We want more leads. We want more contracts. We want more closings. As Real Estate professionals, often living and dying by commissions, getting to the closing table successfully and with as little pain as possible is our goal. We can write as many contracts as we want, but if they are never ‘consummated’, they’re as useless as the paper (or pdf) they’re written on.
How to Close More Transactions and Get More Listings in 2022
Moving your client through the process is unique for them all; no two experiences are exactly alike, but they always share nuances and have similarities you can use to your advantage. Getting to a ‘close’ should be enjoyable, not anxiety-inducing. How can you get there with less stress, more often, and more profitably? Here are five great ideas to help you do just that:
- Know Your Customer – One sure fire way to never get to the closing table is by not understanding everything you can about your client. In that first conversation, not only should they be interviewing you, but you should be doing the same to them. Forging a great working relationship will require you know their background, their budget, their strategies, how many agents they might have had before you, etc.
- Negotiate – Be it a sale or a purchase, there is still a lot of work to be done to get to the final stage, closing the deal and signing the documents to transfer ownership. “Most negotiations have to be balanced, reasonable, and equitable for them to work out — otherwise one or both of the parties would walk away.” (www.carealtytraining.com) Come to the negotiating table fully prepared, commit to a floor/ceiling/conditions, and stick as closely to that line in the sand as you can without jeopardizing the deal.
- Identify & Implement (the best closing strategy) – Direct, Soft, Hard/Hammer Close options play a role in how the process moves along toward pen and ink. ABC (Always Be Closing) should live in your head rent-free. In short order, you’ll get a sense for how to approach the close: tough and direct, an attempt to feel out the seller/agent and biding your time, or by putting your foot down and giving an ultimatum. The desired result of the strategies, of course, is a positive response from the other side. There’s nothing wrong with starting the closing process as early as possible. But the earlier you identify the best method to elicit a favorable response, the better!
- Get an Inspection – Never enter into a possible sale without ensuring you know what you’re buying. Conversely, it’s always a good idea to know what you’re selling to prevent a deal-killer from popping up at the last minute. Hidden problems can quickly turn into money pits, nightmares, and enormous cases of buyer’s/seller’s remorse. Don’t put your client in that position. Knowing up front what issues need to be tackled, as revealed by a quality home inspection service, and what it might cost to repair them is critical. Not all problems negate a sale, and some issues can be worked into (or out of) the sale price. But knowing what they are sooner than later is half the battle.
- (Buyer should…) Present a knockout offer – Can you name many more things that get a seller excited about entering in a contract to unload their home other than a fantastic offer? Coming as close to what both parties want can be trying, but when done correctly (and timely) you’re bound to decrease the time it takes to get to the signing table. Make sure your client has their finances in order (approved), make sure to work with the seller, and offer terms they’ll appreciate – while protecting your interests (and wallet) at the same time. (www.thanmerrill.com)
Congratulations, you’ve got a fish on the hook (as it were), and you’re putting yourself and your client in position to close the deal. You want to capitalize on the time you’ve invested helping buy or sell a property, you want to get in and get out, and you want to repeat with the next client.
With as many ways as there are to get to close, there are even MORE ways to design the perfect real estate postcard campaign to get you noticed. Drive engagement. Drives lead generation. Drives contacts. Drives sales.
