There’s something that makes real estate agents more anxious than Tony Abbott at a gay pride festival. Vendor Paid Advertising.
You’re scared to bring it up because you think sellers will get instantly annoyed about the idea of spending more money or even worse spending money at all. You know that you need a workable marketing budget to do your job but don’t want to push too hard and lose the listing. The reality is your attitude towards VPA can literally make or break you as an agent, so it’s important to get it right.
Here’s a better way to approach it:
1. REMEMBER, IT’S NOT YOUR FAULT
Often sellers will act as if you’re personally responsible for the industry being the way it is. Don’t take it the wrong way or be tempted to give in to their objections just yet. Respect and empathise with what they have to say but remember you’re supposed to be the expert right? So take the opportunity to educate them on why you’re suggesting they reach into their pockets.
2. BECOME AN EXPERT
If you’re saying things like “most people do this so I think you should too” or “that’s just what you do in real estate” then stop immediately. Do your research. And then keep doing more research. Stay updated on what’s working and what’s not. Find out statistics. Read blogs online. Follow industry leaders on social media. Be decisive on topics where others are unsure.
When you share genuine insight like this with your clients, you’ll build their trust and respect, allowing you to put together an effective marketing campaign that actually works.
3. BELIEVE IN WHAT YOU’RE DOING
Is your seller genuinely committed to selling? Is there any reason why the property shouldn’t sell? Because if a $2500 investment in marketing results in a higher sale price of even just $10,000 more, it is indeed a good investment.
4. BRING IT UP FIRST
You need to have a meaningful and deep understanding of what the common concerns of vendors are. That way you can bring up any likely objections first and give a convincing argument about your way of thinking. Remember if you’re not being genuine, it means you’re being “salesy” and you’ll likely get the shown the door.
5. YOU’RE NOT ALONE
“Model yourself on success and you will become successful whereas model yourself on failure and you will fail” – Tom Panos. Find out what the top agents are using for their property marketing and copy them to get their results.
Written by Aaron Burstow.