Hello, Realtor friends! 

I’m writing this blog post during the first week of July 2023, and one thing is for sure – there are not enough listings to go around! That means that a listing is a great sales opportunity for Realtors, and it’s critical to take as many of the listing appointments that you go on. 

Specifically, I’m going to share with you three different techniques that will dramatically increase your conversion rate between a kept listing appointment and a signed listing agreement. These tips are indispensable for Realtors that want to take more listings. 

Technique #1: Prequalifying Your Seller 

Prequalifying involves learning whether a lead is qualified. In our case, we want to know, is the potential seller ready, willing and able to sign a listing agreement with you? For example, why are they moving? Is the motivation strong enough? Do they have enough equity in the home for the move (not much of an issue these days)? Are all the decision makers going to be at the listing appointment so that a decision can be made? There are at least a dozen questions you want to know the answers to before you show up at that appointment! 

An equally essential component of the prequalification process is assessing if the seller has reasonable expectations from you regarding service and the price they can fetch in the current market. If you have ever worked with a seller that has unreasonable expectations around your service, your marketing, or the value of their home, you know how frustrating of an experience that can be for everyone involved! 

In addition to ensuring that your prospective seller is ready, willing, and able, and also that their expectations of you and the market are reasonable, you can also learn what other agents they may be interviewing for the job. Wouldn’t you like to know who your competition is? 

Prequalification is vital as it sets the stage for your success. It also helps you understand who you need to be for the seller – what kind of professional they expect, what services they require, and what kind of communication they anticipate. I believe that this step of the process is so important, that at The Chabris Group, we use a comprehensive, two-page long prequalification form – even if we know we aren’t competing for the listing! 

Technique #2: Warmth, Confidence, Competence

The second technique revolves around the human element of sales, and that starts with being a ‘warm’ personality and connecting with your prospect. The key criterion for a seller when choosing their service professional is warmth. This means being approachable, amiable, and instilling a sense of connection. A simple smile can be a good starting point. 

But warmth alone is not enough; sellers are attracted to confident Realtors who believe in their abilities. If you are not confident in yourself, your marketing, and your service, your sellers won’t be, either! They want to feel confident in the agent that they choose. 

Lastly comes competence. Sellers must feel connected to you, and they are attracted to an agent that is confident in their abilities and service. If you have checked the box on those two fronts, then Sellers will ask themselves: ‘Is this agent competent? Can they do the job?’ While not the most critical aspect, it is undoubtedly necessary. For us Realtors, this means showing up as a professional and demonstrating our skills. We do this by valuing properties, explaining marketing strategies clearly, and showcasing excellent communication abilities.

Technique #3: The Trial Close

The third and final technique that can help increase your conversion rates is the Trial Close. The typical format for a listing appointment is a tour of the home, a discussion of the situation, your marketing presentation, the pricing strategy, and then the close. The mistake that most agents make is they go straight from their marketing presentation into the pricing strategy. 

After your marketing presentation and before your pricing strategy presentation, top producers insert a Trial Close (what’s a ‘Trial Close’ you ask? Read this blog post on the Trial Close and learn two other powerful closes). This Trial Close is an opportunity to address any potential objections from the seller before discussing the pricing aspect of your presentation. It helps you uncover any lingering doubts or concerns the seller might have regarding your process, marketing program, or communication practices. The trial close involves asking the seller if they are ready to proceed with the pricing strategy. If the answer is yes, then move forward; if not, then there’s an unresolved objection that needs to be addressed before you proceed to the pricing conversation.

Increase Your Conversion Rate! 

By utilizing these techniques – prequalifying your seller, Checking the box on Warmth, Confidence and Competence, and implementing the Trial Close into your listing presentation – you will position yourself to convert a higher percentage of your listing appointments. 

I hope you’ve found these tips useful. Stay tuned for more lessons in listings, leads, and leadership from Lockbox. See you in a week!