The reason that Agents who pursue expireds and FSBOs are so effective in securing listings is because most Agents either don't attempt to compete, or, if they do, they compete on a haphazard basis, usually quitting long before the sale is made.
If you're going to succeed in sales, you have to get used to hearing the word "no" more often than you hear the word "yes."
If prospects always said, "yes", Real Estate Agents wouldn't be salespeople; we would be called order takers. We would just take someone's order, confirm its accuracy, and fulfill it as if we were working the counter at the local McDonald's, with no selling involved.
Beyond that, if prospects always said, "yes", our income or payment for services would plummet. One of the reasons a Real Estate Agent should and does get paid well is that they are compensated for dealing with prospect rejection and finding solutions – often when a ready answer seems illusive or not readily available.
Study after study has confirmed that most salespeople quit long before the sale occurs because they can't take the answer "no."
44% of salespeople quit trying the first time the prospect tells them "no". At the first point of resistance, nearly half of all salespeople quit trying to win the sale and earn a commission.
22% of salespeople quit the second time the prospect says "no." That means that two - thirds of salespeople eliminate their chance of a paycheck after two small roadblocks.
14% of salespeople quit after the prospect says "no" for the third time.
12% of salespeople quite and go home after a fourth "no."
Imagine! 92% of salespeople bail out after four attempts to acquire the order, the opportunity, and the sale. That means that only 8% of all salespeople continue after the fourth rejection.
Here's the amazing number: The studies further prove that more than 60% of all sales are completed after the prospect has said "no" at least four times. Maybe the prospects said "no" due to the terms and condition, maybe they needed more information clarification, maybe their schedules didn't allow for the purchase, or maybe the timing was just plain lousy. In any case, the end result, 92% percent of salespeople were missing in action by the time the Seller was ready to say "yes." That means that 8% of the salespeople control 60% of the business, simply because they are there to ask for the order when the Buyer is ready to issue approval.
Published: July 15, 2013
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