How to Handle Objections in Commercial Real Estate Business

One of the downsides of the commercial real estate business is successive objections from prospective clients. For this reason, a real estate agent must learn how to handle rejections. Not only is this a necessary skill, it also helps to boost the chances of success as an agent. Fortunately, this skill is very simple to learn. The benefits include:

• Protection of final commission check
• Increasing the number of listings
• The increment of deals and fees

Simple Techniques for Handling Objections

Not every real estate manager can handle objections successfully. Thus, below are simple techniques which can contribute to the effective management of objections:

1. Do Not Take Them Personally

Sometimes, client objections are a form of a ruse to get a good deal out of a negotiation. However, the bulk of the reasons for client objections are due to legitimate reasons. In any case, a wise real estate agent must be calm and collected. More so, the mannerism of handling rejection may increase an agent’s perceived value especially since it presents the agent as a calm negotiator.

2. Understand the Client

Mutual understanding is important when a client is explaining preferences to the real estate agent. For instance, a client’s lack of belief in exclusive listings could mean different things. On one hand, it could mean that they need tutorials on what a real estate agent can offer them if hired. Also, it could mean that they are not willing to sell the property.  Furthermore, the decision may be due to a bad experience from the past. For this reason, the concerned agent must convince the prospective client to reconsider their portfolio with reasonable facts. In similar cases, it is advisable to repeat the client’s objection. This is to show how much one understands their needs before proceeding with the contract.

3. Have Suitable Evidence

Some clients prefer reasonable evidence rather than words of mouth. For instance, it is reasonable to show concrete samples with a detailed track record of success with other clients. If a client disagrees with the pricing, comparables are used as back up while explaining why the comparables from other agents are wrong. Also, presenting a senior partner is a good idea in a situation where the client is dissatisfied with the level of experience.

4. Solve Problems

The inability to proffer solutions to problems is the reason why many agents fail. A good agent should identify the objection and concentrate on solving the problem. Don’t argue with the client or try convincing them that they are wrong. Even if the individual concedes at the time of the conversation, odds are the objection might still remain unsolved. The best approach to this is to find a way to address and resolve the issue at hand.

During phone calls, some clients may hang up on the agent. This should not be mistaken for rejection.  Despite this, an agent must be relentless and always ready to take up new challenges. One can use the experience as a personal playbook. Rejections should be seen as learning curves to better understand the market of real estate.