, approaching, proposing, and closing. Understanding the key aspects of each stage allows you to determine where you are in the customer's buying journey and how to best manage the situation.
Prospecting
In this phase of the sale, some details of the prospect are analyzed, among which the following stand out:
- Analyze how you acquired this potential client and what their preferred channels are for receiving information.
- Identify your competition for that particular sale. Review what this person is looking for and who else in the market can offer it. This helps you clarify the advantages you will offer.
- Understand the client's needs clearly. Your pitch will focus on demonstrating how you can meet their main requirements.
Boarding
With the information gathered in the first phase, you're now ready to approach your new client. To increase the chances of a successful sales process, keep the following in mind:
- Offer valuable content. This prospect is looking for something specific; offer them related information.
- Use their preferred communication channels. Share the content with them through the channels they have authorized.
- Offer them a free trial. This trial depends on what the potential client is interested in. You can offer a personalized property search or a home visit.
Eliminate any doubts about the quality of your service. Through the free trial and the personalized attention you provide, you'll demonstrate that your service is of excellent quality.
Negotiation
During the negotiation phase, you should always be very clear about what you're offering. It also helps to personalize your communication with the client and your offer. You already know what they need, so don't be afraid to tell them that you can meet their needs.
Closing
This is the final and most important phase. Many people fail to close the sale because they don't have a clear idea of how to do it. Always pay attention to your customer's behavior; this will tell you if they are truly ready to make the purchase.
Don't be afraid of being told no; it's common for people to prolong the closing phase for fear of rejection. Little by little, you'll learn to read the signs better and understand that there will always be people who say no, but also those who say yes.
8 methods for successful sales closing
Each closing technique works for specific situations; the more you know about them, the better you'll be at resolving each particular case. You can find sales closing techniques such as the presumptive, the imaginary, the direct, among others.
1. Direct closure
One of the simplest sales closing techniques to apply. It's used when the customer hasn't yet confirmed they'll make the purchase at that moment. To keep the buying process going, you can ask the person a direct question.
For this type of closing to work, the previous phases must be carefully and correctly executed. You can use questions that address aspects such as the payment method, the date for viewing the property, and other relevant details.
For example: “Is it easy for you to sign the contract this week?”, “Are you going to use a mortgage to cover the cost of the property?”
2. Closing of alternative
This sales closing technique helps to finalize deals and bring the person closer to making a decision more quickly. It involves assuming that the sales cycle is already in its final stage and the person has already decided to make the purchase, then asking a two-option question.
For example, questions such as "Is it better for you to sign the contract on Monday or Tuesday?", "Do you prefer a mortgage or to use your savings?", can be used
3. Closure of the difficulty
In this case, the potential client isn't in a hurry to make a decision, but you can create a sense of urgency to purchase the property. To do this, you can offer additional services for a limited time, financing options for a couple of days, or mention that there are other clients interested in the property with whom you'll speak during that period.
The idea behind this technique is to show that the simplest thing to do is make the decision right now. This will prevent complications with the purchase in the future.
4. Imaginary closure
The idea behind this sales closing technique is to get the prospect to imagine what their life would be like after acquiring the property or service you're offering. Present some scenarios and ask questions to help them visualize their experience.
By presenting a hypothetical situation, the person doesn't feel pressured to make the decision and can associate the purchase with pleasant experiences. These two characteristics help facilitate the purchase decision.
5. Accidental closure
In this scenario, you should act as if you made a mistake in some detail of the information, waiting for the client to correct you. If they do correct you, assume they have accepted the sale of the property and that you now have a new client.
For example, "You're going to acquire the property without any financing, right?" "No, I require a mortgage.".
6. Presumptive closure
In this technique, you must assume the sale is already done. You'll avoid asking if they're ready to sign or take the next step. You'll ask things like, "How are you going to pay for the house?"
7. Benjamin Franklin Closure
For this closing technique, you'll list the pros and cons your client might have about buying the property. Have this list ready before you meet with them. This technique is often used when nothing else seems to work.
You can create your own list of advantages and ask them to create a list of disadvantages to understand their motivations. The benefits will likely outweigh the disadvantages, and this might be the final push you need to close the deal.
8. Closure by tying
The brain has certain established ways of working. If you get the prospect to answer affirmatively several times, they are much more likely to say "yes" to buying the property.
To guide these responses, it's best to make statements that end with words that sound like questions. For example, "You'd like to get a few years' warranty on your property, wouldn't you?"
Knowing sales closing techniques helps increase the chances of a successful sale. This makes it easier to guide prospects toward purchasing the property. Remember that you must understand the client, their motivations, and identify any potential objections they may have.
Source: https://www.flat.mx/elliving , with some modifications.
