No matter the economic climate, there is always room for growth and success, especially for those equipped with the most effective sales techniques. The real estate industry is constantly evolving, especially today, where technology adds more value, improves access to information, and expedites the sales process.
If you want to maintain a competitive edge, you need to leverage sales techniques that help you stand out and better reach your target customer. Innovative sales techniques will be one of your best assets to skyrocket the success of your business.
Utilize the Power of Storytelling
Storytelling is a powerful tool for any salesperson, particularly in the real estate industry, when purchase decisions are often highly linked to emotions. For example, prospective buyers don’t just want a house; they want a home where they can imagine building memories.
Sales professionals can tap into buyer demand by telling a story about each property or location. Instead of just describing a property, verbally paint a picture of the lifestyle the property offers. Did a family happily grow up in the house? Does it have the potential to host legendary neighborhood get-togethers? Keep your stories relevant to your target customer and help them envision their own future in the property.
Use the Decoy Effect
“The Decoy Effect,” also known as the asymmetric dominance effect, is a cognitive bias that can be leveraged effectively in real estate sales. The theory behind the decoy effect is that the salesperson provides a ‘decoy’ option highlighting that the option you want them to choose is the best.
For example, if you’re selling a $400,000 house, first show them a less attractive house at the same price. Then, present the property you’re actually trying to sell. This strategy makes the desired property appear to be of greater value. This same stagey can be used in nearly every sales situation.
The Scarcity Principle
It’s no secret that people want what they can’t have, especially when they believe it’s running out. “The Scarcity Principle” feeds on the fear of missing out. It is a powerful tool for all sales professionals but particularly relevant to the real estate industry when it can be challenging to find the same kind of property if a buyer misses out.
Create urgency by reminding potential buyers that they will likely miss out on a property if they don’t act quickly. But remember, real sincerity is critical. Do not falsify scarcity, as false scarcity can backfire, damaging your reputation.
Be a Local Expert
Buyers aren’t just purchasing a home, they’re buying into a neighborhood and community. They want to know about local amenities, schools, transportation, and the culture of the area. Become not just an expert on the property but also the surrounding community. This knowledge adds value to your service, becomes an asset in your business, and helps build trust with your clients.
Master the Follow-Up
While a simple strategy, following up with potential clients is often overlooked. Create a follow-up schedule with new leads, connections, and clients. Set reminders to call them within 24 hours, a week, a month, and then again several months later. It can take time for buyers to take the leap into purchasing a property, but you want to ensure you’re top-of-mind when they are ready.
Social Proof and Testimonials
Never underestimate the power of social proof. Your testimonials and referrals are part of the life lifeblood of any business. People are more likely to trust a business or service provider that others vouch for.
Once you’ve successfully completed a deal, be diligent about requesting reviews from satisfied customers. If a past client is happy to record a video review, that’s even better. Display these testimonials prominently on your website, social media, brochures, and other marketing materials. The more trustworthy you appear, the more likely you’ll be to generate business, especially from cold leads.
These unexpected sales techniques will help skyrocket your real estate business. Are you ready to level up your sales skills? Discover the psychology behind successful selling and recognize the essential qualities of a top salesperson with ThinkProp’s Closing with Confidence training course.